ADVANCED SERIES TRUST AMENDMENT NO.7 TO MANAGEMENT AGREEMENT
Exhibit 99.(6)(a)(ii)
AMENDMENT NO.7 TO MANAGEMENT AGREEMENT
Amendment No. 7 to Management Agreement made this 27th day of September 2024, between Advanced Series Trust (AST), on behalf of each series listed on Schedule A hereto (collectively, the Portfolios), PGIM Investments LLC and AST Investment Services, Inc. (collectively, the Manager).
WHEREAS, the Manager has entered into a Management Agreement (the Management Agreement) dated May 1, 2003 with AST for the Portfolios, as amended from time to time, pursuant to which PGIM Investments and ASTIS act as Manager of AST; and
WHEREAS, AST and the Manager have mutually agreed to revise Schedule A of the Management Agreement, in order reduce the management fee for the AST Core Fixed Income Portfolio pursuant to which the AST Core Fixed Income Portfolio compensates the Manager for the services provided by the Manager to the AST Core Fixed Income Portfolio under the Management Agreement.
NOW THEREFORE, the parties mutually agree as follows:
1. The management fee rate schedule for the Portfolios appearing in Schedule A 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.
| ADVANCED SERIES TRUST | ||
| By: | /s/ Xxxxxxx Xxxxxx | |
| Name: | Xxxxxxx Xxxxxx | |
| Title: | President | |
| PGIM INVESTMENTS LLC | ||
| By: | /s/ Xxxxxxx Xxxxxx | |
| Name: | Xxxxxxx Xxxxxx | |
| Title: | Senior Vice President | |
| AST INVESTMENT SERVICES, INC. | ||
| By: | /s/ Xxxxxxx Xxxxxx | |
| Name: | Xxxxxxx Xxxxxx | |
| Title: | President | |
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|
Schedule “A” | |
| Portfolio | Contractual Fee Rate |
| AST Academic Strategies Asset Allocation Portfolio* | 0.9325% of average daily net assets to $300 million; 0.9225% on next $200 million of average daily net assets; 0.9125% on next $250 million of average daily net assets; 0.9025% on next $2.5 billion of average daily net assets; 0.8925% on next $2.75 billion of average daily net assets; 0.8625% on next $4 billion of average daily net assets; 0.8425% on next $2.5 billion of average daily net assets; 0.8225% on next $2.5 billion of average daily net assets; 0.8025% on next $5 billion of average daily net assets; 0.7825% on next $5 billion of average daily net assets; 0.7625% on next $5 billion of average daily net assets; 0.7425% on next $5 billion of average daily net assets; 0.7225% on next $5 billion of average daily net assets; 0.7025% over $40 billion of average daily net assets |
| AST Advanced Strategies Portfolio | 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; 0.6525% 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% on next $2.5 billion of average daily net assets; 0.5725% on next $2.5 billion of average daily net assets; 0.5525% on next $5 billion of average daily net assets; 0.5325% over $20 billion of average daily net assets |
| AST Balanced Asset Allocation Portfolio* | 0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% on next $2.5 billion of average daily net assets; 0.6225% on next $2.5 billion of average daily net assets; 0.6025% on next $5 billion of average daily net assets; 0.5825% on next $5 billion of average daily net assets; 0.5625% on next $5 billion of average daily net assets: 0.5425% on next $5 billion of average daily net assets; 0.5225% on next $5 billion of average daily net assets; 0.5025% over $40 billion of average daily net assets |
| AST Bond Portfolio 2024† | 0.4925% of average daily net assets to $500 million; 0.4725% on next $4.5 billion of average daily net assets; 0.4625% on next $5 billion of average daily net assets; 0.4525% over $10 billion of average daily net assets |
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| AST Bond Portfolio 2025† | 0.4925% of average daily net assets to $500 million; 0.4725% on next $4.5 billion of average daily net assets; 0.4625% on next $5 billion of average daily net assets; 0.4525% over $10 billion of average daily net assets |
| AST Capital Growth Asset Allocation Portfolio* | 0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% on next $2.5 billion of average daily net assets; 0.6225% on next $2.5 billion of average daily net assets; 0.6025% on next $5 billion of average daily net assets; 0.5825% on next $5 billion of average daily net assets; 0.5625% on next $5 billion of average daily net assets: 0.5425% on next $5 billion of average daily net assets; 0.5225% on next $5 billion of average daily net assets; 0.5025% over $40 billion of average daily net assets |
