0000814679
2024-05-01
2024-05-01
0000814679
ast:S000001985Member
2024-05-01
2024-05-01
iso4217:USD
pure
false
2024-12-19
2023-12-31
497
0000814679
N-1A
<div class="p0 ft0" style="text-align: left; padding-left: 246px; margin-top: 0px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">ADVANCED SERIES TRUST</div>
<div class="p1 ft1" style="text-align: left; padding-left: 240px; margin-top: 1px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">AST International Equity Portfolio</div>
<div class="p2 ft0" style="text-align: left; padding-left: 208px; margin-top: 15px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">Supplement dated December 19, 2024 to the</div>
<div class="p3 ft0" style="text-align: left; padding-left: 121px; margin-top: 1px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">Prospectus and Summary Prospectus, dated May 1, 2024, as supplemented</div>
<div class="p4 ft1" style="text-align: justify; padding-left: 2px; padding-right: 77px; margin-top: 15px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">This supplement should be read in conjunction with the prospectus (the Prospectus) and summary prospectus (the Summary Prospectus) for the AST International Equity Portfolio (the Portfolio), a series of the Advanced Series Trust (the Trust). 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 Prospectus and Summary Prospectus.</div>
<div class="p5 ft2" style="text-align: left; padding-left: 2px; margin-top: 36px; margin-bottom: 0px; font: bold 13px 'times new roman'; text-decoration: underline; line-height: 15px;">New Subadvisory Arrangements, Principal Investment Strategy and Management Fee Changes</div>
<div class="p6 ft1" style="text-align: justify; padding-left: 2px; padding-right: 72px; margin-top: 16px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">The Board of Trustees of the Trust (the Board) approved: (i) replacing LSV Asset Management (LSV) with Putnam Investment Management, LLC (Putnam) to serve as a subadviser to the Portfolio alongside Massachusetts Financial Services Company, PGIM Quantitative Solutions LLC, J.P. Morgan Investment Management Inc., and Jennison Associates LLC;</div>
<div class="p7 ft1" style="text-align: justify; padding-left: 2px; padding-right: 77px; margin-top: 1px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">(ii)</span><span class="ft3" style="font: 13px 'times new roman'; margin-left: 4px; line-height: 15px;">certain revisions to the principal investment strategy of the Portfolio to reflect the different mix of subadvisers to the Portfolio; and (iii) revisions to the Portfolio’s management fee rate schedule, which are expected to lower the Portfolio’s effective management fee. These changes are expected to become effective on or about January 13, 2025.</span></div>
<div class="p8 ft1" style="text-align: left; padding-left: 2px; padding-right: 77px; margin-top: 16px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">To reflect the changes described above, the Summary Prospectus and Prospectus are hereby revised as follows, effective January 13, 2025:</div>
<div class="p9 ft1" style="text-align: left; padding-left: 62px; padding-right: 84px; margin-top: 16px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">I.</span><span class="ft4" style="font: 13px 'times new roman'; margin-left: 40px; line-height: 15px;">All references and information for the Portfolio pertaining to LSV are hereby removed from the Prospectus and Summary Prospectus.</span></div>
<div class="p10 ft1" style="text-align: justify; padding-left: 62px; padding-right: 77px; margin-top: 16px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">II.</span><span class="ft5" style="font: 13px 'times new roman'; margin-left: 35px; line-height: 15px;">The following table hereby replaces the “Annual Portfolio Operating Expenses” table in the “PORTFOLIO FEES AND EXPENSES” section in the Summary section of the Prospectus and Summary Prospectus for the Portfolio:</span></div>
<div class="p11 ft0" style="text-align: left; padding-left: 71px; padding-right: 93px; margin-top: 17px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</div>
<table cellpadding="0" cellspacing="0" class="t0" style="width: 601px; margin-left: 63px; margin-top: 13px; font: 13px 'times new roman';">
<tr>
<td class="tr0 td0" style="height: 12.75pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr0 td1" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">Management Fees</div>
</td>
<td class="tr0 td2" style="height: 12.75pt; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.70%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">+Distribution and/or Service Fees (12b-1 Fees)</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.25%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">+Other Expenses</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.05%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">+ Acquired Fund Fees & Expenses</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.01%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">=Total Annual Portfolio Operating Expenses</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">1.01%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">-Fee Waiver and/or Expense Reimbursement</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p14 ft1" style="text-align: right; padding-right: 47px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">(0.01)%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td5" style="height: 11.25pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">=Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense</div>
