NPORT-EX 2 PIPDRZ1PRU033125.htm
AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 92.0%
Affiliated Mutual Fund — 4.6%
Fixed Income
AST J.P. Morgan Fixed Income Central Portfolio*
10,398,159   $115,211,601
(cost $113,859,840)(wa)      
Common Stocks — 32.3%
Aerospace & Defense — 0.8%
Airbus SE (France)
23,765   4,184,676
Karman Holdings, Inc.*
8,506   284,271
Loar Holdings, Inc.*(a)
10,610   749,597
Safran SA (France)
52,328   13,777,097
Woodward, Inc.
7,952   1,451,160
            20,446,801
Automobile Components — 0.4%
Bridgestone Corp. (Japan)
67,500   2,711,667
Cie Generale des Etablissements Michelin SCA (France)
198,018   6,959,653
Gentex Corp.
42,341   986,545
            10,657,865
Automobiles — 0.1%
Kia Corp. (South Korea)
51,479   3,255,978
Banks — 3.0%
Al Rajhi Bank (Saudi Arabia)
129,796   3,523,350
Bank Central Asia Tbk PT (Indonesia)
7,393,500   3,777,417
Bank of America Corp.
89,165   3,720,855
BankUnited, Inc.
48,322   1,664,210
Commerce Bancshares, Inc.(a)
24,221   1,507,273
Cullen/Frost Bankers, Inc.
13,595   1,702,094
DBS Group Holdings Ltd. (Singapore)
395,100   13,568,259
First Financial Bancorp
59,182   1,478,366
First Hawaiian, Inc.
61,401   1,500,640
First Interstate BancSystem, Inc. (Class A Stock)
51,230   1,467,740
HDFC Bank Ltd. (India), ADR(a)
120,380   7,998,047
KBC Group NV (Belgium)
66,937   6,100,877
Mitsubishi UFJ Financial Group, Inc. (Japan)
452,400   6,167,939
NatWest Group PLC (United Kingdom)
1,003,680   5,926,119
ServisFirst Bancshares, Inc.(a)
13,640   1,126,664
U.S. Bancorp
35,924   1,516,711
UniCredit SpA (Italy)
136,868   7,682,695
Wells Fargo & Co.
41,689   2,992,853
Wintrust Financial Corp.
16,239   1,826,238
WSFS Financial Corp.(a)
25,350   1,314,905
            76,563,252
Beverages — 0.7%
Diageo PLC (United Kingdom)
46,070   1,203,931
Heineken NV (Netherlands)
106,144   8,655,024
PepsiCo, Inc.
21,148   3,170,931
Pernod Ricard SA (France)
30,687   3,031,650
Primo Brands Corp.
44,129   1,566,138
            17,627,674
Biotechnology — 0.5%
AbbVie, Inc.
34,295   7,185,488
      Shares   Value
Common Stocks (continued)
Biotechnology (cont’d.)
Regeneron Pharmaceuticals, Inc.
3,374   $2,139,892
Vertex Pharmaceuticals, Inc.*
7,685   3,725,842
            13,051,222
Broadline Retail — 1.1%
Alibaba Group Holding Ltd. (China)
340,900   5,640,525
Amazon.com, Inc.*
113,653   21,623,620
Ozon Holdings PLC (Russia), ADR*(a)^
6,700   1
Savers Value Village, Inc.*
1,661   11,461
            27,275,607
Building Products — 0.5%
AAON, Inc.(a)
14,144   1,105,071
AZEK Co., Inc. (The)*
23,271   1,137,719
Fortune Brands Innovations, Inc.
7,048   429,082
Hayward Holdings, Inc.*
