# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0001683863-23-001658
**Filing Date:** 2023-2
**Character Count:** 12797
**Document Hash:** d25a2eb2c0144374e20350ca28c54424
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001658.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001683863-23-001658

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 3

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-24962
- **FILM NUMBER:** 23677553

**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 Name                         | Class ID   |
| AST INTERNATIONAL GROWTH PORTFOLIO | C000005195 |

---

## Series and Classes Contracts Data

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

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

![](gehbudg3c315ao1i53q7a.jpg)

**ADVANCED SERIES TRUST**

AST International Growth Portfolio

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

**Currently Effective Statement of Additional Information**

This supplement should be read in conjunction with the currently effective Statement of Additional Information (the SAI) for the Advanced Series Trust (the Trust) relating to the AST International Growth Portfolio (the Portfolio) 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 SAI.

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

The Board of Trustees of the Trust (the Board) approved: (i) replacing Neuberger Berman Investment Advisers LLC (Neuberger Berman) and William Blair Investment Management, LLC (William Blair) 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 SAI is hereby revised as follows, effective March 13, 2023:

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

B.The information pertaining to the Portfolio in the "Management Fee Rates" table under "MANAGEMENT AND ADVISORY ARRANGEMENTS" in Part I of the SAI is hereby replaced with the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Management Fee Rates** |  |
| &nbsp;&nbsp; **Portfolio** | &nbsp;&nbsp; **Contractual Fee Rate** |
| &nbsp;&nbsp; AST International Equity Portfolio | &nbsp;&nbsp; 0.7325% of average daily net assets to $300 million; |
|  | &nbsp;&nbsp; 0.7225% on next $200 million of average daily net assets; |
|  | &nbsp;&nbsp; 0.7125% on next $250 million of average daily net assets; |
|  | &nbsp;&nbsp; 0.7025% on next $2.5 billion of average daily net assets; |
|  | &nbsp;&nbsp; 0.6925% on next $2.75 billion of average daily net assets; |
|  | &nbsp;&nbsp; 0.6625% on next $4 billion of average daily net assets; |
|  | &nbsp;&nbsp; 0.6425% over $10 billion of average daily net assets |

---

C.The information pertaining to the Portfolio in the "Fee Waivers & Expense Limitations" table under "FEE WAIVERS/SUBSIDIES" in Part I of the SAI is hereby replaced with the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fee Waivers & Expense Limitations** |  |
| &nbsp;&nbsp; **Portfolio** | &nbsp;&nbsp;&nbsp; **Waiver and/or Expense Limitation** |
| &nbsp;&nbsp; AST International Equity Portfolio | &nbsp;&nbsp;&nbsp; The Manager has contractually agreed to waive a portion of its |
|  | &nbsp;&nbsp;&nbsp; management fee and/or reimburse certain expenses of the |
|  | &nbsp;&nbsp;&nbsp; Portfolio so that the Portfolio's management fee plus other |
|  | &nbsp;&nbsp;&nbsp; expenses (exclusive, in all cases of, interest, brokerage, taxes |
|  | &nbsp;&nbsp;&nbsp; (such as income and foreign withholding taxes, stamp duty and |
|  | &nbsp;&nbsp;&nbsp; deferred tax expenses), extraordinary expenses, acquired fund |
|  | &nbsp;&nbsp;&nbsp; fees and expenses, and certain other Portfolio expenses such as |
|  | &nbsp;&nbsp;&nbsp; dividend and interest expense and broker charges on short sales) |
|  | &nbsp;&nbsp;&nbsp; do not exceed 0.98% of the Portfolio's average daily net assets |
|  | &nbsp;&nbsp;&nbsp; through June 30, 2024. Expenses waived/reimbursed by the |
|  | &nbsp;&nbsp;&nbsp; Manager may be recouped by the Manager within the same fiscal |
|  | &nbsp;&nbsp;&nbsp; year during which such waiver/reimbursement is made if such |
|  | &nbsp;&nbsp;&nbsp; recoupment can be realized without exceeding the expense limit |
|  | &nbsp;&nbsp;&nbsp; in effect at the time of the recoupment for that fiscal year. These |
|  | &nbsp;&nbsp;&nbsp; arrangements may not be terminated or modified without the |
|  | &nbsp;&nbsp;&nbsp; prior approval of the Board of Trustees. |

