ADVANCED SERIES TRUST
AST Bond Portfolio 2036
SUMMARY PROSPECTUS • January 2, 2025
Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. You can find the Portfolio’s Prospectus, Statement of Additional Information (SAI), and other information about the Portfolio online at www.prudential.com/variableinsuranceportfolios. You can also get this information
at no cost by calling 1-800-346-3778 or by sending an e-mail to: service@prudential.com. The Portfolio’s Prospectus and SAI, both dated January 2, 2025, as supplemented and amended from time to time, are hereby incorporated by reference into (legally made a part of) this Summary Prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to seek the highest total return for
a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current
income and capital appreciation.
PORTFOLIO FEES AND EXPENSES
The table below shows the fees and expenses that you may pay if you invest in shares
of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees
and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus
for more information about Contract charges.
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Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)(1)
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Management Fees
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0.46%
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+ Distribution and/or Service Fees (12b-1 Fees)
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0.25%
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+ Other Expenses(2)
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0.07%
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+ Acquired Fund Fees and Expenses
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0.05%
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= Total Annual Portfolio Operating Expenses
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0.83%
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-Fee Waiver and/or Expense Reimbursement
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(0.02)%
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= Total Annual Portfolio Operating Expense After Fee Waiver and/or Expense Reimbursement(3)
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0.81%
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(1) The Portfolio will commence operations on or about January 2, 2025.
(2) Other expenses (which include expenses for accounting and valuation services, custodian
fees, audit fees, legal fees, transfer agency fees, fees paid to Independent Trustees,
and certain other miscellaneous items) are estimated for the current fiscal year. Estimates
are based in part on assumed average daily net assets of $200 million for the Portfolio
for the fiscal year ending December 31, 2024.
(3)The Manager has contractually agreed to waive 0.02% of its investment management fee
through June 30, 2026. In addition, the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so
that the Portfolio's investment management fee plus other expenses (exclusive of certain
expenses as described more fully in the Trust's Statement of Additional Information) do not exceed
0.910% of the Portfolio's average daily net assets through June 30, 2026. Expenses
waived/reimbursed by the Manager for the purpose of preventing the expenses from exceeding
a certain expense ratio limit may be recouped by the Manager within the same fiscal
year during which such waiver/reimbursement is made if such recoupment can be realized
without exceeding the expense limit in effect at the time of the recoupment for that
fiscal year. These arrangements may not be terminated or modified without the prior approval of the Trust's
Board of Trustees.
Example. The following example is intended to help you compare the cost of investing in the
Portfolio with the cost of investing in other mutual funds. The table does not include Contract charges. Because
Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses
set forth in the example. See your Contract prospectus for more information about Contract charges.
The example assumes that you invest $10,000 in the Portfolio for the time periods
indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment
has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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1 Year
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3 Years
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AST Bond Portfolio 2036
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$83
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$263
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Portfolio Turnover. The Portfolio pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio's
performance. No portfolio turnover rate is presented for the Portfolio because it has not completed its first
fiscal year of operations.
898SUMPROS
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies.
The Portfolio is a target maturity bond portfolio that is managed to provide investment
exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified
in the Portfolio's name.
Under normal circumstances, the Portfolio invests approximately 95% of its assets
in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration
overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the
Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2025 – AST Bond Portfolio 2036). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather
than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately
5% to manage the applicable target duration for the Portfolio.
In pursuing its investment objective, the Central Portfolio normally invests at least
80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt
obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of
comparable quality by the Central Portfolio’s subadviser, PGIM Fixed Income, and high-quality money market instruments.
In managing the Central Portfolio’s assets, PGIM Fixed Income (the subadviser) uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models
and risk management systems. In its top-down economic analysis, the subadviser develops views on economic, policy and
market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating
and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser
may also consider investment factors such as expected total return, yield, spread and potential for price appreciation
as well as credit quality, maturity and risk. The Central Portfolio may invest in a security based upon the expected total return
rather than the yield of such security.
The Central Portfolio may also invest up to 10% of its net assets in high-yield debt
securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds
(debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US
dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures.
The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.
PGIM Fixed Income currently intends to maintain an overall weighted average credit
quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will
be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades
of individual portfolio securities, the PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances.