145,187   2,021,003
Janus International Group, Inc.*(a)
165,771   1,193,551
Kingspan Group PLC (Ireland)
35,490   2,866,819
Simpson Manufacturing Co., Inc.(a)
11,936   1,874,907
Trane Technologies PLC
9,476   3,192,654
            13,820,806
Capital Markets — 2.2%
3i Group PLC (United Kingdom)
176,510   8,299,611
Charles Schwab Corp. (The)
69,403   5,432,867
CME Group, Inc.
26,062   6,913,988
Deutsche Boerse AG (Germany)
30,143   8,893,986
Evercore, Inc. (Class A Stock)
8,397   1,677,049
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)
200,600   8,923,532
Japan Exchange Group, Inc. (Japan)
262,700   2,703,428
London Stock Exchange Group PLC (United Kingdom)
36,679   5,447,832
MarketAxess Holdings, Inc.
7,402   1,601,423
Moelis & Co. (Class A Stock)
17,660   1,030,637
Morningstar, Inc.
3,341   1,001,866
StepStone Group, Inc. (Class A Stock)
34,540   1,804,024
UBS Group AG (Switzerland)
78,629   2,415,058
            56,145,301
Chemicals — 1.1%
Air Liquide SA (France)
50,275   9,549,496
Axalta Coating Systems Ltd.*
50,169   1,664,106
Balchem Corp.
7,015   1,164,490
Element Solutions, Inc.
66,874   1,512,021
Linde PLC
22,985   10,702,735
Perimeter Solutions, Inc.*
113,800   1,145,966
Quaker Chemical Corp.(a)
13,738   1,698,154
            27,436,968
Commercial Services & Supplies — 0.3%
Casella Waste Systems, Inc. (Class A Stock)*
18,698   2,085,014
Driven Brands Holdings, Inc.*(a)
69,979   1,199,440
MSA Safety, Inc.
17,262   2,532,163
UniFirst Corp.
5,018   873,132
            6,689,749
A1
AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Construction & Engineering — 0.3%
Vinci SA (France)
29,276   $3,690,537
WillScot Holdings Corp.(a)
97,136   2,700,381
            6,390,918
Construction Materials — 0.1%
Eagle Materials, Inc.
8,246   1,830,035
Consumer Staples Distribution & Retail — 0.3%
Alimentation Couche-Tard, Inc. (Canada)
91,042   4,489,942
BJ’s Wholesale Club Holdings, Inc.*(a)
5,037   574,722
Casey’s General Stores, Inc.(a)
1,676   727,451
Performance Food Group Co.*(a)
30,299   2,382,410
            8,174,525
Containers & Packaging — 0.1%
AptarGroup, Inc.
9,002   1,335,717
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions, Inc.*
16,630   2,112,675
Diversified Telecommunication Services — 0.4%
Deutsche Telekom AG (Germany)
244,284   9,018,962
GCI Liberty, Inc. (Class A Stock)*^
5,713   —
            9,018,962
Electric Utilities — 0.8%
Iberdrola SA (Spain)
274,602   4,434,297
NextEra Energy, Inc.
56,305   3,991,461
Portland General Electric Co.
36,133   1,611,532
Southern Co. (The)
98,098   9,020,111
            19,057,401
Electrical Equipment — 0.2%
Legrand SA (France)
