AST CORE FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
      Shares   Value
Long-Term Investments — 103.3%
Affiliated Mutual Fund — 5.8%
Fixed Income
AST PGIM Fixed Income Central Portfolio*

(cost $218,521,628)(wa)
19,162,618   $229,376,533
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
Asset-Backed Securities — 12.2%
Automobiles — 2.2%
American Credit Acceptance Receivables Trust,
Series 2024-04, Class C, 144A
4.910%   08/12/31     2,228 2,233,722
Series 2025-01, Class D, 144A
5.540%   08/12/31     2,500 2,521,843
Series 2025-02, Class C, 144A
5.110%   04/14/31     1,900 1,912,512
AmeriCredit Automobile Receivables Trust,
Series 2023-01, Class C
5.800%   12/18/28     1,800 1,825,323
ARI Fleet Lease Trust,
Series 2024-A, Class A2, 144A
5.300%   11/15/32     312 313,457
AutoNation Finance Trust,
Series 2025-01A, Class B, 144A
5.030%   08/12/30     2,000 2,019,698
Series 2025-01A, Class C, 144A
5.190%   12/10/30     900 912,352
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-01A, Class A, 144A
3.830%   08/21/28     5,100 5,071,933
Series 2023-02A, Class A, 144A
5.200%   10/20/27     800 802,542
Series 2024-01A, Class A, 144A
5.360%   06/20/30     1,400 1,430,755
Series 2024-03A, Class A, 144A
5.230%   12/20/30     2,740 2,785,366
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A
6.291%   07/26/32     355 360,133
Series 2023-CAR03, Class B, 144A
6.632%   07/26/32     137 139,297
Bridgecrest Lending Auto Securitization Trust,
Series 2024-04, Class D
5.230%   08/15/30     2,250 2,261,972
Series 2025-01, Class D
5.640%   11/15/30     3,750 3,785,767
CarMax Select Receivables Trust,
Series 2025-A, Class C
5.460%   07/15/31     5,100 5,200,063
Chesapeake Funding II LLC,
Series 2023-01A, Class A1, 144A
5.650%   05/15/35     532 532,993
Series 2024-01A, Class A1, 144A
5.520%   05/15/36     449 453,577
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
Citizens Auto Receivables Trust,
Series 2024-01, Class A4, 144A
5.030%   10/15/30     1,255   $1,266,889
Consumer Portfolio Services Auto Trust,
Series 2025-B, Class C, 144A
5.120%   07/15/31     2,535   2,552,250
Credit Acceptance Auto Loan Trust,
Series 2025-02A, Class B, 144A
4.870%   01/15/36     2,005   2,008,647
DT Auto Owner Trust,
Series 2023-02A, Class D, 144A
6.620%   02/15/29     2,000   2,034,673
Enterprise Fleet Financing LLC,
Series 2023-01, Class A3, 144A
5.420%   10/22/29     1,582   1,591,427
Exeter Automobile Receivables Trust,
Series 2025-02A, Class D
5.890%   07/15/31     5,100   5,169,737
Series 2025-05A, Class D
5.160%   03/15/32     1,300   1,290,152
Ford Credit Auto Owner Trust,
Series 2021-01, Class C, 144A
1.910%   10/17/33     398   397,550
Series 2021-02, Class C, 144A
2.110%   05/15/34     1,025   1,009,592
GLS Auto Receivables Issuer Trust,
Series 2024-04A, Class D, 144A
5.650%   07/15/30     3,025   3,073,967
Series 2025-01A, Class D, 144A
5.610%   11/15/30     3,400   3,444,789
Series 2025-02A, Class D, 144A
5.590%   01/15/31     3,600   3,651,933
Hertz Vehicle Financing III LLC,
Series 2023-01A, Class A, 144A
5.490%   06/25/27     1,600   1,603,004
Series 2023-03A, Class A, 144A
5.940%   02/25/28     4,470   4,516,176
Series 2025-02A, Class A, 144A
5.130%   09/25/31     935   942,120
Huntington Bank Auto Credit-Linked Notes,
Series 2025-02, Class B1, 144A
4.835%   09/20/33     3,289   3,295,022
Hyundai Auto Lease Securitization Trust,
Series 2024-A, Class B, 144A
5.350%   05/15/28     1,485   1,488,732
OneMain Direct Auto Receivables Trust,
Series 2023-01A, Class A, 144A
5.410%   11/14/29     3,810   3,836,451
Santander Bank Auto Credit-Linked Notes,
Series 2023-B, Class B, 144A
5.640%   12/15/33     135   136,517
Santander Drive Auto Receivables Trust,
Series 2023-03, Class C
5.770%   11/15/30     1,100   1,115,878
Series 2024-02, Class C
5.840%   06/17/30     500   508,924
A1
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
Series 2024-05, Class D
5.140%   02/17/32     2,783   $2,798,114
Series 2025-04, Class D
4.950%   01/15/32     1,060   1,052,355
SBNA Auto Lease Trust,
Series 2024-A, Class A4, 144A
5.240%   01/22/29     621   621,825
SFS Auto Receivables Securitization Trust,
Series 2023-01A, Class A4, 144A
5.470%   12/20/29     1,670   1,690,410
Series 2023-01A, Class B, 144A
5.710%   01/22/30     100   101,712
Series 2023-01A, Class C, 144A
5.970%   02/20/31     200   204,034
Series 2024-01A, Class B, 144A
5.380%   01/21/31     285   289,449
Westlake Automobile Receivables Trust,
Series 2023-01A, Class D, 144A
6.790%   11/15/28     1,900   1,930,414
              88,186,048
Collateralized Loan Obligations — 5.3%
AGL Core CLO Ltd. (Cayman Islands),
Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%)
4.998%(c)   01/20/38     4,500   4,501,171
AIMCO CLO Ltd. (United Kingdom),
Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%)
5.028%(c)   07/20/37     6,000   6,003,026
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%)
5.231%(c)   04/28/37     5,000   5,002,434
Avoca CLO DAC (Ireland),
Series 29A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%)
3.866%(c)   10/15/38   EUR 7,750   8,935,881
Bain Capital Credit CLO Ltd. (United Kingdom),
Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)
5.051%(c)   10/16/37     11,000   11,004,214
Series 2023-04A, Class BR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.280%(c)   01/21/39     3,375   3,370,216
Battalion CLO Ltd. (Cayman Islands),
Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)
4.968%(c)   03/09/34     8,250   8,252,831
Carlyle Euro CLO DAC (Ireland),
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
3.006%(c)   10/15/35   EUR 3,810   4,388,783
CBAM Ltd. (Cayman Islands),
Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%)
5.812%(c)   10/17/38     2,750   2,748,122
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)
5.018%(c)   10/20/37     8,750   $8,752,562
Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)
5.048%(c)   07/18/37     6,750   6,753,042
Goldentree Loan Management US CLO Ltd. (Cayman Islands),
Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)
5.168%(c)   04/20/37     4,500   4,502,117
Golub Capital Partners CLO Ltd. (Cayman Islands),
Series 2019-43A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%)
5.008%(c)   10/20/37     10,000   10,002,666
Greywolf CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%)
5.072%(c)   04/15/34     2,083   2,083,060
Harriman Park CLO Ltd. (Cayman Islands),
Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)
4.968%(c)   07/20/38     10,000   10,005,008
Henley CLO DAC (Ireland),
Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%)
3.230%(c)   04/25/39   EUR 5,000   5,754,798
ICG Euro CLO DAC (Ireland),
Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%)
3.276%(c)   10/19/38   EUR 5,000   5,764,765
Jefferson Mill CLO Ltd. (Cayman Islands),
Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%)
4.898%(c)   10/20/31     221   221,295
Kennedy Lewis CLO Ltd. (Cayman Islands),
Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%)
5.081%(c)   10/22/37     8,500   8,507,946
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)
5.202%(c)   04/15/37     5,000   5,001,995
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands),
Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%)
5.030%(c)   10/19/38     4,750   4,751,722
NGC Ltd. (United Kingdom),
Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.268%(c)   07/20/37     8,250   8,251,583
OHA Credit Funding Ltd. (Cayman Islands),
Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
4.988%(c)   01/20/38     4,500   4,501,350
 
A2
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
OHA Credit Partners Ltd. (Cayman Islands),
Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
4.988%(c)   01/18/38     8,750   $8,754,375
Palmer Square Loan Funding Ltd. (Cayman Islands),
Series 2024-01A, Class A2R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)
4.810%(c)   10/15/32     2,390   2,380,556
Series 2024-03A, Class A2R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)
4.810%(c)   08/08/32     1,050   1,045,904
Polen Capital CLO Ltd. (Cayman Islands),
Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
4.988%(c)   03/06/38     8,750   8,754,256
Rad CLO Ltd. (Cayman Islands),
Series 2021-12A, Class A1AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)
4.987%(c)   07/30/40     2,545   2,546,825
Rockford Tower CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)
5.089%(c)   10/20/31     519   519,337
Silver Rock CLO Ltd. (Cayman Islands),
Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)
5.518%(c)   10/20/37     9,000   9,004,961
Sound Point CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)
5.104%(c)   07/15/34     3,130   3,130,402
Tikehau US CLO Ltd. (Bermuda),
Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)
5.538%(c)   01/20/36     8,250   8,252,374
Trinitas CLO Ltd. (Bermuda),
Series 2023-22A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)
5.018%(c)   03/20/38     9,000   9,003,770
Trinitas Euro CLO DAC (Ireland),
Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%)
3.316%(c)   01/15/39   EUR 5,200   6,001,430
Wellfleet CLO Ltd. (Cayman Islands),
Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)
5.518%(c)   10/18/37     8,000   8,004,326
              206,459,103
Consumer Loans — 1.1%
Aqua Finance Issuer Trust,
Series 2025-A, Class C, 144A
5.810%   12/19/50     2,154   2,184,244
Series 2025-B, Class B, 144A
5.040%   05/17/51     1,645   1,653,874
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Consumer Loans (cont’d.)
Aqua Finance Trust,
Series 2021-A, Class B, 144A
2.400%   07/17/46     4,510   $4,206,429
Cherry Securitization Trust,
Series 2025-01A, Class A, 144A
6.130%   11/15/32     1,350   1,363,194
Goldman Home Improvement Trust Issuer Trust,
Series 2021-GRN02, Class B, 144A
1.970%   06/25/51     98   94,087
GreenSky Home Improvement Issuer Trust,
Series 2025-03A, Class A3, 144A
4.520%   12/27/60     1,229   1,227,245
Island Finance Trust,
Series 2025-01A, Class A, 144A
6.540%   03/19/35     1,000   1,006,708
Lendmark Funding Trust,
Series 2021-01A, Class A, 144A
1.900%   11/20/31     1,816   1,778,130
Mariner Finance Issuance Trust,
Series 2021-AA, Class A, 144A
1.860%   03/20/36     176   174,351
OneMain Financial Issuance Trust,
Series 2019-02A, Class A, 144A
3.140%   10/14/36     2,382   2,342,668
Series 2020-02A, Class A, 144A
1.750%   09/14/35     1,754   1,730,181
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)
4.432%(c)   06/16/36     1,756   1,756,546
Series 2022-02A, Class A, 144A
4.890%   10/14/34     34   33,775
Series 2023-02A, Class A1, 144A
5.840%   09/15/36     4,000   4,056,642
Oportun Funding Trust,
Series 2024-03, Class B, 144A
5.480%   08/15/29     1,528   1,529,046
Series 2024-03, Class C, 144A
6.250%   08/15/29     1,207   1,209,707
Oportun Issuance Trust,
Series 2021-C, Class C, 144A
3.610%   10/08/31     512   506,186
Series 2025-D, Class B, 144A
5.310%   02/08/33     3,980   3,977,635
Reach ABS Trust,
Series 2025-01A, Class C, 144A
5.990%   08/16/32     1,335   1,350,841
Series 2025-02A, Class B, 144A
5.120%   08/18/32     1,875   1,877,805
Regional Management Issuance Trust,
Series 2022-01, Class C, 144A
4.460%   03/15/32     3,200   3,181,999
Republic Finance Issuance Trust,
Series 2024-B, Class A, 144A
5.420%   11/20/37     1,850   1,873,378
Sotheby’s Artfi Master Trust,
Series 2026-01A, Class A1, 144A
4.800%   06/20/33     1,300   1,297,977
 
A3
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Consumer Loans (cont’d.)
Stream Innovations Issuer Trust,
Series 2024-02A, Class A, 144A
5.210%   02/15/45     2,014   $2,027,002
Series 2024-02A, Class B, 144A
6.340%   02/15/45     2,128   2,173,921
              44,613,571
Credit Cards — 0.3%
Continental Finance Credit Card ABS Master Trust,
Series 2024-A, Class A, 144A
5.780%   12/15/32     2,450   2,459,237
Series 2024-A, Class B, 144A
6.220%   12/15/32     1,990   1,993,100
Mercury Financial Credit Card Master Trust,
Series 2024-02A, Class B, 144A
7.430%   07/20/29     2,500   2,508,532
NewDay Funding Master Issuer PLC (United Kingdom),
Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%)
4.634%(c)   07/15/32   GBP 1,700   2,251,024
Perimeter Master Note Business Trust,
Series 2025-01A, Class A, 144A
5.580%   12/16/30     4,300   4,279,163
              13,491,056
Equipment — 0.3%
Auxilior Term Funding LLC,
Series 2024-01A, Class A3, 144A
5.490%   07/15/31     1,411   1,428,510
CNH Equipment Trust,
Series 2023-A, Class A4
4.770%   10/15/30     715   720,064
Commercial Equipment Finance LLC,
Series 2024-01A, Class A, 144A
5.970%   07/16/29     612   615,611
DLLMT LLC,
Series 2024-01A, Class A4, 144A
4.980%   04/20/32     410   415,169
MetroNet Infrastructure Issuer LLC,
Series 2025-04A, Class A2, 144A
5.163%   12/20/55     1,500   1,493,045
MMAF Equipment Finance LLC,
Series 2019-B, Class A5, 144A
2.290%   11/12/41     844   841,249
SCF Equipment Leasing LLC,
Series 2025-01A, Class A3, 144A
5.110%   11/21/33     1,950   1,982,349
Series 2025-01A, Class D, 144A
5.880%   11/20/35     628   641,859
Series 2025-01A, Class E, 144A
6.750%   11/20/35     1,450   1,499,305
VB-S1 Issuer LLC,
Series 2024-01A, Class C2, 144A
5.590%   05/15/54     2,165   2,180,513
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Equipment (cont’d.)
Series 2026-01A, Class C2, 144A
4.693%   03/15/56     1,000   $982,545
              12,800,219
Home Equity Loans — 0.4%
ACE Securities Corp. Home Equity Loan Trust,
Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%)
4.433%(c)   05/25/34     107   101,723
Bear Stearns Asset-Backed Securities Trust,
Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%)
5.293%(c)   03/25/43     56   56,522
BRAVO Residential Funding Trust,
Series 2024-CES01, Class A1A, 144A
6.377%(cc)   04/25/54     589   594,300
Series 2025-CES02, Class A1, 144A
4.960%(cc)   07/26/55     1,055   1,048,786
COOPR Residential Mortgage Trust,
Series 2026-CES01, Class A1A, 144A
4.874%(cc)   01/01/61     557   552,608
EFMT,
Series 2025-CES04, Class A1, 144A
5.431%(cc)   06/25/60     908   909,665
EquiFirst Mortgage Loan Trust,
Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%)
4.273%(c)   01/25/34     255   252,730
FIGRE Trust,
Series 2025-FL01, Class A1, 144A
5.265%(cc)   07/25/55     1,130   1,128,628
Series 2026-HE01, Class A, 144A
4.982%(cc)   01/25/56     447   443,693
MASTR Asset-Backed Securities Trust,
Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%)
4.693%(c)   04/25/34     114   115,529
Option One Mortgage Accept Corp., Asset-Backed Certificates,
Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%)
4.433%(c)   08/25/33     74   77,835
RCKT Mortgage Trust,
Series 2024-CES01, Class A1A, 144A
6.025%(cc)   02/25/44     465   466,706
Series 2024-CES03, Class A1A, 144A
6.591%(cc)   05/25/44     545   549,699
Series 2025-CES07, Class A1A, 144A
5.377%(cc)   07/25/55     969   970,846
Series 2025-CES08, Class A1A, 144A
5.148%(cc)   08/25/55     1,548   1,544,924
Series 2025-CES09, Class A1A, 144A
4.795%(cc)   09/25/55     1,071   1,062,074
Towd Point Mortgage Trust,
Series 2024-CES01, Class A1A, 144A
5.848%(cc)   01/25/64     154   154,656
Series 2024-CES02, Class A1A, 144A
6.125%(cc)   02/25/64     49   49,292
 
A4
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Home Equity Loans (cont’d.)
Series 2024-CES04, Class A1, 144A
5.122%(cc)   09/25/64     1,201   $1,198,539
Series 2024-CES05, Class A1, 144A
5.167%(cc)   09/25/64     1,302   1,298,984
Series 2025-CES01, Class A1, 144A
5.705%(cc)   02/25/55     838   842,112
Series 2025-CES03, Class A1A, 144A
5.278%(cc)   08/25/65     1,660   1,657,676
Series 2025-FIX01, Class A1, 144A
4.968%(cc)   09/25/65     1,437   1,424,852
              16,502,379
Manufactured Housing — 0.1%
Cascade MH Asset Trust,
Series 2024-MH01, Class A1, 144A
5.695%(cc)   11/25/56     2,606   2,637,230
Other — 1.9%
Aligned Data Centers Issuer LLC,
Series 2023-01A, Class A2, 144A
6.000%   08/17/48     2,270   2,280,648
AMSR Trust,
Series 2024-SFR02, Class D, 144A
4.150%   11/17/41     1,930   1,839,719
Series 2024-SFR02, Class E1, 144A
4.150%   11/17/41     3,439   3,262,029
CF Hippolyta Issuer LLC,
Series 2020-01, Class A1, 144A
1.690%   07/15/60     888   744,254
Series 2021-01A, Class A1, 144A
1.530%   03/15/61     384   308,623
Series 2022-01A, Class A1, 144A
5.970%   08/15/62     581   577,233
Compass Datacenters Issuer II LLC,
Series 2024-02A, Class A1, 144A
5.022%   08/25/49     1,855   1,839,542
CoreVest American Finance Trust,
Series 2019-03, Class A, 144A
2.705%   10/15/52     53   52,868
Series 2020-03, Class A, 144A
1.358%   08/15/53     95   94,881
DB Master Finance LLC,
Series 2021-01A, Class A23, 144A
2.791%   11/20/51     2,001   1,769,128
Series 2021-01A, Class A2II, 144A
2.493%   11/20/51     1,968   1,852,555
Domino’s Pizza Master Issuer LLC,
Series 2019-01A, Class A2, 144A
3.668%   10/25/49     3,350   3,217,184
Series 2021-01A, Class A2II, 144A
3.151%   04/25/51     2,076   1,883,490
FirstKey Homes Trust,
Series 2021-SFR01, Class E2, 144A
2.489%   08/17/38     3,600   3,559,185
Series 2022-SFR01, Class A, 144A
4.145%   05/19/39     1,110   1,105,545
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Other (cont’d.)
FRTKL,
Series 2021-SFR01, Class E2, 144A
2.522%   09/17/38     3,000   $2,952,396
GoodLeap Home Improvement Solutions Trust,
Series 2024-01A, Class A, 144A
5.350%   10/20/46     439   442,090
Series 2025-03A, Class A, 144A
5.000%   10/20/49     2,487   2,476,401
Hilton Grand Vacations Trust,
Series 2024-03A, Class C, 144A
5.710%   08/27/40     1,521   1,531,180
Series 2025-02A, Class B, 144A
4.730%   05/25/44     1,152   1,142,165
Home Partners of America Trust,
Series 2021-02, Class A, 144A
1.901%   12/17/26     2,969   2,912,921
Series 2021-02, Class D, 144A
2.652%   12/17/26     3,454   3,391,051
MVW LLC,
Series 2024-01A, Class C, 144A
6.200%   02/20/43     303   307,653
Series 2025-01A, Class B, 144A
5.210%   09/22/42     1,822   1,824,023
Progress Residential Trust,
Series 2021-SFR10, Class A, 144A
2.393%   12/17/40     572   541,359
Series 2021-SFR11, Class E1, 144A
3.378%   01/17/39     2,500   2,374,114
Series 2022-SFR01, Class E1, 144A
3.930%   02/17/41     2,250   2,169,000
Series 2022-SFR03, Class A, 144A
3.200%   04/17/39     1,048   1,033,092
Series 2025-SFR01, Class D, 144A
3.650%   02/17/42     3,450   3,231,561
Series 2026-SFR01, Class B, 144A
4.000%   02/17/43     840   797,388
Retained Vantage Data Centers Issuer LLC,
Series 2023-01A, Class A2A, 144A
5.000%   09/15/48     3,400   3,390,347
Sierra Timeshare Receivables Funding LLC,
Series 2024-03A, Class C, 144A
5.320%   08/20/41     1,527   1,522,757
Stack Infrastructure Issuer LLC,
Series 2023-02A, Class A2, 144A
5.900%   07/25/48     1,925   1,929,398
Taco Bell Funding LLC,
Series 2021-01A, Class A2II, 144A
2.294%   08/25/51     3,439   3,181,243
Tricon Residential Trust,
Series 2022-SFR01, Class A, 144A
3.856%   04/17/39     5,055   5,008,202
Series 2026-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%)
4.773%(c)   02/17/43     1,566   1,566,182
Wendy’s Funding LLC,
Series 2021-01A, Class A2II, 144A
2.775%   06/15/51     3,048   2,689,595
 
A5
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Other (cont’d.)
Zayo Issuer LLC,
Series 2025-01A, Class A2, 144A
5.648%   03/20/55     1,675   $1,690,327
              72,491,329
Residential Mortgage-Backed Securities — 0.5%
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates,
Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%)
4.393%(c)   02/25/34     26   26,093
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%)
3.872%(c)   10/25/34     62   60,350
Countrywide Asset-Backed Certificates Trust,
Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%)
4.843%(c)   11/25/34     —(r)   653
Credit-Based Asset Servicing & Securitization LLC,
Series 2004-CB04, Class A6
5.872%(cc)   05/25/35     2   1,760
GS Mortgage-Backed Securities Trust,
Series 2025-SL01, Class A1, 144A
5.847%(cc)   11/25/67     3,062   3,078,789
Merrill Lynch Mortgage Investors Trust,
Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%)
6.268%(c)   06/25/34     27   27,057
Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%)
4.698%(c)   01/25/35     53   52,236
Pret LLC,
Series 2025-NPL11, Class A1, 144A
5.193%(cc)   10/25/55     3,256   3,255,946
PRET LLC,
Series 2025-NPL06, Class A1, 144A
5.744%(cc)   06/25/55     2,998   3,002,882
Series 2025-NPL07, Class A1, 144A
5.657%(cc)   07/25/55     1,933   1,936,204
Series 2025-NPL08, Class A1, 144A
5.732%(cc)   08/25/55     1,548   1,551,267
Series 2025-NPL09, Class A1, 144A
5.391%(cc)   08/25/55     2,071   2,072,311
Series 2025-NPL14, Class A1, 144A
5.265%(cc)   12/25/55     1,632   1,619,886
Structured Asset Investment Loan Trust,
Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%)
4.733%(c)   09/25/34     195   207,514
TFS (Spain),
Series 2018-03, Class A1
0.000%(s)   04/16/40^   EUR —(r)   1
Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%
5.199%(c)   03/15/27^   EUR 1,833   1,588,677
              18,481,626
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Student Loans — 0.1%
College Avenue Student Loans LLC,
Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%)
4.893%(c)   07/25/51     32   $32,379
Series 2021-C, Class B, 144A
2.720%   07/26/55     78   71,922
Laurel Road Prime Student Loan Trust,
Series 2018-C, Class A, 144A
0.000%(cc)   08/25/43     851   808,306
Navient Private Education Refi Loan Trust,
Series 2020-FA, Class A, 144A
1.220%   07/15/69     190   179,694
Series 2021-FA, Class A, 144A
1.110%   02/18/70     1,258   1,121,971
Nelnet Student Loan Trust,
Series 2021-CA, Class B, 144A
2.530%   04/20/62     1,400   1,242,623
Series 2021-CA, Class C, 144A
3.360%   04/20/62     100   88,399
SoFi Professional Loan Program LLC,
Series 2019-C, Class A2FX, 144A
2.370%   11/16/48     205   199,133
SoFi Professional Loan Program Trust,
Series 2020-A, Class A2FX, 144A
2.540%   05/15/46     847   818,592
              4,563,019
 
Total Asset-Backed Securities

(cost $479,884,472)
  480,225,580
Commercial Mortgage-Backed Securities — 5.7%
2023-MIC Trust (The),
Series 2023-MIC, Class A, 144A
8.437%(cc)   12/05/38     1,330   1,415,399
245 Park Avenue Trust,
Series 2017-245P, Class XA, IO, 144A
0.149%(cc)   06/05/37     3,000   5,157
ALA Trust,
Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%)
5.416%(c)   06/15/40     855   857,137
BAHA Trust,
Series 2024-MAR, Class A, 144A
5.574%(cc)   12/10/41     3,000   3,061,180
BAMLL Re-REMIC Trust,
Series 2025-FRR05, Class A736, 144A
1.918%(cc)   09/27/52     4,000   3,943,959
Series 2025-FRR05, Class AK86, 144A
1.674%(s)   11/27/51     4,787   4,058,672
BANK,
Series 2018-BN14, Class A4
4.231%(cc)   09/15/60     1,715   1,702,449
Series 2018-BNK11, Class A2
3.784%   03/15/61     4,162   4,106,560
Series 2019-BN18, Class A2
3.474%   05/15/62     975   947,632
 