</td>
<td class="tr2 td6" rowspan="2" style="height: 17.25pt; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">1.00%</div>
</td>
</tr>
<tr>
<td class="tr3 td0" style="height: 6pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr4 td3" rowspan="2" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">Reimbursement<span class="ft6" style="font: 9px 'times new roman'; line-height: 12px; position: relative; bottom: 5px;">(1)</span></div>
</td>
</tr>
<tr>
<td class="tr3 td0" style="height: 6pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr3 td4" style="height: 6pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p15 ft7" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 8px;"> </div>
</td>
</tr>
</table>
<div class="p16 ft10" style="text-align: left; padding-left: 62px; padding-right: 107px; margin-top: 0px; margin-bottom: 0px; font: 11px 'times new roman'; line-height: 14px;"><span class="ft8" style="font: 7px 'times new roman'; line-height: 8px; position: relative; bottom: 4px;">(1) </span>The Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026. This arrangement may not be terminated or modified without the prior approval of the Trust’s Board<span class="ft9" style="font: italic 11px 'times new roman'; line-height: 14px;">.</span></div>
<div class="p17 ft1" style="text-align: left; padding-left: 62px; padding-right: 78px; margin-top: 14px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">III.</span><span class="ft11" style="font: 13px 'times new roman'; margin-left: 31px; line-height: 15px;">The following table hereby replaces the “EXAMPLE” table in the “PORTFOLIO FEES AND EXPENSES” section in the Summary section of the Prospectus and Summary Prospectus for the Portfolio:</span></div>
<table cellpadding="0" cellspacing="0" class="t1" style="width: 601px; margin-left: 63px; margin-top: 14px; font: 13px 'times new roman';">
<tr>
<td class="tr0 td7" style="height: 12.75pt; padding: 0pt; margin: 0pt; width: 141pt; vertical-align: bottom; border: #000000 1px solid;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr0 td8" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 75.75pt; vertical-align: bottom;">
<div class="p18 ft0" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">1 Year</div>
</td>
<td class="tr0 td9" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p19 ft0" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">3 Years</div>
</td>
<td class="tr0 td10" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 77.25pt; vertical-align: bottom;">
<div class="p19 ft0" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">5 Years</div>
</td>
<td class="tr0 td9" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p18 ft0" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">10 Years</div>
</td>
</tr>
<tr>
<td class="tr5 td11" style="height: 10.5pt; border-left: #000000 1px solid; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 141pt; vertical-align: bottom;">
<div class="p12 ft13" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">AST International Equity</div>
</td>
<td class="tr5 td12" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 75.75pt; vertical-align: bottom;">
<div class="p18 ft13" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$102</div>
</td>
<td class="tr5 td13" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p19 ft13" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$321</div>
</td>
<td class="tr5 td14" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 77.25pt; vertical-align: bottom;">
<div class="p19 ft13" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$557</div>
</td>
<td class="tr5 td13" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p18 ft13" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$1,235</div>
</td>
</tr>
<tr>
<td class="tr4 td15" style="height: 12pt; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 141pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">Portfolio</div>
</td>
<td class="tr4 td16" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 75.75pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr4 td17" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr4 td18" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 77.25pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr4 td17" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
</tr>
</table>
<div class="p21 ft1" style="text-align: justify; padding-left: 48px; padding-right: 1px; margin-top: 0px; margin-bottom: 0px; text-indent: -47px; font: 13px 'times new roman'; line-height: 15px;">IV. The description of the Portfolio’s principal investment strategies in the “INVESTMENTS, RISKS AND PERFORMANCE” section of the Summary Prospectus and the description of the Portfolio’s principal investment strategies in the “SUMMARY: AST INTERNATIONAL EQUITY PORTFOLIO– INVESTMENTS, RISKS AND PERFORMANCE” section of the Prospectus are hereby deleted in their entirety and replaced with the description set forth below:</div>