47,086   4,986,576
Electronic Equipment, Instruments & Components — 0.3%
Badger Meter, Inc.
7,220   1,373,605
Cognex Corp.
16,915   504,574
Fabrinet (Thailand)*
5,401   1,066,751
Keyence Corp. (Japan)
9,500   3,735,497
Novanta, Inc.*
13,919   1,779,823
            8,460,250
Energy Equipment & Services — 0.3%
Baker Hughes Co.
138,200   6,073,890
Cactus, Inc. (Class A Stock)
30,437   1,394,928
Flowco Holdings, Inc. (Class A Stock)*
35,168   902,059
            8,370,877
Entertainment — 0.2%
Walt Disney Co. (The)
48,222   4,759,511
Financial Services — 0.5%
Fidelity National Information Services, Inc.
64,113   4,787,959
Mastercard, Inc. (Class A Stock)
13,303   7,291,640
WEX, Inc.*(a)
10,641   1,670,850
            13,750,449
      Shares   Value
Common Stocks (continued)
Food Products — 0.6%
Freshpet, Inc.*(a)
12,619   $1,049,522
Nestle SA
121,737   12,302,331
Utz Brands, Inc.(a)
112,805   1,588,294
            14,940,147
Ground Transportation — 0.2%
Canadian Pacific Kansas City Ltd. (Canada)
45,682   3,205,882
Knight-Swift Transportation Holdings, Inc.
21,771   946,821
Landstar System, Inc.
10,645   1,598,879
            5,751,582
Health Care Equipment & Supplies — 0.7%
Abbott Laboratories
27,068   3,590,570
Envista Holdings Corp.*
91,905   1,586,280
Hoya Corp. (Japan)
50,100   5,654,211
ICU Medical, Inc.*
11,569   1,606,471
Neogen Corp.*
26,438   229,217
QuidelOrtho Corp.*
24,811   867,641
Terumo Corp. (Japan)
239,800   4,512,086
            18,046,476
Health Care Providers & Services — 0.5%
Chemed Corp.
2,976   1,831,192
Concentra Group Holdings Parent, Inc.
45,870   995,379
Encompass Health Corp.
22,404   2,269,077
HealthEquity, Inc.*
14,589   1,289,230
UnitedHealth Group, Inc.
12,246   6,413,843
            12,798,721
Hotel & Resort REITs — 0.1%
Ryman Hospitality Properties, Inc.(a)
18,780   1,717,243
Hotels, Restaurants & Leisure — 1.6%
Compass Group PLC (United Kingdom)
64,916   2,147,181
InterContinental Hotels Group PLC (United Kingdom)
31,222   3,361,680
Marriott International, Inc. (Class A Stock)
16,388   3,903,622
McDonald’s Corp.
29,253   9,137,760
Monarch Casino & Resort, Inc.
15,320   1,191,130
Planet Fitness, Inc. (Class A Stock)*
18,318   1,769,702
Vail Resorts, Inc.(a)
7,535   1,205,751
Wendy’s Co. (The)
80,003   1,170,444
Wyndham Hotels & Resorts, Inc.
16,624   1,504,638
Yum China Holdings, Inc. (China)
170,816   8,892,681
Yum! Brands, Inc.
43,818   6,895,200
            41,179,789
Household Durables — 0.4%
Sony Group Corp. (Japan)
416,600   10,541,233
Industrial Conglomerates — 0.4%
Honeywell International, Inc.
8,221   1,740,797
Siemens AG (Germany)
39,968   9,230,462
            10,971,259
 