A6
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2019-BN20, Class A2
2.758%   09/15/62     3,540   $3,338,728
Series 2019-BN20, Class A3
3.011%   09/15/62     2,691   2,542,026
Series 2019-BN23, Class ASB
2.846%   12/15/52     1,540   1,498,270
Series 2020-BN26, Class ASB
2.313%   03/15/63     5,002   4,823,837
Series 2020-BN30, Class ASB
1.673%   12/15/53     2,311   2,193,043
Series 2022-BNK39, Class XA, IO
0.412%(cc)   02/15/55     20,193   420,375
Series 2022-BNK40, Class A4
3.389%(cc)   03/15/64     460   426,897
Series 2023-BNK45, Class XA, IO
1.070%(cc)   02/15/56     5,184   281,135
Series 2023-BNK46, Class XA, IO
0.617%(cc)   08/15/56     9,290   298,253
Series 2024-BNK47, Class XA, IO
0.822%(cc)   06/15/57     11,245   595,546
Series 2024-BNK48, Class XA, IO
1.144%(cc)   10/15/57     8,774   676,323
BANK5,
Series 2023-05YR04, Class XA, IO
1.005%(cc)   12/15/56     3,277   71,785
Series 2024-05YR10, Class A3
5.302%   10/15/57     3,300   3,362,395
Series 2026-5YR20, Class AS
5.336%   02/15/59     1,850   1,876,950
Barclays Commercial Mortgage Securities Trust,
Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%)
4.592%(c)   03/15/37     3,435   3,254,788
Series 2019-C03, Class XA, IO
1.308%(cc)   05/15/52     1,445   46,424
Series 2019-C04, Class A4
2.661%   08/15/52     2,472   2,360,377
Series 2021-C10, Class XA, IO
1.194%(cc)   07/15/54     21,403   992,575
Series 2024-C24, Class XA, IO
1.624%(cc)   02/15/57     8,043   719,074
Series 2024-C26, Class XA, IO
1.013%(cc)   05/15/57     11,913   809,473
Series 2024-C28, Class XA, IO
1.108%(cc)   09/15/57     7,766   558,176
Series 2025-C32, Class XA, IO
1.128%(cc)   02/15/62     4,777   383,082
Series 2026-5C40, Class AS
5.529%(cc)   02/15/59     2,635   2,670,392
Benchmark Mortgage Trust,
Series 2019-B09, Class A4
3.751%   03/15/52     3,973   3,903,647
Series 2019-B09, Class AAB
3.933%   03/15/52     1,174   1,167,222
Series 2019-B10, Class A3
3.455%   03/15/62     690   671,431
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2020-B18, Class A4
1.672%   07/15/53     3,000   $2,673,371
Series 2020-B19, Class A4
1.546%   09/15/53     1,500   1,365,367
Series 2020-B22, Class A4
1.685%   01/15/54     1,500   1,340,218
Series 2021-B27, Class A3
1.792%   07/15/54     5,000   4,713,452
Series 2021-B27, Class A4
2.103%   07/15/54     4,000   3,592,420
Series 2021-B28, Class XA, IO
1.236%(cc)   08/15/54     1,325   62,218
Series 2023-B39, Class XA, IO
0.573%(cc)   07/15/56     19,839   668,725
Series 2023-B40, Class XA, IO
1.173%(cc)   12/15/56     5,427   275,810
Series 2026-V20, Class AM
5.436%   02/15/59     900   908,217
BFLD Trust,
Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.223%(c)   06/15/42     800   797,448
BMO Mortgage Trust,
Series 2024-C09, Class XA, IO
0.860%(cc)   07/15/57     11,055   667,009
BOCA Commercial Mortgage Trust,
Series 2025-BOCA, Class A, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.273%(c)   12/15/42     2,075   2,076,297
BPR Trust,
Series 2024-PMDW, Class A, 144A
5.358%(cc)   11/05/41     1,455   1,473,193
BWAY Trust,
Series 2025-1535, Class A, 144A
5.888%(cc)   05/05/42     1,865   1,887,179
BX Commercial Mortgage Trust,
Series 2024-BIO02, Class D, 144A
7.713%(cc)   08/13/41     470   453,564
Series 2025-BCAT, Class C, 144A, 1 Month SOFR + 1.900% (Cap N/A, Floor 1.900%)
5.573%(c)   08/15/42     1,917   1,914,174
Series 2026-ALOHA, Class A, 144A, 1 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)
5.050%(c)   04/15/43     3,160   3,160,000
Series 2026-CSMO, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%)
5.073%(c)   02/15/43     3,610   3,609,983
BX Trust,
Series 2019-OC11, Class E, 144A
3.944%(cc)   12/09/41     1,080   998,106
Series 2025-ARIA, Class A, 144A
5.031%(cc)   12/13/42     1,460   1,467,687
Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)
5.173%(c)   06/15/40     1,323   1,324,278
 
A7
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)
5.523%(c)   06/15/40     389   $388,887
Series 2026-CART, Class A, 144A, 1 Month SOFR + 1.050% (Cap N/A, Floor 1.050%)
4.723%(c)   02/15/36     4,920   4,878,487
CD Mortgage Trust,
Series 2017-CD03, Class A4
3.631%   02/10/50     590   577,228
Series 2017-CD05, Class A3
3.171%   08/15/50     1,880   1,850,043
Series 2019-CD08, Class A3
2.657%   08/15/57     4,924   4,640,812
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2
3.585%   12/10/54     2,517   2,499,209
Citigroup Commercial Mortgage Trust,
Series 2016-P04, Class A4
2.902%   07/10/49     1,015   1,011,056
Series 2017-C04, Class A3
3.209%   10/12/50     2,542   2,505,303
Series 2019-GC41, Class XA, IO
1.005%(cc)   08/10/56     26,648   727,613
Series 2019-GC43, Class A3
2.782%   11/10/52     3,146   2,946,469
Series 2019-GC43, Class A4
3.038%   11/10/52     3,008   2,830,087
Commercial Mortgage Trust,
Series 2016-COR01, Class A3
2.826%   10/10/49     2,149   2,140,443
Series 2024-CBM, Class A2, 144A
5.867%(cc)   12/10/41     3,115   3,123,695
Credit Suisse Mortgage Trust,
Series 2017-TIME, Class A, 144A
3.646%   11/13/39     160   152,251
CSAIL Commercial Mortgage Trust,
Series 2016-C06, Class XA, IO
1.663%(cc)   01/15/49     360   4
Series 2017-CX10, Class A4
3.191%   11/15/50     1,566   1,548,916
Series 2018-CX12, Class A3
3.959%   08/15/51     1,425   1,411,036
Series 2018-CX12, Class A4
4.224%(cc)   08/15/51     70   69,330
DBGS Mortgage Trust,
Series 2018-C01, Class A4
4.466%   10/15/51     2,215   2,198,720
DC Trust,
Series 2024-HLTN, Class A, 144A
5.727%(cc)   04/13/40     995   998,971
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A4
3.276%   05/10/49     26   25,592
Series 2016-C03, Class A4
2.632%   08/10/49     1,319   1,316,172
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
DTP Commercial Mortgage Trust,
Series 2023-STE02, Class A, 144A
5.454%(cc)   01/15/41     770   $778,738
Durst Commercial Mortgage Trust,
Series 2025-151, Class A, 144A
4.802%(cc)   08/10/42     2,800   2,825,841
Extended Stay America Trust,
Series 2026-ESH02, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)
4.873%(c)   02/15/43     2,531   2,531,185
FHLMC Multifamily Structured Pass-Through Certificates,
Series K118, Class X1, IO
0.945%(cc)   09/25/30     7,925   279,330
Series K162, Class X1, IO
0.370%(cc)   12/25/33     5,853   154,178
Series K164, Class X1, IO
0.282%(cc)   05/25/34     10,047   231,848
Series K170, Class X1, IO
0.209%(cc)   02/25/35     4,360   83,239
Series K517, Class A2
5.355%(cc)   01/25/29     2,246   2,312,469
Series K753, Class X1, IO
0.231%(cc)   10/25/30     7,344   85,949
Series Q001, Class XA, IO
2.059%(cc)   02/25/32     4,363   240,798
FREMF Mortgage Trust,
Series 2017-K64, Class B, 144A
4.003%(cc)   05/25/50     3,500   3,472,105
Series 2017-K68, Class B, 144A
3.840%(cc)   10/25/49     3,550   3,501,873
Series 2019-K102, Class C, 144A
3.531%(cc)   12/25/51     5,168   4,904,598
Series 2019-K87, Class B, 144A
4.311%(cc)   01/25/51     3,550   3,505,606
Series 2019-K88, Class B, 144A
4.386%(cc)   02/25/52     2,000   1,975,469
Series 2019-K97, Class C, 144A
3.768%(cc)   09/25/51     2,095   2,009,314
Series 2019-K99, Class B, 144A
3.646%(cc)   10/25/52     3,300   3,155,809
Government National Mortgage Assoc.,
Series 2022-113, Class Z
2.000%   09/16/61     3,665   1,898,060
GS Mortgage Securities Corp. II,
Series 2024-70P, Class A, 144A
4.956%(cc)   03/10/41     4,560   4,593,383
GS Mortgage Securities Trust,
Series 2017-GS05, Class A3
3.409%   03/10/50     4,479   4,451,432
Series 2019-GC38, Class AAB
3.835%   02/10/52     1,879   1,866,966
HTL Commercial Mortgage Trust,
Series 2024-T53, Class A, 144A
5.876%(cc)   05/10/39     1,065   1,073,235
 
A8
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
INT Commercial Mortgage Trust,
Series 2025-PLAZA, Class A, 144A
4.554%(cc)   11/05/37     1,050   $1,046,480
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP07, Class A5
3.454%   09/15/50     3,000   2,964,399
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2018-WPT, Class AFX, 144A
4.248%   07/05/33     430   410,104
Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%)
6.720%(c)   07/15/36     500   265,000
LBTY Commercial Mortgage Trust,
Series 2026-225L, Class A, 144A
4.593%(cc)   02/10/43     1,565   1,544,600
MAD Commercial Mortgage Trust,
Series 2025-11MD, Class A, 144A
4.437%(cc)   10/15/42     2,310   2,299,475
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C32, Class XA, IO
0.633%(cc)   12/15/49     4,190   13,539
Morgan Stanley Capital I Trust,
Series 2017-H01, Class A4
3.259%   06/15/50     750   740,925
Series 2017-H01, Class XD, IO, 144A
2.121%(cc)   06/15/50     700   15,605
Series 2019-H07, Class A3
3.005%   07/15/52     1,001   954,879
Series 2019-L02, Class A4
4.071%   03/15/52     252   248,416
Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%)
4.956%(c)   12/15/38     3,660   3,541,050
MSWF Commercial Mortgage Trust,
Series 2023-02, Class XA, IO
0.921%(cc)   12/15/56     6,874   370,691
Natixis Commercial Mortgage Securities Trust,
Series 2018-SOX, Class A, 144A
4.404%   06/17/38     310   303,733
NY Commercial Mortgage Trust,
Series 2025-299P, Class A, 144A
5.664%(cc)   02/10/47     475   492,255
NYC Commercial Mortgage Trust,
Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%)
4.885%(c)   02/15/42     1,435   1,426,031
Series 2026-01PARK, Class A, 144A, 1 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)
4.928%(c)   02/15/43     680   677,237
One Market Plaza Trust,
Series 2017-01MKT, Class XCP, IO, 144A
0.000%(cc)   02/10/32     10,119   10
ONNI Commerical Mortgage Trust,
Series 2024-APT, Class A, 144A
5.196%(cc)   07/15/39     1,220   1,234,718
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
RFM Reremic Trust,
Series 2024-FRR02, Class A123, 144A
1.994%(cc)   02/27/54     2,000   $1,705,550
ROCK Trust,
Series 2024-CNTR, Class A, 144A
5.388%   11/13/41     1,450   1,474,052
Series 2024-CNTR, Class C, 144A
6.471%   11/13/41     4,425   4,559,796
Series 2024-CNTR, Class D, 144A
7.109%   11/13/41     1,390   1,444,467
Series 2024-CNTR, Class E, 144A
8.819%   11/13/41     275   286,109
Shops at Crystals Trust,
Series 2016-CSTL, Class A, 144A
3.126%   07/05/36     1,078   1,074,216
SLG Office Trust,
Series 2021-OVA, Class A, 144A
2.585%   07/15/41     500   444,679
Taurus DAC (United Kingdom),
Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%)
5.344%(c)   07/20/35   GBP 650   859,887
UBS Commercial Mortgage Trust,
Series 2017-C05, Class A4
3.212%   11/15/50     1,700   1,672,075
Series 2018-C12, Class A4
4.030%   08/15/51     2,382   2,353,906
Series 2019-C16, Class A3
3.344%   04/15/52     2,063   2,018,732
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC24, Class A3
2.684%   10/15/49     1,749   1,741,647
Series 2017-C38, Class A4
3.190%   07/15/50     382   377,128
Series 2017-C41, Class A3
3.210%   11/15/50     3,196   3,144,446
Series 2018-1745, Class A, 144A
3.749%(cc)   06/15/36     150   141,360
Series 2019-C52, Class A4
2.643%   08/15/52     1,245   1,181,349
Series 2024-C63, Class XA, IO
1.002%(cc)   08/15/57     14,201   968,356
 
Total Commercial Mortgage-Backed Securities

(cost $226,110,319)
  223,237,736
Corporate Bonds — 21.9%
Aerospace & Defense — 0.4%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
5.125%   03/26/29     375   382,342
Boeing Co. (The),
Sr. Unsec’d. Notes
2.950%   02/01/30     399   375,314
3.100%   05/01/26     38   37,959
3.200%   03/01/29     2,432   2,344,418
 
A9
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Aerospace & Defense (cont’d.)
3.550%   03/01/38     151   $125,387
3.900%   05/01/49     66   48,199
5.150%   05/01/30     900   913,748
5.705%   05/01/40     4,025   4,031,877
5.930%   05/01/60     1,444   1,390,092
6.388%   05/01/31     310   330,794
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
7.000%   06/01/32(a)     150   155,301
Honeywell Aerospace, Inc.,
Gtd. Notes, 144A
4.600%   03/16/33     504   497,942
4.950%   03/16/36(a)     1,755   1,741,156
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes
5.054%   04/27/45     106   98,447
5.350%   06/01/34     1,000   1,017,484
RTX Corp.,
Sr. Unsec’d. Notes
2.250%   07/01/30     369   337,577
3.030%   03/15/52     450   285,015
4.125%   11/16/28     278   276,904
4.500%   06/01/42     475   421,528
5.750%   11/08/26     200   201,348
6.000%   03/15/31     340   361,273
              15,374,105
Agriculture — 0.3%
Altria Group, Inc.,
Gtd. Notes
6.875%   11/01/33     940   1,041,440
BAT Capital Corp. (United Kingdom),
Gtd. Notes
4.390%   08/15/37     1,440   1,309,486
4.540%   08/15/47     796   643,934
5.625%   08/15/35     1,310   1,348,184
5.834%   02/20/31     565   591,072
6.000%   02/20/34     225   237,399
Bunge Ltd. Finance Corp.,
Gtd. Notes
2.750%   05/14/31(a)     2,000   1,821,423
5.150%   08/04/35     510   507,866
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
4.375%   11/01/27     315   315,758
4.500%   03/20/42     117   102,069
4.750%   11/01/31(a)     550   552,285
5.125%   02/15/30(a)     1,390   1,418,930
5.125%   02/13/31     530   541,510
5.250%   02/13/34(a)     170   173,240
5.375%   02/15/33     535   549,882
5.625%   09/07/33     420   438,144
Reynolds American, Inc. (United Kingdom),
Gtd. Notes
7.000%   08/04/41     264   284,167
              11,876,789
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Airlines — 0.2%
American Airlines 2015-2 Class A Pass Through Trust,
Pass-Through Certificates
4.000%   03/22/29     1,579   $1,548,336
American Airlines 2015-2 Class AA Pass-Through Trust,
Pass-Through Certificates
3.600%   03/22/29     96   94,619
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.575%   07/15/29     93   91,889
American Airlines 2016-2 Class AA Pass-Through Trust,
Pass-Through Certificates
3.200%   12/15/29(a)     171   166,281
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A
5.500%   04/20/26     53   53,056
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A
4.750%   10/20/28     3,642   3,635,097
United Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates
4.000%   10/11/27     102   101,559
United Airlines 2015-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.450%   06/01/29     78   76,834
United Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.100%   01/07/30     64   62,291
United Airlines 2016-2 Class AA Pass-Through Trust,
Pass-Through Certificates
2.875%   04/07/30     582   561,729
United Airlines 2018-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.500%   09/01/31     99   95,905
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates
2.700%   11/01/33     263   241,536
United Airlines Holdings, Inc.,
Gtd. Notes
5.375%   03/01/31     470   460,307
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.625%   04/15/29     109   106,853
              7,296,292
Apparel — 0.0%
Tapestry, Inc.,
Sr. Unsec’d. Notes
5.500%   03/11/35     261   261,811
Auto Manufacturers — 0.2%
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.700%   08/10/26     565   560,810
2.900%   02/16/28     675   648,057
4.125%   08/17/27     2,240   2,211,177
4.271%   01/09/27     200   199,127
 
A10
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Auto Manufacturers (cont’d.)
General Motors Financial Co., Inc.,
Gtd. Notes
4.000%   10/06/26     149   $148,690
Sr. Unsec’d. Notes
5.000%   04/09/27     500   502,338
6.150%   07/15/35     1,611   1,665,343
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A
5.250%   01/08/27     2,290   2,303,128
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A
4.950%   08/15/29     1,460   1,461,577
              9,700,247
Auto Parts & Equipment — 0.1%
Aptiv Swiss Holdings Ltd.,
Gtd. Notes
5.150%   09/13/34(a)     1,285   1,292,801
Clarios Global LP/Clarios US Finance Co.,
Sr. Sec’d. Notes, 144A
6.750%   02/15/30     75   76,688
Qnity Electronics, Inc.,
Gtd. Notes, 144A
6.250%   08/15/33     70   71,018
Sr. Sec’d. Notes, 144A
5.750%   08/15/32     115   115,143
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A
8.000%   11/17/28     3,100   3,095,309
              4,650,959
Banks — 6.6%
ABN AMRO Bank NV (Netherlands),
Sr. Non-Preferred Notes, 144A
5.515%(ff)   12/03/35     900   909,681
AIB Group PLC (Ireland),
Sr. Unsec’d. Notes, 144A
6.608%(ff)   09/13/29     2,500   2,615,925
Sr. Unsec’d. Notes, 144A, MTN
5.871%(ff)   03/28/35     2,500   2,572,553
Banco Bilbao Vizcaya Argentaria SA (Spain),
Sr. Non-Preferred Notes
5.127%   03/03/36     1,200   1,164,100
Banco Santander SA (Spain),
Sr. Non-Preferred Notes
4.175%(ff)   03/24/28     200   199,051
4.551%   11/06/30     1,200   1,182,993
5.127%   11/06/35     800   779,433
5.538%(ff)   03/14/30     800   817,462
Bank of America Corp.,
Sr. Unsec’d. Notes
2.299%(ff)   07/21/32     1,192   1,051,735
2.572%(ff)   10/20/32     1,317   1,172,413
2.592%(ff)   04/29/31(a)     1,184   1,093,782
2.687%(ff)   04/22/32     2,195   1,991,045
4.571%(ff)   04/27/33     1,300   1,276,069
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
5.045%(ff)   02/06/37     530   $522,900
5.933%(ff)   09/15/27     850   855,860
Sr. Unsec’d. Notes, MTN
1.898%(ff)   07/23/31     10,513   9,368,832
2.496%(ff)   02/13/31     1,402   1,295,915
2.972%(ff)   02/04/33     1,080   977,535
3.824%(ff)   01/20/28     912   907,390
3.974%(ff)   02/07/30     424   418,109
4.083%(ff)   03/20/51     335   258,910
4.271%(ff)   07/23/29     211   210,128
4.330%(ff)   03/15/50     517   419,147
5.000%   01/21/44     1,003   932,449
5.015%(ff)   07/22/33     1,584   1,593,956
Sub. Notes, MTN
4.250%   10/22/26     15   14,989
Bank of Ireland Group PLC (Ireland),
Sr. Unsec’d. Notes, 144A
5.601%(ff)   03/20/30     2,500   2,560,804
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes
4.026%(ff)   01/22/30     1,035   1,024,751
Sr. Unsec’d. Notes, MTN
5.060%(ff)   07/22/32     900   917,147
Bank of Nova Scotia (The) (Canada),
Sr. Unsec’d. Notes
4.813%(ff)   02/02/34     1,065   1,050,767
Banque Federative du Credit Mutuel SA (France),
Sr. Preferred Notes, 144A
5.538%   01/22/30     1,215   1,250,176
Sr. Preferred Notes, 144A, MTN
4.541%   01/15/31     475   468,323
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
4.942%(ff)   09/10/30     948   952,405
5.690%(ff)   03/12/30     800   820,978
5.785%(ff)   02/25/36     575   579,950
6.036%(ff)   03/12/55(a)     750   762,063
7.385%(ff)   11/02/28     800   832,617
Sr. Unsec’d. Notes, MTN
4.972%(ff)   05/16/29     304   305,604
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
2.871%(ff)   04/19/32     965   876,028
3.132%(ff)   01/20/33     2,200   1,980,244
4.400%   08/14/28     530   526,898
4.916%(ff)   01/15/34     1,155   1,129,560
5.198%(ff)   01/10/30     728   737,123
5.283%(ff)   11/19/30     500   507,552
Sr. Non-Preferred Notes, 144A, MTN
5.786%(ff)   01/13/33     1,005   1,038,281
BPCE SA (France),
Sr. Non-Preferred Notes, 144A
4.760%(ff)   01/13/32     502   494,580
5.389%(ff)   05/28/31     1,305   1,322,517
6.027%(ff)   05/28/36     1,645   1,682,448
6.293%(ff)   01/14/36     1,425   1,491,307
 
A11
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
6.714%(ff)   10/19/29(a)     1,350   $1,412,948
7.003%(ff)   10/19/34     585   639,130
CaixaBank SA (Spain),
Sr. Non-Preferred Notes, 144A
5.581%(ff)   07/03/36(a)     1,540   1,546,701
6.037%(ff)   06/15/35     1,460   1,516,053
6.840%(ff)   09/13/34     408   442,876
Sr. Non-Preferred Notes, 144A, MTN
5.673%(ff)   03/15/30     276   283,116
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
4.375%   10/01/30     600   595,674
5.875%   04/30/29     400   417,475
Citigroup, Inc.,
Sr. Unsec’d. Notes
2.572%(ff)   06/03/31     4,598   4,216,551
2.666%(ff)   01/29/31     640   593,589
3.520%(ff)   10/27/28     1,240   1,221,540
3.668%(ff)   07/24/28     417   412,665
3.785%(ff)   03/17/33     1,500   1,406,606
3.887%(ff)   01/10/28     317   315,474
4.503%(ff)   09/11/31     865   854,659
4.650%   07/30/45     458   400,359
4.650%   07/23/48     130   110,071
4.658%(ff)   05/24/28     1,965   1,968,755
4.910%(ff)   05/24/33     530   527,644
4.952%(ff)   05/07/31     620   623,899
5.174%(ff)   02/13/30     200   203,072
5.174%(ff)   09/11/36     390   386,226
5.449%(ff)   06/11/35     1,510   1,530,772
Sr. Unsec’d. Notes, Series VAR
3.070%(ff)   02/24/28     2,190   2,163,463
Sub. Notes
4.450%   09/29/27     964   963,820
4.750%   05/18/46     22   18,521
Citizens Financial Group, Inc.,
Sr. Unsec’d. Notes
5.718%(ff)   07/23/32(a)     700   719,758
Cooperatieve Rabobank UA (Netherlands),
Sr. Non-Preferred Notes, 144A
3.649%(ff)   04/06/28     640   634,713
3.758%(ff)   04/06/33     1,000   934,013
Credit Agricole SA (France),
Sr. Non-Preferred Notes, 144A
5.230%(ff)   01/09/29     3,146   3,181,039
Sr. Non-Preferred Notes, 144A, MTN
4.818%(ff)   09/25/33     920   898,731
5.222%(ff)   05/27/31     252   254,491
5.862%(ff)   01/09/36     1,210   1,247,414
Danske Bank A/S (Denmark),
Sr. Non-Preferred Notes, 144A
5.705%(ff)   03/01/30     2,000   2,052,127
Sr. Non-Preferred Notes, 144A, MTN
5.019%(ff)   03/04/31     915   919,500
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes
2.552%(ff)   01/07/28     545   $536,087
3.547%(ff)   09/18/31     345   323,307
5.297%(ff)   05/09/31     3,140   3,164,330
6.819%(ff)   11/20/29     2,500   2,623,043
Sr. Non-Preferred Notes, SOFR + 1.219%
4.879%(c)   11/16/27     715   715,570
Sr. Preferred Notes
4.469%(ff)   12/10/31     335   329,052
DNB Bank ASA (Norway),
Sr. Non-Preferred Notes, 144A, MTN
4.384%(ff)   11/04/31     605   593,656
Fifth Third Bancorp,
Sr. Unsec’d. Notes
5.141%(ff)   01/29/37     810   789,602
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
2.383%(ff)   07/21/32     625   551,429
2.600%   02/07/30     310   288,359
2.615%(ff)   04/22/32     2,689   2,415,786
2.640%(ff)   02/24/28     2,250   2,213,368
2.908%(ff)   07/21/42     1,640   1,155,553
3.615%(ff)   03/15/28     1,645   1,631,424
3.814%(ff)   04/23/29     910   897,455
4.223%(ff)   05/01/29     521   517,943
4.482%(ff)   08/23/28     2,077   2,076,099
4.939%(ff)   10/21/36     1,960   1,897,752
5.016%(ff)   10/23/35     630   618,461
5.049%(ff)   07/23/30(a)     1,100   1,112,821
5.065%(ff)   01/21/37(a)     1,210   1,184,749
5.218%(ff)   04/23/31(a)     1,978   2,011,171
5.536%(ff)   01/28/36     590   599,811
6.250%   02/01/41     629   663,931
Sub. Notes
6.750%   10/01/37     335   361,161
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes
2.804%(ff)   05/24/32     989   887,128
2.848%(ff)   06/04/31     417   384,538
4.619%(ff)   11/06/31     1,175   1,156,792
4.675%(ff)   03/10/32     1,900   1,872,431
5.130%(ff)   03/03/31     545   549,149
5.133%(ff)   11/06/36     840   822,697
5.240%(ff)   05/13/31(a)     1,055   1,068,499
5.279%(ff)   03/10/37     1,130   1,107,280
5.286%(ff)   11/19/30     1,140   1,159,310
5.402%(ff)   08/11/33     735   743,935
5.887%(ff)   08/14/27     550   552,377
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes
4.443%(ff)   08/04/28     1,370   1,369,386
5.272%(ff)   01/15/31     550   558,204
ING Groep NV (Netherlands),
Sr. Unsec’d. Notes
4.803%(ff)   03/23/32     800   794,026
 
