Form POS AMI ADVANCED SERIES TRUST

ADVANCED SERIES TRUST

AST T. Rowe Price Fixed Income Central Portfolio

Supplement dated July 19, 2024 to the

Currently Effective Prospectus and Statement of Additional Information

This supplement should be read in conjunction with the currently effective Prospectus (the Prospectus) and Statement of Additional Information (SAI) for Advanced Series Trust (the Trust) relating to the AST T. Rowe Price Fixed Income Central Portfolio, (the Portfolio). 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.

Effective immediately, Christopher P. Brown and Anna Alexandra Dreyer will replace Stephen L. Bartolini and Saurabh Sud as the Portfolio’s co-portfolio managers.

To reflect this change, the Portfolio’s Prospectus and SAI will hereby be revised as follows effective immediately:

I.All references to Mr. Bartolini and Mr. Sud will hereby be removed from the Trust’s Prospectus and SAI relating to the Portfolio.

II.The table in the section of the Prospectus entitled “MANAGEMENT OF THE PORTFOLIOS – MANAGEMENT OF THE AST T. ROWE PRICE FIXED INCOME CENTRAL PORTFOLIO,” will hereby be revised by adding the following information with respect to Mr. Brown and Ms. Dreyer:

III. The following will hereby be added in the section of the Prospectus entitled “PORTFOLIO MANAGERS – AST T. Rowe Price Fixed Income Central Portfolio”:

Christopher P. Brown, Mr. Brown joined the Firm in 2005, and his investment experience dates from 2000. During the past five years, he has served as a portfolio manager and as the head of Securitized Products in the Firm’s Fixed Income Division.

Alexandra Dreyer, Ms. Dreyer joined the Firm in 2008, and her investment experience dates from that time. During the past five years, she has served as a portfolio manager and as the head of Fixed Income Quantitative Risk and Portfolio Construction Research in the Firm’s Fixed Income Division. Prior to joining the Firm’s Fixed Income Division, she was a portfolio manager and an associate director of research in the Firm’s Multi-Asset Division.

IV. The table in Part I of the SAI entitled “PORTFOLIO MANAGERS: OTHER ACCOUNTS – T. Rowe Price Fixed Income Central Portfolio” will hereby be revised by adding the following information with respect to Mr. Brown and Ms. Dreyer:

*Information as of 05/31/2024

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.