A2
AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Industrial REITs — 0.2%
EastGroup Properties, Inc.
7,731   $1,361,816
Prologis, Inc.
27,597   3,085,068
            4,446,884
Insurance — 1.8%
AIA Group Ltd. (Hong Kong)
231,600   1,753,183
Aon PLC (Class A Stock)
12,503   4,989,822
Arthur J. Gallagher & Co.
6,126   2,114,940
Baldwin Insurance Group, Inc. (The) (Class A Stock)*(a)
32,948   1,472,446
Intact Financial Corp. (Canada)
29,730   6,074,089
Kinsale Capital Group, Inc.(a)
3,831   1,864,586
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)
27,355   17,280,728
Oscar Health, Inc. (Class A Stock)*(a)
64,087   840,181
RLI Corp.
21,365   1,716,250
Tokio Marine Holdings, Inc. (Japan)
160,600   6,247,795
            44,354,020
Interactive Media & Services — 1.2%
Meta Platforms, Inc. (Class A Stock)
31,967   18,424,500
Tencent Holdings Ltd. (China)
169,500   10,830,364
            29,254,864
IT Services — 0.3%
Accenture PLC (Ireland) (Class A Stock)
6,801   2,122,184
Infosys Ltd. (India), ADR(a)
256,506   4,681,235
            6,803,419
Leisure Products — 0.1%
Acushnet Holdings Corp.(a)
19,339   1,327,816
Brunswick Corp.
28,012   1,508,446
            2,836,262
Life Sciences Tools & Services — 0.4%
Azenta, Inc.*
17,766   615,414
Lonza Group AG (Switzerland)
9,003   5,561,783
Thermo Fisher Scientific, Inc.
10,142   5,046,659
            11,223,856
Machinery — 1.3%
Atlas Copco AB (Sweden) (Class A Stock)
273,094   4,362,249
Hillman Solutions Corp.*
177,671   1,561,728
Lincoln Electric Holdings, Inc.
5,665   1,071,591
Otis Worldwide Corp.(a)
101,678   10,493,170
RBC Bearings, Inc.*
5,461   1,757,186
Toro Co. (The)
16,631   1,209,905
Volvo AB (Sweden) (Class B Stock)(a)
384,642   11,284,765
            31,740,594
Metals & Mining — 0.2%
BHP Group Ltd. (Australia) (XASX)
63,769   1,547,236
BHP Group Ltd. (Australia) (CBOE)
163,474   3,930,214
            5,477,450
      Shares   Value
Common Stocks (continued)
Multi-Utilities — 0.1%
Dominion Energy, Inc.
46,632   $2,614,656
Oil, Gas & Consumable Fuels — 1.1%
ConocoPhillips
18,942   1,989,289
DT Midstream, Inc.
12,197   1,176,767
Exxon Mobil Corp.
70,841   8,425,120
Gazprom PJSC (Russia)*^
321,836   —
Shell PLC
362,694   13,202,181
SM Energy Co.
60,372   1,808,141
            26,601,498
Pharmaceuticals — 0.8%
Bristol-Myers Squibb Co.
108,668   6,627,661
Johnson & Johnson
49,907   8,276,577
Novo Nordisk A/S (Denmark) (Class B Stock)
36,190   2,474,612
Sanofi SA
29,137   3,226,104
            20,604,954
Professional Services — 0.4%
First Advantage Corp.*(a)
92,000   1,296,280
HeadHunter Group PLC (Russia), ADR*(a)^
7,400   1
Paylocity Holding Corp.*
8,676   1,625,362
RELX PLC (United Kingdom)
144,355   7,255,473
Verra Mobility Corp.*(a)
52,612   1,184,296
            11,361,412
Real Estate Management & Development — 0.3%
Cushman & Wakefield PLC*
202,832   2,072,943
Mitsui Fudosan Co. Ltd. (Japan)
512,900   4,593,058
            6,666,001
Retail REITs — 0.0%
NNN REIT, Inc.
23,919   1,020,145
Semiconductors & Semiconductor Equipment — 2.2%
Allegro MicroSystems, Inc. (Japan)*
47,726   1,199,354
Analog Devices, Inc.
15,780   3,182,353
ASML Holding NV (Netherlands)
8,360   5,532,429
Broadcom, Inc.
15,180   2,541,587
Disco Corp. (Japan)
11,900   2,430,238
MACOM Technology Solutions Holdings, Inc.*
17,320   1,738,582
Micron Technology, Inc.(a)
13,199   1,146,861
NVIDIA Corp.
153,103   16,593,303
Power Integrations, Inc.(a)
31,483   1,589,892
SK Hynix, Inc. (South Korea)
5,496   732,650
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
271,000   7,632,170
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR
65,736   10,912,176
            55,231,595
Software — 1.4%
CCC Intelligent Solutions Holdings, Inc.*
110,056   993,806
Clearwater Analytics Holdings, Inc. (Class A Stock)*
43,840   1,174,912
 
