AMENDMENT NO. 3 TO MANAGEMENT AGREEMENT
AMENDMENT NO. 3 TO MANAGEMENT AGREEMENT
Amendment No. 3 to Management Agreement made this 8th day of October, 2019, by and between Advanced Series Trust (AST), on behalf of each series listed on Schedule A hereto (collectively, the Portfolios) and PGIM Investments LLC (PGIM Investments or the Manager).
WHEREAS, the Manager has entered into a Management Agreement (the Management Agreement) dated February 25, 2013 with AST for the Portfolios, as amended from time to time, pursuant to which PGIM Investments acts as Manager of AST; and
WHEREAS, AST and the Manager have mutually agreed to revise Schedule A of the Management Agreement in order to include the AST Dimensional Global Core Allocation Portfolio as a new series of AST (the New Portfolio), and whereby the New Portfolio compensates the Manager for the services provided by the Manager to the New Portfolio under the Management Agreement; and
NOW THEREFORE, the parties mutually agree as follows:
1.The management fee rate schedule for the Portfolios appearing in Schedule A of the Management Agreement is hereby deleted in its entirety and is replaced with the attached Schedule A.
2.The Management Agreement is unchanged in all other respects.
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.
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: President
PGIM INVESTMENTS LLC
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Senior Vice President
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Schedule "A" |
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Portfolio |
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Contractual Fee Rate |
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0.9325% of average daily net assets to $300 million; |
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0.9225% on next $200 million of average daily net assets; |
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0.9125% on next $250 million of average daily net assets; |
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AST AQR Emerging Markets Equity Portfolio |
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0.9025% on next $2.5 billion of average daily net assets; |
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0.8925% on next $2.75 billion of average daily net assets; |
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0.8625% on next $4 billion of average daily net assets; |
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0.8425% over $10 billion of average daily net assets |
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0.9825% of average daily net assets to $300 million; |
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0.9725% on next $200 million of average daily net assets; |
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0.9625% on next $250 million of average daily net assets; |
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AST Prudential Flexible Multi-Strategy Portfolio |
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0.9525% on next $2.5 billion of average daily net assets; |
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0.9425% on next $2.75 billion of average daily net assets; |
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0.9125% on next $4 billion of average daily net assets; |
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0.8925% over $10 billion of average daily net assets |
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0.7825% of average daily net assets to $300 million; |
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0.7725% on next $200 million of average daily net assets; |
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0.7625% on next $250 million of average daily net assets; |
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AST Xxxxxxx Xxxxx Global Growth Allocation Portfolio |
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0.7525% on next $2.5 billion of average daily net assets; |
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0.7425% on next $2.75 billion of average daily net assets; |
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0.7125% on next $4 billion of average daily net assets; |
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0.6925% over $10 billion of average daily net assets |
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0.7125% of average daily net assets to $300 million; |
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0.7025% on next $200 million of average daily net assets; |
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AST PIMCO Dynamic Bond Portfolio |
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0.6925% on next $250 million of average daily net assets; |
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0.6825% on next $2.5 billion of average daily net assets; |
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(formerly, AST Xxxxxxx Sachs Strategic Income Portfolio) |
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0.6725% on next $2.7 billion of average daily net assets; |
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0.6425% on next $4.0 billion of average daily net assets; |
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0.6225% over $10 billion of average daily net assets |
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0.7325% of average daily net assets to $300 million; |
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0.7225% on next $200 million of average daily net assets; |
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0.7125% on next $250 million of average daily net assets; |
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AST Xxxx Xxxxx Diversified Growth Portfolio |
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0.7025% on next $2.5 billion of average daily net assets; |
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0.6925% on next $2.75 billion of average daily net assets; |
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0.6625% on next $4 billion of average daily net assets; |
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0.6425% over $10 billion of average daily net assets |
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0.7325% of average daily net assets to $300 million; |
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0.7225% on next $200 million of average daily net assets; |
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0.7125% on next $250 million of average daily net assets; |
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AST X. Xxxx Price Diversified Real Growth Portfolio |
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0.7025% on next $2.5 billion of average daily net assets; |
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0.6925% on next $2.75 billion of average daily net assets; |
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0.6625% on next $4 billion of average daily net assets; |
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0.6425% over $10 billion of average daily net assets |
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0.8325% of average daily net assets to $300 million; |
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0.8225% on next $200 million of average daily net assets; |
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0.8125% on next $250 million of average daily net assets; |
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AST FQ Absolute Return Currency Portfolio |