---

188SAI1

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

![](ggxz2950738tmnjpq7lmk.jpg)

D.The table in Part I of the SAI entitled "Portfolio Subadvisers and Fee Rates" is hereby revised by replacing the information pertaining to the Portfolio with the information set forth below:

**Portfolio Subadvisers and Fee Rates**

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp; **Subadviser(s)** | &nbsp;&nbsp; **Fee Rate** |
| AST | LSV Asset | &nbsp;&nbsp; <u>Under $1.25 billion</u> |
| International | Management | &nbsp;&nbsp; 0.450% of average daily net assets to $150 million; |
| Equity Portfolio |  | &nbsp;&nbsp; 0.425% of average daily net assets from $150 million to $300 million; |
|  |  | &nbsp;&nbsp; 0.400% of average daily net assets from $300 million to $450 million; |
|  |  | &nbsp;&nbsp; 0.375% of average daily net assets from $450 million to $750 million; |
|  |  | &nbsp;&nbsp; 0.350% of average daily net assets over $750 million |
|  |  | &nbsp;&nbsp; <u>Over $1.25 billion</u> |
|  |  | &nbsp;&nbsp; 0.350% of average daily net assets |
|  | Massachusetts Financial | &nbsp;&nbsp; 0.300% of average daily net assets to $100 million; |
|  | Services Company | &nbsp;&nbsp; 0.285% of average daily net assets from $100 million to $250 million; |
|  |  | &nbsp;&nbsp; 0.270% of average daily net assets from $250 million to $500 million; |
|  |  | &nbsp;&nbsp; 0.250% of average daily net assets over $500 million |
|  | PGIM | &nbsp;&nbsp; 0.300% of average daily net assets |
|  | Quantitative |  |
|  | Solutions LLC |  |
|  | J.P. Morgan Investment | &nbsp;&nbsp; 0.350% of average daily net assets to $250 million; |
|  | Management Inc. | &nbsp;&nbsp; 0.330% of average daily net assets from $250 million to $500 million; |
|  |  | &nbsp;&nbsp; 0.300% of average daily net assets over $500 million |
|  | Jennison Associates | &nbsp;&nbsp; 0.375% of average daily net assets to $500 million; |
|  | LLC | &nbsp;&nbsp; 0.325% of average daily net assets from $500 million to $1 billion; |
|  |  | &nbsp;&nbsp; 0.30% of average daily net assets over $1 billion. |

---

E.The table in Part I of the SAI entitled "ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS—Other Accounts and Portfolio Ownership" is hereby revised by hereby revised by replacing the information pertaining to the Portfolio with the information set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Adviser/Subadviser**<br>| **Portfolio**<br>**Managers**<br>| **Registered**<br>**Investment**<br>**Companies** | **Other Pooled**<br>**Investment**<br>**Vehicles** | **Other Accounts\***<br>| **Ownership of**<br>**Portfolio**<br>**Securities** |
| &nbsp;&nbsp; PGIM | Rick Babich | 13/$15,938,333,687 |  |  |  |
|  InvestmentsLLC |  |  |  |  |  |
|  (Strategic |  |  |  |  |  |
|  Investment Research |  |  |  |  |  |
|  Group) |  |  |  |  |  |
|  | Jeffrey Peasley | 10/$11,397,267,367 |  |  |  |
|  LSV Asset | Josef Lakonishok, | &nbsp;&nbsp; 35/$16,202,590,417 | &nbsp;&nbsp; 63/$21,382,073,412 | &nbsp;&nbsp; 318/$53,515,794,854 |  |
|  Management | Ph.D | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  |  | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  | Menno | &nbsp;&nbsp; 35/$16,202,590,417 | &nbsp;&nbsp; 63/$21,382,073,412 | &nbsp;&nbsp; 318/$53,515,794,854 |  |
|  | Vermeulen, CFA | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  |  | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  | Puneet | &nbsp;&nbsp; 35/$16,202,590,417 | &nbsp;&nbsp; 63/$21,382,073,412 | &nbsp;&nbsp; 318/$53,515,794,854 |  |
|  | Mansharamani, | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  | CFA | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  | CFA |  |  |  |  |
|  | Greg Sleight | &nbsp;&nbsp; 35/$16,202,590,417 | &nbsp;&nbsp; 63/$21,382,073,412 | &nbsp;&nbsp; 318/$53,515,794,854 |  |
|  |  | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  | Guy Lakonishok, | &nbsp;&nbsp; 35/$16,202,590,417 | &nbsp;&nbsp; 63/$21,382,073,412 | &nbsp;&nbsp; 318/$53,515,794,854 |  |
|  | CFA | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |
|  |  | 0/$0 | 7\*/$1,746,486,102 | 68/$12,095,653,398 |  |