A3
AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Software (cont’d.)
Dassault Systemes SE (France)
81,348   $3,097,141
Microsoft Corp.
66,032   24,787,753
nCino, Inc.*(a)
24,536   674,004
Oracle Corp.
22,803   3,188,087
Qualys, Inc.*
6,222   783,536
SPS Commerce, Inc.*
8,941   1,186,739
            35,885,978
Specialized REITs — 0.1%
CubeSmart
34,384   1,468,541
Specialty Retail — 0.4%
Five Below, Inc.*
8,347   625,399
Industria de Diseno Textil SA (Spain)
82,448   4,105,241
Ross Stores, Inc.
46,837   5,985,300
            10,715,940
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.
22,163   4,923,067
Western Digital Corp.*
23,575   953,137
            5,876,204
Textiles, Apparel & Luxury Goods — 0.6%
LVMH Moet Hennessy Louis Vuitton SE (France)
23,284   14,419,284
Trading Companies & Distributors — 0.4%
Applied Industrial Technologies, Inc.
6,914   1,558,001
Core & Main, Inc. (Class A Stock)*
45,815   2,213,322
ITOCHU Corp. (Japan)
121,200   5,626,462
            9,397,785
 
Total Common Stocks

(cost $812,245,597)
  815,166,911
Unaffiliated Exchange-Traded Funds — 52.8%
JPMorgan Active Growth ETF
2,710,172   199,983,592
JPMorgan Active Value ETF(a)
3,418,643   217,220,576
JPMorgan Global Select Equity ETF(a)
8,454,368   498,300,450
JPMorgan Ultra-Short Income ETF
8,205,040   415,421,175
 
Total Unaffiliated Exchange-Traded Funds

(cost $1,396,274,778)
  1,330,925,793
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
U.S. Treasury Obligation — 2.3%
U.S. Treasury Notes
4.250%   01/31/26(k)     57,276 57,333,671
(cost $57,275,876)      
 
Total Long-Term Investments

(cost $2,379,656,091)
  2,318,637,976
    
      Shares   Value
Short-Term Investments — 10.2%
Affiliated Mutual Funds
PGIM Core Ultra Short Bond Fund(wa)
199,060,871   $199,060,871
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $58,926,675; includes $58,715,869 of cash collateral for securities on loan)(b)(wa)
58,962,053   58,926,675
 
Total Short-Term Investments

(cost $257,987,546)
  257,987,546
 
TOTAL INVESTMENTS—102.2%

(cost $2,637,643,637)
  2,576,625,522
 
Liabilities in excess of other assets(z) — (2.2)%
  (55,249,684)
 
Net Assets — 100.0%
  $2,521,375,838
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
JPY Japanese Yen
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
SGD Singapore Dollar
    
ADR American Depositary Receipt
ASX Australian Securities Exchange
BNP BNP Paribas S.A.
CBOE Chicago Board Options Exchange
CITI Citibank, N.A.
DJ Dow Jones
EAFE Europe, Australasia, Far East
ETF Exchange-Traded Fund
FTSE Financial Times Stock Exchange
GSI Goldman Sachs International
HSBC HSBC Bank PLC
MLC Merrill Lynch Capital Services, Inc.
MSCI Morgan Stanley Capital International
MSI Morgan Stanley & Co International PLC
OTC Over-the-counter
PJSC Public Joint-Stock Company
REITs Real Estate Investment Trust
S&P Standard & Poor’s
SPI Share Price Index
SSB State Street Bank & Trust Company
STOXX Stock Index of the Eurozone
TOPIX Tokyo Stock Price Index
XASX Australian Stock Exchange
    
