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

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AST Parametric Emerging Markets Equity AST PIMCO Total Return Bond AST Western Asset Core Plus Bond AST PIMCO Limited Maturity Bond AST High Yield Taxable Money Market Series of Dryden Core Investment Fund Invests primarily in equity securities of issuers located in emerging market countries or included (or considered for inclusion) as emerging market issuers in one or more broad-based market indices. Invests primarily in fixed-income securities of varying maturities Invests primarily in a portfolio of fixed-income and debt securities of various maturities Invests primarily in fixed-income securities of varying maturities, so that the Portfolio's expected average duration will be from one to three years. Developed Markets Value International Equity: Emerging Markets Domestic Investment Grade Fixed-Income Domestic Investment Grade Fixed-Income Domestic Investment Grade Fixed-Income Invests primarily in fixed-income investments that, at the time of High-Yield Debt purchase, are rated below investment grade Invests primarily in short-term money market instruments issued by the U.S. Government, its agencies and instrumentalities, commercial paper, asset-backed securities, funding agreements, variable rate demand Money Market notes, bills, notes and other obligations issued by banks, corporations and other companies, and obligations issued by foreign banks, companies or governments International Fixed-Income (Hedged) (PIMCO). Under normal circumstances, PIMCO will invest at least 80% of the net assets attributable to this sleeve in fixed-income instruments of issuers located outside the United States, representing at least three foreign countries, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. The sleeve will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. PIMCO will select the sleeve's foreign country and currency compositions based on an evaluation of various factors, including, but not limited to relative interest rates, exchange rates, monetary and fiscal policies, trade, and current account balances. The average portfolio duration of this sleeve will normally vary within two years (plus or minus) of the duration of the JPMorgan GBI Global ex-U.S. Index Hedged in USD, which as of June 30, 2009 was 6.51 years. The sleeve will invest primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The sleeve may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. For purposes of this sleeve, an emerging market country shall be any country defined as an emerging or developing economy by the World Bank or its related organizations, or the United Nations or its authorities, or if the country is considered an emerging market country for purposes of constructing emerging markets indices. PIMCO may concentrate the assets attributable to this sleeve in a relatively small number of issuers. Also, PIMCO may invest up to 10% of the total assets attributable to this sleeve in preferred stocks. Emerging Markets Fixed-Income (PIMCO). For purposes of this investment category, an emerging market country shall be any country defined as an emerging or developing economy by the World Bank or its related organizations, or the United Nations or its authorities, or if the country is considered an emerging market country for purposes of constructing emerging markets indices. Under normal circumstances, PIMCO will invest at least 80% of the net assets attributable to this investment category in fixed income instruments that are economically tied to emerging market countries, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. Such instruments may be denominated in non- U.S. currencies and the U.S. dollar. The average duration of the assets attributable to this investment category will normally vary within two years (plus or minus) of the duration of the JPMorgan Emerging Markets Bond Index. PIMCO will emphasize countries with relatively low gross national product per capita and with the potential for rapid economic growth. PIMCO will select the country and currency composition for this investment category based on its evaluation of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, and any other specific factors 4 ASTSUP2
PIMCO believes to be relevant. PIMCO likely will concentrate the investment of assets attributable to this investment category in Asia, Africa, the Middle East, Latin America and the developing countries of Europe. Also, PIMCO may invest up to 10% of the total assets attributable to this investment category in preferred stocks. PIMCO may invest all of the assets attributable to this investment category in "junk bonds", subject to a maximum of 15% of such total assets in securities rated below B by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. PIMCO may concentrate the assets attributable to this investment category in a relatively small number of issuers. Investments in Non-Traditional Asset Classes. With the exception of the U.S. Real Estate and International Real Estate investment categories within the Real Estate asset class, it is expected that exposure to the remaining nontraditional investment categories will be obtained primarily through the allocation of Portfolio assets to certain Subadvisers. Consistent with the investment objectives and policies of the Academic Strategies Portfolio, Underlying Portfolios from time to time may be added to, or removed from, the Academic Strategies Portfolio's list of available investment options. Real Estate. As of January 31, 2010, exposure to the U.S. real estate and international real estate investment categories will be obtained through investments in the AST Cohen & Steers Real Estate Portfolio and the AST Global Real Estate Portfolio, respectively. The principal investments of these Underlying Portfolios are described below. Underlying Trust Fund AST Cohen & Steers Real Estate AST Global Real Estate Principal Investments Invests primarily in equity securities of real estate companies Invests primarily in equity securities of real estate companies on a global basis Traditional Investment Category Domestic Real Estate Global Real Estate The Investment Managers have retained the Subadvisers listed below to directly manage the assets allocated to the indicated nontraditional investment categories and strategies. Subadvisers Prudential Bache Asset Management (Bache) Pacific Investment Management Company LLC Pacific Investment Management Company LLC Pacific Investment Management Company LLC Jennison Associates LLC (Jennison) QMA QMA Mellon Capital Management Corporation (Mellon Capital) First Quadrant, L.P. First Quadrant, L.P. AlphaSimplex Group LLC AQR Capital Management, LLC and CNH Partners, LLC Investment Categories and Strategies Commodities Inflation-Indexed Securities International Fixed- Income (Hedged) Emerging Markets Fixed-Income Global Infrastructure Long/Short Market Neutral Overlay Global Tactical Asset Allocation Global Macro Currency Hedge Fund Replication Diversified Arbitrage Commodities (Bache). Bache will seek to track the performance of the Bache Commodity Index SM (the BCI SM ), a dynamic, long-only measure of the price behavior of various commodities traded in major exchanges worldwide. The primary objective of the BCI SM is to provide broad-based exposure to global commodity markets. There are additional objectives of the BCI's SM dynamic asset allocation methodology. 5 ASTSUP2
