# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0000940400-25-011214
**Filing Date:** 2025-11
**Character Count:** 148765
**Document Hash:** 51f429631bc475056ad33026ae292b61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011214.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011214

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05186
- **FILM NUMBER:** 251531640

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments — 91.1%** | **Long-Term Investments — 91.1%** | **Long-Term Investments — 91.1%** |
| **Affiliated Mutual Fund — 54.8%** | **Affiliated Mutual Fund — 54.8%** | **Affiliated Mutual Fund — 54.8%** |
| **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio\* | 193175414 | &nbsp;&nbsp;&nbsp;$2223449013 |
| &nbsp;&nbsp;&nbsp;(cost $2,021,133,709)(wa) |  |  |
| **Common Stocks — 7.9%** | **Common Stocks — 7.9%** | **Common Stocks — 7.9%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994893 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572474 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849440 |
| &nbsp;&nbsp;&nbsp;Safran SA (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473521 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11427337 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310569 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197911 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4601690 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kia Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251641 |
| **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586447 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT (Indonesia) | &nbsp;&nbsp;&nbsp;&nbsp;5397500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471842 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282825 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259382 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280757 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5672653 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200940 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110273 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651145 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115769 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. (India), ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123044 |
| &nbsp;&nbsp;&nbsp;KBC Group NV (Belgium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321872 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5578231 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece SA (Greece) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302688 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558671 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103460 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000988 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183937 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558951 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52493493 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;Heineken NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149504 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539705 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935112 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Broadline Retail (cont'd.)** | **Broadline Retail (cont'd.)** | **Broadline Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2460798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395910 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;12756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191921 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522581 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;137392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077367 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | &nbsp;&nbsp;&nbsp;113053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115833 |
| &nbsp;&nbsp;&nbsp;SAL TopCo LLC\*^ | 1709579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304155 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;92611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104994 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;29956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055399 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559093 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;88300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012840 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324126 |
| &nbsp;&nbsp;&nbsp;Miami International Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;16619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669081 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592526 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392060 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;24773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19328044 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA (France) | &nbsp;&nbsp;&nbsp;&nbsp;28239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883783 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;35985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029891 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215636 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622257 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;39506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884539 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871130 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;17263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637913 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;61899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997193 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942909 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264955 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;81737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725468 |
| &nbsp;&nbsp;&nbsp;WSP Global, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;14073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491126 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573486 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441072 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;19867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508035 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018222 |

---

A1

------

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;15927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1729194 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;78677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680484 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. (Class A Stock)\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Telstra Group Ltd. (Australia) | 1120731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253513 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;26861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181884 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Legrand SA (France) | &nbsp;&nbsp;&nbsp;&nbsp;27362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546500 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153091 |
| &nbsp;&nbsp;&nbsp;Fabrinet (Thailand)\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057763 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;13462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559073 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;29087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148064 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;36106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684238 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;13278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731751 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;48071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414612 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;104140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411664 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629829 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155741 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714184 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;78590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600878 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733300 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;10542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598796 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593059 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166241 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982274 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;12868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219500 |
| &nbsp;&nbsp;&nbsp;NMC Health PLC (United Arab Emirates)\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961074 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412745 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| &nbsp;&nbsp;&nbsp;Compass Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;94651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226251 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099572 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. (Class A Stock)\*(a) | &nbsp;&nbsp;&nbsp;14329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1487350 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;7534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705258 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695949 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;16473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316193 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;52356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777692 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. (Japan) | 254015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7302094 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp;Siemens AG (Germany) | &nbsp;&nbsp;&nbsp;21471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5796698 |
| **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402827 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp;Accelerant Holdings (Cayman Islands) (Class A Stock)\* | &nbsp;&nbsp;&nbsp;26527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394987 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The)\*(a) | &nbsp;&nbsp;&nbsp;28230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796368 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. (Canada) | &nbsp;&nbsp;&nbsp;11517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240755 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240058 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4576583 |
| &nbsp;&nbsp;&nbsp;Neptune Insurance Holdings, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;9744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194880 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;18591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212505 |
| &nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. (Japan)\* | 254015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10937831 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China) | 106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9032218 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp.(a) | &nbsp;&nbsp;&nbsp;14259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119189 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;16027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132736 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Lonza Group AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;5481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664807 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272030 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB (Sweden) (Class A Stock) | 204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459429 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 115485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060152 |
| &nbsp;&nbsp;&nbsp;IHI Corp. (Japan) | 168700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141915 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981289 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468271 |
| &nbsp;&nbsp;&nbsp;Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;7814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595427 |
| &nbsp;&nbsp;&nbsp;Volvo AB (Sweden) (Class B Stock) | 122926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14241540 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;Severstal PAO (Russia), GDR\*^ | &nbsp;&nbsp;&nbsp;17534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;Engie SA (France) | 205778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423513 |