<div class="p22 ft15" style="text-align: justify; padding-left: 48px; padding-right: 4px; margin-top: 17px; margin-bottom: 0px; font: 12px 'times new roman'; line-height: 15px;"><span class="ft14" style="font: bold 12px 'times new roman'; line-height: 15px;">Principal Investment Strategies.</span> In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in equity and equity-related securities of issuers that are economically tied to countries other than the United States. Equity and equity-related securities include, but are not limited to, common stocks, securities convertible or exchangeable for common stock or the cash value of common stock, preferred stocks, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and business development companies, investments in other mutual funds, active and passively managed exchange-traded funds (ETFs), securities of real estate investment trusts (REITs) and income and royalty trusts, structured securities including participation notes (P-Notes) and low exercise price warrants (LEPWs) or other similar securities and American Depositary Receipts (ADRs) and other similar receipts or shares, in both listed and unlisted form.</div>
<div class="p23 ft1" style="text-align: justify; padding-left: 48px; padding-right: 4px; margin-top: 34px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">The Portfolio has the flexibility to invest on a worldwide basis in companies and organizations of any size, regardless of country of organization or place of principal business activity. The Portfolio normally invests primarily in securities of issuers from at least five different countries, which may include countries with emerging markets, excluding the United States. Although the Portfolio intends to invest at least 80% of its assets in the securities of issuers economically tied to countries other than the United States, it may at times invest in US issuers and it may at times invest all of its assets in fewer than five countries or even a single country.</div>
<div class="p24 ft1" style="text-align: justify; padding-left: 48px; padding-right: 9px; margin-top: 18px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">The Portfolio is allocated among five subadvisers: J.P. Morgan Investment Management Inc. (J.P. Morgan), Jennison Associates LLC (Jennison), Massachusetts Financial Services Company (MFS), PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions) and Putnam Investment Management, LLC (Putnam Investment). The Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.</div>
<div class="p25 ft1" style="text-align: left; padding-left: 48px; padding-right: 1px; margin-top: 17px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">V.</span><span class="ft5" style="font: 13px 'times new roman'; margin-left: 35px; line-height: 15px;">The following Risks are hereby added to the “INVESTMENTS, RISKS AND PERFORMANCE – Principal Risks of Investing in the Portfolio” section of the Portfolio’s Summary Prospectus:</span></div>
<div class="p26 ft1" style="text-align: justify; padding-left: 48px; margin-top: 15px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft0" style="font: bold 13px 'times new roman'; line-height: 15px;">Currency Risk. </span>Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.</div>
<div class="p27 ft1" style="text-align: justify; padding-left: 48px; padding-right: 1px; margin-top: 18px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft0" style="font: bold 13px 'times new roman'; line-height: 15px;">Derivatives Risk. </span>A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index. The use of derivatives is a highly specialized activity that involves a variety of risks in addition to and greater than those associated with investing directly in securities, including the risk that: the party on the other side of a derivative transaction will be unable to honor its financial obligation; leverage created by investing in derivatives may result in losses to the Portfolio; derivatives may be difficult or impossible for the Portfolio to buy or sell at an opportune time or price, and may be difficult to terminate or otherwise offset; derivatives used for hedging may reduce or magnify losses but also may reduce or eliminate gains; the price of derivatives may be more volatile than the prices of traditional equity and debt securities; and changes in a derivative's value may not correlate perfectly with the assets, rates, indices or instruments it is designed to hedge or closely track. The Portfolio is subject to a derivatives risk management program, which may limit the ability of the Portfolio to invest in derivatives.</div>
<div class="p0 ft0" style="text-align: left; padding-left: 246px; margin-top: 0px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">ADVANCED SERIES TRUST</div>
<div class="p1 ft1" style="text-align: left; padding-left: 240px; margin-top: 1px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">AST International Equity Portfolio</div>
<div class="p2 ft0" style="text-align: left; padding-left: 208px; margin-top: 15px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">Supplement dated December 19, 2024 to the</div>