 
A4
AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
* Non-income producing security.
# Principal amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2 and 0.0% of net assets. 
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $57,913,350; cash collateral of $58,715,869 (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.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(wa) Represents investments in Funds affiliated with the Manager.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Futures contracts outstanding at March 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
2,706   10 Year U.S. Treasury Notes   Jun. 2025   $300,957,938   $3,567,076
243   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   29,706,750   183,613
1,339   10 Year Australian Treasury Bonds   Jun. 2025   94,259,400   221,183
152   Euro STOXX 50 Index   Jun. 2025   8,528,516   (305,878)
343   FTSE 100 Index   Jun. 2025   38,068,596   (478,959)
953   Mini MSCI EAFE Index   Jun. 2025   115,136,695   (3,963,325)
100   S&P 500 E-Mini Communication Services Sector Index   Jun. 2025   12,718,750   (68,952)
357   S&P 500 E-Mini Financials Sector Index   Jun. 2025   55,286,805   1,022,805
1,775   S&P 500 E-Mini Index   Jun. 2025   501,725,938   (3,352,503)
109   S&P 500 E-Mini Mid Cap 400 Index   Jun. 2025   32,030,740   (129,097)
59   S&P 500 E-Mini Technology Sector Index   Jun. 2025   12,382,330   (435,539)
163   S&P 500 E-Mini Utilities Sector Index   Jun. 2025   13,077,490   (19,889)
241   TOPIX Index   Jun. 2025   42,772,318   349,172
                (3,410,293)
Short Positions:
209   10 Year Japanese Bonds   Jun. 2025   192,850,190   (432,729)
72   ASX SPI 200 Index   Jun. 2025   8,859,498   (111,427)
525   DJ US Real Estate Index   Jun. 2025   19,304,250   (162,902)
1,436   Mini MSCI Emerging Markets Index   Jun. 2025   79,755,440   2,563,878
1,370   Russell 2000 E-Mini Index   Jun. 2025   138,856,350   2,318,694
361   S&P 500 E-Mini Consumer Staples Sector Index   Jun. 2025   29,977,440   (514,426)
298   S&P 500 E-Mini Materials Sector Index   Jun. 2025   27,398,120   169,258
43   S&P/TSX 60 Index   Jun. 2025   8,949,904   (116,572)
                3,713,774
                $303,481
Forward foreign currency exchange contract outstanding at March 31, 2025:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/29/25   BNP   AUD 11,383   $7,198,100   $7,114,064   $—   $(84,036)
British Pound,
Expiring 04/29/25   CITI   GBP 3,375   4,184,490   4,358,996   174,506   —
Expiring 04/29/25   HSBC   GBP 5,963   7,408,249   7,701,583   293,334   —
Expiring 04/29/25   HSBC   GBP 771   956,749   996,393   39,644   —
Expiring 04/29/25   MSI   GBP 919   1,141,260   1,187,542   46,282   —
A5
AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Forward foreign currency exchange contract outstanding at March 31, 2025 (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.):
Canadian Dollar,
Expiring 04/29/25   SSB   CAD 18,031   $12,621,628   $12,547,668   $—   $(73,960)
Danish Krone,
Expiring 04/29/25   HSBC   DKK 7,227   1,013,781   1,049,253   35,472   —
Expiring 04/29/25   MSI   DKK 18,340   2,592,916   2,662,891   69,975   —
Euro,
Expiring 04/22/25   CITI   EUR 23,478   25,539,109   25,417,216   —   (121,893)
Expiring 04/22/25   MLC   EUR 2,809   3,074,741   3,040,762   —   (33,979)
Expiring 04/29/25   MSI   EUR 1,047   1,099,154   1,133,650   34,496   —
Japanese Yen,