---

A2

------

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

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;11344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1282553 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 214927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660221 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;49091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10168576 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kao Corp. (Japan) | &nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985302 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;36007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629722 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\*(a) | &nbsp;&nbsp;&nbsp;67145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033362 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;8794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400620 |
| &nbsp;&nbsp;&nbsp;RELX PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;84876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068104 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | &nbsp;&nbsp;&nbsp;53029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811902 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;Colliers International Group, Inc. (Canada)(a) | &nbsp;&nbsp;&nbsp;&nbsp;6370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995058 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC\* | &nbsp;&nbsp;&nbsp;83976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336898 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. (Japan) | 317400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787206 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. (Japan)\* | &nbsp;&nbsp;&nbsp;27876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813979 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;3671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579912 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG (Germany) | &nbsp;&nbsp;&nbsp;78245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069565 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;13277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652854 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;26356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059775 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;17317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292849 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5429728 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | &nbsp;&nbsp;&nbsp;25720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27082001 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\*(a) | &nbsp;&nbsp;&nbsp;98160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894238 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;63480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143910 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.\*(a) | &nbsp;&nbsp;&nbsp;20282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549845 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868746 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230499 |
| **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;30894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256150 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;Claire's Private Placement\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;4161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643707 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;9392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902738 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1326917 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;30816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658826 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063946 |
| **Total Common Stocks<br>(cost $271,442,341)<br>** | **Total Common Stocks<br>(cost $271,442,341)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319301926 |
| **Preferred Stock — 0.0%** | **Preferred Stock — 0.0%** | **Preferred Stock — 0.0%** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;Claire's Stores, Inc., CVT\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(cost $78,752) |  |  |
| **Unaffiliated Exchange-Traded Funds — 26.8%** | **Unaffiliated Exchange-Traded Funds — 26.8%** | **Unaffiliated Exchange-Traded Funds — 26.8%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Growth ETF | 2028512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190173000 |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Value ETF | 2698859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186113317 |
| &nbsp;&nbsp;&nbsp;JPMorgan Global Select Equity ETF | 8384702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568231254 |
| &nbsp;&nbsp;&nbsp;JPMorgan Ultra-Short Income ETF | 2761235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140077452 |
| **Total Unaffiliated Exchange-Traded Funds<br>(cost $1,014,032,475)<br>** | **Total Unaffiliated Exchange-Traded Funds<br>(cost $1,014,032,475)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;1084595023 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<br> (000)#** |  |  |
| **Corporate Bonds — 0.0%** | **Corporate Bonds — 0.0%** | **Corporate Bonds — 0.0%** | **Corporate Bonds — 0.0%** |  |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |  |
| High Ridge Brands Co., | High Ridge Brands Co., | High Ridge Brands Co., | High Ridge Brands Co., |  |
| &nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;8.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/25^(d) | &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |  |
| Chesapeake Energy Corp., | Chesapeake Energy Corp., | Chesapeake Energy Corp., | Chesapeake Energy Corp., |  |
| &nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;&nbsp;Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/26(d) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |  |
| &nbsp;&nbsp;&nbsp;8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/09/26(d) | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1193 |  |
| **Total Corporate Bonds<br>(cost $0)<br>** | **Total Corporate Bonds<br>(cost $0)<br>** | **Total Corporate Bonds<br>(cost $0)<br>** |  | &nbsp;&nbsp;&nbsp;&nbsp;1193 |
| **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** |  |
| **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |  |
| Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |  |
| &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% |  |
| &nbsp;&nbsp;&nbsp;11.352%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | &nbsp;&nbsp;443 | 310040 |  |
| &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% |  |
| &nbsp;&nbsp;&nbsp;11.352%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | &nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;65020 |  |
| &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |  |
| &nbsp;&nbsp;&nbsp;16.909%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;12882 |  |
|  |  |  | 387942 |  |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |  |
| Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |  |
| &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;2022 Dollar Loan, 3 Month SOFR + 5.000% |  |
| &nbsp;&nbsp;&nbsp;9.318%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/27^ | &nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;91725 |  |