---

188SAI1

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Massachusetts | Jim Fallon | &nbsp;&nbsp; 17 / $5.2 billion | &nbsp;&nbsp; 12 / $1.6 billion | &nbsp;&nbsp; 24 / $5.1 billion |
|  Financial Services |  |  |  |  |
|  Company |  |  |  |  |
|  | Matt Krummell | &nbsp;&nbsp; 17 / $5.2 billion | &nbsp;&nbsp; 12 / $1.6 billion | &nbsp;&nbsp; 22 / $5.0 billion |
|  | Jonathan Sage | &nbsp;&nbsp; 20 / $9.6 billion | &nbsp;&nbsp; 14 / $3.3 billion | &nbsp;&nbsp; 27 / $7.8 billion |
|  | Jed Stocks | &nbsp;&nbsp; 17 / $5.2 billion | &nbsp;&nbsp; 12 / $1.6 billion | &nbsp;&nbsp; 23 / $5.0 billion |
|  PGIM Quantitative | Wen Jin, PhD, | &nbsp;&nbsp; 18/$444,594,031 | &nbsp;&nbsp; 9/$544,930,337 | &nbsp;&nbsp; 7/$1,500,707,262 |
|  Solutions LLC | CFA |  |  | &nbsp;&nbsp; 4/$1,158,685,743 |
|  |  |  |  | &nbsp;&nbsp; 4/$1,158,685,743 |
|  | Ken D'Souza, | &nbsp;&nbsp; 18/$444,594,031 | &nbsp;&nbsp; 9/$544,930,337 | &nbsp;&nbsp; 7/$1,500,707,262 |
|  | CFA |  |  | &nbsp;&nbsp; 4/$1,158,685,743 |
|  |  |  |  | &nbsp;&nbsp; 4/$1,158,685,743 |
|  | Stacie L. Mintz, | &nbsp;&nbsp; 49/$444,594,031 | &nbsp;&nbsp; 17/$2,924,335,179 | &nbsp;&nbsp; 46/$14,302,660,083 |
|  | CFA |  |  | &nbsp;&nbsp; 8/$1,695,236,531 |
|  J.P. Morgan | Tom Murray | &nbsp;&nbsp; 13/$7,137,908mm | &nbsp;&nbsp; 6/$2,201,517mm | &nbsp;&nbsp; 24/$7,605,628 |
|  Investment |  |  |  |  |
|  Management Inc. |  |  |  |  |
|  | Shane Duffy | &nbsp;&nbsp; 14/$6,971,226mm | &nbsp;&nbsp; 6/$2,201,517 | &nbsp;&nbsp; 23/$6,264,114 |
|  | James Sutton | &nbsp;&nbsp; 4/$4,756,079mm | &nbsp;&nbsp; 4/$1,853,087 | &nbsp;&nbsp; 4/$2,584,648 |
|  | Zenah Shuhaiber | &nbsp;&nbsp; 3/$4,534,190 | &nbsp;&nbsp; 6/$2,365,918 | &nbsp;&nbsp; 13/$4,506,530 |
|  Jennison Associates | Mark B. Baribeau, | &nbsp;&nbsp; 12/$9,083,326,000 | &nbsp;&nbsp; 10/$3,252,033,000 | &nbsp;&nbsp; 27/$3,810,344,000 |
|  LLC | CFA |  |  | &nbsp;&nbsp; 6/$1,240,556,000 |
|  | Thomas F. Davis | &nbsp;&nbsp; 8/$8,395,980,000 | &nbsp;&nbsp; 9/$3,237,471,000 | &nbsp;&nbsp; 26/$3,806,455,000 |
|  |  |  |  | &nbsp;&nbsp; 6/$1,240,556,000 |

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

188SAI1