<div class="p3 ft0" style="text-align: left; padding-left: 121px; margin-top: 1px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">Prospectus and Summary Prospectus, dated May 1, 2024, as supplemented</div>
<div class="p4 ft1" style="text-align: justify; padding-left: 2px; padding-right: 77px; margin-top: 15px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">This supplement should be read in conjunction with the prospectus (the Prospectus) and summary prospectus (the Summary Prospectus) for the AST International Equity Portfolio (the Portfolio), a series of the Advanced Series Trust (the Trust). 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 Prospectus and Summary Prospectus.</div>
<div class="p5 ft2" style="text-align: left; padding-left: 2px; margin-top: 36px; margin-bottom: 0px; font: bold 13px 'times new roman'; text-decoration: underline; line-height: 15px;">New Subadvisory Arrangements, Principal Investment Strategy and Management Fee Changes</div>
<div class="p6 ft1" style="text-align: justify; padding-left: 2px; padding-right: 72px; margin-top: 16px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">The Board of Trustees of the Trust (the Board) approved: (i) replacing LSV Asset Management (LSV) with Putnam Investment Management, LLC (Putnam) to serve as a subadviser to the Portfolio alongside Massachusetts Financial Services Company, PGIM Quantitative Solutions LLC, J.P. Morgan Investment Management Inc., and Jennison Associates LLC;</div>
<div class="p7 ft1" style="text-align: justify; padding-left: 2px; padding-right: 77px; margin-top: 1px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">(ii)</span><span class="ft3" style="font: 13px 'times new roman'; margin-left: 4px; line-height: 15px;">certain revisions to the principal investment strategy of the Portfolio to reflect the different mix of subadvisers to the Portfolio; and (iii) revisions to the Portfolio’s management fee rate schedule, which are expected to lower the Portfolio’s effective management fee. These changes are expected to become effective on or about January 13, 2025.</span></div>
<div class="p8 ft1" style="text-align: left; padding-left: 2px; padding-right: 77px; margin-top: 16px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">To reflect the changes described above, the Summary Prospectus and Prospectus are hereby revised as follows, effective January 13, 2025:</div>
<div class="p9 ft1" style="text-align: left; padding-left: 62px; padding-right: 84px; margin-top: 16px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">I.</span><span class="ft4" style="font: 13px 'times new roman'; margin-left: 40px; line-height: 15px;">All references and information for the Portfolio pertaining to LSV are hereby removed from the Prospectus and Summary Prospectus.</span></div>
<div class="p10 ft1" style="text-align: justify; padding-left: 62px; padding-right: 77px; margin-top: 16px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">II.</span><span class="ft5" style="font: 13px 'times new roman'; margin-left: 35px; line-height: 15px;">The following table hereby replaces the “Annual Portfolio Operating Expenses” table in the “PORTFOLIO FEES AND EXPENSES” section in the Summary section of the Prospectus and Summary Prospectus for the Portfolio:</span></div>
<div class="p11 ft0" style="text-align: left; padding-left: 71px; padding-right: 93px; margin-top: 17px; margin-bottom: 0px; font: bold 13px 'times new roman'; line-height: 15px;">Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</div>
<table cellpadding="0" cellspacing="0" class="t0" style="width: 601px; margin-left: 63px; margin-top: 13px; font: 13px 'times new roman';">
<tr>
<td class="tr0 td0" style="height: 12.75pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr0 td1" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">Management Fees</div>
</td>
<td class="tr0 td2" style="height: 12.75pt; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.70%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">+Distribution and/or Service Fees (12b-1 Fees)</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.25%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">+Other Expenses</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.05%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">+ Acquired Fund Fees & Expenses</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">0.01%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">=Total Annual Portfolio Operating Expenses</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">1.01%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td3" style="height: 11.25pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">-Fee Waiver and/or Expense Reimbursement</div>
</td>
<td class="tr1 td4" style="height: 11.25pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p14 ft1" style="text-align: right; padding-right: 47px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">(0.01)%</div>
</td>
</tr>
<tr>
<td class="tr1 td0" style="height: 11.25pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr1 td5" style="height: 11.25pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">=Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense</div>
</td>
