497K 1 f1680d1.htm AST MULTI-SECTOR SUM PRO SUPPLEMENT PDFtoHTML Conversion Output

ADVANCED SERIES TRUST

AST Multi-Sector Fixed Income Portfolio

Supplement dated August 26, 2019 to the

Currently Effective Summary Prospectus

This supplement should be read in conjunction with the currently effective Summary Prospectus for the AST Multi- Sector Fixed Income 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.

Effective immediately, Paul Zetterstrom, CFA will replace Filippo Arcieri as a Portfolio Manager for the Portfolio. Steven A. Kellner, CFA, Alyssa Davis and Lee Friedman, CFA will continue to serve as portfolio managers for the Portfolio.

To reflect these changes, the Portfolio's Summary Prospectus is hereby revised as follows:

I.All references and information pertaining to Filippo Arcieri are hereby deleted.

II.The table in the section of the Summary Prospectus entitled "Management of the Portfolio" is hereby revised by deleting the information regarding Filippo Arcieri and adding the following information with respect to Paul Zetterstrom:

Investment

Subadviser

Portfolio

Title

Service Date

Managers

 

Managers

 

 

PGIM

PGIM Fixed

Paul Zetterstrom,

Vice President

August 2019

Investments LLC

Income

CFA

and Portfolio

 

 

 

 

Manager

 

AST Investment

 

 

 

 

Services, Inc.

 

 

 

 

Additionally, Edward H. Blaha, CFA, has announced his intention to retire on or about December 31, 2019. Effective immediately, Terence Wheat, CFA, will replace Mr. Blaha, as a Portfolio Manager on the Portfolio.

To reflect these changes, the Portfolio's Summary Prospectus are hereby revised as follows:

I.All references and information pertaining to Edward Blaha are hereby deleted.

II.The table in the section of the Summary Prospectus entitled "Management of the Portfolio" are hereby revised by deleting the information regarding Edward Blaha and adding the following information with respect to Terence Wheat:

Investment

Subadviser

Portfolio

Title

Service Date

Managers

 

Managers

 

 

PGIM

PGIM Fixed

Terence Wheat,

Principal and

August 2019

Investments

Income

CFA

Portfolio

 

LLC

 

 

Manager

 

AST Investment

 

 

 

 

Services, Inc.

 

 

 

 

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