A12
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
5.420%(ff)   03/23/37     550   $546,917
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes
2.069%(ff)   06/01/29     5,020   4,775,841
2.545%(ff)   11/08/32     995   884,966
2.580%(ff)   04/22/32(a)     655   592,306
3.702%(ff)   05/06/30     62   60,480
3.782%(ff)   02/01/28     1,057   1,051,400
4.255%(ff)   10/22/31(a)     1,860   1,831,071
4.505%(ff)   10/22/28     865   865,932
4.995%(ff)   07/22/30     265   268,795
5.103%(ff)   04/22/31     1,150   1,170,795
5.140%(ff)   01/24/31     850   865,061
5.299%(ff)   07/24/29     570   580,574
5.336%(ff)   01/23/35     1,015   1,030,337
5.581%(ff)   04/22/30     235   242,177
Sub. Notes
5.576%(ff)   07/23/36     210   212,804
KBC Group NV (Belgium),
Sr. Unsec’d. Notes, 144A
4.454%(ff)   09/23/31     2,125   2,091,788
4.932%(ff)   10/16/30     1,490   1,496,897
KeyCorp,
Sr. Unsec’d. Notes
5.305%(ff)   01/28/37     395   386,959
Sr. Unsec’d. Notes, GMTN
5.121%(ff)   04/04/31     920   928,091
Lloyds Banking Group PLC (United Kingdom),
Sr. Unsec’d. Notes
4.375%   03/22/28     1,624   1,620,762
4.943%(ff)   11/04/36(a)     1,520   1,466,111
Manufacturers & Traders Trust Co.,
Sr. Unsec’d. Notes
4.700%   01/27/28     1,000   1,005,177
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
5.159%(ff)   04/24/31     200   202,660
5.188%(ff)   09/12/36(a)     700   692,726
5.475%(ff)   02/22/31     1,500   1,538,478
Mizuho Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
4.711%(ff)   07/08/31     1,095   1,090,641
5.323%(ff)   07/08/36(a)     2,585   2,585,524
Morgan Stanley,
Sr. Unsec’d. Notes
4.238%(ff)   01/09/30     115   113,804
4.708%(ff)   03/12/32     1,205   1,196,848
5.073%(ff)   01/30/37     1,165   1,141,039
5.230%(ff)   01/15/31     720   731,236
5.466%(ff)   01/18/35     2,375   2,411,613
5.900%(ff)   03/13/47     1,670   1,662,776
Sr. Unsec’d. Notes, GMTN
2.239%(ff)   07/21/32     265   232,043
2.699%(ff)   01/22/31     2,818   2,617,447
4.431%(ff)   01/23/30     4,426   4,402,825
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Sr. Unsec’d. Notes, MTN
1.794%(ff)   02/13/32     5,075   $4,396,676
1.928%(ff)   04/28/32     225   195,014
2.511%(ff)   10/20/32     220   194,286
3.591%(cc)   07/22/28     428   422,924
3.622%(ff)   04/01/31     1,080   1,035,449
5.656%(ff)   04/18/30     650   668,694
Sr. Unsec’d. Notes, MTN, Series I
4.356%(ff)   10/22/31     1,770   1,735,087
4.892%(ff)   10/22/36     1,125   1,087,199
Morgan Stanley Private Bank NA,
Sr. Unsec’d. Notes
4.213%(ff)   02/08/30     1,565   1,548,730
NatWest Group PLC (United Kingdom),
Sr. Unsec’d. Notes
4.892%(ff)   05/18/29     614   617,719
5.516%(ff)   09/30/28     1,900   1,926,795
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes
4.812%(ff)   10/21/32     700   697,727
5.373%(ff)   07/21/36     1,160   1,169,087
5.582%(ff)   06/12/29     1,300   1,332,338
Royal Bank of Canada (Canada),
Sr. Unsec’d. Notes, GMTN
5.150%   02/01/34(a)     350   356,775
Sr. Unsec’d. Notes, MTN
3.875%   05/04/32     440   420,859
Santander UK Group Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes
5.694%(ff)   04/15/31(a)     3,865   3,968,491
Skandinaviska Enskilda Banken AB (Sweden),
Sr. Non-Preferred Notes, 144A, MTN
4.500%   09/03/30(a)     800   794,154
Societe Generale SA (France),
Sr. Non-Preferred Notes, 144A
5.512%(ff)   05/22/31     310   315,920
5.519%(ff)   01/19/28     1,455   1,464,468
6.066%(ff)   01/19/35     1,090   1,123,098
Sr. Non-Preferred Notes, 144A, MTN
1.792%(ff)   06/09/27     2,195   2,183,239
5.250%   02/19/27     3,817   3,840,143
6.100%(ff)   04/13/33     2,820   2,923,781
6.691%(ff)   01/10/34     480   512,206
Standard Chartered PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
5.005%(ff)   10/15/30     1,306   1,315,664
State Street Corp.,
Sr. Unsec’d. Notes
4.784%(ff)   10/23/36     510   495,345
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
4.954%(ff)   07/08/33     2,645   2,632,138
Toronto-Dominion Bank (The) (Canada),
Sr. Unsec’d. Notes
5.298%   01/30/32(a)     780   798,801
 
A13
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
4.964%(ff)   10/23/36     1,155   $1,118,777
5.122%(ff)   01/26/34     3,695   3,681,802
U.S. Bancorp,
Sr. Unsec’d. Notes
5.775%(ff)   06/12/29     520   534,654
5.836%(ff)   06/12/34     170   177,459
Sr. Unsec’d. Notes, MTN
2.215%(ff)   01/27/28     4,295   4,220,293
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes
4.550%   04/17/26     350   349,799
Sr. Unsec’d. Notes, 144A
2.746%(ff)   02/11/33     736   649,008
3.091%(ff)   05/14/32     2,077   1,903,518
4.194%(ff)   04/01/31     1,765   1,724,359
4.253%   03/23/28     607   604,904
5.199%(ff)   08/10/37     1,010   986,669
6.301%(ff)   09/22/34     438   466,133
Sr. Unsec’d. Notes, 144A, MTN
4.844%(ff)   11/06/33     200   196,206
Wells Fargo & Co.,
Sr. Unsec’d. Notes
4.960%(ff)   01/23/37     760   740,400
5.150%(ff)   04/23/31     280   284,754
5.211%(ff)   12/03/35     770   766,496
5.244%(ff)   01/24/31     155   157,967
5.389%(ff)   04/24/34     365   370,235
5.499%(ff)   01/23/35     1,220   1,241,379
5.605%(ff)   04/23/36     2,522   2,580,745
6.491%(ff)   10/23/34     240   259,535
Sr. Unsec’d. Notes, MTN
2.393%(ff)   06/02/28     8,461   8,258,526
2.879%(ff)   10/30/30     444   418,928
3.350%(ff)   03/02/33     2,895   2,656,048
4.808%(ff)   07/25/28     1,660   1,666,946
4.897%(ff)   07/25/33     301   299,315
5.013%(ff)   04/04/51     1,553   1,370,389
5.574%(ff)   07/25/29     309   315,975
              258,594,529
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.900%   02/01/46     1,005   907,269
Bacardi Ltd./Bacardi-Martini BV (Bermuda),
Sr. Unsec’d. Notes, 144A
5.400%   06/15/33     359   355,616
Constellation Brands, Inc.,
Gtd. Notes
5.250%   11/15/48     300   269,739
Keurig Dr. Pepper, Inc.,
Gtd. Notes
3.200%   05/01/30     32   30,011
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Beverages (cont’d.)
3.950%   04/15/29     420   $411,314
4.050%   04/15/32     385   364,132
4.600%   05/15/30     663   656,041
5.150%   05/15/35     115   112,063
5.300%   03/15/34     561   556,247
Gtd. Notes, Series 10
5.200%   03/15/31(a)     341   344,549
Gtd. Notes, Series 31
2.250%   03/15/31(a)     1,237   1,092,037
Maple Parent Holdings Corp.,
Gtd. Notes, 144A
5.050%   03/26/31     350   348,409
5.700%   03/26/36     273   270,929
              5,718,356
Biotechnology — 0.2%
Amgen, Inc.,
Sr. Unsec’d. Notes
4.663%   06/15/51     146   122,582
4.850%   02/19/36     770   756,187
5.150%   11/15/41     855   812,171
5.650%   03/02/53     1,654   1,600,869
5.750%   03/02/63     225   216,248
Biogen, Inc.,
Sr. Unsec’d. Notes
5.750%   05/15/35(a)     645   667,005
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes
2.600%   10/01/40     489   353,817
4.750%   03/01/46     213   188,925
5.250%   10/15/33     925   956,579
Regeneron Pharmaceuticals, Inc.,
Sr. Unsec’d. Notes
1.750%   09/15/30     1,300   1,152,660
Royalty Pharma PLC,
Gtd. Notes
5.200%   09/25/35     650   636,554
              7,463,597
Building Materials — 0.0%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
8.750%   08/01/28     425   248,626
Carrier Global Corp.,
Sr. Unsec’d. Notes
3.577%   04/05/50     500   357,396
Quikrete Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.375%   03/01/32     320   325,254
Sr. Unsec’d. Notes, 144A
6.750%   03/01/33     65   66,024
Trane Technologies Financing Ltd.,
Gtd. Notes
5.100%   06/13/34     75   75,788
5.250%   03/03/33     750   769,345
              1,842,433
 
A14
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Chemicals — 0.2%
Braskem Netherlands Finance BV (Brazil),
Gtd. Notes, 144A
8.500%   01/12/31     1,320   $633,600
Celanese US Holdings LLC,
Gtd. Notes
6.850%(c)   11/15/28     374   388,939
CF Industries, Inc.,
Gtd. Notes
5.300%   11/26/35     750   747,436
Cornerstone Chemical Co. LLC,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 10.000%
10.000%   05/07/29^(x)     392   333,471
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes
5.319%   11/15/38     2,050   2,016,624
EIDP, Inc.,
Sr. Unsec’d. Notes
5.125%   05/15/32     1,235   1,253,360
International Flavors & Fragrances, Inc.,
Sr. Unsec’d. Notes, 144A
2.300%   11/01/30     1,040   925,424
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A
6.750%   05/02/34     609   634,200
Sasol Financing USA LLC (South Africa),
Gtd. Notes
6.500%   09/27/28     950   958,617
Solstice Advanced Materials, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%   09/30/33     180   177,487
Yara International ASA (Brazil),
Sr. Unsec’d. Notes, 144A
7.378%   11/14/32     1,250   1,396,875
              9,466,033
Coal — 0.0%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
9.250%   10/01/29     505   453,384
Commercial Services — 0.3%
Allied Universal Holdco LLC,
Sr. Sec’d. Notes, 144A
7.875%   02/15/31     432   445,565
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A
6.875%   06/15/30     750   761,532
AMN Healthcare, Inc.,
Gtd. Notes, 144A
4.000%   04/15/29     525   493,539
DCLI Bidco LLC,
Second Mortgage, 144A
7.750%   11/15/29     420   424,367
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
2.375%   09/25/26   EUR 209   239,763
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Commercial Services (cont’d.)
Element Fleet Management Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.641%   11/24/30     1,005   $989,162
5.037%   03/25/30     425   428,945
6.319%   12/04/28     1,800   1,873,338
Georgetown University (The),
Unsec’d. Notes, Series A
5.215%   10/01/2118     715   624,090
Global Payments, Inc.,
Sr. Unsec’d. Notes
2.900%   05/15/30     600   548,478
5.400%   03/15/33     516   504,041
5.550%   11/15/35     1,935   1,860,630
Herc Holdings, Inc.,
Gtd. Notes, 144A
5.750%   03/15/31     325   320,285
6.000%   03/15/34     65   62,811
7.000%   06/15/30     235   241,158
7.250%   06/15/33     100   102,672
Hertz Corp. (The),
Sr. Unsec’d. Notes, 144A
6.000%   01/15/28^     379   —
7.125%   08/01/26^     255   —
Quanta Services, Inc.,
Sr. Unsec’d. Notes
5.100%   08/09/35(a)     875   863,086
              10,783,462
Computers — 0.1%
Accenture Capital, Inc.,
Gtd. Notes
4.500%   10/04/34     309   298,893
CGI, Inc. (Canada),
Sr. Unsec’d. Notes
1.450%   09/14/26     1,000   986,643
Dell International LLC/EMC Corp.,
Gtd. Notes
5.300%   04/01/32(a)     1,965   1,996,006
Sr. Unsec’d. Notes
5.300%   10/01/29     1,250   1,275,585
Leidos, Inc.,
Gtd. Notes
5.000%   03/15/36     585   565,517
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A
9.500%   04/01/29     400   428,146
              5,550,790
Cosmetics/Personal Care — 0.0%
Haleon US Capital LLC,
Gtd. Notes
3.375%   03/24/27     370   366,495
3.625%   03/24/32     400   376,753
              743,248
 
A15
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
Gtd. Notes
2.450%   10/29/26     1,156   $1,143,635
3.300%   01/30/32     4,739   4,296,882
Aircastle Ltd./Aircastle Ireland DAC,
Gtd. Notes, 144A
5.000%   09/15/30     1,066   1,062,024
5.250%   03/15/30     602   605,900
5.750%   10/01/31     365   373,689
American Express Co.,
Jr. Sub. Notes
3.550%(ff)   09/15/26(oo)     435   429,678
Sr. Unsec’d. Notes
4.804%(ff)   10/24/36     685   662,268
4.918%(ff)   07/20/33     450   451,111
5.085%(ff)   01/30/31(a)     455   462,824
5.442%(ff)   01/30/36     775   788,692
Aviation Capital Group LLC,
Sr. Unsec’d. Notes, 144A
5.125%   04/10/30     695   698,412
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A
2.528%   11/18/27     890   860,221
4.200%   04/15/29     485   476,542
4.700%   01/30/31     595   582,326
4.850%   04/01/33     143   136,975
4.950%   01/15/28     1,097   1,100,642
4.950%   10/15/32     216   210,150
5.150%   01/15/30     6,245   6,269,706
5.750%   03/01/29     230   235,295
Capital One Financial Corp.,
Sr. Unsec’d. Notes
1.878%(ff)   11/02/27     475   467,154
7.624%(ff)   10/30/31     875   966,428
7.964%(ff)   11/02/34     1,000   1,146,080
Charles Schwab Corp. (The),
Sr. Unsec’d. Notes
5.875%   08/24/26     880   884,656
6.136%(ff)   08/24/34     180   191,515
Equitable America Global Funding,
Sec’d. Notes, 144A
4.700%   09/15/32     290   281,296
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A
6.875%   05/01/31     170   158,927
ICITII,
Gtd. Notes, 144A
6.000%   01/31/33^     19   8,678
Intercontinental Exchange, Inc.,
Sr. Unsec’d. Notes
2.650%   09/15/40     930   673,357
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A
5.150%   03/17/30     578   575,454
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Diversified Financial Services (cont’d.)
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%   07/14/31(a)     1,497   $1,332,535
6.070%   07/12/28     2,000   2,061,723
Nuveen LLC,
Sr. Unsec’d. Notes, 144A
5.550%   01/15/30     265   271,636
OneMain Finance Corp.,
Gtd. Notes
6.625%   05/15/29     585   587,731
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A
4.250%   02/15/29     923   875,370
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes
4.500%   06/18/29     300   296,580
Synchrony Financial,
Sr. Unsec’d. Notes
2.875%   10/28/31     65   56,724
4.947%(ff)   02/25/32     500   485,451
5.450%(ff)   03/06/31     1,015   1,013,725
5.935%(ff)   08/02/30     501   509,420
6.000%(ff)   07/29/36(a)     1,030   1,016,369
              34,707,781
Electric — 2.7%
AEP Texas, Inc.,
Sr. Unsec’d. Notes
3.950%   06/01/28     8,231   8,149,127
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes, Series N
2.750%   08/15/51     105   63,075
AES Corp. (The),
Sr. Unsec’d. Notes
5.800%   03/15/32(a)     1,010   1,016,216
Alabama Power Co.,
Sr. Unsec’d. Notes
3.450%   10/01/49     107   74,427
3.750%   03/01/45     187   143,934
4.150%   08/15/44     150   122,827
Sr. Unsec’d. Notes, Series 11-C
5.200%   06/01/41     170   163,327
Sr. Unsec’d. Notes, Series C
4.300%   03/15/31     650   644,025
American Transmission Systems, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%   09/01/44     482   437,331
Arizona Public Service Co.,
Sr. Unsec’d. Notes
5.700%   08/15/34     320   331,515
6.350%   12/15/32     350   375,423
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
5.650%   06/01/54(a)     1,050   1,019,320
 
A16
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
CenterPoint Energy Houston Electric LLC,
First Mortgage, Series AE
2.350%   04/01/31     266   $239,842
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes
5.400%   06/01/29     636   651,714
Cleco Corporate Holdings LLC,
Sr. Unsec’d. Notes
3.375%   09/15/29     310   289,838
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes
3.200%   12/01/51     485   315,644
5.500%   03/15/55     765   728,253
5.700%   05/15/54     425   416,437
5.750%   11/15/55     145   143,169
Constellation Energy Generation LLC,
Sr. Unsec’d. Notes
5.750%   03/15/54     1,000   971,379
5.800%   03/01/33     397   416,486
Sr. Unsec’d. Notes, 144A
4.625%   02/01/29     39   38,529
5.000%   02/01/31     60   60,168
Dominion Energy, Inc.,
Sr. Unsec’d. Notes
7.000%   06/15/38     592   653,427
Duke Energy Corp.,
Sr. Unsec’d. Notes
2.450%   06/01/30(a)     410   377,854
2.550%   06/15/31     1,934   1,739,358
3.500%   06/15/51     255   170,703
4.500%   08/15/32     280   275,747
4.950%   09/15/35     2,060   2,011,366
5.000%   08/15/52     300   256,854
5.450%   06/15/34     535   547,959
5.700%   09/15/55     630   595,483
5.800%   06/15/54     410   393,051
Duke Energy Florida LLC,
First Mortgage
1.750%   06/15/30     420   376,214
Duke Energy Ohio, Inc.,
First Mortgage
5.550%   03/15/54     355   339,961
Duke Energy Progress LLC,
First Mortgage
3.700%   10/15/46     419   313,002
5.550%   03/15/55     130   125,502
Edison International,
Sr. Unsec’d. Notes
4.800%   03/15/31     685   668,911
6.250%   03/15/30     595   616,656
Emera US Finance LP (Canada),
Gtd. Notes
4.750%   06/15/46(a)     1,380   1,134,708
Enel Finance International NV (Italy),
Gtd. Notes, 144A
1.625%   07/12/26     545   540,904
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
5.000%   09/30/35     835   $810,485
Entergy Arkansas LLC,
First Mortgage
2.650%   06/15/51     2,000   1,161,086
Entergy Louisiana LLC,
First Mortgage
5.800%   03/15/55     375   368,153
Entergy Texas, Inc.,
First Mortgage
3.550%   09/30/49     1,459   1,024,477
Eskom Holdings (South Africa),
Gov’t. Gtd. Notes, 144A, MTN
6.350%   08/10/28     551   555,305
Sr. Unsec’d. Notes, 144A, MTN
8.450%   08/10/28     430   450,907
Evergy Metro, Inc.,
General Ref. Mortgage
5.400%   04/01/34     421   432,896
Mortgage
4.200%   03/15/48     561   445,441
Evergy, Inc.,
Sr. Unsec’d. Notes
2.900%   09/15/29     479   454,165
Eversource Energy,
Sr. Unsec’d. Notes
3.375%   03/01/32     915   839,181
4.450%   12/15/30     320   315,767
5.125%   05/15/33(a)     515   513,879
FirstEnergy Corp.,
Sr. Unsec’d. Notes, Series B
3.900%   07/15/27     175   173,643
Sr. Unsec’d. Notes, Series C
4.850%   07/15/47     410   349,867
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A
5.200%   04/01/28     450   456,246
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A
5.450%   07/15/44     120   113,792
Florida Power & Light Co.,
First Mortgage
5.300%   04/01/53     1,000   939,913
Georgia Power Co.,
Sr. Unsec’d. Notes
4.000%   10/01/28     205   203,726
4.700%   05/15/32     240   240,461
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%   08/14/28     498   488,040
ITC Holdings Corp.,
Sr. Unsec’d. Notes, 144A
2.950%   05/14/30     2,140   2,000,573
5.500%   04/15/36     50   50,132
Jersey Central Power & Light Co.,
Sr. Unsec’d. Notes
5.100%   01/15/35     470   470,352
 
A17
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
MidAmerican Energy Co.,
First Mortgage
4.400%   10/15/44     1,400   $1,181,674
4.800%   09/15/43     1,105   997,395
Mid-Atlantic Interstate Transmission LLC,
Sr. Unsec’d. Notes, 144A
4.100%   05/15/28     121   120,322
Monongahela Power Co.,
First Mortgage, 144A
5.400%   12/15/43     770   719,728
5.850%   02/15/34     200   209,749
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
2.250%   06/01/30(a)     700   638,050
Niagara Mohawk Power Corp.,
Sr. Unsec’d. Notes, 144A
5.996%   07/03/55     330   324,694
NRG Energy, Inc.,
Gtd. Notes, 144A
3.375%   02/15/29     123   116,895
3.625%   02/15/31     50   46,177
3.875%   02/15/32     430   394,559
Sr. Sec’d. Notes, 144A
5.407%   10/15/35(a)     1,275   1,248,728
Sr. Unsec’d. Notes, 144A
5.750%   01/15/34     400   395,460
NSTAR Electric Co.,
Sr. Unsec’d. Notes
5.400%   06/01/34     15   15,343
Oglethorpe Power Corp.,
First Mortgage
5.050%   10/01/48     220   191,850
Ohio Edison Co.,
Sr. Unsec’d. Notes, 144A
4.950%   12/15/29     220   222,532
5.500%   01/15/33     315   324,027
Ohio Power Co.,
Sr. Unsec’d. Notes
4.000%   06/01/49     328   244,559
5.000%   06/01/33     1,470   1,465,204
Pacific Gas & Electric Co.,
First Mortgage
2.100%   08/01/27     321   311,042
2.500%   02/01/31     2,105   1,888,079
3.300%   08/01/40     397   297,018
3.950%   12/01/47     1,410   1,024,079
4.000%   12/01/46     1,650   1,208,069
4.300%   03/15/45     1,077   840,621
4.600%   06/15/43     116   95,264
4.750%   02/15/44     165   137,705
4.950%   07/01/50     1,496   1,242,630
5.450%   06/15/27     2,100   2,120,867
5.800%   05/15/34     2,010   2,058,402
5.900%   10/01/54     1,000   935,674
6.000%   05/01/56     1,165   1,107,595
6.100%   01/15/29     415   429,513
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
6.100%   10/15/55     225   $216,370
6.150%   01/15/33     423   442,703
6.750%   01/15/53     521   542,279
6.950%   03/15/34(a)     857   939,108
PacifiCorp,
First Mortgage
4.125%   01/15/49     69   50,240
5.450%   04/15/33     225   225,620
5.800%   04/15/36     215   216,664
PECO Energy Co.,
First Mortgage
3.700%   09/15/47     136   101,060
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia),
Sr. Unsec’d. Notes, EMTN
4.125%   05/15/27     232   230,074
PG&E Corp.,
Jr. Sub. Notes
7.375%(ff)   03/15/55     75   75,422
PG&E Wildfire Recovery Funding LLC,
Sr. Sec’d. Notes, Series A-5
5.099%   06/01/54     1,800   1,648,931
Pinnacle West Capital Corp.,
Sr. Unsec’d. Notes
4.900%   05/15/28     580   584,625
5.150%   05/15/30     602   611,804
Progress Energy, Inc.,
Sr. Unsec’d. Notes
7.750%   03/01/31     1,145   1,291,339
Public Service Co. of Oklahoma,
Sr. Unsec’d. Notes
5.200%   01/15/35     1,440   1,433,218
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
5.450%   04/01/34     145   147,281
6.125%   10/15/33     730   773,762
Puget Energy, Inc.,
Sr. Sec’d. Notes
5.725%   03/15/35     2,000   2,015,870
San Diego Gas & Electric Co.,
First Mortgage
3.950%   11/15/41     240   196,126
5.350%   04/01/53     2,950   2,720,259
SCE Recovery Funding LLC,
Sr. Sec’d. Notes
5.341%   03/15/47     650   645,623
Southern California Edison Co.,
First Mortgage
2.250%   06/01/30     334   302,360
2.750%   02/01/32     330   294,307
3.650%   02/01/50     1,245   857,696
5.150%   06/01/29     605   613,419
5.700%   03/01/53     520   479,638
5.750%   04/15/54     1,235   1,146,689
5.900%   03/01/55     455   433,741
First Mortgage, Series E
5.450%   06/01/52     474   418,461
 
A18
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
First Ref. Mortgage
4.000%   04/01/47(k)     810   $602,603
4.650%   10/01/43     80   66,991
6.000%   01/15/34     235   245,420
First Ref. Mortgage, Series 13-A
3.900%   03/15/43     131   99,338
First Ref. Mortgage, Series C
4.125%   03/01/48     932   701,117
Southern Co. (The),
Sr. Unsec’d. Notes
5.700%   03/15/34     125   129,650
Southern Power Co.,
Sr. Unsec’d. Notes
5.150%   09/15/41     2,585   2,430,380
Sr. Unsec’d. Notes, Series B
4.900%   10/01/35(a)     1,205   1,168,667
Southwestern Electric Power Co.,
Sr. Unsec’d. Notes
5.200%   04/01/36     335   329,499
5.300%   04/01/33     265   269,075
5.900%   04/01/56     510   495,928
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes
4.950%   03/15/36     1,940   1,890,329
5.000%   01/15/34     280   279,492
5.650%   03/15/55     1,700   1,633,200
Sr. Unsec’d. Notes, Series B
4.200%   05/15/45     80   64,267
Sr. Unsec’d. Notes, Series C
4.900%   09/15/35(a)     1,935   1,892,964
Vistra Corp.,
Jr. Sub. Notes, 144A
8.000%(ff)   10/15/26(oo)     925   932,618
Jr. Sub. Notes, Series C, 144A
8.875%(ff)   01/15/29(oo)     2,700   2,906,837
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%   07/31/27     845   842,911
Sr. Sec’d. Notes, 144A
5.250%   10/15/35     1,126   1,097,145
5.350%   01/31/36     520   508,892
5.700%   12/30/34     270   272,089
VoltaGrid LLC,
Sec’d. Notes, 144A
7.375%   11/01/30     295   304,401
WEC Energy Group, Inc.,
Sr. Unsec’d. Notes
4.750%   01/15/28(a)     565   569,085
Wisconsin Power & Light Co.,
Sr. Unsec’d. Notes
5.375%   03/30/34     250   254,231
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.600%   06/01/32     245   240,766
5.600%   04/15/35(a)     1,285   1,306,157
              104,550,398
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electrical Components & Equipment — 0.0%
WESCO Distribution, Inc.,
Gtd. Notes, 144A
5.250%   04/15/31     90   $89,432
5.500%   04/15/34     105   103,492
              192,924
Electronics — 0.0%
Amphenol Corp.,
Sr. Unsec’d. Notes
5.300%   11/15/55     960   901,138
Engineering & Construction — 0.1%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes
5.500%   07/31/47     644   535,099
Sr. Sec’d. Notes, 144A
3.875%   04/30/28     545   531,675
4.250%   10/31/26     1,386   1,381,634
TopBuild Corp.,
Gtd. Notes, 144A
3.625%   03/15/29     1,500   1,427,566
              3,875,974
Entertainment — 0.1%
Caesars Entertainment, Inc.,
Gtd. Notes, 144A
4.625%   10/15/29     500   481,165
Sr. Sec’d. Notes, 144A
7.000%   02/15/30     1,375   1,392,935
Voyager Parent LLC,
Sr. Sec’d. Notes, 144A
9.250%   07/01/32     335   348,811
              2,222,911
Environmental Control — 0.0%
Veralto Corp.,
Gtd. Notes
5.500%   09/18/26     305   306,275
Foods — 0.5%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A
5.500%   03/31/31     55   54,402
5.750%   03/31/34     90   88,084
B&G Foods, Inc.,
Sr. Sec’d. Notes, 144A
8.000%   09/15/28     325   320,108
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes
8.000%   07/01/31   EUR 110   119,833
8.125%   05/14/30   GBP 200   243,873
Sr. Sec’d. Notes, 144A
8.000%   07/01/31   EUR 1,075   1,170,697
Bimbo Bakeries USA, Inc. (Mexico),
Gtd. Notes, 144A
5.375%   01/09/36     750   746,850
 
