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

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showing how the Portfolio’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Past performance does not mean that the Portfolio will achieve similar results in the future. The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. The table also demonstrates how the Portfolio’s average annual returns compare to the returns of a custom blended stock index which includes the stocks of companies with similar investment objectives. The Portfolio’s custom blended stock index consists of the Standard & Poor’s 500 Index (60%) and the Barclays Capital U.S. Government/Credit Index (40%). The manager determined the weight of each index comprising the blended indexes. Annual Total Returns 30% 20% 10% 0 -0.48 -10% -20% -30% -40% 2000 -4.79 2001 -9.89 2002 24.02 2003 11.17 2004 4.68 2005 12.49 2006 6.32 2007 -25.94 2008 24.14 2009 Best Quarter: 2nd Quarter of 2009 13.54% Worst Quarter: 4th Quarter of 2008 -14.26% Average Annual Total Returns (For the periods ended December 31, 2009) 1 year 5 years 10 years Portfolio 24.14% 2.85% 3.09% Index Standard & Poor's 500 Index (reflects no deduction for fees, expenses or taxes) 26.47 .42 -.95 Blended Index (reflects no deduction for fees, expenses or taxes) 17.74 2.43 2.27 MANAGEMENT OF THE PORTFOLIO Investment Managers Subadviser Portfolio Managers Title Service Date <strong>Prudential</strong> Investments LLC T. Rowe Price Associates, Inc. Edmund M. Notzon, III, Ph.D. <strong>AST</strong> Investment Services, Inc. Ken D. Uematsu, CFA Raymond A. Mills, Ph.D., CFA Daniel O. Shackelford, CFA Anna Dopkin, CFA Paul A. Karpers, CFA Charles M. Shriver, CFA Vice President and Portfolio Manager Vice President and Portfolio Manager Vice President and Portfolio Manager Vice President and Portfolio Manager Vice President and Portfolio Manager Vice President and Portfolio Manager Vice President and Portfolio Manager January 1994 January 2009 January 2000 March 1999 April 2007 August 2007 May 2010 TAX INFORMATION Contract owners should consult their Contract prospectus for information on the federal tax consequences to them. 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 state and local taxes. The Portfolio currently intends to be treated as a partnership for 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 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 issuing insurance company, the Portfolio or their related companies may pay the intermediary for the sale of the Contract, the selection of the Portfolio 176
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. 177
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Advanced Series Trust AST Academic
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More detailed information relating
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Information About GSAM Portfolio Ma
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Advanced Series Trust Supplement da
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IV. Secondary Performance Benchmark
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esponsible for managing the remaini
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For both CBOs and CLOs, the cashflo
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The High Yield Portfolio may also m
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ADVANCED SERIES TRUST PROSPECTUS DA
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Weighted median market capitalizati
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ADVANCED SERIES TRUST PROSPECTUS DA
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Investment Company Act of 1940 (the
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PIMCO believes to be relevant. PIMC
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companies located throughout the wo
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until the deal closes. • While mo
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Private Equity. Private equity fund
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II. AST High Yield Portfolio The Bo
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Advanced Series Trust Line 2 Line 3
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SUMMARY: AST ACADEMIC STRATEGIES AS
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Liquidity and valuation risk. From
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SUMMARY: AST ADVANCED STRATEGIES PO
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Short sale risk. The Portfolio’s
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SUMMARY: AST AGGRESSIVE ASSET ALLOC
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and certain bond funds (or, for one
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SUMMARY: AST ALLIANCEBERNSTEIN CORE
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Average Annual Total Returns (For t
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may not produce the desired results
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SUMMARY: AST AMERICAN CENTURY INCOM
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classes; the ability of the Portfol
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FINANCIAL INTERMEDIARY COMPENSATION
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action based upon the relevant fact
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SUMMARY: AST BOND PORTFOLIO 2016 IN
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MANAGEMENT OF THE PORTFOLIO Investm
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government agency. While the Portfo
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Annual Total Returns 0 Best Quarter
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action based upon the relevant fact
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MANAGEMENT OF THE PORTFOLIO Investm
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government agency. While the Portfo