---

A3

------

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<br> (000)#** | **Value** |
| **Floating Rate and Other Loans (continued)** | **Floating Rate and Other Loans (continued)** | **Floating Rate and Other Loans (continued)** | **Floating Rate and Other Loans (continued)** |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;Exit Term Loan | &nbsp;&nbsp;&nbsp;Exit Term Loan | &nbsp;&nbsp;&nbsp;Exit Term Loan | &nbsp;&nbsp;&nbsp;Exit Term Loan |
| &nbsp;&nbsp;&nbsp;12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/16/23^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$918 |
| **Total Floating Rate and Other Loans<br>(cost $883,386)<br>** | **Total Floating Rate and Other Loans<br>(cost $883,386)<br>** | **Total Floating Rate and Other Loans<br>(cost $883,386)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480585 |
| **U.S. Treasury Obligation(k) — 1.6%** | **U.S. Treasury Obligation(k) — 1.6%** | **U.S. Treasury Obligation(k) — 1.6%** | **U.S. Treasury Obligation(k) — 1.6%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;01/31/26 | &nbsp;&nbsp;64124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64166282 |
| &nbsp;&nbsp;&nbsp;(cost $64,123,950) | &nbsp;&nbsp;&nbsp;(cost $64,123,950) |  |  |
| **Total Long-Term Investments<br>(cost $3,371,694,613)<br>** | **Total Long-Term Investments<br>(cost $3,371,694,613)<br>** | **Total Long-Term Investments<br>(cost $3,371,694,613)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;3691994022 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** |  |
| **Short-Term Investments — 9.0%** | **Short-Term Investments — 9.0%** | **Short-Term Investments — 9.0%** |
| **Affiliated Mutual Funds** | **Affiliated Mutual Funds** | **Affiliated Mutual Funds** |
| &nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund(wa) | 351506823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351506823 |
| &nbsp;&nbsp;&nbsp;PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<br>(cost $14,326,274; includes $14,260,549 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;14335203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14326601 |
| **Total Short-Term Investments<br>(cost $365,833,097)<br>** | **Total Short-Term Investments<br>(cost $365,833,097)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365833424 |
| **TOTAL INVESTMENTS—100.1%<br>(cost $3,737,527,710)<br>** | **TOTAL INVESTMENTS—100.1%<br>(cost $3,737,527,710)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;4057827446 |
| **Liabilities in excess of other assets(z) — (0.1)%<br>** | **Liabilities in excess of other assets(z) — (0.1)%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2345563) |
| **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | &nbsp;&nbsp;&nbsp;$4055481883 |

---

---

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

---

144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. <br> ADR American Depositary Receipt <br> ASX Australian Securities Exchange

---

| | |
|:---|:---|
| BOA | Bank of America, N.A. |
| BTP | Buoni del Tesoro Poliennali |
| CITI | Citibank, N.A. |
| CVT | Convertible Security |
| DJ | Dow Jones |
| EAFE | Europe, Australasia, Far East |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| GDR | Global Depositary Receipt |
| GSI | Goldman Sachs International |
| M | Monthly payment frequency for swaps |
| MSCI | Morgan Stanley Capital International |
| MSI | Morgan Stanley & Co. International PLC |
| OTC | Over-the-counter |
| PIK | Payment-in-Kind |
| Q | Quarterly payment frequency for swaps |
| REITs | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |
| SPI | Share Price Index |
| STOXX | Stock Index of the Eurozone |
| TSX | Toronto Stock Exchange |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $480,758 and 0.0% of net assets. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $14,051,224; cash collateral of $14,260,549 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2025. |
| (d) | Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (wa) | Represents investments in Funds affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |

---

A4

------

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** |
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** |
| 953 | &nbsp;&nbsp;5 Year U.S. Treasury Notes | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;$104063130 | &nbsp;&nbsp;&nbsp;&nbsp;$199615 |
| 1223 | &nbsp;&nbsp;10 Year Australian Treasury Bonds | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91730854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184859) |
| 334 | &nbsp;&nbsp;10 Year U.K. Gilt | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40805019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149996 |
| 2386 | &nbsp;&nbsp;10 Year U.S. Treasury Notes | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;268425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348779 |
| 229 | &nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14897391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388217 |
| 968 | &nbsp;&nbsp;Euro-BTP Italian Government Bond | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;136195811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376800 |
| 251 | &nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31756888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195877 |
| 1030 | &nbsp;&nbsp;Mini MSCI EAFE Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;143442950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544583 |
| 194 | &nbsp;&nbsp;S&P 500 E-Mini Communication Services Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30266425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394883 |
| 482 | &nbsp;&nbsp;S&P 500 E-Mini Financials Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80675955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211106 |
| 1170 | &nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;394216875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275372 |
| 107 | &nbsp;&nbsp;S&P 500 E-Mini Technology Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30677970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155384 |
| 347 | &nbsp;&nbsp;S&P 500 E-Mini Utilities Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30768490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800869 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10856622 |
| **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |
| 157 | &nbsp;&nbsp;10 Year Japanese Bonds | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;144159516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102909 |
| 425 | &nbsp;&nbsp;30 Year U.S. Ultra Treasury Bonds | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51026563 | &nbsp;&nbsp;&nbsp;&nbsp;(1016377) |
| 115 | &nbsp;&nbsp;ASX SPI 200 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16879884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13450) |
| 827 | &nbsp;&nbsp;DJ US Real Estate Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30640350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309877 |
| 786 | &nbsp;&nbsp;Mini MSCI Emerging Markets Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53436210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(929093) |
| 935 | &nbsp;&nbsp;Russell 2000 E-Mini Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;114794625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665770) |
| 465 | &nbsp;&nbsp;S&P 500 E-Mini Consumer Staples Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37069800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696561 |
| 441 | &nbsp;&nbsp;S&P 500 E-Mini Materials Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42256620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282419 |
| 69 | &nbsp;&nbsp;S&P/TSX 60 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17578961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327796) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439280 |
|  |  |  |  | &nbsp;&nbsp;$11295902 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69472 | &nbsp;&nbsp;$45521722 | &nbsp;&nbsp;$45984910 | &nbsp;&nbsp;$463188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22845233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22739421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105812) |
| British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;MSI | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45301704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44990473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311231) |
| Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;MSI | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14769130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14679894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89236) |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;MSI | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45070080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45135471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;MSI | &nbsp;&nbsp;JPY | &nbsp;&nbsp;1774293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11901133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12027187 | &nbsp;&nbsp;&nbsp;&nbsp;126054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127405) |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;GSI | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15193670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14794273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399397) |
| Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;691318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69805009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69283840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521169) |
|  |  |  |  | &nbsp;&nbsp;$275495325 | &nbsp;&nbsp;$274595708 | &nbsp;&nbsp;&nbsp;&nbsp;654633 | &nbsp;&nbsp;&nbsp;&nbsp;(1554250) |