A19
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Foods (cont’d.)
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings,
Sr. Unsec’d. Notes
5.500%   01/15/36     1,885   $1,876,379
5.750%   04/01/33     250   257,707
5.950%   04/20/35     305   315,135
6.250%   03/01/56     345   334,091
6.375%   04/15/66     2,615   2,552,362
6.500%   12/01/52     175   176,145
7.250%   11/15/53     250   273,832
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Sr. Unsec’d. Notes
6.750%   03/15/34     1,480   1,625,144
Kraft Heinz Foods Co.,
Gtd. Notes
4.875%   10/01/49     1,550   1,264,715
Kroger Co. (The),
Sr. Unsec’d. Notes
5.000%   09/15/34(a)     330   325,982
5.500%   09/15/54     900   836,160
Mars, Inc.,
Gtd. Notes, 144A
3.950%   04/01/44     505   408,975
Sr. Unsec’d. Notes, 144A
5.000%   03/01/32     225   227,644
5.200%   03/01/35(a)     2,100   2,119,097
5.650%   05/01/45     3,475   3,429,259
Pilgrim’s Pride Corp.,
Gtd. Notes
4.250%   04/15/31     353   337,981
Tyson Foods, Inc.,
Sr. Unsec’d. Notes
5.700%   03/15/34     150   155,278
              19,259,733
Gas — 0.2%
Atmos Energy Corp.,
Sr. Unsec’d. Notes
5.900%   11/15/33     450   480,960
Brooklyn Union Gas Co. (The),
Sr. Unsec’d. Notes, 144A
4.866%   08/05/32     1,600   1,566,794
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes
1.750%   10/01/30     201   178,314
5.850%   01/15/41     251   256,243
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%   02/15/31     460   399,993
3.600%   05/01/30(a)     790   761,749
5.350%   04/01/34     250   254,376
5.350%   07/15/35(a)     750   755,709
5.400%   06/30/33     90   92,191
Southern California Gas Co.,
First Mortgage
5.750%   06/01/53     260   253,274
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Gas (cont’d.)
6.000%   06/15/55     550   $552,524
Southern Co. Gas Capital Corp.,
Gtd. Notes, Series B
5.100%   09/15/35     785   774,848
Southwest Gas Corp.,
Sr. Unsec’d. Notes
2.200%   06/15/30     250   227,465
              6,554,440
Healthcare-Products — 0.2%
Augusta SpinCo Corp.,
Gtd. Notes
4.656%   03/23/31     435   432,739
Boston Scientific Corp.,
Sr. Unsec’d. Notes
4.550%   03/01/39     1,000   939,212
Solventum Corp.,
Sr. Unsec’d. Notes
5.600%   03/23/34(a)     1,601   1,636,576
5.900%   04/30/54(a)     527   515,433
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes
4.473%   10/07/32     2,278   2,254,345
4.902%   02/12/36     995   986,618
              6,764,923
Healthcare-Services — 0.7%
Aetna, Inc.,
Sr. Unsec’d. Notes
4.500%   05/15/42     283   235,886
6.750%   12/15/37     469   506,444
Ascension Health,
Sr. Unsec’d. Notes, Series B
3.106%   11/15/39     523   411,698
Centene Corp.,
Sr. Unsec’d. Notes
2.500%   03/01/31     905   758,724
2.625%   08/01/31     280   234,281
Cigna Group (The),
Gtd. Notes
4.800%   08/15/38     1,052   988,436
Sr. Unsec’d. Notes
3.200%   03/15/40     3,892   3,011,734
CommonSpirit Health,
Sec’d. Notes
4.350%   11/01/42     214   183,607
Sr. Sec’d. Notes
5.205%   12/01/31     275   280,221
5.318%   12/01/34     3,145   3,153,277
DaVita, Inc.,
Gtd. Notes, 144A
4.625%   06/01/30     1,540   1,480,657
Elevance Health, Inc.,
Sr. Unsec’d. Notes
4.550%   05/15/52     210   169,270
5.375%   06/15/34     425   430,678
 
A20
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
HCA, Inc.,
Gtd. Notes
3.625%   03/15/32(a)     336   $312,052
4.625%   03/15/52     1,800   1,432,586
4.900%   11/15/35     310   299,875
5.250%   03/01/30(a)     1,050   1,070,673
5.450%   09/15/34     520   524,830
5.500%   06/15/47     656   601,495
5.600%   04/01/34     75   76,584
5.750%   03/01/35     804   826,644
5.950%   09/15/54     350   336,169
6.100%   04/01/64     120   115,864
Humana, Inc.,
Sr. Unsec’d. Notes
5.550%   05/01/35     540   533,732
5.750%   03/01/28     796   811,727
5.950%   03/15/34     194   197,646
Icon Investments Six DAC,
Sr. Sec’d. Notes
5.849%   05/08/29     200   203,670
6.000%   05/08/34(a)     400   399,489
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%   05/01/47     1,170   953,194
Unsec’d. Notes, Series 2021
2.810%   06/01/41     350   255,101
Laboratory Corp. of America Holdings,
Gtd. Notes
4.350%   04/01/30     2,570   2,548,051
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A
5.750%   12/31/30     528   409,951
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% and PIK 5.000%
11.500%   12/31/30     207   187,665
New York & Presbyterian Hospital (The),
Unsec’d. Notes
4.063%   08/01/56(a)     910   705,339
NYU Langone Hospitals,
Sec’d. Notes
4.368%   07/01/47     175   148,556
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes
6.400%   11/30/33     500   543,892
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.250%   06/01/29     275   267,190
4.625%   06/15/28     200   198,309
Sr. Sec’d. Notes, 144A
5.500%   11/15/32     640   634,180
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
2.000%   05/15/30     310   280,817
2.300%   05/15/31     200   179,400
2.750%   05/15/40(k)     840   610,188
3.875%   08/15/59     511   356,191
4.200%   05/15/32     635   618,805
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
4.500%   04/15/33(k)     385   $376,024
4.750%   05/15/52(k)     175   147,155
              29,007,957
Holding Companies-Diversified — 0.1%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A
9.500%   10/15/31     1,908   1,854,784
Home Builders — 0.1%
Beazer Homes USA, Inc.,
Gtd. Notes
7.250%   10/15/29     475   475,117
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A
6.250%   09/15/27     180   179,510
Sr. Unsec’d. Notes, 144A
5.000%   06/15/29     378   358,068
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.625%   03/01/30     1,247   1,183,091
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.750%   11/15/32     80   80,204
Sr. Unsec’d. Notes, 144A
5.125%   08/01/30     249   246,281
Tri Pointe Homes, Inc.,
Gtd. Notes
5.250%   06/01/27     307   306,382
              2,828,653
Housewares — 0.0%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
6.375%   05/15/30(a)     190   182,963
6.625%   05/15/32(a)     95   90,812
Sr. Unsec’d. Notes, 144A
8.500%   06/01/28     145   149,946
              423,721
Insurance — 0.4%
Aon North America, Inc.,
Gtd. Notes
5.450%   03/01/34     1,710   1,747,391
Asurion LLC/Asurion Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A
8.000%   12/31/32     265   275,120
8.375%   02/01/34     410   399,350
Athene Global Funding,
Sec’d. Notes, 144A, MTN
2.646%   10/04/31     1,000   867,305
Berkshire Hathaway Finance Corp.,
Gtd. Notes
4.250%   01/15/49     553   453,315
 
A21
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Insurance (cont’d.)
Corebridge Global Funding,
Sec’d. Notes, 144A
5.200%   06/24/29(a)     600   $607,588
Sr. Sec’d. Notes, 144A
4.900%   08/21/32     240   236,333
Equitable Financial Life Global Funding,
Sec’d. Notes, 144A
1.800%   03/08/28     800   757,969
F&G Annuities & Life, Inc.,
Gtd. Notes
6.500%   06/04/29     435   436,737
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes
3.375%   03/03/31     830   770,612
6.000%   12/07/33     2,760   2,881,337
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
4.569%   02/01/29     2   1,991
Lincoln National Corp.,
Sr. Unsec’d. Notes
5.350%   11/15/35(a)     830   808,304
6.300%   10/09/37     447   459,914
Markel Group, Inc.,
Sr. Unsec’d. Notes
5.000%   03/30/43     154   137,832
MetLife, Inc.,
Jr. Sub. Notes
6.400%   12/15/66     459   467,861
Principal Life Global Funding II,
Sr. Sec’d. Notes, 144A
5.100%   01/25/29     1,180   1,196,604
Protective Life Global Funding,
Sec’d. Notes, 144A, MTN
5.215%   06/12/29     300   305,505
Sompo International Holdings Ltd. (Bermuda),
Sr. Unsec’d. Notes
7.000%   07/15/34     309   339,509
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.900%   09/15/44     653   583,049
              13,733,626
Internet — 0.7%
Alphabet, Inc.,
Sr. Unsec’d. Notes
5.300%   05/15/65     1,275   1,174,592
5.350%   11/15/45     475   463,594
5.500%   02/15/46     575   570,395
5.650%   02/15/56     845   841,637
5.700%   11/15/75     1,145   1,108,815
5.750%   02/15/66     765   757,520
Amazon.com, Inc.,
Sr. Unsec’d. Notes
2.500%   06/03/50     313   182,186
4.250%   08/22/57     145   112,858
4.550%   03/13/33     1,030   1,020,038
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Internet (cont’d.)
4.875%   03/13/36     2,825   $2,798,680
5.800%   03/13/56     590   588,558
5.950%   03/13/66     1,930   1,934,798
Beignet Investor LLC,
Sr. Sec’d. Notes, 144A
6.581%   05/30/49     4,590   4,727,119
Gen Digital, Inc.,
Gtd. Notes, 144A
6.250%   04/01/33     140   136,270
Identity Digital, Inc.,
6.793%   03/20/65^     3,400   3,409,520
Meta Platforms, Inc.,
Sr. Unsec’d. Notes
4.875%   11/15/35(a)     1,400   1,373,132
5.400%   08/15/54     1,350   1,222,501
5.500%   11/15/45     1,390   1,316,288
5.550%   08/15/64     1,190   1,068,798
5.625%   11/15/55     580   543,283
5.750%   11/15/65(a)     1,327   1,230,709
Uber Technologies, Inc.,
Sr. Unsec’d. Notes
4.800%   09/15/34     125   122,253
4.800%   09/15/35(a)     835   810,932
              27,514,476
Investment Companies — 0.1%
Ares Strategic Income Fund,
Sr. Unsec’d. Notes, 144A
5.150%   01/15/31     1,045   986,782
5.550%   04/15/31     2,215   2,122,920
5.800%   09/09/30     665   647,497
              3,757,199
Iron/Steel — 0.0%
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A
6.875%   11/01/29     205   205,001
7.375%   05/01/33     125   122,329
7.500%   09/15/31     300   299,350
Commercial Metals Co.,
Sr. Unsec’d. Notes, 144A
5.750%   11/15/33     85   84,276
6.000%   12/15/35     125   123,284
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A
7.000%   04/01/31     70   71,179
9.250%   10/01/28     320   331,296
              1,236,715
Leisure Time — 0.0%
Carnival Corp.,
Gtd. Notes, 144A
5.125%   05/01/29     390   385,667
Sr. Sec’d. Notes, 144A
4.000%   08/01/28     300   292,885
 
A22
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Leisure Time (cont’d.)
YMCA of Greater New York,
Unsec’d. Notes
2.303%   08/01/26     355   $352,253
              1,030,805
Lodging — 0.0%
Gohl Capital Ltd. (Malaysia),
Gtd. Notes
4.250%   01/24/27     208   205,993
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes
3.500%   08/18/26     322   320,520
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes
5.400%   08/08/28     396   398,708
              925,221
Machinery-Diversified — 0.1%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A
7.500%   01/01/30     441   458,178
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes
4.900%   05/29/30     715   722,499
5.611%   03/11/34     760   782,011
              1,962,688
Media — 0.6%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.125%   05/01/27     164   164,030
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
2.250%   01/15/29     80   74,750
3.500%   03/01/42     490   335,179
3.850%   04/01/61     909   531,193
4.400%   12/01/61     512   329,511
5.050%   03/30/29     2,216   2,227,097
5.125%   07/01/49     685   525,670
5.375%   05/01/47     246   197,885
5.500%   04/01/63     480   370,477
5.750%   04/01/48     365   305,098
6.384%   10/23/35     545   554,810
6.484%   10/23/45     20   18,422
6.550%   06/01/34     190   197,134
6.650%   02/01/34     275   286,748
6.834%   10/23/55     151   143,420
Comcast Corp.,
Gtd. Notes
2.800%   01/15/51     694   397,009
2.887%   11/01/51     2,357   1,362,320
2.937%   11/01/56     445   247,065
3.250%   11/01/39     305   234,832
3.400%   04/01/30     340   326,472
3.400%   07/15/46(a)     55   37,504
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Media (cont’d.)
3.750%   04/01/40     926   $750,016
3.969%   11/01/47     1,053   775,314
3.999%   11/01/49     297   215,400
4.000%   08/15/47     130   96,398
4.250%   10/15/30     494   488,546
4.250%   01/15/33     292   282,069
5.650%   06/01/54(a)     325   299,810
Gtd. Notes, 144A
5.168%   01/15/37     524   510,425
Cox Communications, Inc.,
Gtd. Notes, 144A
5.450%   09/01/34     2,430   2,332,751
5.950%   09/01/54     815   709,490
Sr. Unsec’d. Notes, 144A
2.600%   06/15/31     138   122,301
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%   02/15/31     615   361,144
4.125%   12/01/30     200   119,921
5.375%   02/01/28     260   192,470
5.500%   04/15/27     350   303,736
6.500%   02/01/29     900   574,461
Sr. Unsec’d. Notes, 144A
4.625%   12/01/30     288   102,190
5.750%   01/15/30     550   206,641
Paramount Global,
Gtd. Notes
4.375%   03/15/43     1,598   963,221
4.950%   05/19/50(a)     735   437,258
5.850%   09/01/43     1,091   755,248
Time Warner Cable LLC,
Sr. Sec’d. Notes
4.500%   09/15/42     1,500   1,125,004
5.875%   11/15/40     285   257,396
6.550%   05/01/37     692   697,604
6.750%   06/15/39     714   708,434
7.300%   07/01/38     1,201   1,256,002
              23,509,876
Mining — 0.2%
Anglo American Capital PLC (South Africa),
Gtd. Notes, 144A
5.250%   03/19/36     200   196,078
5.750%   04/05/34     1,365   1,403,329
Barrick North America Finance LLC (Canada),
Gtd. Notes
5.700%   05/30/41     105   104,879
5.750%   05/01/43     17   16,801
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes
4.900%   02/28/33     560   560,658
Capstone Copper Corp. (Canada),
Gtd. Notes, 144A
6.750%   03/31/33     135   133,988
 
A23
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Mining (cont’d.)
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.375%   02/15/36     660   $631,491
7.250%   02/15/34     415   420,154
Freeport-McMoRan, Inc.,
Gtd. Notes
4.625%   08/01/30     36   35,791
Glencore Funding LLC (Australia),
Gtd. Notes, 144A
5.371%   04/04/29     1,515   1,544,338
5.508%   04/01/36     500   501,371
5.634%   04/04/34     552   563,473
6.375%   10/06/30     835   885,996
6.500%   10/06/33     155   167,567
New Gold, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.875%   04/01/32     145   149,700
Novelis Corp.,
Gtd. Notes, 144A
6.875%   01/30/30     525   529,618
Yamana Gold, Inc. (Canada),
Gtd. Notes
4.625%   12/15/27     93   92,819
              7,938,051
Miscellaneous Manufacturing — 0.0%
Eaton Corp.,
Gtd. Notes
4.150%   11/02/42     158   135,042
Parker-Hannifin Corp.,
Sr. Unsec’d. Notes, MTN
4.450%   11/21/44     400   345,356
              480,398
Oil & Gas — 0.8%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%   07/15/31     4,301   3,922,484
Sr. Unsec’d. Notes, 144A
5.250%   10/30/35     470   457,526
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
9.000%   11/01/27     28   32,670
Sr. Unsec’d. Notes, 144A
6.625%   10/15/32     900   914,387
BP Capital Markets America, Inc.,
Gtd. Notes
3.000%   02/24/50     882   568,308
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
2.650%   01/15/32     3,855   3,421,515
5.400%   06/15/47     111   100,119
6.750%   11/15/39     53   57,606
ConocoPhillips Co.,
Gtd. Notes
3.800%   03/15/52     345   252,186
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
4.025%   03/15/62     1,314   $946,319
4.300%   11/15/44(k)     362   303,539
5.500%   01/15/55(a)     15   14,329
5.550%   03/15/54     170   162,883
5.700%   09/15/63     550   529,416
Continental Resources, Inc.,
Gtd. Notes, 144A
2.268%   11/15/26     504   496,258
Coterra Energy, Inc.,
Sr. Unsec’d. Notes
5.400%   02/15/35     730   732,652
Crescent Energy Finance LLC,
Gtd. Notes, 144A
7.625%   04/01/32     425   430,980
Devon Energy Corp.,
Sr. Unsec’d. Notes
4.750%   05/15/42     311   272,965
Diamondback Energy, Inc.,
Gtd. Notes
5.400%   04/18/34     740   751,641
5.750%   04/18/54     200   189,390
5.900%   04/18/64     780   740,786
6.250%   03/15/33     525   560,579
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
8.625%   01/19/29     1,380   1,456,383
Eni SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.500%   05/15/34     475   485,917
5.950%   05/15/54     550   544,251
EQT Corp.,
Sr. Unsec’d. Notes
7.500%   06/01/30     50   54,436
Sr. Unsec’d. Notes, 144A
3.625%   05/15/31     560   522,892
Equinor ASA (Norway),
Gtd. Notes
3.625%   04/06/40     505   418,590
Exxon Mobil Corp.,
Sr. Unsec’d. Notes
3.452%   04/15/51     205   145,978
4.114%   03/01/46(a)     534   440,113
Hess Corp.,
Sr. Unsec’d. Notes
7.125%   03/15/33     475   541,363
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
5.750%   02/01/29     103   101,457
6.000%   02/01/31     103   99,700
6.250%   04/15/32     625   604,546
Ovintiv, Inc.,
Gtd. Notes
6.250%   07/15/33(a)     1,100   1,160,928
7.375%   11/01/31     150   166,016
 
A24
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Petrobras Global Finance BV (Brazil),
Gtd. Notes
6.625%   01/16/34   GBP 274   $363,573
Petroleos Mexicanos (Mexico),
Gtd. Notes
6.500%   01/23/29     1,215   1,218,147
6.625%   06/15/38     10   9,000
6.700%   02/16/32     1,276   1,248,885
6.840%   01/23/30     73   73,248
Gtd. Notes, MTN
6.750%   09/21/47     78   62,279
8.750%   06/02/29     956   1,005,138
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes
1.900%   08/15/30     700   630,162
Saudi Arabian Oil Co. (Saudi Arabia),
Sr. Unsec’d. Notes, 144A
6.375%   06/02/55     1,000   993,750
Sr. Unsec’d. Notes, 144A, MTN
5.875%   07/17/64     275   249,890
6.000%   02/02/56     545   514,229
Shell Finance US, Inc.,
Gtd. Notes, 144A
6.375%   12/15/38     665   731,384
TotalEnergies Capital SA (France),
Gtd. Notes
5.425%   09/10/64     800   738,262
5.638%   04/05/64     955   913,482
              31,352,537
Oil & Gas Services — 0.0%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.,
Gtd. Notes
5.000%   06/15/36     830   814,626
Packaging & Containers — 0.2%
Amcor Flexibles North America, Inc.,
Gtd. Notes
5.125%   03/12/36(a)     960   932,786
AptarGroup, Inc.,
Sr. Unsec’d. Notes
3.600%   03/15/32     3,450   3,203,468
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK #.###%
6.500%   06/30/27(d)     —(r)   —
Ardagh Group SA,
Sec’d. Notes, 144A, Cash coupon 5.500% and PIK 6.500%
12.000%   12/01/30     200   168,070
Sr. Sec’d. Notes, 144A
9.500%   12/01/30     228   238,470
Ball Corp.,
Gtd. Notes
5.500%   09/15/33     500   500,470
6.000%   06/15/29     325   330,277
Berry Global, Inc.,
Sr. Sec’d. Notes
5.800%   06/15/31     2,390   2,475,461
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Packaging & Containers (cont’d.)
Clydesdale Acquisition Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.750%   04/15/32     225   $212,841
Packaging Corp. of America,
Sr. Unsec’d. Notes
4.050%   12/15/49(a)     1,350   1,029,912
              9,091,755
Pharmaceuticals — 0.5%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.200%   11/21/29     1,974   1,900,298
4.050%   11/21/39(k)     3,095   2,716,208
4.250%   11/21/49     497   403,040
4.750%   03/15/36     350   342,761
4.950%   03/15/31(a)     200   204,281
5.550%   03/15/56     505   493,810
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
4.250%   10/26/49     468   375,666
5.200%   02/22/34     730   747,862
5.550%   02/22/54     385   370,650
Cardinal Health, Inc.,
Sr. Unsec’d. Notes
4.500%   09/15/30     975   969,921
5.000%   11/15/29     1,180   1,197,001
5.450%   02/15/34     400   408,634
Cencora, Inc.,
Sr. Unsec’d. Notes
5.125%   02/15/34     1,000   1,007,851
CVS Health Corp.,
Sr. Unsec’d. Notes
1.875%   02/28/31     170   148,499
2.125%   09/15/31     663   574,891
3.250%   08/15/29     422   404,348
3.750%   04/01/30     448   433,094
4.125%   04/01/40     79   65,910
5.125%   07/20/45     790   694,978
5.300%   12/05/43     130   118,099
CVS Pass-Through Trust,
Pass-Through Certificates
6.036%   12/10/28     111   112,076
6.943%   01/10/30     132   135,540
Novartis Capital Corp.,
Gtd. Notes
5.700%   03/18/56     240   241,531
Pfizer Investment Enterprises Pte Ltd.,
Gtd. Notes
5.340%   05/19/63     705   640,477
Pfizer, Inc.,
Sr. Unsec’d. Notes
2.625%   04/01/30     597   558,607
Viatris, Inc.,
Gtd. Notes
3.850%   06/22/40     2,830   2,148,352
 
A25
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pharmaceuticals (cont’d.)
4.000%   06/22/50     1,130   $739,871
              18,154,256
Pipelines — 1.0%
Cheniere Energy Partners LP,
Gtd. Notes
3.250%   01/31/32     1,060   965,278
4.000%   03/01/31     210   201,619
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes
4.625%   10/15/28     990   986,732
Columbia Pipelines Holding Co. LLC,
Sr. Unsec’d. Notes, 144A
5.097%   10/01/31     828   832,802
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A
5.695%   10/01/54     1,550   1,468,811
5.927%   08/15/30     715   748,493
6.036%   11/15/33     820   864,420
6.544%   11/15/53     150   157,742
Eastern Energy Gas Holdings LLC,
Sr. Unsec’d. Notes
6.200%   01/15/55     405   411,117
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%   12/15/44     48   40,894
Enbridge, Inc. (Canada),
Gtd. Notes
5.450%   03/27/36     630   635,207
5.625%   04/05/34     1,000   1,029,548
Energy Transfer LP,
Gtd. Notes
5.250%   04/15/29     25   25,472
Sr. Unsec’d. Notes
4.950%   06/15/28     634   640,685
5.000%   05/15/50     556   461,049
5.300%   04/01/44     9   8,065
5.400%   10/01/47     3,551   3,156,294
6.250%   04/15/49     1,325   1,299,371
7.500%   07/01/38     192   220,021
Enterprise Products Operating LLC,
Gtd. Notes
5.200%   01/15/36     575   578,079
5.950%   02/01/41(k)     335   349,135
Greensaif Pipelines Bidco Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
6.510%   02/23/42     300   310,365
Sr. Sec’d. Notes, 144A, MTN
5.853%   02/23/36     575   576,150
Kinder Morgan, Inc.,
Gtd. Notes
3.250%   08/01/50     1,278   829,598
MPLX LP,
Sr. Unsec’d. Notes
4.500%   04/15/38     365   328,431
4.700%   04/15/48     177   144,143
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
4.950%   09/01/32     750   $748,066
5.000%   01/15/33     1,235   1,227,484
5.200%   03/01/47     1,498   1,323,777
5.200%   12/01/47     1,820   1,598,143
5.500%   06/01/34     1,130   1,143,101
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A
3.250%   07/15/31     850   781,805
ONEOK Partners LP,
Gtd. Notes
6.850%   10/15/37     708   772,650
ONEOK, Inc.,
Gtd. Notes
5.050%   11/01/34(a)     1,250   1,218,306
5.400%   10/15/35     100   99,372
5.550%   11/01/26     160   160,934
5.800%   11/01/30     260   270,467
6.050%   09/01/33     355   372,037
6.625%   09/01/53     1,340   1,376,177
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
6.750%   03/15/33     180   185,188
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
6.000%   12/31/30     654   649,687
Targa Resources Corp.,
Gtd. Notes
4.350%   04/15/31     355   347,583
5.400%   07/30/36(a)     660   655,215
5.550%   08/15/35     1,845   1,861,016
6.250%   07/01/52     95   94,605
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
4.000%   01/15/32     180   170,687
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes
3.950%   05/15/50     540   407,217
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%   08/15/29     65   61,798
4.125%   08/15/31     40   37,202
6.250%   01/15/30     925   946,020
Venture Global LNG, Inc.,
Jr. Sub. Notes, 144A
9.000%(ff)   09/30/29(a)(oo)     1,630   1,622,613
Western Midstream Operating LP,
Sr. Unsec’d. Notes
4.050%   02/01/30     303   294,424
4.500%   03/01/28     20   20,023
5.250%   02/01/50     51   43,009
5.300%   03/01/48     77   65,067
5.500%   08/15/48     11   9,504
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
3.750%   06/15/27     11   10,917
4.900%   01/15/45     390   341,698
 
A26
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
5.100%   09/15/45     353   $319,172
5.150%   03/15/34     105   105,205
5.150%   03/15/36(a)     680   670,077
5.400%   03/04/44     417   388,279
5.650%   03/15/33(a)     95   98,275
              37,766,321
Real Estate — 0.0%
Five Point Operating Co. LP,
Gtd. Notes, 144A
8.000%   10/01/30     190   189,670
Howard Hughes Corp. (The),
Gtd. Notes, 144A
4.375%   02/01/31     1,500   1,378,097
              1,567,767
Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp.,
Sr. Unsec’d. Notes
4.700%   12/15/32     1,650   1,620,475
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
4.050%   07/01/30     5,683   5,527,850
COPT Defense Properties LP,
Gtd. Notes
2.900%   12/01/33     955   807,841
Crown Castle, Inc.,
Sr. Unsec’d. Notes
5.600%   06/01/29     1,200   1,228,896
Equinix Europe 2 Financing Corp. LLC,
Gtd. Notes
4.700%   03/15/33     1,125   1,093,338
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
3.250%   01/15/32     1,031   920,656
4.000%   01/15/31     745   704,552
Goodman US Finance Six LLC (Australia),
Gtd. Notes, 144A
5.125%   10/07/34     385   382,182
Kimco Realty OP LLC,
Gtd. Notes
2.700%   10/01/30     2,013   1,870,980
MPT Operating Partnership LP/MPT Finance Corp.,
Sr. Sec’d. Notes, 144A
8.500%   02/15/32     25   25,377
NNN REIT, Inc.,
Sr. Unsec’d. Notes
5.500%   06/15/34     1,000   1,015,260
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A
4.875%   05/15/29     275   264,607
5.875%   10/01/28     800   795,513
Prologis Targeted US Logistics Fund LP,
Gtd. Notes, 144A
4.250%   01/15/31     370   362,222
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
4.750%   01/15/36     750   $718,373
Realty Income Corp.,
Sr. Unsec’d. Notes
4.500%   02/01/33     1,190   1,160,995
4.900%   07/15/33     1,000   997,793
Starwood Property Trust, Inc.,
Gtd. Notes, 144A
5.250%   10/15/28     590   585,029
Sun Communities Operating LP,
Gtd. Notes
2.700%   07/15/31     2,534   2,268,201
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
4.500%   09/01/26     1,803   1,800,646
5.750%   02/01/27     3,418   3,438,057
              27,588,843
Retail — 0.2%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%   01/15/28     366   357,765
AutoNation, Inc.,
Sr. Unsec’d. Notes
1.950%   08/01/28     1,500   1,412,648
5.890%   03/15/35     1,760   1,796,130
Boots Group Finco LP (United Kingdom),
Sr. Sec’d. Notes, 144A
5.375%   08/31/32   EUR 150   173,377
7.375%   08/31/32   GBP 175   230,472
Carvana Co.,
Sr. Sec’d. Notes, 144A
9.000%   06/01/30     800   832,973
9.000%   06/01/31     856   925,912
Darden Restaurants, Inc.,
Sr. Unsec’d. Notes
3.850%   05/01/27(a)     950   943,469
Falabella SA (Chile),
Sr. Unsec’d. Notes, 144A
3.375%   01/15/32     1,075   936,819
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN
3.600%   07/01/30     337   327,336
4.200%   04/01/50     619   488,147
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes
5.000%   08/19/34     125   123,783
Rite Aid Corp.,
Sec’d. Notes
—%(p)   12/31/47^     60   —
              8,548,831
Savings & Loans — 0.0%
Nationwide Building Society (United Kingdom),
Sr. Non-Preferred Notes, 144A
3.960%(ff)   07/18/30     895   873,524
 
