ADVANCED SERIES TRUST
AMENDMENT NO. 8 TO MANAGEMENT AGREEMENT
Amendment No. 8 to Management Agreement made this 14th day of November 2024, between Advanced Series Trust (AST), on behalf of each series listed on Schedule A hereto (collectively, the Portfolios), PGIM Investments LLC and AST Investment Services, Inc. (collectively, the Manager).
WHEREAS, the Manager has entered into a Management Agreement (the Management Agreement) dated May 1, 2003 with AST for the Portfolios, as amended from time to time, pursuant to which PGIM Investments and ASTIS act as Manager of AST;
WHEREAS, AST and the Manager have mutually agreed to revise Schedule A of the Management Agreement, in order reduce the management fee for the AST J.P. Morgan Aggressive Multi-Asset Portfolio (formerly, AST T. Rowe Price Growth Opportunities Portfolio) pursuant to which the AST J.P. Morgan Aggressive Multi-Asset Portfolio (formerly, AST T. Rowe Price Growth Opportunities Portfolio) compensates the Manager for the services provided by the Manager to the AST J.P. Morgan Aggressive Multi-Asset Portfolio (formerly, AST T. Rowe Price Growth Opportunities Portfolio) under the Management Agreement;
WHEREAS, AST and the Manager have mutually agreed to revise Schedule A of the Management Agreement, in order reduce the management fee for the AST J.P. Morgan Conservative Multi-Asset Portfolio (formerly, AST J.P. Morgan Tactical Preservation Portfolio) pursuant to which the AST J.P. Morgan Conservative Multi-Asset Portfolio (formerly, AST J.P. Morgan Tactical Preservation Portfolio) compensates the Manager for the services provided by the Manager to the AST J.P. Morgan Conservative Multi-Asset Portfolio (formerly, AST J.P. Morgan Tactical Preservation Portfolio) under the Management Agreement; and
WHEREAS, AST and the Manager have mutually agreed to revise Schedule A of the Management Agreement, in order reduce the management fee for the AST J.P. Morgan Moderate Multi-Asset Portfolio (formerly, AST J.P. Morgan Global Thematic Portfolio) pursuant to which the AST J.P. Morgan Moderate Multi-Asset Portfolio (formerly, AST J.P. Morgan Global Thematic Portfolio) compensates the Manager for the services provided by the Manager to the AST J.P. Morgan Moderate Multi-Asset Portfolio (formerly, AST J.P. Morgan Global Thematic Portfolio) under the Management Agreement.
NOW THEREFORE, the parties mutually agree as follows:
1. The management fee rate schedule for the Portfolios appearing in Schedule A is hereby deleted in its entirety and is replaced with the attached Schedule A.
2. The Management Agreement is unchanged in all other respects.
REMAINDER OF PAGE INTENTIONALLY LEFT BLACK
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.
ADVANCED SERIES TRUST
By: /s/ Timothy Cronin
Name: Timothy Cronin
Title: President
PGIM INVESTMENTS LLC
By: /s/ Timothy Cronin
Name: Timothy Cronin
Title: Senior Vice President
AST INVESTMENT SERVICES, INC.
By: /s/ Timothy Cronin
Name: Timothy Cronin
Title: President
|
ADVANCED SERIES TRUST |
|
|
Portfolio |
Contractual Fee Rate |
|
AST Academic Strategies Asset Allocation Portfolio* |
0.9325% of average daily net assets to $300 million; |
|
AST Advanced Strategies Portfolio |
0.6825% of average daily net assets to $300 million; |
|
AST Balanced Asset Allocation Portfolio* |
0.7325% of average daily net assets to $300 million; |
|
AST Bond Portfolio 2024† |
0.4925% of average daily net assets to $500 million; |
|
AST Bond Portfolio 2025† |
0.4925% of average daily net assets to $500 million; |
|
AST Capital Growth Asset Allocation Portfolio* |
0.7325% of average daily net assets to $300 million; |
|
AST ClearBridge Dividend Growth Portfolio |
0.6825% of average daily net assets to $300 million; |
|
AST Cohen & Steers Realty Portfolio |
0.8325% of average daily net assets to $300 million; |
|
AST Core Fixed Income Portfolio |
0.4125% of average daily net assets to $10 billion; |
|
AST Emerging Markets Equity Portfolio |
0.9325% of average daily net assets to $300 million; |
|
AST Government Money Market Portfolio |
0.3000% of average daily net assets to $3.25 billion; |
|
AST High Yield Portfolio |
0.5825% of average daily net assets to $300 million; |
|
AST International Equity Portfolio |
0.7325% of average daily net assets to $300 million; |
|
AST Investment Grade Bond Portfolio† |
0.4925% of average daily net assets to $500 million; |
|
AST J.P. Morgan Aggressive Multi-Asset Portfolio (formerly, AST T. Rowe Price Growth Opportunities Portfolio) |
0.6825% of average daily net assets to $6 billion; 0.6625% on next $4 billion of average daily net assets; 0.6425% over $10 billion of average daily net assets
|
|
AST J.P. Morgan Conservative Multi-Asset Portfolio (formerly, AST J.P. Morgan Tactical Preservation Portfolio) |
0.6925% of average daily net assets |
|
AST J.P. Morgan Moderate Multi-Asset Portfolio (formerly, AST J.P. Morgan Global Thematic Portfolio) |
0.6925% of average daily net assets |
|
AST Large-Cap Core Portfolio |
0.5825% of average daily net assets up to $300 million; |
|
AST Large-Cap Growth Portfolio |
0.7325% of average daily net assets to $300 million; |
|
AST Large-Cap Value Portfolio |
0.5825% of average daily net assets to $300 million; |
|
AST MFS Global Equity Portfolio |
0.8325% of average daily net assets to $300 million; |
|
AST Mid-Cap Growth Portfolio |
0.8325% of average daily net assets to $300 million; |
|
AST Mid-Cap Value Portfolio |
0.7325% of average daily net assets to $300 million; |
|
AST Multi-Sector Fixed Income Portfolio |
0.5325% of average daily net assets to $300 million; |
|
AST Preservation Asset Allocation Portfolio* |
0.7325% of average daily net assets to $300 million; |
|
AST Prudential Growth Allocation Portfolio |
0.6825% of average daily net assets to $300 million; |
|
AST Quantitative Modeling Portfolio |
0.7325% to $300 million of average daily net assets; |
|
AST Small-Cap Growth Portfolio |
0.7325% of average daily net assets to $300 million; |
|
AST Small-Cap Value Portfolio |
0.7325% of average daily net assets to $300 million; |
|
AST T. Rowe Price Asset Allocation Portfolio |
0.6825% of average daily net assets to $300 million; |
|
AST T. Rowe Price Natural Resources Portfolio |
0.7325% of average daily net assets to $300 million; |
* The Manager will aggregate assets with the AST Academic Strategies Asset Allocation Portfolio, AST Balanced Asset Allocation Portfolio, AST Capital Growth Asset Allocation Portfolio, and AST Preservation Asset Allocation Portfolio for the purpose of calculating the management fee for each Portfolio.
† The assets for each of the AST Bond Portfolio 2024, AST Bond Portfolio 2025, AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035 and AST Investment Grade Bond Portfolio (each a Bond Portfolio) are aggregated for purposes of determining the fee rate applicable to each Bond Portfolio.
As of November 14, 2024.
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