Expiring 04/30/25   MSI   JPY 649,481   4,226,319   4,344,753   118,434   —
Expiring 04/30/25   SSB   JPY 1,252,748   8,126,149   8,380,357   254,208   —
New Zealand Dollar,
Expiring 04/22/25   BNP   NZD 6,744   3,864,886   3,830,975   —   (33,911)
Norwegian Krone,
Expiring 04/22/25   GSI   NOK 199,416   18,863,371   18,954,848   91,477   —
Expiring 04/22/25   HSBC   NOK 236,521   22,121,958   22,481,756   359,798   —
Swedish Krona,
Expiring 04/29/25   SSB   SEK 43,541   4,008,701   4,339,299   330,598   —
Swiss Franc,
Expiring 04/22/25   CITI   CHF 2,586   2,933,748   2,930,738   —   (3,010)
Expiring 04/22/25   MLC   CHF 2,763   3,151,039   3,131,182   —   (19,857)
Expiring 04/29/25   HSBC   CHF 1,025   1,134,276   1,162,756   28,480   —
Expiring 04/29/25   HSBC   CHF 923   1,037,835   1,047,066   9,231   —
Expiring 04/29/25   SSB   CHF 3,820   4,262,885   4,333,122   70,237   —
              $140,561,344   $142,146,870   1,956,172   (370,646)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contract:
British Pound,
Expiring 04/29/25   MSI   GBP 741   $920,490   $957,030   $—   $(36,540)
Euro,
Expiring 04/22/25   CITI   EUR 20,761   22,575,500   22,475,492   100,008   —
Expiring 04/29/25   BNP   EUR 4,919   5,151,785   5,327,027   —   (175,242)
Expiring 04/29/25   BNP   EUR 1,478   1,607,896   1,600,294   7,602   —
Expiring 04/29/25   CITI   EUR 4,575   4,812,685   4,954,651   —   (141,966)
Expiring 04/29/25   CITI   EUR 1,085   1,134,243   1,174,768   —   (40,525)
Expiring 04/29/25   MSI   EUR 1,150   1,254,911   1,245,133   9,778   —
Expiring 04/29/25   MSI   EUR 1,087   1,180,577   1,177,133   3,444   —
Expiring 04/29/25   MSI   EUR 1,067   1,109,949   1,155,828   —   (45,879)
Expiring 04/29/25   SSB   EUR 15,918   16,780,352   17,238,978   —   (458,626)
Hong Kong Dollar,
Expiring 04/29/25   HSBC   HKD 30,101   3,871,558   3,871,656   —   (98)
Japanese Yen,
Expiring 04/22/25   CITI   JPY 1,139,259   7,678,324   7,614,289   64,035   —
Expiring 04/30/25   GSI   JPY 286,808   1,931,159   1,918,623   12,536   —
New Zealand Dollar,
Expiring 04/22/25   MSI   NZD 75,459   43,239,803   42,865,654   374,149   —
Singapore Dollar,
Expiring 04/29/25   BNP   SGD 4,315   3,214,344   3,216,802   —   (2,458)
Swedish Krona,
Expiring 04/29/25   MSI   SEK 43,541   4,101,572   4,339,299   —   (237,727)
A6
AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Forward foreign currency exchange contract outstanding at March 31, 2025 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contract (cont’d.):
Swiss Franc,
Expiring 04/22/25   HSBC   CHF 38,652   $43,876,809   $43,804,008   $72,801   $—
Expiring 04/29/25   HSBC   CHF 1,332   1,489,899   1,510,718   —   (20,819)
Expiring 04/29/25   HSBC   CHF 952   1,060,883   1,079,704   —   (18,821)
Expiring 04/29/25   MSI   CHF 782   879,715   886,555   —   (6,840)
              $167,872,454   $168,413,642   644,353   (1,185,541)
                      $2,600,525   $(1,556,187)
Cross currency exchange contracts outstanding at March 31, 2025:
Settlement   Type   Notional
Amount
(000) 		  In Exchange
For (000) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Counterparty
OTC Cross Currency Exchange Contracts:
04/22/25   Buy   AUD 16,172   JPY 1,511,923   $1,951   $—   GSI
04/22/25   Buy   EUR 2,558   NOK 29,712   —   (54,483)   GSI
04/22/25   Buy   GBP 7,895   JPY 1,519,534   42,301   —   CITI
                    $44,252   $(54,483)    
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A7