<td class="tr2 td6" rowspan="2" style="height: 17.25pt; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p13 ft1" style="text-align: right; padding-right: 49px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">1.00%</div>
</td>
</tr>
<tr>
<td class="tr3 td0" style="height: 6pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr4 td3" rowspan="2" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 347.25pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">Reimbursement<span class="ft6" style="font: 9px 'times new roman'; line-height: 12px; position: relative; bottom: 5px;">(1)</span></div>
</td>
</tr>
<tr>
<td class="tr3 td0" style="height: 6pt; padding: 0pt; margin: 0pt; width: 0pt; vertical-align: bottom;"></td>
<td class="tr3 td4" style="height: 6pt; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 102.75pt; vertical-align: bottom;">
<div class="p15 ft7" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 8px;"> </div>
</td>
</tr>
</table>
<div class="p16 ft10" style="text-align: left; padding-left: 62px; padding-right: 107px; margin-top: 0px; margin-bottom: 0px; font: 11px 'times new roman'; line-height: 14px;"><span class="ft8" style="font: 7px 'times new roman'; line-height: 8px; position: relative; bottom: 4px;">(1) </span>The Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026. This arrangement may not be terminated or modified without the prior approval of the Trust’s Board<span class="ft9" style="font: italic 11px 'times new roman'; line-height: 14px;">.</span></div>
<div class="p17 ft1" style="text-align: left; padding-left: 62px; padding-right: 78px; margin-top: 14px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">III.</span><span class="ft11" style="font: 13px 'times new roman'; margin-left: 31px; line-height: 15px;">The following table hereby replaces the “EXAMPLE” table in the “PORTFOLIO FEES AND EXPENSES” section in the Summary section of the Prospectus and Summary Prospectus for the Portfolio:</span></div>
<table cellpadding="0" cellspacing="0" class="t1" style="width: 601px; margin-left: 63px; margin-top: 14px; font: 13px 'times new roman';">
<tr>
<td class="tr0 td7" style="height: 12.75pt; padding: 0pt; margin: 0pt; width: 141pt; vertical-align: bottom; border: #000000 1px solid;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr0 td8" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 75.75pt; vertical-align: bottom;">
<div class="p18 ft0" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">1 Year</div>
</td>
<td class="tr0 td9" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p19 ft0" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">3 Years</div>
</td>
<td class="tr0 td10" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 77.25pt; vertical-align: bottom;">
<div class="p19 ft0" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">5 Years</div>
</td>
<td class="tr0 td9" style="height: 12.75pt; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p18 ft0" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: bold 13px 'times new roman'; line-height: 15px;">10 Years</div>
</td>
</tr>
<tr>
<td class="tr5 td11" style="height: 10.5pt; border-left: #000000 1px solid; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 141pt; vertical-align: bottom;">
<div class="p12 ft13" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">AST International Equity</div>
</td>
<td class="tr5 td12" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 75.75pt; vertical-align: bottom;">
<div class="p18 ft13" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$102</div>
</td>
<td class="tr5 td13" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p19 ft13" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$321</div>
</td>
<td class="tr5 td14" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 77.25pt; vertical-align: bottom;">
<div class="p19 ft13" style="text-align: left; padding-left: 7px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$557</div>
</td>
<td class="tr5 td13" style="height: 10.5pt; border-right: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p18 ft13" style="text-align: left; padding-left: 6px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 14px;">$1,235</div>
</td>
</tr>
<tr>
<td class="tr4 td15" style="height: 12pt; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 141pt; vertical-align: bottom;">
<div class="p12 ft1" style="text-align: left; padding-left: 8px; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 13px 'times new roman'; line-height: 15px;">Portfolio</div>
</td>
<td class="tr4 td16" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 75.75pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr4 td17" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr4 td18" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 77.25pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
<td class="tr4 td17" style="height: 12pt; border-right: #000000 1px solid; border-bottom: #000000 1px solid; padding: 0pt; margin: 0pt; width: 76.5pt; vertical-align: bottom;">
<div class="p15 ft12" style="text-align: left; margin-top: 0px; margin-bottom: 0px; white-space: nowrap; font: 1px 'times new roman'; line-height: 1px;"> </div>
</td>
</tr>
</table>