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SUMMARY: AST CAPITAL GROWTH ASSET A
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Past Performance. A number of facto
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Fixed income securities risk. Inves
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SUMMARY: AST CLS MODERATE ASSET ALL
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The annual returns and average annu
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Market and management risk. Markets
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SUMMARY: AST FEDERATED AGGRESSIVE G
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Expense risk. Your actual cost of i
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Strategy Broad Market Duration Stra
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Annual Total Returns 30% 20% 10% 21
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Mid-capitalization company risk. Th
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SUMMARY: AST FIRST TRUST CAPITAL AP
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The table also demonstrates how the
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Foreign investment risk. Investment
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SUMMARY: AST GOLDMAN SACHS CONCENTR
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comparable to those in the U.S, and
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SUMMARY: AST GOLDMAN SACHS SMALL-CA
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Annual Total Returns 60% 45% 33.85
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Asset-backed securities risk. Asset
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SUMMARY: AST HORIZON GROWTH ASSET A
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Derivatives risk. A derivative is a
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SUMMARY: AST HORIZON MODERATE ASSET
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Derivatives risk. A derivative is a
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SUMMARY: AST INTERNATIONAL GROWTH P
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Market and management risk. Markets
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SUMMARY: AST INVESTMENT GRADE BOND
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Past Performance. A number of facto
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epatriating investment proceeds. Ma
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SUMMARY: AST JPMORGAN STRATEGIC OPP
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loans, mortgage-backed securities a
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SUMMARY: AST LARGE-CAP VALUE PORTFO
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in market interest rates and that t
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FINANCIAL INTERMEDIARY COMPENSATION
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Page 161 and 162: SUMMARY: AST MFS GLOBAL EQUITY PORT
Page 163 and 164: Annual Total Returns 45% 30% 15% 27
Page 165 and 166: established markets; foreign market
Page 167 and 168: SUMMARY: AST MID-CAP VALUE PORTFOLI
Page 171 and 172: Asset-backed securities risk. Asset
Page 173 and 174: SUMMARY: AST NEUBERGER BERMAN MID-C
Page 177 and 178: Foreign investment risk. Investment
Page 179 and 180: SUMMARY: AST NEUBERGER BERMAN SMALL
Page 183 and 184: usually differ from those in the U.
Page 185 and 186: SUMMARY: AST PIMCO LIMITED MATURITY
Page 187 and 188: Annual Total Returns 11% 10% 9% 8%
Page 189 and 190: credit risk and liquidity risk. Whe
Page 191 and 192: SUMMARY: AST PRESERVATION ASSET ALL
Page 193 and 194: will monitor each contract owner’
Page 195 and 196: SUMMARY: AST QMA US EQUITY ALPHA PO
Page 197 and 198: The annual returns and average annu
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Page 201 and 202: Blended Index (reflects no deductio
Page 205 and 206: SUMMARY: AST SMALL CAP VALUE PORTFO
Page 207 and 208: Annual Total Returns 45% 30% 21.86
Page 209: High-yield risk. Investments in fix
Page 213 and 214: Asset-backed securities risk. Asset
Page 215 and 216: SUMMARY: AST T. ROWE PRICE LARGE CA
Page 217 and 218: Portfolio 53.37% 3.95% -2.13% Index
Page 221 and 222: SUMMARY: AST VALUE PORTFOLIO INVEST
Page 227 and 228: ABOUT THE FUND ABOUT THE FUND AND I
Page 229 and 230: ■ ■ ■ Liquidity and valuation
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Page 233 and 234: MORE DETAILED INFORMATION ON HOW TH
Page 235 and 236: AST Marsico Capital Growth AST T. R
Page 237 and 238: AST Global Real Estate Invests prim
Page 239 and 240: Global Macro (First Quadrant). This
Page 241 and 242: strategy. Second, QMA draws on its
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Page 245 and 246: Mortgage-Related and Other Asset-Ba
Page 247 and 248: Principal Investment Policies: The
Page 249 and 250: AST Bond Portfolio 2016 AST Bond Po
Page 251 and 252: amortizing mortgage securities offe
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Page 255 and 256: AST Preservation Asset Allocation P
Page 257 and 258: 4. International Value Strategy. Th
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“Dow Jones Corporate Bond Index,
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AST Global Real Estate Portfolio In
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Futures, Options and Other Derivati
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Futures, Options and Other Derivati
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not receive any payments (including
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William Blair. William Blair genera
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approach. The objective of the stra
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Growth Portfolio, the Subadviser al
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countries outside of the United Sta
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Hotchkis and Wiley normally focuses
