Execution Version
AMENDMENT TO SUBADVISORY AGREEMENT
FOR AST CAPITAL GROWTH ASSET ALLOCATION PORTFOLIO OF
ADVANCED SERIES TRUST
Each of PGIM Investments LLC (“PGIM”) and AST Investment Services, Inc. (“ASTIS”) (together, the “Co-Managers”) on the one hand, and on the other hand, each of Jennison Associates LLC (“Jennison”), PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”, formerly known as QMA LLC (“QMA”)) and PGIM, Inc. (“PGIM”) (each of Jennison, PGIM Quantitative Solutions and PGIM, a “Subadviser”) hereby agree to amend the Subadvisory Agreement, dated as of May 19, 2021, by and among the Co-Managers and each Subadviser, pursuant to which each Subadviser has been retained to provide investment advisory services to the AST Capital Growth Asset Allocation Portfolio of the Advanced Series Trust (the “Subadvisory Agreement”), as set forth below (capitalized terms used in this Amendment but not defined herein shall have the meanings given to them in the Subadvisory Agreement):
1.Schedule A of the Subadvisory Agreement is hereby deleted in its entirety and replaced with the Schedule A attached to this Amendment.
2.Each reference to “QMA” in the Subadvisory Agreement is hereby deleted and replaced with
“PGIM Quantitative Solutions” throughout the Subadvisory Agreement.
3.The Subadvisory Agreement is unchanged in all other respects.
IN WITNESS HEREOF, each of PGIM Investments LLC, AST Investment Services, Inc., Jennison Associates LLC, PGIM Quantitative Solutions LLC and PGIM, Inc. has duly executed this Amendment, effective as of the “Effective Date as Revised” set forth in this Amendment.
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
JENNISON ASSOCIATES LLC
By: /s/ William C. Ings
Name: William C. Ings
Title: Managing Director
PGIM QUANTITATIVE SOLUTIONS LLC
By: /s/ Jonathan Ryan
Name: Jonathan Ryan
Title: Vice President
PGIM, INC.
By: /s/ Santiago J. Fernandez
Name: Santiago J. Fernandez
Title: Vice President
Effective Date as Revised: December 9, 2024
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SCHEDULE A
Advanced Series Trust
AST Capital Growth Asset Allocation Portfolio
As compensation for services provided by each Subadviser, acting severally and not jointly, AST Investment Services, Inc. and PGIM Investments LLC will pay each Subadviser a subadvisory fee on the net assets managed such Subadviser that is equal, on an annualized basis, to the following:
Portfolio |
Subadviser |
Subadvisory Fee for the Portfolio* |
AST Capital Growth |
Jennison Associates LLC |
0.25% of average daily net assets |
Asset Allocation |
|
|
Portfolio |
PGIM Fixed Income, a business unit |
|
|
0.1425% of average daily net assets |
|
|
of PGIM, Inc. |
|
|
PGIM Quantitative Solutions LLC |
For Asset Allocation Services: |
|
|
|
|
|
0.04% of average daily net assets |
|
|
|
|
|
For Quantitative Equity Management |
|
|
(including the overlay sleeve): |
|
|
0.197% of average daily net assets |
|
|
|
*In the event a Subadviser invests its Allocated Assets in any other pooled investment vehicle it manages or subadvises, such Subadviser will waive its subadvisory fee hereunder in an amount equal to the acquired fund fee paid to a Subadviser with respect to the Allocated Assets so invested. Notwithstanding the foregoing, under no circumstances will the subadvisory fee waivers referred to in the preceding sentence exceed 100% of the subadvisory fee.
Effective Date as Revised: December 9, 2024
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