Advanced Series Trust AST Academic Strategies Asset ... - Prudential

SUMMARY: AST JPMORGAN STRATEGIC OPPORTUNITIES PORTFOLIO
INVESTMENT OBJECTIVES
The investment objective of the Portfolio is To seek to maximize return compared to the benchmark through security selection and
tactical asset allocation.
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.
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.00%
Distribution (12b-1) Fees
Other Expenses .31%
-Dividend Expense on Short Sales .17%
-Broker Fees and Expenses on Short Sales -
Acquired Fund Fees & Expenses -
Total Annual Portfolio Operating Expenses 1.31%
None
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:
1 Year 3 Years 5 Years 10 Years
AST JPMorgan Strategic Opportunity $133 $415 $718 $1,579
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. During the most recent fiscal year ended
December 31, the Portfolio’s turnover rate was 75% of the average value of its portfolio.
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies. Within its equity allocations, the Portfolio primarily invests in the common stock and convertible
securities of U.S. and foreign companies, including companies that are located or domiciled in, or that derive significant revenues or
profits from, emerging market countries. Equity securities in which the Portfolio can invest may include common stocks, preferred
stocks, convertible securities, depositary receipts, warrants and rights to buy common stocks, and master limited partnerships. The
Portfolio may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it
can invest.
The Portfolio will invest in securities denominated in foreign currencies and may seek to enhance returns and/or manage currency
risk versus the benchmark where appropriate through managing currency exposure. Capital markets in certain countries may be less
developed and/or not easy to access.
With its fixed income allocation, the Portfolio may invest in a wide range of debt securities of issuers from the U.S. and other
markets, both developed and emerging. Investments may be issued or guaranteed by a wide variety of entities including governments
and their agencies, corporations, financial institutions and supranational organizations that the Portfolio believes have the potential to
provide a high total return over time. The Portfolio may invest in inflation-linked debt securities, including fixed and floating rate debt
securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected
Securities (TIPS). The Portfolio may invest in mortgage-related securities issued by governmental entities and private issuers. The
Portfolio may invest assets in securities that are rated below investment grade (junk bonds) by Moody’s Investor Services, Inc.
(Moody’s), Standard & Poor’s Corporation (S&P), Fitch Ratings (Fitch) or the equivalent by another national rating organization, or
securities that are unrated but are deemed by the Portfolio’s subadviser to be of comparable quality. Securities rated below investment
grade may include so called “distressed debt” (i.e., securities of issuers experiencing financial or operating difficulties or operating in
troubled industries that present attractive risk-reward characteristics). The Portfolio also may invest in floating rate securities, whose
113