---

A5

------

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

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;MSI | &nbsp;&nbsp;JPY | &nbsp;&nbsp;6650032 | &nbsp;&nbsp;$45128683 | &nbsp;&nbsp;$45077777 | &nbsp;&nbsp;&nbsp;&nbsp;$50906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;611628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61009052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61297338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288286) |
| Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;GSI | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;717125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76822830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76286224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;MSI | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87876664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87913370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36706) |
|  |  |  |  | &nbsp;&nbsp;$270837229 | &nbsp;&nbsp;$270574709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324992) |
|  |  |  |  |  |  | &nbsp;&nbsp;$1242145 | &nbsp;&nbsp;$(1879242) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** | **Cross currency exchange contract outstanding at September 30, 2025:** |
| **Settlement** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**In Exchange<br> For (000)** | &nbsp;&nbsp;**In Exchange<br> For (000)** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;**Counterparty** |
| **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;11672 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;1127745 | &nbsp;&nbsp;$81451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;797785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;41598 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(173059) | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;13215 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;11335 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60283) | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;NOK | &nbsp;&nbsp;217661 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;204340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;CITI |
|  |  |  |  |  |  | &nbsp;&nbsp;$196385 | &nbsp;&nbsp;$(233342) |  |

---

#### Credit default swap agreements outstanding at September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br> Obligation** | **Termination<br> Date** | **Fixed<br> Rate** | **Notional<br> Amount<br> (000)#(3)** | **Fair<br> Value** | **Upfront<br> Premiums<br> Paid<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Counterparty** |
| **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** |
| ABX.HE.AAA | 05/25/46 | 0.110%(Q) | 150 | $2100 | $— | $2100 | BOA |
| ABX.HE.AAA | 05/25/46 | 0.110%(M) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | BOA |
|  |  |  |  | $3080 | $— | $3080 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of
protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form
of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will
either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net
settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

A6

------

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

---

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

---

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under
the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of
the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular
referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced
entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

A7

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

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

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4075520469.81

**Total Liabilities:** $19136544.80

**Net Assets:** $4056383925.01

**Cash Not Reported:** $11689733.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005219 | 0.27%                | 1.54%                | 1.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3284089.54              | $7552550.78                                |
| Month 2  | $5156425.44              | $48291060.34                               |
| Month 3  | $743300.04               | $51432989.00                               |