| AST ClearBridge Dividend Growth Portfolio | 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; 0.6525% 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 |
| XXX Xxxxx & Steers Realty Portfolio | 0.8325% of average daily net assets to $300 million; 0.8225% on next $200 million of average daily net assets; 0.8125% on next $250 million of average daily net assets; 0.8025% on next $2.5 billion of average daily net assets; 0.7925% on next $2.75 billion of average daily net assets; 0.7625% on next $4 billion of average daily net assets; 0.7425% over $10 billion of average daily net assets |
| AST Core Fixed Income Portfolio (formerly, AST Western Asset Core Plus Bond Portfolio) |
0.4125% of average daily net assets to $10 billion; 0.3925% over $10 billion of average daily net assets |
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| AST Emerging Markets Equity Portfolio (formerly, AST Parametric Emerging Markets Equity Portfolio) |
0.9325% of average daily net assets to $300 million; 0.9225% on next $200 million of average daily net assets; 0.9125% on next $250 million of average daily net assets; 0.9025% on next $2.5 billion of average daily net assets; 0.8925% on next $2.75 billion of average daily net assets; 0.8625% on next $4 billion of average daily net assets; 0.8425% over $10 billion of average daily net assets |
| AST Government Money Market Portfolio (formerly, AST Money Market Portfolio) |
0.3000% of average daily net assets to $3.25 billion; 0.2925% on next $2.75 billion of average daily net assets; 0.2625% on next $4 billion of average daily net assets; 0.2425% over $10 billion of average daily net assets |
| AST High Yield Portfolio | 0.5825% of average daily net assets to $300 million; 0.5725% on next $200 million of average daily net assets; 0.5625% on next $250 million of average daily net assets; 0.5525% on next $2.5 billion of average daily net assets; 0.5425% on next $2.75 billion of average daily net assets; 0.5125% on next $4 billion of average daily net assets; 0.4925% over $10 billion of average daily net assets |
| AST International Equity Portfolio (formerly, AST International Growth Portfolio) |
0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% over $10 billion of average daily net assets |
| AST Investment Grade Bond Portfolio† | 0.4925% of average daily net assets to $500 million; 0.4725% on next $4.5 billion of average daily net assets; 0.4625% on next $5 billion of average daily net assets; 0.4525% over $10 billion of average daily net assets |
| AST X.X. Xxxxxx Global Thematic Portfolio | 0.7825% of average daily net assets to $300 million; 0.7725% on next $200 million of average daily net assets; 0.7625% on next $250 million of average daily net assets; 0.7525% on next $2.5 billion of average daily net assets; 0.7425% on next $2.75 billion of average daily net assets; 0.7125% on next $4 billion of average daily net assets; 0.6925% over $10 billion of average daily net assets |
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| AST X.X. Xxxxxx Tactical Preservation Portfolio | 0.7825% of average daily net assets to $300 million; 0.7725% on next $200 million of average daily net assets; 0.7625% on next $250 million of average daily net assets; 0.7525% on next $2.5 billion of average daily net assets; 0.7425% on next $2.75 billion of average daily net assets; 0.7125% on next $4 billion of average daily net assets; 0.6925% over $10 billion of average daily net assets |
| AST Large-Cap Core Portfolio (formerly, AST QMA Large-Cap Portfolio) |
0.5825% of average daily net assets up to $300 million; 0.5725% on next $200 million of average daily net assets; 0.5625% on next $250 million of average daily net assets; 0.5525% on next $2.5 billion of average daily net assets; 0.5425% on next $2.75 billion of average daily net assets; 0.5125% on next $4 billion of average daily net assets; 0.4925% over $10 billion of average daily net assets |
| AST Large-Cap Growth Portfolio (formerly, AST X. Xxxx Price Large-Cap Growth Portfolio) |
0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $250 million of average daily net assets; 0.6525% on next $2.25 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 |
| AST Large-Cap Value Portfolio (formerly, AST Hotchkis & Wiley Large-Cap Value Portfolio) |
0.5825% of average daily net assets to $300 million; 0.5725% on next $200 million of average daily net assets; 0.5625% on next $250 million of average daily net assets; 0.5525% on next $2.5 billion of average daily net assets; 0.5425% on next $2.75 billion of average daily net assets; 0.5125% on next $4 billion of average daily net assets; 0.4925% over $10 billion of average daily net assets |
