Execution Version 

Amendment to Subadvisory Agreement
FOR AST FRANKLIN 85/15 DIVERSIFIED ALLOCATION PORTFOLIO OF
ADVANCED SERIES TRUST
 

PGIM Investments LLC (the “Manager”), QS Investors, LLC (“QS”), Brandywine Global Investment Management, LLC (“Brandywine”), ClearBridge Investments, LLC (“ClearBridge”), Western Asset Management Company, LLC (“WAMCO”), Western Asset Management Company Limited (“WAML”) and Franklin Advisers, Inc. (“Franklin” and collectively, the “Subadvisers”) hereby agree to amend the subadvisory agreement for the AST Franklin 85/15 Diversified Allocation Portfolio (the “Portfolio”), dated as of July 31, 2020, as amended on April 26, 2021, by and among the Manager and the Subadvisers (the “Agreement”) to: (i) remove QS as a party to the Agreement; and (ii) amend the existing Schedule A to the Agreement.   

The Agreement is hereby amended as follows: 

1. QS Investors, LLC is hereby removed as a party to the Agreement and hereafter all references in the Agreement to a “Subadviser” shall refer to Brandywine, ClearBridge, WAMCO, WAML and Franklin; and  

2. Schedule A is hereby deleted and replaced with the attached Schedule A. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

IN WITNESS HEREOF, PGIM Investments LLC,QS Investors, LLC,Brandywine Global Investment Management, LLC, ClearBridge Investments, LLC, Western Asset Management Company, LLC, Western Asset Management Company Limited and Franklin Advisers, Inc. have duly executed this Amendment as of the effective date of this Amendment. 

PGIM INVESTMENTS LLC 

By: /s/ Timothy Cronin 

Name: Timothy S. Cronin 

Title: Senior Vice President 

QS INVESTORS, LLC 

By: /s/ Steven R. Ducker 

Name: Steven R. Ducker 

Title: Chief Compliance Officer 

Address for Notices: 

QS Investors, LLC  

880 Third Avenue, 7th Floor  

New York, NY 10022  

Attn: Business Management 

BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC 

By: /s/ Mark Glassman 

Name: Mark P. Glassman 

Title: Chief Administrative Officer 

Address for Notices: 

Brandywine Global Investment Management, LLC 1735 Market Street, Suite 1800 

Philadelphia, PA 19103  

CLEARBRIDGE INVESTMENTS, LLC 

By: /s/ Cindy K. List 

Name: Cindy List 

Title: Chief Financial Officer 

Address for Notices: 

ClearBridge Investments, LLC 

620 8th Avenue 

New York, NY 10018 

WESTERN ASSET MANAGEMENT COMPANY, LLC 

By: /s/ Marzo Bernardi 

Name: Marzo Bernardi 

Title: Director of Global Client Service & Marketing 

Address for Notices: 

Western Asset Management Company, LLC 

385 East Colorado Boulevard 

Pasadena, CA 91101  

WESTERN ASSET MANAGEMENT COMPANY LIMITED 

By: /s/ Marzo Bernardi 

Name: Marzo Bernardi 

Title: Director of Global Client Service & Marketing 

Address for Notices: 

Western Asset Management Company Limited 

10 Exchange Square 

Primrose Street 

London EC2A 2EN  

FRANKLIN ADVISERS, INC. 

By: /s/ William Yun 

Name: William Y. Yun 

Title: Executive Vice President 

Address for Notices:     Franklin Advisers, Inc.  One Franklin Parkway  San Mateo, California 99403  Attn: General Counsel  With a copy to:  Franklin Templeton Investments
One Franklin Parkway
San Mateo, California 99403 
Attn: General Counsel 

Effective Date as Revised: August 7, 2021 

SCHEDULE A 

ADVANCED SERIES TRUST
 

As compensation for services provided by Franklin Advisers, Inc. (“Franklin”) and its affiliates, Brandywine Global Investment Management, LLC, ClearBridge Investments, LLC, Western Asset Management Company, LLC and Western Asset Management Company Limited, Inc. for the AST Franklin 85/15 Diversified Allocation Portfolio (the “Portfolio”), PGIM Investments LLC will pay Franklin a subadvisory fee on the aggregate net assets managed by the Subadvisers that is equal, on an annualized basis, to the following: 

Portfolio Name	Contractual Subadvisory Fee Rate*
AST Franklin 85/15 Diversified Allocation Portfolio	0.330% of average daily net assets to $250 million; 0.305% of average daily net assets over $250 million to $500 million; 0.280% of average daily net assets over $500 million to $750 million; 0.255% of average daily net assets over $750 million to $1 billion; 0.230% of average daily net assets over $1 billion to $2 billion; and 0.205% of average daily net assets over $2 billion.

* Franklin has agreed to a contractual fee waiver arrangement that applies to the Portfolio. Under this arrangement, Franklin will waive its subadvisory fee for the Portfolio in an amount equal to the acquired fund subadvisory fee paid to Franklin for any portfolio affiliated with the Trust.  In addition, Franklin will waive its subadvisory fee for the Portfolio in an amount equal to the management or subadvisory fee it receives for acquired funds that are not affiliated with the Trust.  Notwithstanding the foregoing, the subadvisory fee waiver will not exceed 100% of the subadvisory fee. 

Effective Date as Revised: August 7, 2021 

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