**Designated Index Information**

- **Index Name:** Blended Custom Benchmark

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Flowco Holdings Inc                            | Flowco Holdings Inc                                       | CUSIP: 342909108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36106 | NS      | $536174.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                           | Quaker Chemical Corp                                      | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      9374 | NS      | $1235024.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Yum China Holdings Inc                         | Yum China Holdings Inc                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     52356 | NS      | $2247119.52    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp                         | Hillman Solutions Corp                                    | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115485 | NS      | $1060152.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts Inc                                          | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      4653 | NS      | $695949.21     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Simpson Manufacturing Co Inc                   | Simpson Manufacturing Co Inc                              | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      8338 | NS      | $1396281.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                       | EastGroup Properties Inc                                  | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      8288 | NS      | $1402826.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I                 | Ryman Hospitality Properties Inc                          | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     15769 | NS      | $1412744.71    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24         | SPI 200                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |      -115 | NC      | $-13449.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                         | DBS Group Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    143040 | NS      | $5672652.70    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CLAIRE'S PRIVATE PLACEMENT                     | CLAIRE'S PRIVATE PLACEMENT                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       406 | NS      | $0.04          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| National Bank of Greece SA                     | National Bank of Greece SA                                | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |    158136 | NS      | $2302688.13    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Landstar System Inc                            | Landstar System Inc                                       | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      9305 | NS      | $1140420.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                              | Brunswick Corp/DE                                         | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     16027 | NS      | $1013547.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                         | CHESAPEAKE ENERGY CORP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $976.50        | 0.00%             | 2026-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAL TopCo LLC Equity Units                     | SAL TopCo LLC Equity Units                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1709579 | NS      | $170.96        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cushman & Wakefield PLC                        | Cushman & Wakefield PLC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83976 | NS      | $1336897.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                          | Element Solutions Inc                                     | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     64452 | NS      | $1622256.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORAN FOODS LLC                                | MORAN FOODS LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    442913 | PA      | $310039.37     | 0.01%             | 2026-12-31      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| PGIM Institutional Money Market Fund - D       | PGIM Institutional Money Market Fund - D                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  14904550 | NS      | $14895607.48   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                                       | Volvo AB                                                  | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    122926 | NS      | $3535057.45    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| First Horizon Corp                             | First Horizon Corp                                        | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     28799 | NS      | $651145.39     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc                       | Sony Financial Group Inc                                  | CUSIP: 000000000<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |    254015 | NS      | $281694.97     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Severstal PAO                                  | Severstal PAO                                             | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |     17534 | NS      | $1.75          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Legrand SA                                     | Legrand SA                                                | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     27362 | NS      | $4546499.56    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Lincoln Electric Holdings Inc                  | Lincoln Electric Holdings Inc                             | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      4161 | NS      | $981288.63     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     25720 | NS      | $7183338.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren                 | Concentra Group Holdings Parent Inc                       | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55721 | NS      | $1166240.53    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                          | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  64123700 | PA      | $64166282.14   | 1.58%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GCI LIBERTY INC                                | GCI LIBERTY INC ESCROW SHARE                              | CUSIP: 361ESC049<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       599 | NS      | $0.06          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank, National Association                 | SEK/NOK FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $76686.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | S&P500 EMINI                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      1201 | NC      | $5415270.35    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FGI OPERATING CO LLC                           | FGI Operating Co LLC                                      | CUSIP: 30252KAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91844 | PA      | $918.44        | 0.00%             | 2022-05-15      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| HIGH RIDGE ESCROW BOND                         | HIGH RIDGE ESCROW BOND                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $0.02          | 0.00%             | 2026-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Casella Waste Systems Inc                      | Casella Waste Systems Inc                                 | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     17263 | NS      | $1637913.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                    | Heineken NV                                               | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     27449 | NS      | $2149504.03    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                       | USD/CAD FORWARD                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-89236.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group                 | Mitsubishi UFJ Financial Group Inc                        | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    345800 | NS      | $5578230.71    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                                 | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |    310100 | NS      | $6935112.51    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                             | JAPAN 10Y BOND(OSE)                                       | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |      -157 | NC      | $1102908.68    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                                 | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    214927 | NS      | $7660221.57    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    106000 | NS      | $9032217.84    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Performance Food Group Co                      | Performance Food Group Co                                 | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     19867 | NS      | $2066962.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                                 | Utz Brands Inc                                            | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |    104140 | NS      | $1265301.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerant Holdings                            | Accelerant Holdings                                       | CUSIP: 000000000<br>LEI: 213800VS4CX9ZONTD965 | Long             | EC               | CORP              | KY        |     26527 | NS      | $394987.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT              | EURO-BTP                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       968 | NC      | $376800.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                    | Gentex Corp                                               | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     42329 | NS      | $1197910.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I                 | BJ's Wholesale Club Holdings Inc                          | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      4730 | NS      | $441072.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Co Ltd                          | Mitsui Fudosan Co Ltd                                     | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    317400 | NS      | $3455250.31    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                  | UniCredit SpA                                             | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     54983 | NS      | $4183937.45    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Saia Inc                                       | Saia Inc                                                  | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      3102 | NS      | $928614.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                    | Chemed Corp                                               | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      3558 | NS      | $1593058.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                     | Axalta Coating Systems Ltd                                | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | US        |     35985 | NS      | $1029890.