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0.8025% on next $2.5 billion of average daily net assets; |
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0.7925% on next $2.75 billion of average daily net assets; |
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0.7625% on next $4 billion of average daily net assets; |
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0.7425% over $10 billion of average daily net assets |
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0.7825% of average daily net assets to $300 million; |
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0.7725% on next $200 million of average daily net assets; |
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0.7625% on next $250 million of average daily net assets; |
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AST Franklin Xxxxxxxxx K2 Global Absolute Return Portfolio |
0.7525% on next $2.5 billion of average daily net assets; |
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0.7425% on next $2.75 billion of average daily net assets; |
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0.7125% on next $4 billion of average daily net assets; |
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0.6925% over $10 billion of average daily net assets |
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0.4925% of average daily net assets to $500 million; |
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AST Bond Portfolio 2026* |
0.4725% on next $4.5 billion of average daily net assets; |
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0.4625% on next $5 billion of average daily net assets; |
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0.4525% over $10 billion of average daily net assets |
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0.4925% of average daily net assets to $500 million; |
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AST Bond Portfolio 2027* |
0.4725% on next $4.5 billion of average daily net assets; |
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0.4625% on next $5 billion of average daily net assets; |
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0.4525% over $10 billion of average daily net assets |
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0.4925% of average daily net assets to $500 million; |
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AST Bond Portfolio 2028* |
0.4725% on next $4.5 billion of average daily net assets; |
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0.4625% on next $5 billion of average daily net assets; |
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0.4525% over $10 billion of average daily net assets |
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0.4925% of average daily net assets to $500 million; |
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AST Bond Portfolio 2029* |
0.4725% on next $4.5 billion of average daily net assets; |
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0.4625% on next $5 billion of average daily net assets; |
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0.4525% over $10 billion of average daily net assets |
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0.4925% of average daily net assets to $500 million; |
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AST Bond Portfolio 2030* |
0.4725% on next $4.5 billion of average daily net assets; |
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0.4625% on next $5 billion of average daily net assets; |
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0.4525% over $10 billion of average daily net assets |
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0.7325% of average daily net assets to $300 million; |
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0.7225% on next $200 million of average daily net assets; |
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0.7125% on next $250 million of average daily net assets; |
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AST QMA International Core Equity Portfolio |
0.7025% on next $2.5 billion of average daily net assets; |
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0.6925% on next $2.75 billion of average daily net assets; |
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0.6625% on next $4 billion of average daily net assets; |
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0.6425% over $10 billion of average daily net assets |
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0.64% of average daily net assets to $300 million; |
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0.63% on next $200 million of average daily net assets; |
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0.62% on next $250 million of average daily net assets; |
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AST AB Global Bond Portfolio |
0.61% on next $2.5 billion of average daily net assets; |
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0.60% on next $2.75 billion of average daily net assets; |
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0.57% on next $4 billion of average daily net assets; |
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0.55% over $10 billion of average daily net assets |
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0.64% of average daily net assets to $300 million; |
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0.63% on next $200 million of average daily net assets; |
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0.62% on next $250 million of average daily net assets; |
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AST Xxxxxxx Sachs Global Income Portfolio |
0.61% on next $2.5 billion of average daily net assets; |
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0.60% on next $2.75 billion of average daily net assets; |
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0.57% on next $4 billion of average daily net assets; |
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0.55% over $10 billion of average daily net assets |
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AST Managed Alternatives Portfolio |
0.15% of average daily net assets |
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1.04% of average daily net assets to $300 million; |
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1.03% on next $200 million of average daily net assets; |
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1.02% on next $250 million of average daily net assets; |
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AST Xxxxxxxxx Xxxxxx Long/Short Portfolio |
1.01% on next $2.5 billion of average daily net assets; |
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1.00% on next $2.75 billion of average daily net assets; |
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0.97% on next $4 billion of average daily net assets; |
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0.95% over $10 billion of average daily net assets |
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0.64% of average daily net assets to $300 million; |
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0.63% on next $200 million of average daily net assets; |
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0.62% on next $250 million of average daily net assets; |
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AST Wellington Management Global Bond Portfolio |