The Portfolio is managed to mature on or about the end of the year identified in its name in order
to match the related liability under certain living benefit programs. In addition, the Portfolio’s duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio’s subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed
Maturity (2036) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate
Bond Index. On or about the Portfolio’s maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption
will be reallocated in accordance with the procedures applicable to the Contract owner’s Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of
its assets in the Central Portfolio at that time, while continuing to seek its investment objective.
Contract owners cannot select the Portfolio for investment. Instead, if a Contract
owner selected certain benefits under their Contract, the Contract owner’s account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued
by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company
(formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate
Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant
Participating Insurance Company or their financial professional.
Principal Risks of Investing in the Portfolio. The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All
investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot
guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying
portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly
by the Portfolio or indirectly through investments made by the Central Portfolio or other underlying portfolios in which
the Portfolio invests.
Fixed Income Securities Risk. Investment in fixed income securities involves a variety of risks, including that:
an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due
to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price
it values the security or at any price; and the Portfolio’s investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio’s investment in fixed income securities will go down in value. In recent years, the Federal Open Market Committee (FOMC) began implementing increases to the
federal funds interest rate and there may be further rate increases. To the extent rates increase substantially and/or
rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes
in interest rates may also affect the liquidity of the Portfolio’s investments in fixed income securities.
High Yield Risk. Investments in fixed income instruments rated below investment grade and unrated
instruments of similar credit quality (i.e., “high yield securities” or “junk bonds”) may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative
characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment
may lose significant value before a default occurs.
Fund of Funds Risk. In addition to the risks associated with the investment in an underlying portfolio,
the Portfolio is exposed to the investment objectives, investment risks, and investment performance
of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio
and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur
its pro rata share of the relevant underlying portfolios’ expenses, which will reduce the Portfolio’s performance.
Asset-Backed and/or Mortgage-Backed Securities Risk. Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such
as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed
and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened
in connection with investments in loans to “subprime” borrowers. Certain asset-backed and mortgage-backed securities are subject to the
risk that those obligations will be repaid sooner than expected or later than expected, either of
which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are
also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates
of default on the underlying mortgages than securities backed by government-issued mortgages.
Asset Transfer Program Risk. Predetermined, nondiscretionary mathematical formulas used by the Participating
Insurance Companies to manage the guarantees offered in connection with certain benefit programs
under the Contracts may result in systematic transfers of assets among the investment options under the Contracts,
including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or
transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale
asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile,
expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase
or sell securities at inopportune times, by otherwise limiting the subadviser’s ability to fully implement the Portfolio’s investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than
it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high operating expense ratios for
the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation
of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as
intended which in turn could adversely affect performance.
Credit Risk. This is the risk that the issuer, the guarantor, or the insurer of a fixed income
security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed
security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its
obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the
issuer could have a significant effect on an issuer’s or obligor’s ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.
Currency Risk. 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.
Derivatives Risk. 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.
Economic and Market Events Risk. Economic and market events risk is the risk that one or more markets in which the
Portfolio invests will decline in value, including the possibility that the markets
will decline sharply and unpredictably. While a Portfolio’s Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden
and extreme. Significant shocks to or disruptions of the financial markets or the economy, including those
relating to general economic, political, or financial market conditions; significant or unexpected failures, near-failures
or credit downgrades of key institutions; investor sentiment and market perceptions; unexpected changes in the prices of key
commodities; government actions; geopolitical events or changes; and factors related to a specific issuer, geography,
industry or sector, could adversely affect the liquidity and volatility of securities held by the Portfolio. In periods of market
volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities
at times when it would otherwise not do so, and at unfavorable prices.
Equity and Equity-Related Securities Risk. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or
in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted
into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response
to a number of factors, such as changes in the issuer’s financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the
Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.
Expense Risk. The actual cost of investing in the Portfolio may be higher than the expenses shown
in the “Annual Portfolio Operating Expenses” table above for a variety of reasons, including, for example, if the Portfolio’s average net assets decrease.
Foreign Investment Risk. Foreign markets tend to be more volatile than US markets and are generally not subject
to regulatory requirements comparable to those in the US. Foreign securities include
investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers
denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency
exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more
volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting
and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political
or social developments may adversely affect the value of foreign securities; foreign holdings may be subject
to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely
affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions
in the global supply chain, natural disasters, and outbreaks of infectious diseases.
