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

securities and money market instruments.
Other Investments:
In addition to the principal strategies, the Subadviser also may use the following strategies to try to increasethe Portfolio’s returns or
protect its assets if market conditions warrant.
Additional Strategies. The Portfolio may also use the following investments and strategies: exchange-traded funds, initial public
offerings, convertible securities and preferred stock, repurchase agreements, reverse repurchase agreements, dollar rolls, and whenissued
and delayed-delivery securities.The Portfolio follows certain policies when it borrows money (the Portfolio can borrow up to
33 1/3% of the value of its total assets); lends its securities to others (the Portfolio can lend up to 33 1/3% of the value of its total
assets); and holds illiquid securities (the Portfolio may invest up to 15% of its net assets in illiquid securities, including securities with
legal or contractual restrictions on resale, those without a readily available market and repurchase agreements with maturities longer
than seven days). The Portfolio is subject to certain other investment restrictions that are fundamental policies, which means they
cannot be changed without shareholder approval. For more information about these restrictions, please see the SAI.
AST Goldman Sachs Concentrated Growth Portfolio
Investment Objective: Long-term growth of capital.
Principal Investment Policies:
The Portfolio will pursue its objective, under normal circumstances, by investing primarily in equity securities. Equity securities
include common stocks, preferred securities, warrants and securities convertible into or exchangeable for common or preferred
stocks. Investments will be in companies that the Subadviser believes have potential to achieve capital appreciation over the longterm.
The Portfolio seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-45
companies that are considered by the Subadviser to be positioned for long-term growth.
The Portfolio generally intends to purchase securities for long-term investment rather than short-term gains. However, short-term
transactions may occur as the result of liquidity needs, securities having reached a desired price or yield, anticipated changes in
interest rates or the credit standing of an issuer, or by reason of economic or other developments not foreseen at the time the
investment was made.
Special Situations. The Portfolio may invest in “special situations” from time to time. A “special situation” arises when, in the opinion
of the Subadviser, the securities of a particular company will be recognized and appreciate in value due to a specific development,
such as a technological breakthrough, management change or new product at that company. Investment in “special situations”
carries an additional risk of loss in the event that the anticipated development does not occur or does not attract the expected
attention.
Non-diversified Status. The Portfolio is “non-diversified” under the Investment Company Act of 1940 and may invest a large
percentage of its assets in only a few issuers, unlike “diversified” mutual funds. Therefore, the Portfolio may be more susceptible to
adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these
developments.
Other Investments:
Although the Subadviser expects to invest primarily in equity securities, the Portfolio may also invest to a lesser degree in debt
securities when the Portfolio perceives an opportunity for capital growth from such securities. The Portfolio is subject to the following
percentage limitations on investing in certain types of debt securities:
· 35% of its assets in bonds rated below investment grade (“junk” bonds).
· 25% of its assets in mortgage- and asset-backed securities.
· 10% of its assets in zero coupon, pay-in-kind and step coupon securities (securities that do not, or may not under certain
circumstances, make regular interest payments).
The Portfolio may make short sales “against the box.” In addition, the Portfolio may invest in the following types of securities and
engage in the following investment techniques:
Foreign Securities. The Portfolio may also purchase securities of foreign issuers, including foreign equity and debt securities and
depositary receipts. Foreign securities are selected primarily on a stock-by-stock basis without regard to any defined allocation
among countries or geographic regions. No more than 25% of the Portfolio’s assets may be invested in foreign securities
denominated in foreign currencies and not publicly traded in the United States.
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