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                           | Medpace Holdings Inc                                      | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1181 | NS      | $607222.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                         | Digi International Inc                                    | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      7267 | NS      | $264954.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                         | CHESAPEAKE ENERGY CORP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $217.00        | 0.00%             | 2026-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24         | AUST 10Y BOND                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |      1223 | NC      | $-184859.06    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I                 | Colliers International Group Inc                          | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      6370 | NS      | $995057.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| MONTREAL EXCHANGE INC.                         | S&P/TSX 60 IX                                             | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DE               | CORP              | CA        |       -69 | NC      | $-327795.69    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Kao Corp                                       | Kao Corp                                                  | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     68500 | NS      | $2985301.73    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association                 | JPY/CAD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2061.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RLI Corp                                       | RLI Corp                                                  | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     18591 | NS      | $1212505.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                      | Hoya Corp                                                 | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     27000 | NS      | $3733299.73    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Clearwater Analytics Holdings                  | Clearwater Analytics Holdings Inc                         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63480 | NS      | $1143909.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                               | Badger Meter Inc                                          | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      6457 | NS      | $1153091.06    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | US ULTRA BOND CBT                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -425 | NC      | $-1016377.25   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PGIM Core Ultra Short Bond Fund                | PGIM Core Ultra Short Bond Fund                           | CUSIP: 000000000<br>LEI: 1VRLPVAWKZCB406TIT84 | Long             | STIV             | RF                | US        | 348874071 | NS      | $348874071.44  | 8.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NMC Health PLC                                 | NMC Health PLC                                            | CUSIP: 000000000<br>LEI: 2138008YQEVWBE1V2M52 | Long             | EC               | CORP              | AE        |       411 | NS      | $0.06          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank, National Association                 | USD/AUD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $357375.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Portland General Electric Co                   | Portland General Electric Co                              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     26861 | NS      | $1181884.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                                | Brookfield Corp                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     29956 | NS      | $2055398.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                     | Qualys Inc                                                | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      6565 | NS      | $868746.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp                        | First Financial Bancorp                                   | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     47562 | NS      | $1200940.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CLAIRE'S STORES INC CNV PFD                    | CLAIRE'S STORES INC CNV PFD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       434 | NS      | $0.04          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | DJ US REAL ESTATE                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               | CORP              | US        |      -827 | NC      | $309876.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Telstra Group Ltd                              | Telstra Group Ltd                                         | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |   1120731 | NS      | $3573029.62    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MSA Safety Inc                                 | MSA Safety Inc                                            | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     13412 | NS      | $2307802.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                               | RBC Bearings Inc                                          | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3762 | NS      | $1468270.98    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Advantage Corp                           | First Advantage Corp                                      | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Long             | EC               | CORP              | US        |     66382 | NS      | $1021618.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| ALTICE FINANCING SA                            | Altice Financing SA                                       | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | LON              | CORP              | LU        |    107595 | PA      | $91724.56      | 0.00%             | 2027-10-29      | Floating      | 9.02%                 | No            |                  3 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT              | EURO STOXX 50                                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |       229 | NC      | $388216.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                 | JPY/AUD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $81451.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                 | Lonza Group AG                                            | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      5481 | NS      | $3664806.77    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Core & Main Inc                                | Core & Main Inc                                           | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30816 | NS      | $1658825.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                        | Wintrust Financial Corp                                   | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     11771 | NS      | $1558951.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                   | 3i Group PLC                                              | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     92611 | NS      | $5104994.35    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                      | Nestle SA                                                 | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     48071 | NS      | $4414612.02    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Eagle Materials Inc                            | Eagle Materials Inc                                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      6752 | NS      | $1573486.08    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Planet Fitness Inc                             | Planet Fitness Inc                                        | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     14329 | NS      | $1487350.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| CHICAGO MERCANTILE EXCHANGE INC.               | XAU UTILITIES                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       347 | NC      | $800869.06     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                   | Wyndham Hotels & Resorts Inc                              | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     16190 | NS      | $1293581.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                                | Morningstar Inc                                           | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      6000 | NS      | $1392060.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                 | NZD/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-127404.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AAON Inc                                       | AAON Inc                                                  | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12756 | NS      | $1191920.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| WillScot Holdings Corp                         | WillScot Holdings Corp                                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     81737 | NS      | $1725468.07    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Sony Group Corp                                | Sony Group Corp                                           | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    254015 | NS      | $7302093.52    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |      7168 | NS      | $4576583.24    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                 | Air Liquide SA                                            | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     28239 | NS      | $5883782.83    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                             | LONG GILT                                                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       334 | NC      | $149995.73     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                       | USD/EUR FORWARD                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $65390.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                      | Safran SA                                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     18242 | NS      | $6473521.35    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                                  | Al Rajhi Bank                                             | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |    125509 | NS      | $3586446.58    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                     | Siemens AG                                                | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     21471 | NS      | $5796698.31    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Acushnet Holdings Corp                         | Acushnet Holdings Corp                                    | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |     14259 | NS      | $1119188.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| MORGAN STANLEY & CO. LLC                       | USD/JPY FORWARD                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $50905.