0.61% on next $2.5 billion of average daily net assets; |
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0.60% on next $2.75 billion of average daily net assets; |
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0.57% on next $4 billion of average daily net assets; |
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0.55% over $10 billion of average daily net assets |
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0.6825% of average daily net assets to $300 million; |
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0.6725% on next $200 million of average daily net assets; |
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0.6625% on next $250 million of average daily net assets; |
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AST American Funds Growth Allocation Portfolio |
0.6525% on next $2.5 billion of average daily net assets; |
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0.6425% on next $2.75 billion of average daily net assets; |
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0.6125% on next $4 billion of average daily net assets; |
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0.5925% over $10 billion of average daily net assets |
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0.525% of average daily net assets to $300 million; |
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0.515% on next $200 million of average daily net assets; |
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0.505% on next $250 million of average daily net assets; |
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AST BlackRock 60/40 Target Allocation ETF Portfolio |
0.495% on next $2.5 billion of average daily net assets; |
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0.485% on next $2.75 billion of average daily net assets; |
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0.455% on next $4 billion of average daily net assets; |
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0.435% over $10 billion of average daily net assets |
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0.525% of average daily net assets to $300 million; |
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0.515% on next $200 million of average daily net assets; |
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0.505% on next $250 million of average daily net assets; |
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AST BlackRock 80/20 Target Allocation ETF Portfolio |
0.495% on next $2.5 billion of average daily net assets; |
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0.485% on next $2.75 billion of average daily net assets; |
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0.455% on next $4 billion of average daily net assets; |
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0.435% over $10 billion of average daily net assets |
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0.5325% of average daily net assets to $300 million; |
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0.5225% on next $200 million of average daily net assets; |
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0.5125% on next $250 million of average daily net assets; |
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0.5025% on next $2.5 billion of average daily net assets; |
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AST BlackRock Corporate Bond Portfolio |
0.4925% on next $2.75 billion of average daily net assets; |
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0.4625% on next $4 billion of average daily net assets; |
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0.4425% on next $2.5 billion of average daily net assets; |
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0.4225% on next $2.5 billion of average daily net assets; |
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0.4025% on next $5 billion of average daily net assets; |
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0.3825% over $20 billion of average daily net assets |
0.5325% of average daily net assets to $300 million; 0.5225% on next $200 million of average daily net assets; 0.5125% on next $250 million of average daily net assets; 0.5025% on next $2.5 billion of average daily net assets;
AST PIMCO Corporate Bond Portfolio0.4925% on next $2.75 billion of average daily net assets; 0.4625% on next $4 billion of average daily net assets;
0.4425% on next $2.5 billion of average daily net assets; 0.4225% on next $2.5 billion of average daily net assets; 0.4025% on next $5 billion of average daily net assets; 0.3825% over $20 billion of average daily net assets
0.5325% of average daily net assets to $300 million; 0.5225% on next $200 million of average daily net assets; 0.5125% on next $250 million of average daily net assets; 0.5025% on next $2.5 billion of average daily net assets;
AST Prudential Corporate Bond Portfolio**0.4925% on next $2.75 billion of average daily net assets; 0.4625% on next $4 billion of average daily net assets;
0.4425% on next $2.5 billion of average daily net assets; 0.4225% on next $2.5 billion of average daily net assets; 0.4025% on next $5 billion of average daily net assets; 0.3825% over $20 billion of average daily net assets
0.5325% of average daily net assets to $300 million; 0.5225% on next $200 million of average daily net assets; 0.5125% on next $250 million of average daily net assets; 0.5025% on next $2.5 billion of average daily net assets;
AST X. Xxxx Price Corporate Bond Portfolio0.4925% on next $2.75 billion of average daily net assets; 0.4625% on next $4 billion of average daily net assets;
0.4425% on next $2.5 billion of average daily net assets; 0.4225% on next $2.5 billion of average daily net assets; 0.4025% on next $5 billion of average daily net assets; 0.3825% over $20 billion of average daily net assets
0.5325% of average daily net assets to $300 million; 0.5225% on next $200 million of average daily net assets; 0.5125% on next $250 million of average daily net assets; 0.5025% on next $2.5 billion of average daily net assets;
AST Western Asset Corporate Bond Portfolio0.4925% on next $2.75 billion of average daily net assets; 0.4625% on next $4 billion of average daily net assets;
0.4425% on next $2.5 billion of average daily net assets; 0.4225% on next $2.5 billion of average daily net assets; 0.4025% on next $5 billion of average daily net assets; 0.3825% over $20 billion of average daily net assets
0.6825% of average daily net assets to $300 million; 0.6725% on next $200 million of average daily net assets; 0.6625% on next $250 million of average daily net assets;
AST Dimensional Global Core Allocation Portfolio0.6525% on next $2.5 billion of average daily net assets; 0.6425% on next $2.75 billion of average daily net assets; 0.6125% on next $4 billion of average daily net assets; 0.5925% over $10 billion of average daily net assets
*The assets for each of the AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028 and AST Bond Portfolio 2029, AST Bond Portfolio 2030 will be aggregated with each of the AST Bond Portfolio 2019, AST Bond Portfolio 2020, AST Bond Portfolio 2021, AST Bond Portfolio 2022, AST Bond Portfolio 2023, AST Bond Portfolio 2024, AST Bond Portfolio 2025 and AST Investment Grade Bond Portfolio for purposes of determining the fee rate applicable to each Portfolio.
**The assets of the AST Prudential Corporate Bond Portfolio will be aggregated with the assets of the AST Multi- Sector Fixed Income Portfolio.