A27
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Savings & Loans (cont’d.)
5.537%(ff)   07/14/36     395   $394,312
              1,267,836
Semiconductors — 0.5%
Analog Devices, Inc.,
Sr. Unsec’d. Notes
2.800%   10/01/41     750   538,275
Broadcom, Inc.,
Sr. Unsec’d. Notes
4.200%   10/15/30     925   914,472
4.800%   02/15/36     135   131,503
4.900%   07/15/32(k)     2,300   2,320,711
5.050%   07/12/29     390   398,084
5.150%   11/15/31     1,600   1,642,256
5.200%   07/15/35(a)     725   730,307
Sr. Unsec’d. Notes, 144A
3.137%   11/15/35     1,100   934,610
3.187%   11/15/36     2,200   1,838,719
Foundry JV Holdco LLC,
Sr. Sec’d. Notes, 144A
5.900%   01/25/33     555   571,283
6.150%   01/25/32(a)     1,010   1,055,554
Intel Corp.,
Sr. Unsec’d. Notes
3.050%   08/12/51     145   87,801
3.200%   08/12/61     176   98,178
3.250%   11/15/49(a)     331   208,698
3.734%   12/08/47     2,019   1,411,297
4.100%   05/11/47     340   253,150
4.750%   03/25/50     651   525,902
5.050%   08/05/62     550   443,391
KLA Corp.,
Sr. Unsec’d. Notes
4.650%   07/15/32     900   904,095
Marvell Technology, Inc.,
Sr. Unsec’d. Notes
5.450%   07/15/35(a)     1,764   1,792,150
5.750%   02/15/29     900   928,223
Micron Technology, Inc.,
Sr. Unsec’d. Notes
5.300%   01/15/31     746   780,520
5.875%   02/09/33     180   191,922
NVIDIA Corp.,
Sr. Unsec’d. Notes
3.500%   04/01/40(a)     1,080   899,331
NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands),
Gtd. Notes
5.000%   01/15/33(a)     1,100   1,092,661
              20,693,093
Software — 0.8%
CoreWeave, Inc.,
Gtd. Notes, 144A
9.000%   02/01/31(a)     455   432,740
9.250%   06/01/30     275   267,460
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Software (cont’d.)
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes
4.800%   03/10/31     566   $561,365
Fiserv, Inc.,
Sr. Unsec’d. Notes
4.400%   07/01/49     400   302,185
5.150%   08/12/34(a)     2,200   2,136,216
Microsoft Corp.,
Sr. Unsec’d. Notes
2.921%   03/17/52     140   89,912
OAK-Eagle Acquireco, Inc.,
Sr. Sec’d. Notes, 144A
7.250%   07/01/33     95   98,388
Sr. Unsec’d. Notes, 144A
8.750%   07/01/34     150   156,865
Oracle Corp.,
Sr. Unsec’d. Notes
2.950%   04/01/30     430   392,279
3.600%   04/01/50(a)     1,695   1,022,582
3.950%   03/25/51     810   513,520
4.100%   03/25/61     1,734   1,070,096
4.300%   07/08/34     2,293   2,033,943
4.450%   09/26/30     200   192,744
4.700%   09/27/34     2,425   2,211,994
4.800%   09/26/32(a)     2,355   2,240,787
4.900%   02/06/33     740   701,017
5.350%   05/04/33(a)     830   807,564
5.500%   08/03/35     540   515,880
5.500%   09/27/64     475   361,985
5.700%   02/04/36     715   687,412
5.875%   09/26/45     340   293,609
6.000%   08/03/55(a)     295   247,341
6.100%   09/26/65     90   74,597
6.550%   02/04/46     560   522,833
6.700%   02/04/56     1,505   1,394,022
6.850%   02/04/66(a)     2,510   2,304,409
Roper Technologies, Inc.,
Sr. Unsec’d. Notes
4.750%   02/15/32(a)     375   370,240
4.900%   10/15/34     650   627,674
Salesforce, Inc.,
Sr. Unsec’d. Notes
4.650%   03/15/29     1,085   1,087,024
5.200%   03/15/33     720   718,724
6.400%   03/15/46(a)     1,720   1,731,795
6.550%   03/15/56     370   370,893
6.700%   03/15/66(a)     1,215   1,233,660
Synopsys, Inc.,
Sr. Unsec’d. Notes
5.700%   04/01/55     895   854,808
Take-Two Interactive Software, Inc.,
Sr. Unsec’d. Notes
4.000%   04/14/32     1,650   1,573,620
              30,202,183
 
A28
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications — 0.6%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.300%   06/01/27     766   $749,004
2.550%   12/01/33     251   212,350
3.500%   06/01/41     4,242   3,288,613
3.500%   09/15/53     792   518,776
3.550%   09/15/55     397   258,128
3.650%   09/15/59     869   561,597
3.800%   12/01/57     692   466,228
4.350%   06/15/45     214   172,492
4.500%   05/15/35     115   108,971
5.350%   09/01/40     230   221,338
5.550%   08/15/41     221   213,309
Black Pearl Compute LLC,
Sr. Sec’d. Notes, 144A
6.125%   02/15/31     395   402,232
Connect Holding II LLC,
Sr. Sec’d. Notes, 144A
10.500%   04/03/31     2,050   2,041,993
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1B14, 144A
0.000%(s)   12/31/30(x)     15   1
Sr. Sec’d. Notes, Series 3B14, 144A
0.000%(s)   12/31/30^(x)     51   —
Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, 144A
8.625%   08/01/32(x)     840   852,430
EchoStar Corp.,
Sr. Sec’d. Notes
10.750%   11/30/29     1,725   1,863,001
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A
5.000%   05/01/28     950   950,124
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A
6.875%   06/30/33     1,820   1,853,246
NTT Finance Corp. (Japan),
Sr. Unsec’d. Notes, 144A
5.171%   07/16/32     745   751,266
Orange SA (France),
Sr. Unsec’d. Notes, 144A, MTN
4.250%   01/13/31     1,015   995,268
5.000%   01/13/36     1,700   1,665,939
Rogers Communications, Inc. (Canada),
Gtd. Notes
4.550%   03/15/52     1,200   942,591
5.300%   02/15/34     420   418,273
SV RNO Property Owner 1 LLC,
Sr. Sec’d. Notes, 144A
5.875%   03/01/31     1,165   1,154,480
T-Mobile USA, Inc.,
Gtd. Notes
2.550%   02/15/31     247   224,449
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications (cont’d.)
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
8.625%   07/15/29     1,150   $1,204,798
              22,090,897
Textiles — 0.0%
Prime Bloom Holdings Ltd. (China),
Gtd. Notes
0.010%   07/05/22     200   1,300
Transportation — 0.1%
CSX Corp.,
Sr. Unsec’d. Notes
3.350%   09/15/49     950   656,996
5.050%   06/15/35(a)     580   581,971
Fedex Freight Holding Co., Inc.,
Gtd. Notes, 144A
4.650%   03/15/31     560   550,205
4.950%   03/15/33     675   658,267
Lima Metro Line 2 Finance Ltd. (Peru),
Sr. Sec’d. Notes
5.875%   07/05/34     75   76,014
Star Leasing Co. LLC,
Sec’d. Notes, 144A
7.625%   02/15/30     1,115   1,037,243
              3,560,696
Trucking & Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
4.550%   01/15/31     360   355,802
5.350%   03/30/29     1,560   1,586,684
6.050%   08/01/28     175   180,112
              2,122,598
 
Total Corporate Bonds

(cost $888,182,365)
  860,140,241
Floating Rate and Other Loans — 0.1%
Chemicals — 0.0%
Venator Finance Sarl,
Initial First Out Term Loan
10.750%   07/16/26^(d)     163   122,519
Term Loan
7.000%   10/12/28^(d)     243   4,851
Venator Materials LLC,
First Out Term B Loan
11.250%   07/16/26(d)     165   123,954
              251,324
Commercial Services — 0.0%
MPH Acquisition Holdings LLC,
First Term Out Loan, 3 Month SOFR + 3.750%
7.417%(c)   12/31/30     124   123,612
 
A29
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Floating Rate and Other Loans (continued)
Foods — 0.0%
Moran Foods LLC,
2023 First Lien FLFO PIK Term Loan
—%(p)   06/30/26^     725   $180,079
First Lien A R 2023 FLSO PIK Term Loan
—%(p)   06/30/26^     388   —
Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600%
16.909%(c)   06/30/26^     20   19,056
              199,135
Insurance — 0.0%
Verisure Holding AB (PUBL) (Sweden),
Term Loan, 3 Month EURIBOR + 2.250%
4.281%(c)   11/03/32   EUR 300   345,396
Miscellaneous Manufacturing — 0.0%
FGI Operating Co. LLC,
Exit Term Loan
—%(p)   05/16/23^     17   170
Software — 0.1%
Interface Security Systems LLC,
Term Loan
—%(p)   11/23/27^     1,402   1,051,850
 
Total Floating Rate and Other Loans

(cost $3,530,401)
  1,971,487
Municipal Bonds — 0.3%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%   09/15/32     135   133,971
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs
4.839%   01/01/41     515   495,782
California — 0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%   04/01/49     1,015   1,060,492
Revenue Bonds, BABs, Series S1
7.043%   04/01/50     950   1,075,058
University of California,
Taxable, Revenue Bonds, Series AQ
4.767%   05/15/2115     119   95,920
              2,231,470
Illinois — 0.0%
State of Illinois,
General Obligation Unlimited, Taxable
5.100%   06/01/33     1,078   1,095,360
Massachusetts — 0.0%
Commonwealth of Massachusetts,
Taxable, Revenue Bonds, Series B
4.110%   07/15/31     211(r)   209,082
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
Missouri — 0.0%
Curators of the University of Missouri (The),
Revenue Bonds, BABs
5.792%   11/01/41     85   $87,372
New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A
7.102%   01/01/41     366   423,189
Taxable, Revenue Bonds, BABs, Series F
7.414%   01/01/40     438   517,283
Rutgers The State University of New Jersey,
Taxable, Revenue Bonds, BABs, Series H
5.665%   05/01/40     400   408,394
              1,348,866
New York — 0.1%
New York City Municipal Water Finance Authority,
Taxable, Revenue Bonds, BABs
5.882%   06/15/44     530   538,107
New York State Dormitory Authority,
Taxable, Revenue Bonds, BABs, Series H
5.389%   03/15/40     100   100,561
Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 165
5.647%   11/01/40     185   194,012
Consolidated, Taxable, Revenue Bonds, Series 181
4.960%   08/01/46     515   484,587
              1,317,267
Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, Series A
4.800%   06/01/2111     865   718,189
Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs
6.105%   12/01/39     103   110,623
Revenue Bonds, BABs, Series B
5.511%   12/01/45     270   268,140
              378,763
Texas — 0.0%
City of San Antonio Electric & Gas Systems Revenue,
Revenue Bonds, BABs
5.808%   02/01/41     305   312,019
Taxable, Revenue Bonds
4.427%   02/01/42     265   255,815
State of Texas,
General Obligation Unlimited, Taxable, BABs
5.517%   04/01/39     375   385,104
              952,938
 
A30
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds (continued)
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series A
3.227%   09/01/2119     1,205   $677,487
 
Total Municipal Bonds

(cost $11,687,103)
  9,646,547
Residential Mortgage-Backed Securities — 6.3%
Ajax Mortgage Loan Trust,
Series 2021-E, Class M1, 144A
2.940%(cc)   12/25/60     146   103,912
Anchor Mortgage Trust,
Series 2025-RTL01, Class A1, 144A
5.718%(cc)   05/25/40     1,710   1,708,008
Angel Oak Mortgage Trust,
Series 2020-02, Class A1A, 144A
2.531%(cc)   01/26/65     2,345   2,233,468
AREIT,
Series 2025-CRE11, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.228%(c)   07/25/43     1,690   1,693,089
BRAVO Residential Funding Trust,
Series 2023-RPL01, Class A1, 144A
5.000%(cc)   05/25/63     2,316   2,298,806
Series 2025-NQM06, Class A1, 144A
5.333%(cc)   06/25/65     1,330   1,331,962
BVRT LLC,
Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%)
3.671%(c)   05/10/33     2,633   2,548,015
Center Street Lending Resi-Investor ABS Mortgage Trust,
Series 2024-RTL01, Class A1, 144A
6.892%(cc)   10/25/29     3,060   3,084,206
Chase Home Lending Mortgage Trust,
Series 2023-RPL01, Class A1, 144A
3.500%(cc)   06/25/62     1,277   1,175,090
Series 2024-RPL03, Class A1A, 144A
3.250%(cc)   09/25/64     436   386,950
Series 2025-RPL01, Class A1A, 144A
3.375%(cc)   04/25/65     2,255   2,023,355
CIM Trust,
Series 2022-R03, Class A1, 144A
4.500%(cc)   03/25/62     2,831   2,766,263
Series 2024-R01, Class A1, 144A
4.750%(cc)   06/25/64     1,067   1,048,874
Citigroup Mortgage Loan Trust,
Series 2011-12, Class 3A2, 144A
4.592%(cc)   09/25/47     110   103,081
COLT Mortgage Loan Trust,
Series 2021-02, Class A1, 144A
0.924%(cc)   08/25/66     2,997   2,531,081
Series 2021-03, Class A1, 144A
0.956%(cc)   09/27/66     4,059   3,395,674
Series 2021-05, Class A1, 144A
1.726%(cc)   11/26/66     2,572   2,334,787
Series 2026-01, Class A1, 144A
4.758%(cc)   02/25/71     865   858,179
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Connecticut Avenue Securities Trust,
Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)
5.162%(c)   10/25/43     329   $328,929
Credit Suisse Mortgage Trust,
Series 2021-AFC1, Class A1, 144A
0.830%(cc)   03/25/56     1,542   1,255,173
Series 2022-RPL04, Class A1, 144A
3.904%(cc)   04/25/62     758   724,218
Deephaven Residential Mortgage Trust,
Series 2021-02, Class A1, 144A
0.899%(cc)   04/25/66     4,278   3,815,595
Series 2021-03, Class A1, 144A
1.194%(cc)   08/25/66     3,474   3,076,021
EFMT,
Series 2025-INV03, Class A1, 144A
5.444%(cc)   07/25/70     945   946,660
Series 2025-INV05, Class A1, 144A
5.077%(cc)   12/25/70     1,194   1,189,267
Fannie Mae Interest Strips,
Series 429, Class C3, IO
2.500%   09/25/52     2,761   429,358
Series 437, Class C8, IO
2.500%   06/25/52     2,748   414,877
Fannie Mae REMIC,
Series 2011-98, Class ZL
3.500%   10/25/41     1,418   1,341,777
Series 2013-009, Class CB
5.500%   04/25/42     465   476,770
Series 2016-03, Class IN, IO
6.000%   02/25/46     1,228   168,565
Series 2016-43, Class GZ
3.000%   07/25/46     1,791   1,599,939
Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%)
2.274%(c)   04/25/50     432   51,487
Series 2020-35, Class AI, IO
3.000%   06/25/50     2,738   429,704
Series 2020-56, Class AQ
2.000%   08/25/50     783   630,308
Series 2020-57, Class TA
2.000%   04/25/50     676   595,409
Series 2020-74, Class HI, IO
5.500%   10/25/50     1,735   287,182
Series 2020-77, Class HI, IO
4.000%   11/25/50     1,952   395,296
Series 2020-85, Class PI, IO
3.000%   12/25/50     2,785   441,880
Series 2020-97, Class EI, IO
2.000%   01/25/51     3,086   401,272
Series 2021-03, Class NI, IO
2.500%   02/25/51     3,138   471,084
Series 2021-03, Class TI, IO
2.500%   02/25/51     2,670   452,838
Series 2021-95, Class GA
1.875%   03/25/51     13,302   10,998,793
 
A31
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2022-05, Class AB
2.000%   03/25/50     877   $754,092
Series 2023-53, Class GB
6.000%   08/25/44     951   964,344
Series 2024-09, Class EA
5.000%   02/25/47     1,025   1,026,229
Series 2024-41, Class DA
5.500%   12/25/51     1,086   1,095,067
Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%)
2.288%(c)   10/25/54     3,210   182,844
Series 2025-03, Class BA
5.500%   03/25/52     970   978,231
Series 2025-03, Class DA
5.500%   04/25/52     907   922,421
Series 2025-19, Class SC, IO, 30 Day Average SOFR x (1) + 5.840% (Cap 5.840%, Floor 0.000%)
2.178%(c)   03/25/55     2,184   119,472
Series 2025-28, Class BA
5.000%   04/25/52     2,006   2,012,012
Series 2025-34, Class BA
5.000%   12/25/51     1,034   1,032,551
Series 2026-01, Class CA
5.000%   07/25/47     1,459   1,457,914
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%)
7.412%(c)   02/25/42     2,825   2,883,289
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)
6.562%(c)   04/25/42     725   737,985
Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)
7.012%(c)   05/25/42     1,775   1,812,719
Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%)
5.812%(c)   09/25/42     287   287,501
Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + 3.550% (Cap N/A, Floor 0.000%)
7.212%(c)   08/25/42     775   796,827
Freddie Mac REMIC,
Series 2957, Class ZA
5.000%   03/15/35     509   519,126
Series 3967, Class ZP
4.000%   09/15/41     925   892,634
Series 4430, Class NZ
3.000%   01/15/45     4,178   3,811,500
Series 4640, Class CZ
3.500%   12/15/46     1,234   1,154,090
Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%)
0.000%(c)   10/25/50     1,580   48,413
Series 5149, Class JI, IO
3.000%   12/25/49     1,755   290,879
Series 5169, Class IO, IO
3.000%   09/25/51     2,313   367,085
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 5170, Class DP
2.000%   07/25/50     1,976   $1,745,434
Series 5201, Class LA
3.000%   06/25/48     2,873   2,673,240
Series 5201, Class PA
2.500%   03/25/52     1,491   1,335,459
Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   05/25/52     415   8,953
Series 5269, Class AD
2.000%   01/25/55     7,581   6,194,848
Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%)
2.088%(c)   05/25/55     3,454   200,263
Series 5544, Class B
5.000%   08/25/52     568   569,167
Series 5558, Class EA
5.000%   10/25/52     582   583,037
Freddie Mac Seasoned Credit Risk Transfer Trust,
Series 2017-03, Class M2, 144A
4.750%(cc)   07/25/56     3,633   3,594,723
Series 2019-04, Class MV
3.000%   02/25/59     7,880   6,933,923
Freddie Mac Strips,
Series 375, Class C1, IO
2.500%   01/25/51     3,088   483,268
Series 386, Class C14, IO
2.500%   03/15/52     2,442   362,803
Series 389, Class C1, IO
1.500%   05/15/37     6,618   331,860
Series 389, Class C35, IO
2.000%   06/15/52     3,310   404,634
Series 405, Class C17, IO
2.500%   08/25/52     1,977   302,671
Government National Mortgage Assoc.,
Series 2014-12, Class ZB
3.000%   01/16/44     2,029   1,863,780
Series 2014-46, Class IO, IO
5.000%   03/16/44     1,662   215,189
Series 2018-72, Class ID, IO
4.500%   08/20/45     1,869   345,210
Series 2020-146, Class IA, IO
3.500%   11/20/41     1,968   290,964
Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%)
0.000%(c)   01/20/50     247   91
Series 2021-215, Class KA
2.500%   10/20/49     2,151   1,919,377
Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   03/20/52     872   17,647
Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   03/20/52     1,844   36,699
 
A32
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)
0.177%(c)   04/20/52     600   $18,930
Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)
0.177%(c)   04/20/52     495   15,420
Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%)
0.000%(c)   05/20/52     385   7,316
Series 2022-093, Class IO, IO
3.000%   08/20/51     4,592   478,029
Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%)
0.087%(c)   07/20/52     2,222   42,693
Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%)
0.277%(c)   07/20/52     1,728   39,452
Series 2022-139, Class AL
4.000%   07/20/51     900   812,835
Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)   08/20/52     1,811   31,815
Series 2022-189, Class PT
2.500%   10/20/51     628   526,986
Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%)
1.827%(c)   11/20/52     12,579   595,944
Series 2022-24, Class GA
3.000%   02/20/52     1,221   1,127,248
Series 2022-85, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%)
0.577%(c)   05/20/52     32,179   1,268,853
Series 2024-129, Class AI, IO
5.000%   10/20/47     1,515   300,792
Series 2024-197, Class BN
3.000%   05/20/51     8,533   7,912,926
GS Mortgage-Backed Securities Trust,
Series 2025-NQM02, Class A1, 144A
5.648%(cc)   06/25/65     983   988,632
Series 2025-NQM03, Class A1, 144A
5.137%(cc)   11/25/65     1,114   1,112,786
Series 2026-NQM01, Class A1, 144A
4.869%(cc)   03/25/66     1,338   1,330,489
Series 2026-NQM01, Class A2, 144A
5.123%(cc)   03/25/66     797   792,847
GS REFT Issuer Ltd.,
Series 2026-FL01, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)
5.170%(c)   04/19/43     2,100   2,101,962
HOMES Trust,
Series 2025-NQM04, Class A1, 144A
5.220%(cc)   08/25/70     1,137   1,135,181
Imperial Fund Mortgage Trust,
Series 2021-NQM01, Class A1, 144A
1.071%(cc)   06/25/56     1,041   932,575
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2021-NQM02, Class A1, 144A
1.073%(cc)   09/25/56     590   $502,352
Series 2021-NQM03, Class A1, 144A
1.595%(cc)   11/25/56     4,130   3,550,104
Series 2021-NQM04, Class A1, 144A
2.091%(cc)   01/25/57     2,039   1,794,760
JPMorgan Mortgage Trust,
Series 2025-NQM03, Class A1, 144A
5.495%(cc)   11/25/65     1,201   1,205,108
Series 2025-VIS02, Class A1, 144A
5.385%(cc)   12/25/55     1,338   1,340,277
Kinbane DAC (Ireland),
Series 2025-RPL2A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%)
3.019%(c)   08/24/75   EUR 756   874,091
Legacy Mortgage Asset Trust,
Series 2025-PR01, Class A1, 144A
6.000%(cc)   01/25/61     2,260   2,249,130
LHOME Mortgage Trust,
Series 2024-RTL05, Class A1, 144A
5.323%(cc)   09/25/39     2,700   2,700,045
Series 2025-RTL01, Class A1, 144A
5.652%(cc)   01/25/40     2,100   2,107,030
Lugo Funding DAC (Spain),
Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%)
3.541%(c)   05/26/66   EUR 2,100   2,407,503
MFA Trust,
Series 2021-INV01, Class A1, 144A
0.852%(cc)   01/25/56     81   79,229
Series 2024-RTL03, Class A1, 144A
5.913%(cc)   11/25/39     2,273   2,281,747
Mill City Mortgage Loan Trust,
Series 2019-GS01, Class M2, 144A
3.250%(cc)   07/25/59     4,425   4,032,929
Morgan Stanley Residential Mortgage Loan Trust,
Series 2025-NQM05, Class A1, 144A
5.439%(cc)   07/25/70     946   947,056
Series 2025-NQM07, Class A1, 144A
4.984%(cc)   09/25/70     1,736   1,726,296
Series 2026-DSC01, Class A1, 144A
4.767%(cc)   01/25/71     2,578   2,549,659
Series 2026-DSC01, Class A2, 144A
5.020%(cc)   01/25/71     1,052   1,042,147
Series 2026-NQM01, Class A1, 144A
4.809%(cc)   12/25/70     1,463   1,449,156
New Residential Mortgage Loan Trust,
Series 2016-03A, Class A1B, 144A
3.250%(cc)   09/25/56     92   87,073
Series 2017-01A, Class A1, 144A
4.000%(cc)   02/25/57     2,459   2,390,953
Series 2017-04A, Class A1, 144A
4.000%(cc)   05/25/57     1,316   1,268,496
Series 2018-RPL01, Class M2, 144A
3.500%(cc)   12/25/57     2,303   1,986,638
 