Page 1 and 2: Advanced Series Trust AST Academic
Page 3 and 4: More detailed information relating
Page 5 and 6: Information About GSAM Portfolio Ma
Page 7 and 8: Advanced Series Trust Supplement da
Page 9 and 10: IV. Secondary Performance Benchmark
Page 11 and 12: esponsible for managing the remaini
Page 13 and 14: For both CBOs and CLOs, the cashflo
Page 15 and 16: The High Yield Portfolio may also m
Page 17 and 18: ADVANCED SERIES TRUST PROSPECTUS DA
Page 19 and 20: Weighted median market capitalizati
Page 21 and 22: ADVANCED SERIES TRUST PROSPECTUS DA
Page 23: Investment Company Act of 1940 (the
Page 27 and 28: companies located throughout the wo
Page 29 and 30: until the deal closes. • While mo
Page 31 and 32: Private Equity. Private equity fund
Page 33 and 34: II. AST High Yield Portfolio The Bo
Page 35 and 36: Advanced Series Trust Line 2 Line 3
Page 37 and 38: SUMMARY: AST ACADEMIC STRATEGIES AS
Page 39 and 40: Liquidity and valuation risk. From
Page 41 and 42: SUMMARY: AST ADVANCED STRATEGIES PO
Page 43 and 44: Short sale risk. The Portfolio’s
Page 45 and 46: SUMMARY: AST AGGRESSIVE ASSET ALLOC
Page 47 and 48: and certain bond funds (or, for one
Page 49 and 50: SUMMARY: AST ALLIANCEBERNSTEIN CORE
Page 51 and 52: Average Annual Total Returns (For t
Page 53 and 54: may not produce the desired results
Page 55 and 56: SUMMARY: AST AMERICAN CENTURY INCOM
Page 57 and 58: Average Annual Total Returns (For t
Page 59 and 60: classes; the ability of the Portfol
Page 61 and 62: FINANCIAL INTERMEDIARY COMPENSATION
Page 63 and 64: action based upon the relevant fact
Page 65 and 66: SUMMARY: AST BOND PORTFOLIO 2016 IN
Page 67 and 68: MANAGEMENT OF THE PORTFOLIO Investm
Page 69 and 70: government agency. While the Portfo
Page 71 and 72: SUMMARY: AST BOND PORTFOLIO 2018 IN
Page 73 and 74: Annual Total Returns 0 Best Quarter
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action based upon the relevant fact
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SUMMARY: AST BOND PORTFOLIO 2020 IN
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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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Average Annual Total Returns (For t
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in market interest rates and that t
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FINANCIAL INTERMEDIARY COMPENSATION
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established markets; foreign market
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SUMMARY: AST MFS GLOBAL EQUITY PORT
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established markets; foreign market
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SUMMARY: AST MID-CAP VALUE PORTFOLI
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SUMMARY: AST NEUBERGER BERMAN MID-C
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SUMMARY: AST NEUBERGER BERMAN SMALL
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usually differ from those in the U.
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SUMMARY: AST PIMCO LIMITED MATURITY
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Annual Total Returns 11% 10% 9% 8%
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credit risk and liquidity risk. Whe
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SUMMARY: AST PRESERVATION ASSET ALL
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will monitor each contract owner’
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SUMMARY: AST QMA US EQUITY ALPHA PO
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The annual returns and average annu
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which could impact the Portfolio. F
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Blended Index (reflects no deductio
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SUMMARY: AST SMALL CAP VALUE PORTFO
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Annual Total Returns 45% 30% 21.86
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High-yield risk. Investments in fix
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and related services. These payment
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SUMMARY: AST T. ROWE PRICE LARGE CA
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Portfolio 53.37% 3.95% -2.13% Index
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SUMMARY: AST VALUE PORTFOLIO INVEST
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ABOUT THE FUND ABOUT THE FUND AND I
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■ ■ ■ Liquidity and valuation
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■ There is a potential conflict o
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MORE DETAILED INFORMATION ON HOW TH
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AST Marsico Capital Growth AST T. R
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AST Global Real Estate Invests prim
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Global Macro (First Quadrant). This
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strategy. Second, QMA draws on its
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e classified as developed markets.
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Mortgage-Related and Other Asset-Ba
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Principal Investment Policies: The
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AST Bond Portfolio 2016 AST Bond Po
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amortizing mortgage securities offe
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■ ■ ■ ■ common stocks (incl
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AST Preservation Asset Allocation P
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4. International Value Strategy. Th
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To select the stocks for this strat
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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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