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Special Situations. The Portfolio m
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summarized below: WEDGE normally em
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Asset-Backed Securities. The Portfo
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Other Investments: Although equity
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or profits from, emerging market co
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in value. When a Portfolio makes a
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to 10% of its total assets in fixed
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in return for a premium, one party
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Potential Conflicts: Side-by-Side M
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companies. Absolute Return. The Por
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and high return on invested capital
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ecause their currency markets are n
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The Portfolio may sell securities f
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Implementation of Target Asset Allo
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fixed-income security. For example,
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e subject to liquidity risk. Foreig
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a Portfolio may try to reduce risk
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INVESTMENT MANAGEMENT FEES Set fort
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without prior notice. ***Includes f
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First Quadrant L.P. (First Quadrant
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vehicles advised by affiliated and
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Devang Gambhirwala is a Principal a
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T. Rowe Price Segment. T. Rowe Pric
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1991 through 1996. Before joining B
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candidate for the CFA. QMA Ted Lock
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investments in private equity trans
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Andrew Jessop is an Executive Vice
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Portfolio Manager, joined Hotchkis
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AST Neuberger Berman Small-Cap Grow
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MBA from the University of Pennsylv
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Mr. Brennan joined T. Rowe Price in
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Fund and its transfer agent also re
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Short-term debt securities with rem
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PAYMENTS TO AFFILIATES PI and AST a
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AST Academic Strategies Asset Alloc
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AST Aggressive Asset Allocation Por
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AST AllianceBernstein Growth & Inco
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AST Balanced Asset Allocation Portf
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AST Bond Portfolio 2018 January 28,
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AST Capital Growth Asset Allocation
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AST CLS Moderate Asset Allocation P
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AST Federated Aggressive Growth Por
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AST First Trust Balanced Target Por
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AST Global Real Estate Portfolio Ma
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AST Goldman Sachs Small-Cap Value P
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AST Horizon Growth Asset Allocation
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AST International Growth Portfolio
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AST Investment Grade Bond Portfolio
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AST JPMorgan Strategic Opportunitie
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AST Lord Abbett Bond-Debenture Port
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AST MFS Growth Portfolio Year Ended
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AST Neuberger Berman Mid-Cap Growth
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AST PIMCO Limited Maturity Bond Por
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AST Preservation Asset Allocation P
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AST Schroders Multi-Asset World Str
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AST T. Rowe Price Asset Allocation
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AST T. Rowe Price Natural Resources
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AST Western Asset Core Plus Bond Po
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APPENDIX I ASSET ALLOCATIONS FOR GR
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APPENDIX III UNDERLYING PORTFOLIO W
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AST Horizon Growth Asset Allocation
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369
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SP-2: Satisfactory capacity to pay
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GLOSSARY PORTFOLIO INDEXES BofA Mer
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Russell 2000 Growth Index. The Russ
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AST First Trust Capital Appreciatio
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Notes 379
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Notes 381
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INVESTOR INFORMATION SERVICES: Shar
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