A33
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2019-02A, Class A1, 144A
4.250%(cc)   12/25/57     85   $83,223
Series 2019-03A, Class A1A, 144A
3.750%(cc)   11/25/58     1,240   1,196,306
Series 2019-06A, Class B2, 144A
4.250%(cc)   09/25/59     1,465   1,429,102
Series 2020-01A, Class A1B, 144A
3.500%(cc)   10/25/59     428   400,515
Series 2020-NQM02, Class A1, 144A
1.650%(cc)   05/24/60     258   252,251
Series 2024-RTL01, Class A1, 144A
6.664%(cc)   03/25/39     2,185   2,186,821
Series 2025-NQM04, Class A1, 144A
5.350%(cc)   07/25/65     865   866,054
Series 2025-NQM07, Class A1, 144A
5.010%(cc)   10/26/65     519   516,491
Series 2025-NQM07, Class A2, 144A
5.264%(cc)   10/26/65     2,233   2,218,979
Series 2026-NQM01, Class A1, 144A
4.824%(cc)   11/25/65     684   677,667
NYMT Loan Trust,
Series 2025-CP01, Class A1, 144A
3.750%(cc)   11/25/69     1,467   1,411,888
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%)
4.443%(c)   06/25/57     57   56,794
Series 2021-NQM1, Class A1, 144A
1.072%(cc)   02/25/66     3,871   3,438,049
Series 2025-NQM10, Class A1, 144A
5.453%(cc)   05/25/65     715   716,818
Series 2025-NQM11, Class A1, 144A
5.418%(cc)   05/25/65     1,314   1,318,087
Series 2025-NQM13, Class A1, 144A
5.441%(cc)   05/25/65     1,402   1,406,182
Series 2025-NQM14, Class A1, 144A
5.162%(cc)   07/25/65     728   727,114
Series 2026-NQM02, Class A1, 144A
4.818%(cc)   12/01/65     1,467   1,455,308
OLIT,
Series 2025-HB02, Class A, 144A
3.000%(cc)   11/25/38     611   595,539
PRET Trust,
Series 2025-RPL06, Class A1, 144A
3.850%(cc)   09/25/69     3,210   3,182,267
PRPM,
Series 2025-03, Class A1, 144A
6.255%(cc)   05/25/30     303   302,493
PRPM LLC,
Series 2025-05, Class A1, 144A
5.729%(cc)   07/25/30     648   647,038
Series 2025-06, Class A1, 144A
5.774%(cc)   08/25/28     1,656   1,652,785
Series 2025-07, Class A1, 144A
5.503%(cc)   08/25/30     958   955,170
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2025-RCF03, Class A1, 144A
5.250%(cc)   07/25/55     1,888   $1,883,998
Series 2025-RPL02, Class A1, 144A
3.750%(cc)   04/25/55     2,626   2,556,355
Series 2026-01, Class A1, 144A
5.185%(cc)   02/25/31     1,716   1,697,734
PRPM Trust,
Series 2026-RCF01, Class A1, 144A
4.845%(cc)   01/25/56     666   662,134
Rain City Mortgage Trust,
Series 2024-RTL01, Class A1, 144A
6.530%(cc)   09/25/29     1,197   1,207,849
RCO Mortgage LLC,
Series 2025-03, Class A1, 144A
6.435%(cc)   05/25/30     155   155,261
Santander Mortgage Asset Receivable Trust,
Series 2025-NQM04, Class A1, 144A
5.303%(cc)   07/25/65     1,799   1,797,740
Seasoned Loans Structured Transaction Trust,
Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%)
4.912%(c)   10/25/34     3,383   3,451,047
Toorak Mortgage Trust,
Series 2025-RRTL01, Class A1, 144A
5.524%(cc)   02/25/40     2,700   2,709,513
Towd Point Mortgage Trust,
Series 2016-02, Class M2, 144A
3.000%(cc)   08/25/55     1,080   1,041,571
Series 2018-03, Class A1, 144A
3.750%(cc)   05/25/58     461   452,117
Series 2019-01, Class A1, 144A
3.750%(cc)   03/25/58     2,722   2,639,011
Series 2019-04, Class B1B, 144A
3.500%(cc)   10/25/59     3,631   2,831,534
Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%)
4.793%(c)   10/25/59     64   63,707
Series 2022-04, Class A1, 144A
3.750%   09/25/62     3,906   3,717,614
Series 2023-01, Class A1, 144A
3.750%   01/25/63     1,587   1,516,962
Verus Securitization Trust,
Series 2021-05, Class A1, 144A
1.013%(cc)   09/25/66     4,330   3,725,945
Series 2021-07, Class A1, 144A
2.829%(cc)   10/25/66     3,377   3,093,927
Series 2022-03, Class A1, 144A
5.130%(cc)   02/25/67     558   532,845
Series 2025-06, Class A1, 144A
5.417%(cc)   07/25/70     3,463   3,474,488
Series 2025-07, Class A1, 144A
5.129%(cc)   08/25/70     1,460   1,458,285
 
Total Residential Mortgage-Backed Securities

(cost $246,681,229)
  245,615,735
 
A34
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds — 1.2%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes
2.375%   08/20/30     1,110   $1,003,509
Sr. Unsec’d. Notes, 144A
2.375%   08/20/30     200   180,813
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes
5.333%   02/15/28     59   59,111
Brazilian Government International Bond (Brazil),
Sr. Unsec’d. Notes
6.250%   05/22/36     1,670   1,639,147
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
3.750%   09/19/28   EUR 1,840   2,082,102
4.500%   03/15/29     570   551,190
5.375%   01/21/29     570   565,725
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A
5.950%   01/25/27     198   198,990
6.000%   07/19/28     396   398,376
Eagle Funding Luxco Sarl (Mexico),
Sr. Unsec’d. Notes, 144A
5.500%   08/17/30     3,102   3,109,755
Ecuador Government International Bond (Ecuador),
Sr. Unsec’d. Notes
6.900%   07/31/30     380   369,545
Sr. Unsec’d. Notes, 144A
8.750%   01/29/34     2,408   2,364,054
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes, Series 05Y
5.375%   02/19/30     2,120   2,151,800
Sr. Unsec’d. Notes, Series 10Y
2.750%   07/03/30     725   664,281
Sr. Unsec’d. Notes, Series 5Y
5.375%   03/12/29     690   699,272
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes
4.875%   01/30/32   EUR 611   655,376
5.250%   03/22/30   EUR 435   495,410
5.875%   10/17/31   EUR 2,019   2,276,486
Sr. Unsec’d. Notes, 144A
6.750%   02/25/41     835   730,625
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes
3.500%   02/12/34     340   289,466
4.600%   02/10/48     1,106   831,712
5.375%   03/22/33     7,482   7,309,914
5.625%   02/09/34     1,130   1,109,660
5.625%   09/22/35     650   628,550
5.850%   07/02/32     1,392   1,406,616
6.000%   05/13/30     611   631,469
6.000%   05/07/36(a)     4,835   4,803,572
6.875%   05/13/37(a)     910   952,315
Sr. Unsec’d. Notes, GMTN
5.750%   10/12/2110     320   259,360
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds (continued)
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
5.227%   02/23/34     734   $710,140
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes
3.625%   03/27/32     3,050   2,673,157
Sr. Unsec’d. Notes, 144A
3.000%   02/14/31     224   196,661
4.625%   03/04/33   EUR 1,010   1,089,338
5.750%   09/16/30     970   965,878
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes
1.500%   06/26/29   EUR 2,136   2,247,880
6.250%   05/26/28     800   814,400
Sr. Unsec’d. Notes, 144A
1.650%   03/03/33   EUR 530   498,312
 
Total Sovereign Bonds

(cost $48,169,238)
  47,613,967
U.S. Government Agency Obligations — 22.3%
Federal Home Loan Mortgage Corp.
1.500%   06/01/51     66   50,931
1.500%   11/01/51     1,675   1,294,513
1.500%   02/01/52     295   227,829
2.000%   08/01/40     1,680   1,484,686
2.000%   12/01/40     243   213,901
2.000%   12/01/41     1,757   1,530,637
2.000%   02/01/42     1,722   1,493,821
2.000%   05/01/42     2,137   1,852,357
2.000%   10/01/50     753   618,579
2.000%   10/01/50     1,588   1,293,545
2.000%   11/01/50     841   693,248
2.000%   02/01/51     79   65,042
2.000%   03/01/51     3,449   2,803,931
2.000%   04/01/51     2,683   2,178,014
2.000%   05/01/51     1,423   1,173,050
2.000%   08/01/51     515   418,168
2.000%   10/01/51     1,695   1,380,826
2.000%   11/01/51     285   232,867
2.000%   11/01/51     524   429,234
2.000%   04/01/52     2,485   2,038,627
2.100%   07/01/36     4,149   3,386,862
2.500%   06/01/50     875   749,056
2.500%   07/01/50     577   496,278
2.500%   07/01/50     907   770,885
2.500%   09/01/50     5,999   5,084,922
2.500%   11/01/50     1,606   1,369,626
2.500%   12/01/50     593   508,885
2.500%   12/01/50     752   647,121
2.500%   01/01/51     125   107,420
2.500%   02/01/51     494   424,514
2.500%   03/01/51     6,085   5,171,823
2.500%   04/01/51     4,517   3,829,360
2.500%   05/01/51     550   469,021
2.500%   05/01/51     589   504,805
2.500%   07/01/51     366   311,364
2.500%   07/01/51     456   387,494
 
A35
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.500%   08/01/51     462   $395,477
2.500%   08/01/51     970   832,035
2.500%   10/01/51     819   696,821
2.500%   11/01/51     1,168   1,004,720
2.500%   02/01/52     520   446,321
2.500%   02/01/52     1,001   858,108
2.500%   04/01/52     617   530,052
2.500%   04/01/52     2,975   2,557,715
3.000%   10/01/32     3   2,840
3.000%   11/01/32     4   3,686
3.000%   12/01/32     3   2,674
3.000%   09/01/37     27   25,905
3.000%   06/01/38     432   405,649
3.000%   12/01/46     16   14,802
3.000%   12/01/46     49   44,409
3.000%   12/01/46     77   69,836
3.000%   12/01/46     154   138,917
3.000%   01/01/47     620   560,324
3.000%   02/01/47     1,183   1,077,305
3.000%   08/01/50     346   309,552
3.000%   08/01/50     1,030   924,285
3.000%   08/01/50     1,365   1,224,422
3.000%   08/01/50     2,499   2,236,278
3.000%   03/01/51     851   749,474
3.000%   09/01/51     1,506   1,342,713
3.000%   10/01/51     630   556,112
3.000%   11/01/51     2,211   1,952,890
3.000%   01/01/52     178   156,632
3.000%   01/01/52     739   660,577
3.000%   02/01/52     787   700,976
3.000%   05/01/52     954   848,897
3.000%   05/01/52     16,893   14,871,811
3.000%   08/01/52     2,749   2,456,609
3.500%   04/01/42     78   74,219
3.500%   05/01/42     9   8,294
3.500%   08/01/42     38   35,620
3.500%   08/01/42     63   59,726
3.500%   08/01/42     197   185,380
3.500%   09/01/42     51   47,807
3.500%   10/01/42     13   12,339
3.500%   02/01/43     696   656,967
3.500%   06/01/43     58   54,608
3.500%   06/01/44     49   45,683
3.500%   09/01/45     26   24,893
3.500%   11/01/45     103   96,786
3.500%   09/01/46     63   58,703
3.500%   03/01/47     200   186,953
3.500%   05/01/47     118   110,542
3.500%   10/01/47     201   189,514
3.500%   11/01/47     145   134,234
3.500%   12/01/47     241   227,445
3.500%   01/01/48     41   38,108
3.500%   01/01/48     57   53,842
3.500%   01/01/48     177   165,080
3.500%   02/01/48     309   285,741
3.500%   03/01/48     1,335   1,246,943
3.500%   01/01/50     324   300,425
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   05/01/50     527   $486,833
3.500%   02/01/52     1,916   1,768,534
3.500%   03/01/52     745   687,848
4.000%   11/01/36     4   4,210
4.000%   06/01/37     58   56,774
4.000%   11/01/40     184   177,917
4.000%   10/01/42     429   417,031
4.000%   12/01/42     13   12,945
4.000%   04/01/44     71   69,027
4.000%   07/01/44     28   27,040
4.000%   01/01/45     90   86,854
4.000%   01/01/45     2,068   1,997,581
4.000%   02/01/45     9   8,577
4.000%   02/01/45     17   16,290
4.000%   09/01/45     131   126,576
4.000%   09/01/45     1,904   1,843,798
4.000%   12/01/45     35   33,547
4.000%   12/01/45     35   33,759
4.000%   04/01/47     105   100,951
4.000%   04/01/48     875   832,873
4.000%   06/01/48     170   163,666
4.000%   05/01/49     42   40,569
4.000%   05/01/49     379   365,199
4.000%   07/01/49     467   450,396
4.000%   07/01/49     1,144   1,094,469
4.000%   07/01/50     1,887   1,816,945
4.000%   04/01/52     493   468,685
4.000%   07/01/52     5,322   5,044,703
4.500%   08/01/39     71   69,702
4.500%   12/01/39     31   30,448
4.500%   07/01/40     11   11,375
4.500%   05/01/41     60   58,941
4.500%   05/01/42     122   120,589
4.500%   11/01/43     121   118,715
4.500%   12/01/43     156   153,105
4.500%   04/01/44     13   12,847
4.500%   04/01/44     17   16,581
4.500%   04/01/44     746   737,480
4.500%   10/01/47     102   100,789
4.500%   12/01/47     76   74,008
4.500%   02/01/48     52   50,722
4.500%   07/01/52     1,507   1,459,566
4.500%   09/01/52     4,454   4,312,964
4.500%   11/01/52     481   467,273
4.500%   08/01/53     26   24,729
5.000%   07/01/40     521   525,493
5.000%   11/01/41     440   445,746
5.000%   09/01/48     119   119,968
5.000%   07/01/50     149   148,645
5.000%   07/01/52     788   780,614
5.000%   11/01/52     133   132,484
5.000%   04/01/53     457   454,748
5.000%   04/01/53     814   809,919
5.000%   04/01/53     3,625   3,590,392
5.000%   11/01/54     1,383   1,372,489
5.000%   01/01/55     3,706   3,692,185
5.500%   02/01/35     14   14,269
 
A36
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
5.500%   12/01/36     7   $6,746
5.500%   03/01/37     2   1,981
5.500%   12/01/37     1,468   1,498,056
5.500%   02/01/38     —(r)   483
5.500%   02/01/38     374   385,130
5.500%   04/01/38     246   253,726
5.500%   07/01/38     97   99,781
5.500%   08/01/38     60   61,565
5.500%   08/01/38     95   97,808
5.500%   01/01/39     113   116,349
5.500%   11/01/52     1,539   1,554,216
5.500%   02/01/53     1,980   1,999,307
5.500%   10/01/53     309   311,206
5.500%   03/01/54     1,989   1,999,899
5.500%   12/01/54     483   485,836
5.500%   12/01/54     1,305   1,321,299
5.500%   01/01/55     367   368,972
5.500%   06/01/55     1,372   1,393,587
5.500%   12/01/55     11,016   11,074,319
6.000%   12/01/28     —(r)   233
6.000%   01/01/32     —(r)   211
6.000%   11/01/32     1   896
6.000%   03/01/33     2   1,699
6.000%   11/01/33     1   1,095
6.000%   02/01/34     46   47,470
6.000%   12/01/34     2   1,596
6.000%   01/01/36     8   8,234
6.000%   03/01/36     —(r)   448
6.000%   04/01/36     8   8,630
6.000%   08/01/36     5   4,896
6.000%   11/01/36     2   2,409
6.000%   12/01/36     200   209,791
6.000%   04/01/37     —(r)   386
6.000%   05/01/37     3   3,319
6.000%   07/01/37     1   590
6.000%   08/01/37     11   11,154
6.000%   09/01/37     —(r)   409
6.000%   09/01/37     2   1,897
6.000%   10/01/37     —(r)   138
6.000%   10/01/37     2   1,975
6.000%   10/01/37     4   4,021
6.000%   10/01/37     9   9,172
6.000%   11/01/37     59   62,060
6.000%   11/01/37     557   585,075
6.000%   12/01/37     1   577
6.000%   01/01/38     2   1,831
6.000%   01/01/38     2   2,399
6.000%   01/01/38     4   4,683
6.000%   01/01/38     5   5,403
6.000%   01/01/38     6   6,107
6.000%   01/01/38     9   9,633
6.000%   04/01/38     2   2,050
6.000%   04/01/38     7   6,793
6.000%   06/01/38     —(r)   382
6.000%   07/01/38     19   19,821
6.000%   08/01/38     2   2,108
6.000%   08/01/38     2   2,179
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
6.000%   08/01/38     73   $76,959
6.000%   09/01/38     —(r)   491
6.000%   09/01/38     4   4,113
6.000%   10/01/38     3   3,543
6.000%   11/01/38     1   1,395
6.000%   01/01/39     180   188,594
6.000%   10/01/39     5   5,254
6.000%   03/01/40     4   4,114
6.000%   05/01/40     1   539
6.000%   11/01/52     372   381,580
6.000%   11/01/52     638   654,480
6.000%   12/01/52     1,053   1,087,670
6.000%   03/01/53     458   475,206
6.000%   04/01/54     589   608,327
6.000%   05/01/54     431   444,679
6.000%   06/01/54     2,624   2,692,293
6.000%   08/01/54     3,559   3,645,345
6.500%   10/01/53     1,343   1,409,638
6.500%   07/01/54     1,188   1,245,212
Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.635% (Cap 7.621%, Floor 1.635%)
2.743%(c)   12/01/50     781   745,233
Federal National Mortgage Assoc.
1.490%   09/01/35     2,703   2,130,528
1.500%   11/01/50     2,398   1,857,199
1.500%   03/01/51     594   460,417
1.500%   06/01/51     28   21,723
1.500%   08/01/51     280   217,032
1.500%   10/01/51     209   161,370
2.000%   05/01/36     586   540,207
2.000%   05/01/36     591   543,675
2.000%   08/01/36     186   171,885
2.000%   08/01/36     1,097   1,010,129
2.000%   09/01/36     840   776,308
2.000%   12/01/36     576   531,729
2.000%   12/01/40     297   261,919
2.000%   12/01/40     3,663   3,218,428
2.000%   01/01/41     2,450   2,151,114
2.000%   05/01/41     317   278,158
2.000%   07/01/41     753   657,355
2.000%   08/01/41     815   710,716
2.000%   09/01/41     1,923   1,676,116
2.000%   10/01/41     799   695,412
2.000%   09/01/50     816   670,276
2.000%   09/01/50     2,069   1,682,840
2.000%   10/01/50     1,183   963,685
2.000%   11/01/50     144   117,068
2.000%   11/01/50     8,142   6,630,845
2.000%   12/01/50     813   665,590
2.000%   12/01/50     860   708,111
2.000%   12/01/50     1,980   1,612,472
2.000%   01/01/51     53   43,246
2.000%   01/01/51     785   645,809
2.000%   02/01/51     47   38,507
2.000%   02/01/51     617   507,638
2.000%   02/01/51     647   526,142
2.000%   02/01/51     1,200   981,728
 
A37
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.000%   04/01/51     2,630   $2,137,646
2.000%   06/01/51     2,395   1,944,441
2.000%   02/01/52     233   190,892
2.000%   02/01/52     316   258,177
2.000%   02/01/52     1,195   975,319
2.000%   03/01/52     866   714,551
2.000%   03/01/52     1,497   1,232,000
2.000%   04/01/52     4,756   3,870,429
2.080%   04/01/33     4,154   3,609,897
2.147%(cc)   02/01/32     13,283   11,828,183
2.250%   04/01/33     875   770,904
2.280%   11/01/29     5,000   4,692,462
2.459%(cc)   04/01/34     9,909   8,673,251
2.500%   03/01/38     97   90,218
2.500%   06/01/40     2,215   2,012,920
2.500%   04/01/41     634   573,049
2.500%   11/01/41     545   490,759
2.500%   07/01/50     154   130,328
2.500%   07/01/50     296   253,554
2.500%   10/01/50     112   96,365
2.500%   10/01/50     2,096   1,800,406
2.500%   11/01/50     1,352   1,145,649
2.500%   01/01/51     425   365,288
2.500%   02/01/51     91   78,393
2.500%   02/01/51     4,690   3,984,356
2.500%   03/01/51     1,608   1,366,333
2.500%   04/01/51     9,312   7,895,191
2.500%   05/01/51     2,065   1,773,774
2.500%   05/01/51     2,861   2,458,614
2.500%   05/01/51     3,563   3,047,425
2.500%   05/01/51     3,821   3,242,177
2.500%   05/01/51     5,429   4,643,239
2.500%   06/01/51     539   464,375
2.500%   06/01/51     992   849,308
2.500%   06/01/51     3,046   2,584,588
2.500%   07/01/51     536   462,722
2.500%   07/01/51     1,217   1,037,568
2.500%   08/01/51     1,660   1,424,067
2.500%   08/01/51     2,809   2,412,395
2.500%   09/01/51     291   248,393
2.500%   09/01/51     724   618,894
2.500%   10/01/51     837   715,637
2.500%   10/01/51     2,248   1,905,640
2.500%   11/01/51     133   113,641
2.500%   11/01/51     521   441,422
2.500%   11/01/51     757   649,199
2.500%   11/01/51     1,805   1,533,980
2.500%   12/01/51     471   404,022
2.500%   01/01/52     705   606,072
2.500%   01/01/52     1,151   983,412
2.500%   01/01/52     1,305   1,115,412
2.500%   02/01/52     675   578,477
2.500%   03/01/52     503   432,263
2.500%   03/01/52     510   437,089
2.500%   03/01/52     511   439,040
2.500%   03/01/52     613   525,524
2.500%   03/01/52     861   731,081
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
2.500%   03/01/52     1,080   $911,801
2.500%   04/01/52     486   416,539
2.500%   05/01/52     1,233   1,057,100
2.500%   01/01/57     1,833   1,552,193
3.000%   TBA     450   429,735
3.000%   TBA     1,260   1,105,522
3.000%   09/01/32     25   24,519
3.000%   01/01/33     27   26,218
3.000%   01/01/33     138   133,977
3.000%   11/01/36     53   49,696
3.000%   11/01/36     107   100,937
3.000%   12/01/36     165   156,762
3.000%   09/01/42     734   672,585
3.000%   06/01/43     2,727   2,505,896
3.000%   11/01/44     1,622   1,485,628
3.000%   03/01/45     405   370,309
3.000%   04/01/45     41   37,492
3.000%   05/01/45     969   883,921
3.000%   05/01/46     57   51,175
3.000%   06/01/46     12   11,265
3.000%   06/01/46     40   36,200
3.000%   06/01/46     144   130,782
3.000%   08/01/46     38   34,393
3.000%   09/01/46     192   175,117
3.000%   10/01/46     99   88,876
3.000%   11/01/46     521   471,217
3.000%   01/01/47     73   65,913
3.000%   01/01/47     87   78,465
3.000%   01/01/47     165   148,551
3.000%   02/01/47     71   63,341
3.000%   02/01/47     130   118,008
3.000%   03/01/47     198   178,710
3.000%   03/01/47     249   225,778
3.000%   11/01/47     18   16,230
3.000%   02/01/50     337   301,751
3.000%   02/01/50     573   513,943
3.000%   08/01/50     513   459,586
3.000%   08/01/50     530   469,891
3.000%   08/01/50     1,222   1,077,888
3.000%   10/01/50     909   801,359
3.000%   11/01/50     533   473,149
3.000%   12/01/50     1,328   1,171,194
3.000%   04/01/51     474   419,470
3.000%   05/01/51     1,123   1,010,412
3.000%   05/01/51     1,830   1,610,339
3.000%   06/01/51     1,379   1,215,632
3.000%   08/01/51     517   461,821
3.000%   08/01/51     1,294   1,148,470
3.000%   08/01/51     1,385   1,228,706
3.000%   10/01/51     347   308,909
3.000%   10/01/51     1,997   1,781,238
3.000%   11/01/51     572   507,596
3.000%   11/01/51     1,748   1,544,363
3.000%   12/01/51     543   478,779
3.000%   01/01/52     878   777,782
3.000%   01/01/52     1,326   1,173,868
3.000%   01/01/52     2,905   2,554,854
 
A38
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.000%   02/01/52     3,163   $2,805,130
3.000%   03/01/52     486   437,110
3.000%   03/01/52     707   625,893
3.000%   03/01/52     1,314   1,157,040
3.000%   04/01/52     961   852,862
3.000%   05/01/52     1,297   1,152,245
3.000%   06/01/52     1,107   985,179
3.000%   03/01/61     2,951   2,549,951
3.145%   08/01/34     5,700   5,173,101
3.500%   10/01/41     734   695,536
3.500%   01/01/42     41   38,655
3.500%   04/01/42     18   17,212
3.500%   04/01/42     40   37,769
3.500%   05/01/42     90   84,877
3.500%   07/01/42     24   22,836
3.500%   01/01/43     881   827,756
3.500%   04/01/43     584   551,549
3.500%   04/01/43     654   617,441
3.500%   06/01/43     627   592,921
3.500%   06/01/43     654   618,544
3.500%   07/01/43     733   692,557
3.500%   08/01/43     1,749   1,651,770
3.500%   02/01/45     117   109,768
3.500%   02/01/45     384   362,214
3.500%   03/01/46     167   155,103
3.500%   07/01/46     54   49,955
3.500%   02/01/47     176   164,036
3.500%   03/01/47     44   40,807
3.500%   04/01/47     944   880,428
3.500%   05/01/47     215   202,062
3.500%   07/01/47     27   25,341
3.500%   11/01/47     292   271,307
3.500%   12/01/47     294   272,362
3.500%   01/01/48     179   166,312
3.500%   01/01/48     354   331,824
3.500%   02/01/48     133   123,803
3.500%   02/01/48     2,182   2,049,858
3.500%   04/01/48     58   54,841
3.500%   08/01/48     627   587,914
3.500%   12/01/48     145   134,989
3.500%   06/01/49     947   890,788
3.500%   07/01/49     129   119,409
3.500%   07/01/50     353   326,692
3.500%   08/01/50     130   121,106
3.500%   08/01/50     132   122,194
3.500%   08/01/50     645   598,433
3.500%   01/01/51     430   397,410
3.500%   06/01/51     661   609,560
3.500%   01/01/52     71   65,513
3.500%   03/01/52     1,061   985,264
3.500%   04/01/52     2,086   1,932,311
3.500%   05/01/52     577   537,020
3.500%   05/01/52     1,777   1,631,173
3.500%   05/01/52     2,526   2,333,086
3.500%   06/01/56     14,319   13,126,591
3.500%   10/01/56     2,773   2,529,857
3.500%   02/01/57     539   491,479
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.900%   11/01/31     8,000   $7,830,426
3.920%   10/01/30     865   852,721
3.955%   11/01/30     865   853,438
4.000%   TBA     7,240   7,070,101
4.000%   10/01/30     2   2,385
4.000%   07/01/37     21   20,243
4.000%   09/01/37     25   24,724
4.000%   03/01/38     17   17,010
4.000%   12/01/41     117   113,166
4.000%   04/01/42     30   29,450
4.000%   05/01/42     46   44,735
4.000%   05/01/42     209   201,376
4.000%   01/01/44     205   198,608
4.000%   02/01/45     692   669,842
4.000%   03/01/46     230   221,186
4.000%   04/01/47     244   234,124
4.000%   07/01/47     115   109,867
4.000%   07/01/47     433   416,779
4.000%   08/01/47     191   182,523
4.000%   10/01/47     526   504,493
4.000%   11/01/47     124   118,933
4.000%   12/01/47     34   32,380
4.000%   06/01/48     60   57,118
4.000%   06/01/48     378   358,523
4.000%   07/01/48     1,711   1,627,667
4.000%   11/01/48     99   95,188
4.000%   12/01/48     612   586,032
4.000%   01/01/49     189   181,884
4.000%   01/01/49     289   279,127
4.000%   08/01/49     96   92,928
4.000%   04/01/50     1,913   1,836,124
4.000%   08/01/51     283   273,546
4.000%   06/01/52     1,289   1,227,185
4.000%   07/01/52     4,263   4,041,176
4.000%   12/01/54     9,109   8,666,097
4.000%   02/01/56     1,183   1,120,820
4.050%   11/01/31     10,912   10,746,132
4.120%   11/01/30     1,357   1,349,325
4.210%   01/01/31     840   838,593
4.370%   01/01/32     7,678   7,684,029
4.390%   04/01/29     2,574   2,590,475
4.420%   11/01/30     1,239   1,244,909
4.450%   08/01/32     2,400   2,401,322
4.460%   11/01/34     4,156   4,156,369
4.500%   TBA     1,550   1,538,835
4.500%   TBA     8,375   8,074,398
4.500%   TBA     17,010   16,414,746
4.500%   04/01/31     4   3,979
4.500%   05/01/31     14   13,873
4.500%   06/01/31     5   5,100
4.500%   11/01/31     6   6,234
4.500%   11/01/35     9   8,476
4.500%   12/01/37     820   822,227
4.500%   02/01/41     19   18,382
4.500%   04/01/41     1   735
4.500%   05/01/41     2   1,948
4.500%   05/01/41     2   2,262
 