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Moelis & Co                                    | Moelis & Co                                               | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      8308 | NS      | $592526.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC                              | Compass Group PLC                                         | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     94651 | NS      | $3226251.29    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Knight-Swift Transportation Ho                 | Knight-Swift Transportation Holdings Inc                  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15941 | NS      | $629828.91     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Holdings Inc                     | Driven Brands Holdings Inc                                | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61899 | NS      | $997192.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | S&P EMINI COM SER                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       222 | NC      | $451876.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                       | Kia Corp                                                  | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     34701 | NS      | $2490730.11    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                              | NatWest Group PLC                                         | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    362246 | NS      | $2558671.35    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Evercore Inc                                   | Evercore Inc                                              | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      4622 | NS      | $1559093.04    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/Th                 | Baldwin Insurance Group Inc/The                           | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28230 | NS      | $796368.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| CCC Intelligent Solutions Hold                 | CCC Intelligent Solutions Holdings Inc                    | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98160 | NS      | $894237.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| MORGAN STANLEY & CO. LLC                       | GBP/USD FORWARD                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-311231.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Global Select Equity ETF              | JPMorgan Global Select Equity ETF                         | CUSIP: 46654Q740<br>LEI: 5493000IA63JXH4YO068 | Long             | EC               | RF                | US        |   8505694 | NS      | $576430882.38  | 14.21%            |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                            | WSFS Financial Corp                                       | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     20946 | NS      | $1129617.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                       | Infineon Technologies AG                                  | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     78245 | NS      | $3069564.78    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| WSP Global Inc                                 | WSP Global Inc                                            | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |     14073 | NS      | $2765657.47    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                                | ICU Medical Inc                                           | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     10542 | NS      | $1264618.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Citibank, National Association                 | NOK/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-521168.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    125000 | NS      | $5429728.40    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                                       | Fabrinet                                                  | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |      2901 | NS      | $1057762.62    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| MORGAN STANLEY & CO. LLC                       | USD/JPY FORWARD                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $126053.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | XAP CONS STAPLES                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -465 | NC      | $696560.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORAN FOODS                                    | MORAN FOODS                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     12882 | PA      | $12882.27      | 0.00%             | 2026-06-30      | Floating      | 16.91%                | No            |                  3 | On Loan: No      |
| AptarGroup Inc                                 | AptarGroup Inc                                            | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      7618 | NS      | $1018221.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                           | Hayward Holdings Inc                                      | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137392 | NS      | $2077367.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                 | NOK/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-288285.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Janus International Group Inc                  | Janus International Group Inc                             | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113053 | NS      | $1115833.11    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                       | CHF/USD FORWARD                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-36705.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPS Commerce Inc                               | SPS Commerce Inc                                          | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      7430 | NS      | $773760.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                                       | Cie Generale des Etablissements Michelin SCA              | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     64158 | NS      | $2310568.97    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro MicroSystems Inc                       | Allegro MicroSystems Inc                                  | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27876 | NS      | $813979.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I                 | Miami International Holdings Inc                          | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     16619 | NS      | $669080.94     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio                 | Bright Horizons Family Solutions Inc                      | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15927 | NS      | $1729194.39    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                               | DT Midstream Inc                                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11344 | NS      | $1282552.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                       | Bank Central Asia Tbk PT                                  | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   5397500 | NS      | $2471841.66    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerce Bancshares Inc/MO                     | Commerce Bancshares Inc/MO                                | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21074 | NS      | $1259382.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                        | NZD/USD FORWARD                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-399397.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| nCino Inc                                      | nCino Inc                                                 | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     20282 | NS      | $549845.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| MercadoLibre Inc                               | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1053 | NS      | $2460797.82    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co Ltd                        | Hanwha Aerospace Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      3787 | NS      | $2994893.43    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Warby Parker Inc                               | Warby Parker Inc                                          | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8978 | NS      | $247613.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                                   | Woodward Inc                                              | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      2125 | NS      | $537008.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     15606 | NS      | $1982274.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                                   | Freshpet Inc                                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     13278 | NS      | $731750.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                              | Primo Brands Corp                                         | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |     62905 | NS      | $1390200.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | XAB MATERIALS                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -441 | NC      | $1282419.18    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                               | HealthEquity Inc                                          | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     12868 | NS      | $1219500.36    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                 | CDS ABX.HE.AAA. 06-2                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |         1 | NC      | $2099.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp                                       | IHI Corp                                                  | CUSIP: 000000000<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |    168700 | NS      | $3141915.21    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Paylocity Holding Corp                         | Paylocity Holding Corp                                    | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      8794 | NS      | $1400620.38    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                    | ITOCHU Corp                                               | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |     54100 | NS      | $3078203.23    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | US 10YR NOTE (CBT)                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      2386 | NC      | $1348779.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AST J.P. Morgan Fixed Income Central Portfolio | AST J.P. Morgan Fixed Income Central Portfolio            | CUSIP: 000000000<br>LEI: 549300GMPRFOKDNCEZ38 | Long             | EC               | CORP              | US        | 193175414 | NS      | $2223449012.63 | 54.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                 | CAD/EUR FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-173058.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Toro Co/The                                    | Toro Co/The                                               | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      7814 | NS      | $595426.