| AST MFS Global Equity Portfolio | 0.8325% of average daily net assets to $300 million; 0.8225% on next $200 million of average daily net assets; 0.8125% on next $250 million of average daily net assets; 0.8025% on next $2.5 billion of average daily net assets; 0.7925% on next $2.75 billion of average daily net assets; 0.7625% on next $4 billion of average daily net assets; 0.7425% over $10 billion of average daily net assets |
| AST Mid-Cap Growth Portfolio (formerly, AST Xxxxxxx Xxxxx Mid-Cap Growth Portfolio) |
0.8325% of average daily net assets to $300 million; 0.8225% on next $200 million of average daily net assets; 0.8125% on next $250 million of average daily net assets; 0.8025% on next $2.5 billion of average daily net assets; 0.7925% on next $2.75 billion of average daily net assets; 0.7625% on next $4 billion of average daily net assets; 0.7425% over $10 billion of average daily net assets |
| AST Mid-Cap Value Portfolio (formerly, AST Xxxxxxxxx Xxxxxx/LSV Mid-Cap Value Portfolio) |
0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $250 million of average daily net assets; 0.6525% on next $2.25 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 |
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| AST Multi-Sector Fixed Income Portfolio | 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; 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 |
| AST Preservation Asset Allocation Portfolio* | 0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% on next $2.5 billion of average daily net assets; 0.6225% on next $2.5 billion of average daily net assets; 0.6025% on next $5 billion of average daily net assets; 0.5825% on next $5 billion of average daily net assets; 0.5625% on next $5 billion of average daily net assets: 0.5425% on next $5 billion of average daily net assets; 0.5225% on next $5 billion of average daily net assets; 0.5025% over $40 billion of average daily net assets |
| AST Prudential Growth Allocation Portfolio | 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; 0.6525% 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% on next $2.5 billion of average daily net assets; 0.5725% on next $2.5 billion of average daily net assets; 0.5525% on next $5 billion of average daily net assets; 0.5325% over $20 billion of average daily net assets |
| AST Quantitative Modeling Portfolio | 0.7325% to $300 million of average daily net assets; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% over $10 billion of average daily net assets. |
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| AST Small-Cap Growth Portfolio | 0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% over $10 billion of average daily net assets |
| AST Small-Cap Value Portfolio | 0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% over $10 billion of average daily net assets |
| AST X. Xxxx Price Asset Allocation Portfolio | 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; 0.6525% 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% on next $2.5 billion of average daily net assets; 0.5725% on next $2.5 billion of average daily net assets; 0.5525% on next $5 billion of average daily net assets; 0.5325% over $20 billion of average daily net assets |
| AST X. Xxxx Price Growth Opportunities Portfolio | 0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% over $10 billion of average daily net assets |
| AST X. Xxxx Price Natural Resources Portfolio | 0.7325% of average daily net assets to $300 million; 0.7225% on next $200 million of average daily net assets; 0.7125% on next $250 million of average daily net assets; 0.7025% on next $2.5 billion of average daily net assets; 0.6925% on next $2.75 billion of average daily net assets; 0.6625% on next $4 billion of average daily net assets; 0.6425% over $10 billion of average daily net assets |
* The Manager will aggregate assets with the AST Academic Strategies Asset Allocation Portfolio, AST Balanced Asset Allocation Portfolio, AST Capital Growth Asset Allocation Portfolio, and AST Preservation Asset Allocation Portfolio for the purpose of calculating the management fee for each Portfolio.
† The assets for each of the AST Bond Portfolio 2024, AST Bond Portfolio 2025, AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035 and AST Investment Grade Bond Portfolio (each a Bond Portfolio) are aggregated for purposes of determining the fee rate applicable to each Bond Portfolio.
As of September 27, 2024.
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