A39
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   07/01/41     20   $19,725
4.500%   12/01/41     42   41,543
4.500%   09/01/42     130   128,639
4.500%   10/01/43     203   199,968
4.500%   11/01/43     479   472,041
4.500%   01/01/44     50   49,774
4.500%   03/01/44     328   322,510
4.500%   04/01/44     15   14,702
4.500%   05/01/44     71   69,725
4.500%   01/01/45     205   202,526
4.500%   05/01/45     178   175,234
4.500%   07/01/45     212   209,065
4.500%   09/01/45     56   55,282
4.500%   11/01/45     8   8,093
4.500%   11/01/45     56   55,307
4.500%   11/01/45     310   306,181
4.500%   12/01/45     98   96,390
4.500%   07/01/46     646   639,899
4.500%   08/01/46     153   151,474
4.500%   01/01/47     28   27,645
4.500%   11/01/47     6   6,186
4.500%   11/01/47     29   28,529
4.500%   12/01/47     18   17,992
4.500%   02/01/48     22   21,497
4.500%   05/01/48     529   521,813
4.500%   06/01/48     28   27,614
4.500%   10/01/49     47   45,798
4.500%   05/01/52     837   811,844
4.500%   06/01/52     524   510,367
4.500%   11/01/52     3,384   3,278,981
4.500%   03/01/53     2,064   1,997,566
4.500%   07/01/53     329   318,447
4.500%   08/01/53     256   247,559
4.500%   08/01/53     410   395,849
4.500%   02/01/54     619   598,461
4.500%   11/01/54     4,508   4,368,030
4.500%   09/01/63     4,738   4,590,603
4.520%   10/01/30     690   696,099
4.600%   12/01/32     5,000   5,025,316
4.610%   07/01/32     3,190   3,216,568
4.610%   07/01/32     4,000   4,033,314
4.750%   04/01/28     475   479,029
4.750%   11/01/39     4,994   4,972,002
4.760%   06/01/29     900   913,753
4.840%   01/01/34     3,000   3,029,955
5.000%   TBA     4,880   4,806,770
5.000%   TBA     29,175   28,770,245
5.000%   03/01/36     2   1,808
5.000%   12/01/36     1   680
5.000%   12/01/39     2   2,246
5.000%   01/01/40     1   1,315
5.000%   05/01/40     2   1,569
5.000%   05/01/40     9   8,977
5.000%   01/01/41     8   8,557
5.000%   04/01/41     3   2,863
5.000%   05/01/41     —(r)   241
5.000%   05/01/41     24   24,228
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
5.000%   07/01/41     453   $457,876
5.000%   01/01/42     4   4,214
5.000%   12/01/43     867   876,639
5.000%   01/01/49     274   275,291
5.000%   12/01/49     1,249   1,252,494
5.000%   07/01/52     417   419,618
5.000%   08/01/52     1,058   1,048,997
5.000%   09/01/52     5,112   5,067,219
5.000%   11/01/52     3,932   3,897,443
5.000%   05/01/53     1,283   1,278,930
5.000%   07/01/53     521   523,313
5.000%   08/01/54     2,824   2,803,073
5.000%   12/01/54     4,827   4,801,984
5.000%   01/01/55     20,574   20,299,480
5.065%   12/01/28     1,950   1,993,527
5.500%   TBA     6,470   6,595,730
5.500%   TBA     19,910   19,974,483
5.500%   TBA     32,740   32,890,797
5.500%   04/01/33     6   6,538
5.500%   10/01/33     9   8,641
5.500%   11/01/33     1   714
5.500%   02/01/34     9   8,930
5.500%   03/01/34     6   5,845
5.500%   09/01/34     3   3,525
5.500%   03/01/35     7   7,596
5.500%   05/01/35     3   2,584
5.500%   01/01/36     —(r)   454
5.500%   07/01/36     2   2,413
5.500%   01/01/37     6   6,052
5.500%   06/01/37     2   2,027
5.500%   03/01/38     7   6,824
5.500%   04/01/38     476   485,982
5.500%   09/01/39     3   2,883
5.500%   11/01/39     786   801,422
5.500%   12/01/39     53   54,085
5.500%   06/01/40     7   6,751
5.500%   08/01/40     1,712   1,746,420
5.500%   10/01/52     1,129   1,141,817
5.500%   11/01/52     605   610,118
5.500%   11/01/52     994   1,005,727
5.500%   11/01/52     1,291   1,308,014
5.500%   11/01/52     1,423   1,437,464
5.500%   12/01/52     3,772   3,810,489
5.500%   06/01/53     1,946   1,964,677
5.500%   08/01/53     421   425,318
5.500%   08/01/53     509   513,032
5.500%   09/01/53     1,014   1,029,727
5.500%   08/01/54     1,319   1,326,333
5.500%   12/01/54     445   447,711
5.500%   12/01/54     993   1,007,212
5.500%   03/01/55     683   686,104
5.500%   09/01/56     1,067   1,093,824
6.000%   TBA     9,825   10,014,898
6.000%   TBA     20,445   20,815,403
6.000%   11/01/28     —(r)   169
6.000%   02/01/29     —(r)   122
6.000%   03/01/32     —(r)   270
 
A40
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
6.000%   05/01/33     —(r)   $112
6.000%   01/01/34     5   4,973
6.000%   11/01/35     3   3,574
6.000%   12/01/35     1   1,272
6.000%   04/01/36     2   1,995
6.000%   07/01/36     1   1,310
6.000%   08/01/36     —(r)   22
6.000%   08/01/36     1   1,345
6.000%   08/01/36     6   6,813
6.000%   09/01/36     —(r)   54
6.000%   09/01/36     —(r)   273
6.000%   09/01/36     —(r)   500
6.000%   09/01/36     1   559
6.000%   09/01/36     7   7,324
6.000%   10/01/36     —(r)   508
6.000%   10/01/36     4   3,790
6.000%   10/01/36     6   6,609
6.000%   11/01/36     —(r)   88
6.000%   11/01/36     1   727
6.000%   11/01/36     1   1,272
6.000%   11/01/36     4   3,766
6.000%   11/01/36     5   5,114
6.000%   12/01/36     —(r)   76
6.000%   12/01/36     —(r)   145
6.000%   12/01/36     —(r)   194
6.000%   12/01/36     1   1,012
6.000%   12/01/36     3   3,003
6.000%   12/01/36     8   7,757
6.000%   01/01/37     —(r)   174
6.000%   01/01/37     —(r)   459
6.000%   01/01/37     2   2,410
6.000%   01/01/37     5   5,284
6.000%   01/01/37     7   6,996
6.000%   01/01/37     591   620,079
6.000%   02/01/37     6   5,920
6.000%   02/01/37     92   96,364
6.000%   03/01/37     6   6,118
6.000%   03/01/37     8   8,605
6.000%   03/01/37     62   64,021
6.000%   05/01/37     1   1,035
6.000%   05/01/37     5   5,162
6.000%   05/01/37     6   6,749
6.000%   06/01/37     1   666
6.000%   08/01/37     1   1,008
6.000%   08/01/37     2   2,480
6.000%   08/01/37     3   3,564
6.000%   08/01/37     12   12,520
6.000%   10/01/37     —(r)   192
6.000%   12/01/52     497   509,059
6.000%   05/01/53     1,131   1,170,960
6.000%   06/01/53     434   446,468
6.000%   07/01/53     560   580,678
6.000%   12/01/53     1,966   2,011,522
6.000%   05/01/54     692   706,977
6.000%   09/01/54     766   781,941
6.500%   10/01/36     244   256,541
6.625%   11/15/30     1,950   2,166,683
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
Government National Mortgage Assoc.
2.000%   TBA     1,670   $1,379,185
2.000%   10/20/50     4,671   3,863,267
2.000%   12/20/50     4,757   3,932,213
2.000%   01/20/51     1,559   1,288,790
2.000%   02/20/51     924   746,216
2.000%   02/20/51     2,854   2,358,916
2.000%   03/20/51     952   774,355
2.000%   04/20/51     878   709,820
2.000%   05/20/52     3,383   2,796,531
2.500%   TBA     4,966   4,271,536
2.500%   11/20/49     1,660   1,437,932
2.500%   08/20/50     218   187,413
2.500%   10/20/50     2,301   1,982,130
2.500%   11/20/50     759   653,974
2.500%   03/20/51     1,312   1,129,120
2.500%   04/20/51     3,694   3,180,007
2.500%   05/20/51     1,990   1,713,327
2.500%   10/20/51     888   764,530
2.500%   02/20/52     5,827   5,016,091
2.500%   04/20/52     3,947   3,398,290
3.000%   02/20/42     15   13,616
3.000%   10/15/42     989   903,358
3.000%   04/20/51     6,249   5,582,664
3.000%   06/20/51     4,759   4,252,842
3.000%   08/20/51     8,736   7,804,515
3.000%   09/20/51     2,436   2,176,527
3.000%   01/20/52     659   584,537
3.000%   01/20/52     18,704   16,710,465
3.000%   03/20/52     651   577,926
3.000%   07/20/52     2,926   2,616,881
3.000%   12/20/52     151   135,234
3.500%   TBA     385   351,382
3.500%   09/15/41     16   15,184
3.500%   11/15/41     1   1,369
3.500%   11/15/41     12   11,247
3.500%   01/15/42     4   3,598
3.500%   01/15/42     66   62,249
3.500%   02/15/42     11   10,567
3.500%   03/15/42     4   3,755
3.500%   03/15/42     41   38,176
3.500%   05/15/42     12   11,336
3.500%   06/15/42     8   7,809
3.500%   07/15/42     5   5,063
3.500%   07/15/42     7   6,972
3.500%   07/15/42     16   14,680
3.500%   07/15/42     19   17,811
3.500%   08/15/42     8   7,925
3.500%   01/15/43     8   7,761
3.500%   02/15/43     10   9,248
3.500%   04/15/43     18   17,063
3.500%   04/15/43     88   82,734
3.500%   04/20/43     177   167,693
3.500%   05/15/43     5   4,787
3.500%   05/15/43     5   4,910
3.500%   05/15/43     7   6,315
3.500%   05/15/43     27   25,806
 
A41
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
3.500%   05/20/43     468   $443,942
3.500%   07/15/43     50   46,521
3.500%   10/15/43     26   24,418
3.500%   11/15/43     6   5,258
3.500%   12/15/43     69   64,811
3.500%   01/15/44     21   19,855
3.500%   02/20/44     625   591,884
3.500%   03/20/45     21   20,193
3.500%   04/20/45     32   30,177
3.500%   05/20/45     60   56,874
3.500%   07/20/45     24   22,282
3.500%   08/20/45     32   30,218
3.500%   10/20/45     51   48,126
3.500%   11/20/45     22   20,885
3.500%   12/20/45     265   249,081
3.500%   05/20/46     108   101,519
3.500%   09/20/46     48   45,395
3.500%   10/20/46     108   99,803
3.500%   07/20/47     1,139   1,069,954
3.500%   03/20/48     26   24,334
3.500%   04/20/48     11   9,870
3.500%   06/20/49     508   475,488
3.500%   11/20/49     1,239   1,156,758
3.500%   03/20/50     757   706,915
3.500%   06/20/50     1,241   1,156,543
3.500%   04/20/51     779   724,907
3.500%   09/20/51     517   479,304
3.500%   01/20/52     165   152,626
3.500%   02/20/52     3,263   3,021,102
3.500%   03/20/52     1,092   1,009,032
3.500%   05/20/52     114   105,861
3.500%   07/20/52     537   497,013
4.000%   07/20/39     86   82,831
4.000%   10/20/40     135   129,945
4.000%   12/20/40     548   527,817
4.000%   01/20/41     20   19,218
4.000%   02/20/41     60   57,343
4.000%   03/15/41     76   73,068
4.000%   12/20/46     224   213,396
4.000%   05/20/47     85   81,003
4.000%   06/20/47     210   201,248
4.000%   07/20/47     19   18,140
4.000%   09/20/47     931   889,362
4.000%   11/20/47     239   227,933
4.000%   12/20/47     219   209,375
4.000%   01/20/48     660   630,524
4.000%   11/20/49     592   560,502
4.000%   02/15/52     3,290   3,102,383
4.000%   08/20/52     1,712   1,618,408
4.000%   01/20/65     4,031   3,798,217
4.500%   12/20/39     9   8,848
4.500%   01/20/40     11   10,740
4.500%   02/20/40     9   8,848
4.500%   05/20/40     200   198,273
4.500%   07/20/40     4   3,609
4.500%   10/20/40     7   6,662
4.500%   12/20/40     151   150,000
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations (continued)
4.500%   02/20/42     175   $173,916
4.500%   11/20/46     38   37,926
4.500%   03/15/47     61   59,821
4.500%   04/15/47     66   64,523
4.500%   05/15/47     54   52,935
4.500%   05/20/52     272   265,478
4.500%   08/20/52     768   748,227
4.500%   09/20/52     494   481,487
4.500%   09/20/52     830   808,453
4.500%   10/20/52     3,181   3,099,076
5.000%   08/15/38     42   43,139
5.000%   10/15/38     4   3,673
5.000%   10/15/38     143   146,303
5.000%   12/15/38     56   57,323
5.000%   03/15/39     166   169,131
5.000%   05/15/39     54   55,258
5.000%   05/15/39     174   177,254
5.000%   11/15/39     79   80,353
5.000%   04/15/40     781   797,133
5.000%   05/20/40     687   700,148
5.000%   06/20/40     549   560,590
5.000%   07/20/40     12   11,938
5.000%   07/20/40     216   220,060
5.000%   09/15/40     192   195,701
5.000%   10/20/47     14   14,423
5.000%   08/20/53     822   819,686
5.000%   10/20/54     2,257   2,247,129
5.500%   TBA     12,010   12,086,489
5.500%   08/20/53     535   544,909
6.000%   TBA     2,564   2,607,091
6.000%   09/20/53     1,044   1,077,654
6.000%   01/20/54     428   443,770
6.000%   09/20/55     2,428   2,469,791
6.500%   01/20/54     304   319,266
6.500%   03/20/54     494   513,704
6.500%   10/20/54     1,478   1,582,445
6.500%   03/20/55     1,784   1,866,310
7.000%   10/20/54     1,973   2,089,305
Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.643%, Floor 2.400%)
6.236%(c)   04/20/60     206   212,240
Tennessee Valley Authority, Sr. Unsec’d. Notes
5.250%   02/01/55     700   690,341
Tennessee Valley Authority Generic Strips, Bonds
2.897%(s)   03/15/33     123   89,421
4.724%(s)   07/15/34     60   40,473
 
Total U.S. Government Agency Obligations

(cost $896,042,618)
  875,596,681
U.S. Treasury Obligations — 23.3%
U.S. Treasury Bonds
1.250%   05/15/50     12,610   5,983,839
1.375%   11/15/40     16,730   10,772,552
1.625%   11/15/50     15,650   8,164,898
1.875%   02/15/41     8,550   5,923,547
1.875%   11/15/51     34,685   19,055,072
2.000%   11/15/41     18,200   12,586,437
 
A42
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations (continued)
2.000%   08/15/51     10,020   $5,703,572
2.250%   02/15/52     9,555   5,756,887
2.375%   02/15/42     5,675   4,135,656
2.375%   11/15/49     10,790   6,875,253
2.375%   05/15/51     18,375   11,492,988
2.500%   02/15/45(k)     15,545   10,903,360
2.750%   11/15/47     11,102   7,831,832
3.000%   05/15/47     12,437   9,242,246
3.000%   02/15/48     25,707   18,958,912
3.000%   02/15/49     430   314,034
3.250%   05/15/42     23,470   19,340,747
3.625%   02/15/44     2,530   2,148,919
3.875%   08/15/40     15,995   14,652,920
4.000%   11/15/42     4,355   3,941,275
4.125%   08/15/44     16,680   15,129,281
4.250%   05/15/39     925   896,527
4.250%   02/15/54     11,339   10,157,264
4.250%   08/15/54     5,750   5,149,844
4.375%   11/15/39     7,000   6,820,625
4.375%   08/15/43     14,375   13,568,652
4.500%   08/15/39     1,570   1,554,545
4.500%   02/15/44     24,620   23,539,028
4.625%   05/15/44(k)     19,670   19,076,827
4.625%   11/15/44     9,410   9,104,175
4.625%   11/15/45     8,475   8,174,402
4.750%   11/15/53     7,380   7,175,897
4.875%   08/15/45     4,025   4,012,422
5.000%   05/15/45     8,980   9,097,862
U.S. Treasury Inflation Indexed Bonds, TIPS
0.625%   02/15/43     3,332   2,452,106
0.750%   02/15/42     12,357   9,514,249
1.375%   02/15/44     2,121   1,751,383
U.S. Treasury Notes
1.875%   02/15/32(kk)     31,995   28,373,066
2.375%   05/15/27     19,450   19,144,574
2.750%   05/31/29     51,585   49,916,548
3.125%   08/31/29     14,421   14,081,881
3.625%   08/31/30     24,900   24,596,531
3.625%   12/31/30     20,085   19,813,539
3.750%   05/31/30     23,750   23,607,129
3.875%   10/15/27     21,270   21,284,125
3.875%   09/30/29     11,455   11,455,895
3.875%   08/15/34     70,369   68,576,790
4.000%   07/31/29     93,412   93,835,273
4.000%   02/15/34     53,520   52,800,825
4.125%   11/30/29     2,970   2,994,595
4.250%   11/15/34     9,750   9,746,953
4.375%   01/31/32     5,100   5,187,258
4.375%   05/15/34     9,400   9,498,406
4.500%   11/15/33     70,265   71,725,195
U.S. Treasury Strips Coupon
1.497%(s)   08/15/41     4,494   2,097,946
2.384%(s)   02/15/43     3,505   1,495,232
2.398%(s)   02/15/42(k)     40,293   18,259,488
3.929%(s)   02/15/41     1,150   552,948
4.247%(s)   02/15/35     991   674,906
4.282%(s)   08/15/35     2,541   1,686,584
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Treasury Obligations (continued)
4.325%(s)   02/15/36     588   $380,029
4.363%(s)   05/15/36     1,187   757,387
4.494%(s)   08/15/36     13,054   8,212,872
4.525%(s)   11/15/36     5,559   3,448,255
4.555%(s)   02/15/37     5,559   3,397,818
4.573%(s)   05/15/37     22,236   13,407,919
4.862%(s)   11/15/41     2,420   1,112,905
5.168%(s)   11/15/43     3,500   1,428,017
 
Total U.S. Treasury Obligations

(cost $972,341,435)
  914,510,924
    
      Shares  
Common Stocks — 0.2%
Aerospace & Defense — 0.0%
Incora Intermediate LLC^
869 9,724
Incora Top Holdco LLC^
5,556 155,346
          165,070
Building Products — 0.0%
SAL TopCo LLC^*
2,403,091 240
Chemicals — 0.0%
Cornerstone Chemical Co.^*(x)
16,552 82,760
TPC Group, Inc.*
52,737 962,450
Venator Materials PLC^*(x)
688 —
          1,045,210
Consumer Staples Distribution & Retail — 0.0%
ESC NMG Parent LLC^
956 478
Containers & Packaging — 0.0%
Ardagh Holdings SA (Luxembourg)*
118 826
Electric Utilities — 0.0%
GenOn Energy Holdings, Inc. (Class A Stock)^*
14,898 446,940
Keycon Power Holdings LLC^*
26,575 932,783
          1,379,723
Gas Utilities — 0.0%
Ferrellgas Partners LP*
19,355 507,178
Metals & Mining — 0.0%
MNK Common Stock
145 13,292
Oil, Gas & Consumable Fuels — 0.1%
Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares*
997 71,161
Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares*
22,672 1,618,214
Heritage Power LLC, Litigation Trust Interests^*
26,092 13,046
          1,702,421
 
A43
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
      Shares   Value
Common Stocks (continued)
Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd. (Jamaica)*(x)
153,008   $2,958,180
 
Total Common Stocks

(cost $4,156,805)
  7,772,618
Preferred Stocks — 0.0%
Electronic Equipment, Instruments & Components — 0.0%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^
75   81,562
Metals & Mining — 0.0%
MNK Preferred Shares^
6,606,780   661
Wireless Telecommunication Services — 0.0%
Digicel International Finance Ltd. (Jamaica)^*(x)
12,039   154,096
 
Total Preferred Stocks

(cost $115,350)
  236,319
Unaffiliated Exchange-Traded Funds — 4.0%
iShares Core U.S. Aggregate Bond ETF
787,416   78,166,786
Vanguard Total Bond Market ETF
1,061,762   78,188,154
 
Total Unaffiliated Exchange-Traded Funds

(cost $160,335,070)
  156,354,940
    
      Units  
Warrants* — 0.0%
Interactive Media & Services
Diamond Sports Group LLC, expiring 06/30/26(x)
58,081 —
(cost $0)    
    
         
Option Purchased*~ — 0.0%
(cost $9,089)
15,793
 
Total Long-Term Investments, BEFORE LONG-TERM OPTIONS WRITTEN—103.3&

(cost $4,155,767,122)
4,052,315,101
Options Written*~ — (0.0)%
(premiums received $0)
(7,572)
 
TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN—103.3%

(cost $4,155,767,122)
4,052,307,529
    
      Shares   Value
Short-Term Investments — 2.5%
Affiliated Mutual Funds — 2.1%
PGIM Core Government Money Market Fund (7-day effective yield 3.781%)(wa)
13,001,378   $13,001,378
PGIM Institutional Money Market Fund (7-day effective yield 3.829%)

(cost $69,396,597; includes $69,147,466 of cash collateral for securities on loan)(b)(wa)
69,445,695   69,397,083
 
Total Affiliated Mutual Funds

(cost $82,397,975)
  82,398,461
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
Corporate Bond — 0.0%
Leisure Time
YMCA of Greater New York,
Unsec’d. Notes
2.303%   08/01/26     350 346,888
(cost $347,557)      
U.S. Treasury Obligation — 0.1%
U.S. Treasury Bills
0.000%(s)   04/30/26     3,070 3,061,025
(cost $3,061,043)      
    
      Shares  
Unaffiliated Fund — 0.3%
Dreyfus Government Cash Management (7-day effective yield 3.531%) (Institutional Shares)
13,112,250 13,112,250
(cost $13,112,250)    
Options Purchased*~ — 0.0%
(cost $369,774)
372,499
 
Total Short-Term Investments

(cost $99,288,599)
99,291,123
 
TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—105.8%

(cost $4,255,055,721)
4,151,598,652
Options Written*~ — (0.0)%
(premiums received $422,244)
(579,155)
 
TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—105.8%

(cost $4,254,633,477)
4,151,019,497
 
Liabilities in excess of other assets(z) — (5.8)%
(227,018,139)
 
Net Assets — 100.0%
$3,924,001,358
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean Peso
 
A44
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
CNH Chinese Renminbi
COP Colombian Peso
CZK Czech Koruna
EUR Euro
GBP British Pound
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
NZD New Zealand Dollar
PHP Philippine Peso
PLN Polish Zloty
SGD Singapore Dollar
THB Thai Baht
TRY Turkish Lira
TWD New Taiwanese Dollar
ZAR South African Rand
    
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.
A Annual payment frequency for swaps
ABS Asset-Backed Security
AID Agency for International Development
BABs Build America Bonds
BARC Barclays Bank PLC
BBR New Zealand Bank Bill Rate
BNP BNP Paribas S.A.
BNY Bank of New York Mellon
BOA Bank of America, N.A.
CA Credit Agricole Securities Inc.
CDX Credit Derivative Index
CITI Citibank, N.A.
CLO Collateralized Loan Obligation
CMS Constant Maturity Swap
COP Certificates of Participation
CORRA Canadian Overnight Repo Rate Average
DAC Designated Activity Company
DB Deutsche Bank AG
EMTN Euro Medium Term Note
ETF Exchange-Traded Fund
EURIBOR Euro Interbank Offered Rate
FHLMC Federal Home Loan Mortgage Corporation
FREMF Freddie Mac Mortgage Trust
GMTN Global Medium Term Note
GS Goldman Sachs & Co. LLC
GSI Goldman Sachs International
HSBC HSBC Bank PLC
IO Interest Only (Principal amount represents notional)
JPM JPMorgan Chase Bank N.A.
LP Limited Partnership
M Monthly payment frequency for swaps
MASTR Morgan Stanley Structured Asset Security
MSI Morgan Stanley & Co. International PLC
MTN Medium Term Note
N/A Not Applicable
OTC Over-the-counter
PIK Payment-in-Kind
Q Quarterly payment frequency for swaps
RBC Royal Bank of Canada
REITs Real Estate Investment Trust
REMIC Real Estate Mortgage Investment Conduit
RFUCCT Refinitiv USD IBOR Consumer Cash Fallbacks Term
S Semiannual payment frequency for swaps
SARON Swiss Average Rate Overnight
SCB Standard Chartered Bank
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Index Average
SSB State Street Bank & Trust Company
STRIPs Separate Trading of Registered Interest and Principal of Securities
T Swap payment upon termination
TBA To Be Announced
TD The Toronto-Dominion Bank
TIPS Treasury Inflation-Protected Securities
TONAR Tokyo Overnight Average Rate
USOIS United States Overnight Index Swap
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail.  
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $8,723,852 and 0.2% 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 $67,703,475; cash collateral of $69,147,466 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2026.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(kk) Represents security, or a portion thereof, segregated as collateral for TBA securities.
(oo) Perpetual security. Maturity date represents next call date.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $(173,000) is (0.0)% of net assets.
(wa) Represents investments in Funds affiliated with the Manager.
 
