# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0001683863-23-001662
**Filing Date:** 2023-2
**Character Count:** 8021
**Document Hash:** 4875a4cb157024b52459c08f6a209cf1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001662.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001683863-23-001662

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230227

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVANCED SERIES TRUST
- **CENTRAL INDEX KEY:** 0000814679
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-24962
- **FILM NUMBER:** 23677646

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

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

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

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

## Series and Classes Contracts Data

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

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

![](g0sipbu9l951x21v2sqmb.jpg)

**ADVANCED SERIES TRUST**

AST International Growth Portfolio

**Supplement dated February 28, 2023 to the**

**Currently Effective Summary Prospectus**

This supplement should be read in conjunction with the currently effective Summary Prospectus (the Summary Prospectus) for the AST International Growth Portfolio (the Portfolio), a series of the Advanced Series Trust (the Trust), and should be retained for future reference. The Portfolio discussed in this supplement may not be available under your variable contract. For more information about the portfolios available under your variable contract, please refer to your contract prospectus. Defined terms used herein that are not otherwise defined shall have the meanings given to them in the Summary Prospectus.

**<u>New Subadvisory Arrangements, Name Change, Investment Strategy Change and Amended Management Agreement</u>**

The Board of Trustees of the Trust (the Board) recently approved: (i) replacing Neuberger Berman Investment Advisers LLC and William Blair Investment Management, LLC with LSV Asset Management, Massachusetts Financial Services Company, J.P. Morgan Investment Management Inc., and PGIM Quantitative Solutions LLC as subadvisers to the Portfolio to serve alongside Jennison Associates LLC;

(ii)changing the name of the Portfolio to the "AST International Equity Portfolio"; (iii) revising the investment strategy of the Portfolio; and (iv) amending the investment management agreement for the Portfolio to reflect a reduced contractual management fee rate. These changes are expected to become effective on or about March 13, 2023.

To reflect the changes described above, the Summary Prospectus is hereby revised as follows, effective March 13, 2023:

A.All references in the Summary Prospectus to "AST International Growth Portfolio" are hereby changed to "AST International Equity Portfolio."

B.The description of the Portfolio's principal investment strategies in the "INVESTMENTS, RISKS AND PERFORMANCE" section of the Summary Prospectus is hereby deleted and replaced with the description set forth below:

**Principal Investment Strategies.** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in equity and equity-related securities of issuers that are economically tied to countries other than the United States. Equity and equity-related securities include, but are not limited to, common stocks, securities convertible or exchangeable for common stock or the cash value of common stock, preferred stocks, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and business development companies, investments in other mutual funds, exchange traded funds (ETFs), securities of real estate investment trusts (REITs) and income and royalty trusts, structured securities including participation notes (P-Notes) and low exercise price warrants (LEPWs) or other similar securities and American Depositary Receipts (ADRs) and other similar receipts or shares, in both listed and unlisted form.

The Portfolio has the flexibility to invest on a worldwide basis in companies and organizations of any size, regardless of country of organization or place of principal business activity. The Portfolio normally invests primarily in securities of issuers from at least five different countries, which may include countries with emerging markets, excluding the United States. Although the Portfolio intends to invest at least 80% of its assets in the securities of issuers located outside the United States, it may at times invest in US issuers and it may at times invest all of its assets in fewer than five countries or even a single country.

The Portfolio seeks to invest in companies that possess dominant market positions or franchises, a major technological edge, or a unique competitive advantage, as well as in emerging growth companies, which are companies that are expected to experience above-average earnings or cash flow growth or meaningful changes in underlying asset values.

C.The table in the "MANAGEMENT OF THE PORTFOLIO" section of the Summary Prospectus is hereby revised by adding the information set forth below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC |  | Rick T. Babich | Vice President, Portfolio | December 2021 |
|  |  |  | Manager |  |
| AST Investment |  | Jeff Peasley | Vice President, Portfolio | December 2021 |
| Services, Inc. |  |  | Manager |  |
|  | LSV Asset Management | Josef Lakonishok, | CEO, CIO, Partner and | March 2023 |
|  |  | Ph.D | Portfolio Manager |  |
|  |  | Menno Vermeulen, | Partner, Portfolio Manager | March 2023 |
|  |  | CFA |  |  |
|  |  | Puneet | Partner, Portfolio Manager | March 2023 |
|  |  | Mansharamani, CFA |  |  |
|  |  | Greg Sleight | Partner, Portfolio Manager | March 2023 |
|  |  | Guy Lakonishok, | Partner, Portfolio Manager | March 2023 |
|  |  | CFA |  |  |
|  | Massachusetts Financial | Jim Fallon | Investment Officer | March 2023 |
|  | Services Company |  |  |  |
|  |  | Matt Krummell | Investment Officer | March 2023 |
|  |  | Jonathan Sage | Investment Officer | March 2023 |
|  |  | Jed Stocks | Investment Officer | March 2023 |
|  | PGIM Quantitative | Wen Jin, PhD, CFA | Managing Director and | March 2023 |
|  | Solutions LLC |  | Portfolio Manager |  |
|  |  | Ken D'Souza, CFA | Managing Director and | March 2023 |
|  |  |  | Portfolio Manager |  |
|  |  | Stacie L. Mintz, CFA | Managing Director, Head of | March 2023 |
|  |  |  | Quantitative Equity and |  |
|  |  |  | Portfolio Manager |  |
|  | J.P. Morgan Investment | Tom Murray | Managing Director, Portfolio | March 2023 |
|  | Management Inc. |  | Manager |  |
|  |  | Shane Duffy | Managing Director, Portfolio | March 2023 |
|  |  |  | Manager |  |
|  |  | James Sutton | Executive Director, Portfolio | March 2023 |
|  |  |  | Manager |  |
|  |  | Zenah Shuhaiber | Executive Director, Portfolio | March 2023 |
|  |  |  | Manager |  |
|  | Jennison Associates LLC | Mark B. Baribeau, | Managing Director and Head of | May 2012 |
|  |  | CFA | Global Equity |  |
|  |  | Thomas F. Davis | Managing Director | May 2012 |

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**THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.**

188SUMSUP1