Interest Rate Risk. The value of your investment may go down when interest rates rise. A rise in interest
rates tends to have a greater impact on the prices of longer term or duration securities. When interest
rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required
to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is
referred to as “extension risk.” The Portfolio currently faces a heightened level of interest rate risk because of recent
increases in interest rates in the US and globally. In recent years, the Federal Open Market Committee (FOMC) began implementing
increases to the federal funds interest rate and there may be further rate increases. As interest rates rise, the
value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise.
To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments
may be subject to significant losses. Interest rates may continue to increase, possibly suddenly and significantly, with
unpredictable effects on the markets and the Portfolio’s investments. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.
Liquidity and Valuation Risk. The Portfolio may hold one or more securities for which there are no or few buyers
and sellers or the securities are subject to limitations on transfer. The Portfolio may
be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities
for the purpose of determining the Portfolio’s net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be
given that the fair value prices
accurately reflect the value of the security. The Portfolio is subject to a liquidity
risk management program, which limits the ability of the Portfolio to invest in illiquid investments.
Market and Management Risk. Markets in which the Portfolio invests may experience volatility and go down in
value, and possibly sharply and unpredictably in short periods of time. Investment techniques,
risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser
in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. The value of the Portfolio’s investments may be negatively affected by the occurrence of domestic or global events,
including war, terrorism, environmental disasters, natural disasters, sanctions, cybersecurity events, supply
chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer
demand or economic output, result in market closures, travel restrictions or quarantines, and significantly
adversely impact the economy. There is no guarantee that the investment objective of the Portfolio will be achieved.
Regulatory Risk. The Portfolio is subject to a variety of laws and regulations which govern its operations.
The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly,
the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject
to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector,
or market.
Sovereign Debt Securities Risk. Investing in foreign sovereign debt securities exposes the Portfolio to direct or
indirect consequences of political, social, or economic changes in the countries that issue
the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment
of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign
government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted
sovereign debt may be collected.
US Government Securities Risk. US Government securities may be adversely affected by changes in interest rates,
a default by, or a downgrade in the credit quality rating of, the US Government, and
may not be backed by the full faith and credit of the US Government.
Past Performance. No performance history is presented for this Portfolio, because it does not yet have
a full calendar year of performance.
MANAGEMENT OF THE PORTFOLIO
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Investment Manager
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Subadviser
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Portfolio Managers
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Title
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Service Date
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PGIM Investments LLC
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PGIM Fixed Income*;
PGIM Limited
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Richard Piccirillo
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Managing Director and
Senior Portfolio
Manager
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January 2025
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Gregory Peters
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Managing Director and
Co-Chief Investment
Officer
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January 2025
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Scott Donnelly, CFA
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Principal and Portfolio
Manager
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January 2025
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Matthew Angelucci, CFA
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Principal and Co-Senior
Portfolio Manager
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January 2025
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Tyler Thorn
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Vice President
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January 2025
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*PGIM Fixed Income is a business unit of PGIM, Inc.
TAX INFORMATION
Contract owners should consult the prospectus of the appropriate separate account
or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan.
In addition, Contract owners may wish to consult with their own tax advisors as to the tax consequences of investments
in the Contracts and the Portfolio, including the application of US federal, state, local and non-US taxes. The Portfolio
currently intends to be treated as a partnership for US federal income tax purposes. As a result, the Portfolio's income,
gains, losses, deductions, and credits are “passed through” pro rata directly to the Participating Insurance Companies and retain the same character
for US federal income tax purposes.
FINANCIAL INTERMEDIARY COMPENSATION
If you purchase your Contract through a broker-dealer or other financial intermediary
(such as a bank), the Participating Insurance Company, the Portfolio, or their related companies may pay the intermediary
for the sale of the Contract, the selection of the Portfolio, and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Contract
over another investment or insurance product, or to recommend the Portfolio over another investment option under
the Contract. Ask your salesperson or visit your financial intermediary's website for more information.
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By Mail:
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Advanced Series Trust, 655 Broad Street, Newark, NJ 07102
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By Telephone:
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1-800-346-3778
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On the Internet:
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www.prudential.com/variableinsuranceportfolios
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898SUMPROS