A45
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.
(x) Restricted Securities:
Issuer   Acquisition
Date 		  Original
Cost 		  Market
Value 		  Percentage
of
Net Assets
Cornerstone Chemical Co.*^   12/06/23   $314,488   $82,760   0.0%
Cornerstone Chemical Co. LLC, Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 10.000%, 10.000%, 05/07/29^   05/07/25-11/04/25   324,097   333,471   0.0
Diamond Sports Group LLC, expiring 06/30/26*   01/02/25   —   —   0.0
Digicel Group Holdings Ltd. (Jamaica), Sr. Sec’d. Notes, Series 1B14, 144A, 0.000%, 12/31/30(s)   11/14/23-07/25/24   2   1   0.0
Digicel Group Holdings Ltd. (Jamaica), Sr. Sec’d. Notes, Series 3B14, 144A, 0.000%, 12/31/30(s)^   11/14/23   5   —   0.0
Digicel International Finance Ltd. (Jamaica)*^   01/26/24-01/29/24   42,600   154,096   0.0
Digicel International Finance Ltd. (Jamaica)*   01/29/24-01/30/24   224,263   2,958,180   0.1
Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec’d. Notes, 144A, 8.625%, 08/01/32   07/30/25   840,000   852,430   0.0
Venator Materials PLC*^   07/18/18-10/19/23   1,251,924   —   0.0
Total       $2,997,379   $4,380,938   0.1%
                 
                 
                 
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Forward Commitment Contracts:                      
U.S. Government Agency Obligations   Interest
Rate 		  Maturity
Date 		  Settlement
Date 		  Principal
Amount
(000)# 		Value
Federal National Mortgage Assoc.   2.000%   TBA   04/13/26     $(3,124)   $(2,515,552)
Federal National Mortgage Assoc.   2.000%   TBA   04/16/26     (2,000)   (1,839,325)
Federal National Mortgage Assoc.   2.500%   TBA(tt)   04/13/26     (9,998)   (8,404,569)
Federal National Mortgage Assoc.   2.500%   TBA   05/13/26     (16,235)   (13,641,839)
Federal National Mortgage Assoc.   3.000%   TBA   04/13/26     (4,034)   (3,542,576)
Federal National Mortgage Assoc.   3.500%   TBA   04/13/26     (739)   (677,400)
Federal National Mortgage Assoc.   4.000%   TBA   05/13/26     (4,124)   (3,888,031)
Government National Mortgage Assoc.   3.000%   TBA   04/21/26     (3,200)   (2,856,299)
Government National Mortgage Assoc.   4.000%   TBA   05/20/26     (9,175)   (8,588,069)
Government National Mortgage Assoc.   4.500%   TBA   04/21/26     (5,665)   (5,471,830)
Government National Mortgage Assoc.   5.000%   TBA   04/21/26     (7,935)   (7,858,049)
TOTAL FORWARD COMMITMENT CONTRACTS
(proceeds receivable $59,833,189) 		                    $(59,283,539)
Options Purchased:
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
2-Year 30 CMS Curve CAP   Call   BOA   05/13/26     1.30%   —       4,255 $—
2-Year 30 CMS Curve CAP   Call   CITI   05/13/26     1.30%   —       8,510 —
Currency Option EUR vs HUF   Call   CITI   04/14/26     500.00   —   EUR   579 2
Currency Option EUR vs USD   Call   MSI   04/14/26     1.25   —   EUR   1,157 4
Currency Option USD vs BRL   Call   DB   04/01/26     5.45   —       680 —
Currency Option USD vs BRL   Call   CITI   04/01/26     7.00   —       680 —
Currency Option USD vs BRL   Call   CITI   04/09/26     6.50   —       672 3
Currency Option USD vs CNH   Call   CITI   06/17/26     6.85   —       2,639 17,711
Currency Option USD vs COP   Call   JPM   04/09/26     4,700.00   —       672 —
A46
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Options Purchased (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs COP   Call   CITI   04/28/26     4,500.00   —       646 $22
Currency Option USD vs INR   Call   MSI   04/21/26     93.00   —       1,319 18,951
Currency Option USD vs INR   Call   MSI   04/21/26     94.25   —       1,319 9,971
Currency Option USD vs INR   Call   CITI   05/04/26     110.00   —       642 31
Currency Option USD vs KRW   Call   DB   04/09/26     1,700.00   —       1,344 71
Currency Option USD vs KRW   Call   CITI   04/21/26     1,750.00   —       2,256 323
Currency Option USD vs MXN   Call   CITI   04/23/26     23.00   —       649 38
Currency Option USD vs MXN   Call   MSI   04/23/26     23.00   —       646 38
Currency Option USD vs PLN   Call   MSI   06/11/26     3.76   —       1,338 16,875
Currency Option USD vs TRY   Call   BOA   04/10/26     99.00   —       1,344 113
Currency Option USD vs ZAR   Call   MSI   04/01/26     21.00   —       679 —
Currency Option USD vs ZAR   Call   CITI   04/23/26     23.00   —       1,299 47
Currency Option USD vs BRL   Put   CITI   04/14/26     4.60   —       665 —
Currency Option USD vs BRL   Put   CITI   04/16/26     4.60   —       660 —
Currency Option USD vs BRL   Put   MSI   04/22/26     4.60   —       656 2
Currency Option USD vs COP   Put   CITI   04/15/26     3,300.00   —       662 1
Currency Option USD vs COP   Put   MSI   05/04/26     3,200.00   —       1,932 24
Currency Option USD vs CZK   Put   MSI   05/04/26     19.00   —       642 4
Currency Option USD vs HUF   Put   CITI   06/11/26     260.00   —       1,338 20
Currency Option USD vs INR   Put   CITI   04/07/26     85.00   —       1,018 —
Currency Option USD vs INR   Put   MSI   04/21/26     88.00   —       1,319 34
Currency Option USD vs INR   Put   MSI   04/21/26     88.00   —       1,319 34
Currency Option USD vs KRW   Put   CITI   04/21/26     1,455.00   —       2,256 3,946
Currency Option USD vs MXN   Put   MSI   04/16/26     16.00   —       1,324 1
Currency Option USD vs MXN   Put   CITI   04/28/26     16.00   —       644 1
Currency Option USD vs MXN   Put   MSI   04/28/26     16.00   —       648 1
Currency Option USD vs THB   Put   MSI   04/16/26     29.00   —       660 1
Currency Option USD vs TRY   Put   BARC   04/24/26     46.00   —       646 10,451
Currency Option USD vs TRY   Put   BOA   10/22/26     53.50   —       1,015 47,044
Currency Option USD vs TRY   Put   CITI   10/22/26     53.50   —       1,015 47,044
Total OTC Traded (cost $270,407)                       $172,808  
    
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
1-Year Interest Rate Swap, 02/07/29   Call   JPM   02/03/28   2.24%   2.24%(A)   3 Month EURIBOR(Q)/ 2.079%   EUR 6,870   $15,793
5-Year Interest Rate Swap, 08/13/31   Call   CITI   08/11/26   3.29%   3.29%(A)   1 Day SOFR(A)/ 3.680%     2,014   10,204
1-Year Interest Rate Swap, 09/23/27   Put   CITI   09/21/26   2.80%   3 Month EURIBOR(Q)/ 2.079%   2.80%(A)   EUR 7,675   23,231
1-Year Interest Rate Swap, 09/23/27   Put   CITI   09/21/26   10.29%   3 Month EURIBOR(Q)/ 2.079%   10.29%(A)   EUR 7,675   43
1-Year Interest Rate Swap, 03/23/28   Put   JPM   03/19/27   3.82%   1 Day SOFR(T)/ 3.680%   3.82%(T)     11,325   31,429
1-Year Interest Rate Swap, 03/23/28   Put   JPM   03/19/27   11.07%   1 Day SOFR(T)/ 3.680%   11.07%(T)     11,325   26
A47
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Options Purchased (continued):
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   3.21%   1 Day SOFR(A)/ 3.680%   3.21%(A)     12,005   $122,253
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   8.19%   1 Day SOFR(A)/ 3.680%   8.19%(A)     12,005   108
5-Year Interest Rate Swap, 08/13/31   Put   CITI   08/11/26   3.89%   1 Day SOFR(A)/ 3.680%   3.89%(A)     2,014   12,397
Total OTC Swaptions (cost $108,456)       $215,484
Total Options Purchased (cost $378,863)       $388,292
Options Written:
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option EUR vs HUF   Call   CITI   04/14/26     400.00   —   EUR   579 $(4,318)
Currency Option EUR vs USD   Call   MSI   04/14/26     1.17   —   EUR   1,157 (3,671)
Currency Option USD vs BRL   Call   CITI   04/01/26     5.45   —       680 —
Currency Option USD vs BRL   Call   CITI   04/09/26     5.29   —       672 (2,412)
Currency Option USD vs COP   Call   JPM   04/09/26     3,800.00   —       672 (517)
Currency Option USD vs COP   Call   CITI   04/28/26     3,800.00   —       646 (3,520)
Currency Option USD vs INR   Call   MSI   04/21/26     94.00   —       1,319 (11,391)
Currency Option USD vs INR   Call   MSI   04/21/26     96.00   —       1,319 (3,907)
Currency Option USD vs INR   Call   CITI   05/04/26     95.60   —       642 (3,640)
Currency Option USD vs KRW   Call   DB   04/09/26     1,480.00   —       1,344 (29,321)
Currency Option USD vs KRW   Call   CITI   04/21/26     1,470.00   —       2,256 (66,064)
Currency Option USD vs MXN   Call   MSI   04/23/26     17.85   —       646 (10,430)
Currency Option USD vs MXN   Call   CITI   04/23/26     18.25   —       649 (5,282)
Currency Option USD vs TRY   Call   BOA   04/10/26     45.50   —       1,344 (6,931)
Currency Option USD vs ZAR   Call   CITI   04/23/26     18.00   —       1,299 (4,982)
Currency Option USD vs BRL   Put   CITI   04/14/26     5.12   —       665 (2,431)
Currency Option USD vs BRL   Put   CITI   04/16/26     5.15   —       660 (3,944)
Currency Option USD vs BRL   Put   MSI   04/22/26     5.25   —       656 (11,816)
Currency Option USD vs COP   Put   CITI   04/15/26     3,700.00   —       662 (8,366)
Currency Option USD vs COP   Put   MSI   05/04/26     3,670.00   —       1,932 (23,037)
Currency Option USD vs CZK   Put   MSI   05/04/26     21.40   —       642 (9,466)
Currency Option USD vs HUF   Put   CITI   06/11/26     320.00   —       1,338 (14,614)
Currency Option USD vs INR   Put   CITI   04/07/26     91.25   —       1,018 (207)
Currency Option USD vs INR   Put   MSI   04/21/26     92.50   —       1,319 (3,592)
Currency Option USD vs INR   Put   MSI   04/21/26     93.50   —       1,319 (8,505)
Currency Option USD vs MXN   Put   MSI   04/16/26     17.70   —       1,324 (5,362)
Currency Option USD vs MXN   Put   MSI   04/28/26     17.70   —       648 (4,183)
Currency Option USD vs MXN   Put   CITI   04/28/26     18.00   —       644 (9,527)
Currency Option USD vs THB   Put   MSI   04/16/26     32.15   —       660 (3,000)
Currency Option USD vs TRY   Put   BOA   10/22/26     48.00   —       1,015 (4,496)
Currency Option USD vs TRY   Put   CITI   10/22/26     48.00   —       1,015 (4,496)
Total OTC Traded (premiums received $256,360)                       $(273,428)  
    
A48
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Options Written (continued):
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
1-Year Interest Rate Swap, 02/07/29   Call   JPM   02/03/28   1.74%   3 Month EURIBOR(Q)/ 2.079%   1.74%(A)   EUR 6,870   $(7,572)
5-Year Interest Rate Swap, 08/13/31   Call   CITI   08/11/26   3.09%   1 Day SOFR(A)/ 3.680%   3.09%(A)     2,014   (6,249)
1-Year Interest Rate Swap, 09/23/27   Put   CITI   09/21/26   3.24%   3.24%(A)   3 Month EURIBOR(Q)/ 2.079%   EUR 15,350   (23,360)
1-Year Interest Rate Swap, 03/23/28   Put   JPM   03/19/27   4.27%   4.27%(T)   1 Day SOFR(T)/ 3.680%     22,650   (33,938)
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   3.49%   3.49%(A)   1 Day SOFR(A)/ 3.680%     12,005   (82,372)
2-Year Interest Rate Swap, 11/06/28   Put   BNP   11/04/26   3.69%   3.69%(A)   1 Day SOFR(A)/ 3.680%     12,005   (60,544)
5-Year Interest Rate Swap, 08/13/31   Put   CITI   08/11/26   3.69%   3.69%(A)   1 Day SOFR(A)/ 3.680%     2,014   (19,327)
CDX.NA.HY.45.V2, 12/20/30   Put   MSI   04/15/26   $105.00   5.00%(Q)   CDX.NA.HY.45.V2(Q)     4,230   (30,783)
CDX.NA.IG.45.V1, 12/20/30   Put   RBC   04/15/26   0.70%   1.00%(Q)   CDX.NA.IG.45.V1(Q)     20,600   (9,813)
CDX.NA.IG.45.V1, 12/20/30   Put   CITI   04/15/26   0.75%   1.00%(Q)   CDX.NA.IG.45.V1(Q)     15,110   (4,803)
CDX.NA.IG.45.V1, 12/20/30   Put   GSI   05/20/26   0.70%   1.00%(Q)   CDX.NA.IG.45.V1(Q)     23,610   (34,538)
Total OTC Swaptions (premiums received $165,884)       $(313,299)
Total Options Written (premiums received $422,244)       $(586,727)
Futures contracts outstanding at March 31, 2026:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
1,041   2 Year U.S. Treasury Notes   Jun. 2026   $215,950,570   $(446,303)
1,374   5 Year U.S. Treasury Notes   Jun. 2026   148,638,894   (1,419,872)
22   10 Year Euro-Bund   Jun. 2026   3,188,505   (89,019)
906   10 Year U.S. Treasury Notes   Jun. 2026   100,608,473   (1,598,879)
634   10 Year U.S. Ultra Treasury Notes   Jun. 2026   71,968,909   (1,161,848)
88   20 Year U.S. Treasury Bonds   Jun. 2026   10,021,000   (17,194)
389   30 Year U.S. Ultra Treasury Bonds   Jun. 2026   45,342,813   (806,261)
37   10 Year Australian Treasury Bonds   Jun. 2026   2,750,755   (11,230)
                (5,550,606)
Short Positions:
104   2 Year U.S. Treasury Notes   Jun. 2026   21,574,312   114,798
37   5 Year Euro-Bobl   Jun. 2026   4,936,531   106,072
220   5 Year U.S. Treasury Notes   Jun. 2026   23,799,532   194,879
68   10 Year U.S. Treasury Notes   Jun. 2026   7,551,188   (23,784)
86   10 Year U.S. Ultra Treasury Notes   Jun. 2026   9,762,344   (10,868)
122   20 Year U.S. Treasury Bonds   Jun. 2026   13,892,750   272,547
A49
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Futures contracts outstanding at March 31, 2026 (continued):
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Positions (cont’d):
93   30 Year U.S. Ultra Treasury Bonds   Jun. 2026   $10,840,313   $305,593
4   Euro Schatz Index   Jun. 2026   488,925   5,498
                964,735
                $(4,585,871)
Bond forward contracts outstanding at March 31, 2026:
Purchase Bond
Forwards 		  Counterparty   Settlement
Date 		  Notional
Amount
(000)# 		  Strike
Price 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Bond Forward Contracts:        
U.S. Treasury Bond                              
2.875%, 05/15/49   JPM   08/13/26     27,880   $72.89   $20,321,870   $19,817,800   $—   $(504,070)
Forward foreign currency exchange contracts outstanding at March 31, 2026:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 04/02/26   GSI   BRL 23,308   $4,487,974   $4,498,075   $10,101   $—
Expiring 05/05/26   DB   BRL 9,870   1,873,554   1,892,068   18,514   —
Expiring 05/05/26   DB   BRL 3,447   649,000   660,888   11,888   —
Expiring 05/05/26   RBC   BRL 9,870   1,876,724   1,892,068   15,344   —
Chilean Peso,
Expiring 06/17/26   CITI   CLP 635,880   682,000   686,964   4,964   —
Chinese Renminbi,
Expiring 06/17/26   BOA   CNH 2,291   333,000   334,431   1,431   —
Expiring 06/17/26   HSBC   CNH 2,832   414,000   413,446   —   (554)
Colombian Peso,
Expiring 06/17/26   BOA   COP 2,450,936   649,000   655,234   6,234   —
Expiring 06/17/26   JPM   COP 4,484,144   1,174,290   1,198,792   24,502   —
Czech Koruna,
Expiring 04/22/26   BNP   CZK 15,172   738,000   714,719   —   (23,281)
Expiring 04/22/26   BOA   CZK 11,111   532,000   523,407   —   (8,593)
Expiring 04/22/26   GSI   CZK 10,221   497,000   481,499   —   (15,501)
Expiring 04/22/26   JPM   CZK 15,150   738,000   713,697   —   (24,303)
Euro,
Expiring 04/22/26   HSBC   EUR 1,801   2,097,280   2,083,793   —   (13,487)
Expiring 04/22/26   HSBC   EUR 1,432   1,693,142   1,657,139   —   (36,003)
Expiring 04/22/26   MSI   EUR 2,704   3,108,538   3,129,195   20,657   —
Expiring 04/22/26   MSI   EUR 1,421   1,710,127   1,644,124   —   (66,003)
Indian Rupee,
Expiring 06/17/26   HSBC   INR 40,717   424,000   428,950   4,950   —
Mexican Peso,
Expiring 06/17/26   BARC   MXN 11,856   672,000   657,044   —   (14,956)
Expiring 06/17/26   JPM   MXN 21,749   1,231,586   1,205,314   —   (26,272)
New Taiwanese Dollar,
Expiring 06/17/26   MSI   TWD 53,820   1,691,321   1,674,656   —   (16,665)
Expiring 06/17/26   MSI   TWD 22,185   698,000   690,286   —   (7,714)
Expiring 06/17/26   SCB   TWD 32,211   1,012,000   1,002,261   —   (9,739)
Philippine Peso,
Expiring 06/17/26   BOA   PHP 26,733   446,000   438,858   —   (7,142)
A50
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2026 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/17/26   HSBC   PHP 64,307   $1,067,000   $1,055,676   $—   $(11,324)
Polish Zloty,
Expiring 04/22/26   BARC   PLN 3,240   912,800   872,777   —   (40,023)
Expiring 04/22/26   TD   PLN 1,395   391,200   375,694   —   (15,506)
Singapore Dollar,
Expiring 06/17/26   BOA   SGD 545   430,000   426,529   —   (3,471)
South African Rand,
Expiring 06/17/26   BARC   ZAR 10,832   635,472   636,370   898   —
South Korean Won,
Expiring 06/17/26   JPM   KRW 703,035   478,525   468,395   —   (10,130)
Thai Baht,
Expiring 06/17/26   GSI   THB 14,256   435,000   435,011   11   —
Turkish Lira,
Expiring 04/13/26   CITI   TRY 56,061   1,227,681   1,241,162   13,481   —
Expiring 04/13/26   GSI   TRY 47,106   1,025,391   1,042,905   17,514   —
              $36,031,605   $35,831,427   150,489   (350,667)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 04/02/26   CITI   BRL 3,568   $672,000   $688,638   $—   $(16,638)
Expiring 04/02/26   DB   BRL 9,870   1,885,328   1,904,718   —   (19,390)
Expiring 04/02/26   RBC   BRL 9,870   1,888,575   1,904,719   —   (16,144)
British Pound,
Expiring 04/22/26   BNY   GBP 3,256   4,380,377   4,309,256   71,121   —
Chilean Peso,
Expiring 06/17/26   CITI   CLP 779,084   869,854   841,673   28,181   —
Chinese Renminbi,
Expiring 06/17/26   BNP   CNH 38,541   5,638,425   5,626,036   12,389   —
Colombian Peso,
Expiring 04/06/26   CITI   COP 2,652,000   680,000   720,779   —   (40,779)
Expiring 04/06/26   CITI   COP 2,553,750   681,000   694,076   —   (13,076)
Expiring 04/06/26   CITI   COP 2,502,675   681,000   680,195   805   —
Czech Koruna,
Expiring 04/22/26   BARC   CZK 20,506   975,000   965,976   9,024   —
Expiring 04/22/26   CITI   CZK 7,504   367,000   353,505   13,495   —
Expiring 04/22/26   DB   CZK 14,453   690,000   680,866   9,134   —
Expiring 04/22/26   TD   CZK 72,196   3,475,955   3,400,965   74,990   —
Euro,
Expiring 04/22/26   BARC   EUR 15,010   17,513,039   17,367,960   145,079   —
Expiring 04/22/26   BOA   EUR 1,153   1,338,000   1,333,708   4,292   —
Expiring 04/22/26   CITI   EUR 3,860   4,580,000   4,465,982   114,018   —
Expiring 04/22/26   CITI   EUR 1,039   1,197,900   1,202,093   —   (4,193)
Expiring 04/22/26   CITI   EUR 578   662,000   669,002   —   (7,002)
Expiring 04/22/26   CITI   EUR 573   659,159   663,035   —   (3,876)
Expiring 04/22/26   DB   EUR 12,865   15,064,730   14,886,824   177,906   —
Expiring 04/22/26   MSI   EUR 570   675,000   659,608   15,392   —
Expiring 04/22/26   SSB   EUR 15,010   17,523,622   17,367,962   155,660   —
Indian Rupee,
Expiring 06/17/26   BOA   INR 36,976   390,000   389,541   459   —
Mexican Peso,
Expiring 06/17/26   JPM   MXN 7,410   407,000   410,668   —   (3,668)
A51
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Forward foreign currency exchange contracts outstanding at March 31, 2026 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/17/26   MSI   MXN 7,216   $404,000   $399,906   $4,094   $—
Polish Zloty,
Expiring 04/22/26   BARC   PLN 5,179   1,433,173   1,394,967   38,206   —
Expiring 04/22/26   JPM   PLN 2,471   662,000   665,663   —   (3,663)
Singapore Dollar,
Expiring 06/17/26   MSI   SGD 5,002   3,959,165   3,911,584   47,581   —
South African Rand,
Expiring 06/17/26   MSI   ZAR 14,698   900,298   863,475   36,823   —
Expiring 06/17/26   SCB   ZAR 5,598   334,000   328,851   5,149   —
Thai Baht,
Expiring 06/17/26   HSBC   THB 146,344   4,665,630   4,465,602   200,028   —
Expiring 06/17/26   HSBC   THB 32,227   1,018,000   983,380   34,620   —
Turkish Lira,
Expiring 04/13/26   BARC   TRY 59,633   1,314,116   1,320,255   —   (6,139)
Expiring 04/13/26   CITI   TRY 48,256   1,059,628   1,068,367   —   (8,739)
              $98,644,974   $97,589,835   1,198,446   (143,307)
                      $1,348,935   $(493,974)
Cross currency exchange contracts outstanding at March 31, 2026:
Settlement   Type   Notional
Amount
(000) 		  In Exchange
For (000) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Counterparty
OTC Cross Currency Exchange Contracts:
04/22/26   Buy   CZK 10,445   EUR 428   $—   $(3,198)   BOA
Credit default swap agreements outstanding at March 31, 2026:
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
March 31,
2026(4) 		  Value at
Trade Date 		  Value at
March 31,
2026 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Oracle Corp. 12/20/30   1.000%(Q)     2,970   1.773%   $(31,842)   $(94,635)   $(62,793)
Paramount Global 06/20/31   1.000%(Q)     570   *   (58,166)   (59,579)   (1,413)
                      $(90,008)   $(154,214)   $(64,206)
    
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2026(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Petroleos Mexicanos^   05/07/26   4.750%(M)     568   *   $3,390   $—   $3,390   GSI
SoftBank Group Corp.   06/20/26   1.000%(Q)     855   1.662%   (974)   (942)   (32)   GSI
U.S. Treasury Notes   06/20/26   0.250%(Q)   EUR 905   0.174%   266   306   (40)   BARC
                      $2,682   $(636)   $3,318    
    
A52
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Credit default swap agreements outstanding at March 31, 2026 (continued):
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
March 31,
2026(4) 		  Value at
Trade Date 		  Value at
March 31,
2026 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.45.V2 12/20/30   5.000%(Q)     3,524   3.649%   $209,519   $191,475   $(18,044)
CDX.NA.HY.46.V1 06/20/31   5.000%(Q)     610   3.857%   22,682   30,242   7,560
CDX.NA.IG.45.V1 12/20/30   1.000%(Q)     16,375   0.587%   319,757   295,660   (24,097)
CDX.NA.IG.46.V1 06/20/31   1.000%(Q)     42,800   0.631%   695,794   753,034   57,240
                      $1,247,752   $1,270,411   $22,659
The Portfolio entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents 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.
Interest rate swap agreements outstanding at March 31, 2026:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2026 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
CAD 3,550   05/20/36   3.010%(S)   1 Day CORRA(2)(S)/ 2.270%   $—   $(47,630)   $(47,630)
CHF 900   02/23/36   0.480%(A)   3 Month SARON(2)(A)/ (0.040)%   —   (6,037)   (6,037)
GBP 825   05/08/32   1.150%(A)   1 Day SONIA(1)(A)/ 3.730%   36,002   207,891   171,889
GBP 1,345   02/19/46   4.423%(A)   1 Day SONIA(2)(A)/ 3.730%   (34)   (77,566)   (77,532)
JPY 270,000   02/24/46   2.530%(A)   1 Day TONAR(2)(A)/ 0.727%   —   (62,473)   (62,473)
JPY 220,000   03/02/46   2.569%(A)   1 Day TONAR(2)(A)/ 0.727%   —   (42,974)   (42,974)
A53
AST CORE FIXED INCOME PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2026 (unaudited)
Interest rate swap agreements outstanding at March 31, 2026 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2026 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN 56,000   02/28/31   7.348%(M)   28 Day Mexican Interbank Rate(2)(M)/ 7.057%   $—   $(101,676)   $(101,676)
MXN 32,925   02/25/33   7.566%(M)   28 Day Mexican Interbank Rate(2)(M)/ 7.057%   —   (73,365)   (73,365)
NZD 4,400   02/23/36   4.014%(S)   3 Month BBR(2)(Q)/ 2.540%   —   (65,878)   (65,878)
  24,725   05/17/26   4.669%(A)   1 Day SOFR(1)(A)/ 3.680%   —   (113,222)   (113,222)
  1,645   09/25/26   4.699%(A)   1 Day SOFR(1)(A)/ 3.680%   304   (13,044)   (13,348)
  8,385   05/13/27   4.497%(A)   1 Day SOFR(2)(A)/ 3.680%   1,163   87,916   86,753
  5,215   05/13/29   4.253%(A)   1 Day SOFR(1)(A)/ 3.680%   (5,545)   (101,872)   (96,327)
  12,700   05/31/29   3.704%(A)   1 Day SOFR(1)(A)/ 3.680%   —   (4,523)   (4,523)
  4,750   11/15/32   3.595%(A)   1 Day SOFR(1)(A)/ 3.680%   —   26,611   26,611
  3,650   05/26/36   3.672%(A)   1 Day SOFR(1)(A)/ 3.680%   —   56,962   56,962
  7,695   12/20/44   3.995%(A)   1 Day SOFR(2)(A)/ 3.680%   —   (134,125)   (134,125)
  18,090   03/20/45   4.160%(A)   1 Day SOFR(1)(A)/ 3.680%   (35,258)   (61,673)   (26,415)
  2,105   12/16/49   3.805%(A)   1 Day SOFR(2)(A)/ 3.680%   (14,441)   (110,414)   (95,973)
  4,764   03/17/53   2.970%(A)   1 Day SOFR(1)(A)/ 3.680%   2,593   907,807   905,214
  6,785   09/20/53   3.590%(A)   1 Day SOFR(1)(A)/ 3.680%   26,698   618,000   591,302
  1,920   05/11/54   1.350%(A)   1 Day SOFR(1)(A)/ 3.680%   876,417   940,400   63,983
  8,815   12/14/54   3.136%(A)   1 Day SOFR(1)(A)/ 3.680%   128,917   310,120   181,203
  1,865   12/16/54   3.719%(A)   1 Day SOFR(1)(A)/ 3.680%   14,471   126,858   112,387
  5,865   12/20/54   3.825%(A)   1 Day SOFR(1)(A)/ 3.680%   —   292,266   292,266
                    $1,031,287   $2,558,359   $1,527,072
    
(1) The Portfolio pays the fixed rate and receives the floating rate.
(2) The Portfolio pays the floating rate and receives the fixed rate.
    
Total return swap agreements outstanding at March 31, 2026:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)   1 Day USOIS -30bps(T)/ 3.340%   GSI   04/20/26   (5,430)   $261,119   $—   $261,119
Total Return Benchmark Bond Index(T)   1 Day SOFR -54bps(T)/ 3.140%   JPM   09/17/26   (5,931)   (19,507)   —   (19,507)
                    $241,612   $—   $241,612
(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
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).
A54