<div class="p21 ft1" style="text-align: justify; padding-left: 48px; padding-right: 1px; margin-top: 0px; margin-bottom: 0px; text-indent: -47px; font: 13px 'times new roman'; line-height: 15px;">IV. The description of the Portfolio’s principal investment strategies in the “INVESTMENTS, RISKS AND PERFORMANCE” section of the Summary Prospectus and the description of the Portfolio’s principal investment strategies in the “SUMMARY: AST INTERNATIONAL EQUITY PORTFOLIO– INVESTMENTS, RISKS AND PERFORMANCE” section of the Prospectus are hereby deleted in their entirety and replaced with the description set forth below:</div>
<div class="p22 ft15" style="text-align: justify; padding-left: 48px; padding-right: 4px; margin-top: 17px; margin-bottom: 0px; font: 12px 'times new roman'; line-height: 15px;"><span class="ft14" style="font: bold 12px 'times new roman'; line-height: 15px;">Principal Investment Strategies.</span> In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in equity and equity-related securities of issuers that are economically tied to countries other than the United States. Equity and equity-related securities include, but are not limited to, common stocks, securities convertible or exchangeable for common stock or the cash value of common stock, preferred stocks, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and business development companies, investments in other mutual funds, active and passively managed exchange-traded funds (ETFs), securities of real estate investment trusts (REITs) and income and royalty trusts, structured securities including participation notes (P-Notes) and low exercise price warrants (LEPWs) or other similar securities and American Depositary Receipts (ADRs) and other similar receipts or shares, in both listed and unlisted form.</div>
<div class="p23 ft1" style="text-align: justify; padding-left: 48px; padding-right: 4px; margin-top: 34px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">The Portfolio has the flexibility to invest on a worldwide basis in companies and organizations of any size, regardless of country of organization or place of principal business activity. The Portfolio normally invests primarily in securities of issuers from at least five different countries, which may include countries with emerging markets, excluding the United States. Although the Portfolio intends to invest at least 80% of its assets in the securities of issuers economically tied to countries other than the United States, it may at times invest in US issuers and it may at times invest all of its assets in fewer than five countries or even a single country.</div>
<div class="p24 ft1" style="text-align: justify; padding-left: 48px; padding-right: 9px; margin-top: 18px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;">The Portfolio is allocated among five subadvisers: J.P. Morgan Investment Management Inc. (J.P. Morgan), Jennison Associates LLC (Jennison), Massachusetts Financial Services Company (MFS), PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions) and Putnam Investment Management, LLC (Putnam Investment). The Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.</div>
<div class="p25 ft1" style="text-align: left; padding-left: 48px; padding-right: 1px; margin-top: 17px; margin-bottom: 0px; text-indent: -48px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft1" style="font: 13px 'times new roman'; line-height: 15px;">V.</span><span class="ft5" style="font: 13px 'times new roman'; margin-left: 35px; line-height: 15px;">The following Risks are hereby added to the “INVESTMENTS, RISKS AND PERFORMANCE – Principal Risks of Investing in the Portfolio” section of the Portfolio’s Summary Prospectus:</span></div>
<div class="p26 ft1" style="text-align: justify; padding-left: 48px; margin-top: 15px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft0" style="font: bold 13px 'times new roman'; line-height: 15px;">Currency Risk. </span>Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.</div>
<div class="p27 ft1" style="text-align: justify; padding-left: 48px; padding-right: 1px; margin-top: 18px; margin-bottom: 0px; font: 13px 'times new roman'; line-height: 15px;"><span class="ft0" style="font: bold 13px 'times new roman'; line-height: 15px;">Derivatives Risk. </span>A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index. The use of derivatives is a highly specialized activity that involves a variety of risks in addition to and greater than those associated with investing directly in securities, including the risk that: the party on the other side of a derivative transaction will be unable to honor its financial obligation; leverage created by investing in derivatives may result in losses to the Portfolio; derivatives may be difficult or impossible for the Portfolio to buy or sell at an opportune time or price, and may be difficult to terminate or otherwise offset; derivatives used for hedging may reduce or magnify losses but also may reduce or eliminate gains; the price of derivatives may be more volatile than the prices of traditional equity and debt securities; and changes in a derivative's value may not correlate perfectly with the assets, rates, indices or instruments it is designed to hedge or closely track. The Portfolio is subject to a derivatives risk management program, which may limit the ability of the Portfolio to invest in derivatives.</div>
ADVANCED SERIES TRUST
2024-12-19
2024-05-01