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                     | ServisFirst Bancshares Inc                                | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12430 | NS      | $1000987.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In                 | First Interstate BancSystem Inc                           | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     35010 | NS      | $1115768.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                                   | KBC Group NV                                              | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     36064 | NS      | $4321871.60    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp                          | Intact Financial Corp                                     | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |     11517 | NS      | $2240754.54    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                        | Perimeter Solutions Inc                                   | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39506 | NS      | $884539.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                 | EUR/CHF FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $36186.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                | ASML Holding NV                                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3671 | NS      | $3579911.73    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                       | Engie SA                                                  | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    205778 | NS      | $4423513.01    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc                   | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13277 | NS      | $1652853.73    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                    | Novanta Inc                                               | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13462 | NS      | $1348219.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                   | SK Hynix Inc                                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     17317 | NS      | $4292849.45    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Five Below Inc                                 | Five Below Inc                                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      4161 | NS      | $643706.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                 | CDS ABX.HE.AAA. 06-2                                      | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |         1 | NC      | $979.84        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cactus Inc                                     | Cactus Inc                                                | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     29087 | NS      | $1148063.89    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp                          | Envista Holdings Corp                                     | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     78590 | NS      | $1600878.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | XAK TECHNOLOGY                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       130 | NC      | $1403737.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                       | RELX PLC                                                  | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     84876 | NS      | $4068103.75    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Karman Holdings Inc                            | Karman Holdings Inc                                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7929 | NS      | $572473.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                            | StepStone Group Inc                                       | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24773 | NS      | $1617924.63    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                           | Royal Bank of Canada                                      | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     34626 | NS      | $5103459.88    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                                | Shake Shack Inc                                           | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |      7534 | NS      | $705257.74     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    149972 | NS      | $5123043.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                        | Modine Manufacturing Co                                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      7690 | NS      | $1093210.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | US 5YR NOTE (CBT)                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       953 | NC      | $199615.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                      | CubeSmart                                                 | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30894 | NS      | $1256150.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                             | FTSE 100 INDEX                                            | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               | CORP              | GB        |       251 | NC      | $195876.61     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie                 | Applied Industrial Technologies Inc                       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      5083 | NS      | $1326917.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                            | Verra Mobility Corp                                       | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     53029 | NS      | $1309816.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                    | Monarch Casino & Resort Inc                               | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |     10389 | NS      | $1099571.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                                 | Atlas Copco AB                                            | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    204000 | NS      | $3459428.75    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| MarketAxess Holdings Inc                       | MarketAxess Holdings Inc                                  | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      7599 | NS      | $1324125.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | XAF FINANCIAL                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       525 | NC      | $229939.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                                       | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     78677 | NS      | $2680483.64    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MORAN FOODS LLC                                | MORAN FOODS LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    293545 | PA      | $65020.29      | 0.00%             | 2026-12-31      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Cullen/Frost Bankers Inc                       | Cullen/Frost Bankers Inc                                  | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     10103 | NS      | $1280757.31    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                   | Balchem Corp                                              | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      8101 | NS      | $1215636.06    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HKEX                                           | Hong Kong Exchanges & Clearing Ltd                        | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     88300 | NS      | $5012840.11    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinsale Capital Group Inc                      | Kinsale Capital Group Inc                                 | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      2916 | NS      | $1240058.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMorgan Ultra-Short Income ETF                | JPMorgan Ultra-Short Income ETF                           | CUSIP: 46641Q837<br>LEI: 549300VN24B8TQAGGX74 | Long             | EC               | RF                | US        |   2761235 | NS      | $140077451.55  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                                 | BankUnited Inc                                            | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     33617 | NS      | $1282824.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Active Value ETF                      | JPMorgan Active Value ETF                                 | CUSIP: 46641Q167<br>LEI: 549300WXH93S1D430S16 | Long             | EC               | RF                | US        |   2698859 | NS      | $186113316.64  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                                   | SM Energy Co                                              | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     49091 | NS      | $1225802.27    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | E-MINI RUSS 2000                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |     -1049 | NC      | $-747015.35    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                              | Loar Holdings Inc                                         | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10618 | NS      | $849440.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                         | MSCI EMGMKT                                               | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |      -786 | NC      | $-929093.42    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc                 | Fortune Brands Innovations Inc                            | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |      9788 | NS      | $522581.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| JPMorgan Active Growth ETF                     | JPMorgan Active Growth ETF                                | CUSIP: 46654Q609<br>LEI: 5493001GSJ14WQX68P70 | Long             | EC               | RF                | US        |   2028512 | NS      | $190173000.00  | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                 | GBP/CHF FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-60283.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | Novartis AG                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     36007 | NS      | $4629722.16    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.                         | MSCI EAFE                                                 | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |      1083 | NC      | $578531.49     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                             | First Hawaiian Inc                                        | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     44715 | NS      | $1110273.45    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                        | USD/SEK FORWARD                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $536606.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Integrations Inc                         | Power Integrations Inc                                    | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     26356 | NS      | $1059774.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advanced Series Trust

**Signature:** Christian J. Kelly

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

**Title:** Chief Financial Officer