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

Private Equity. Private equity funds make investments in private companies (or private investments in public
companies) in connection with the organization or restructuring of companies, including so-called leveraged buyouts
and management buy-outs.
Strategic Allocations and Asset Allocation Ranges. Under normal circumstances, the Academic Strategies
Portfolio’s assets are generally allocated in accordance with the strategic allocations and asset allocation ranges set
forth in the table below. Such strategic allocations and asset allocation ranges are approximate and subject to change
from time to time.
Investment Category Minimum Exposure Strategic Allocation Maximum Exposure
Domestic Equity 10% 20% 30%
International Equity 10% 20% 30%
Fixed-Income 20% 25% 35%
Real-Estate 0% 10% 20%
Commodities 5% 10% 15%
Alternatives Investments 5% 15% 25%
B. The following is added to the section of the Prospectus under the heading “How the Fund is Managed –
Investment Subadvisers.”
AQR Capital Management, LLC (AQR), a Delaware limited liability company formed in 1998, serves as a
subadviser for the diversified arbitrage segment of the Academic Strategies Portfolio. AQR’s address is Two
Greenwich Plaza, 3rd Floor, Greenwich, CT 06830. As of April 30, 2010, AQR and its affiliates had approximately
$24 billion in assets under management.
CNH Partners, LLC (CNH), a Delaware limited liability company and a merger arbitrage, convertible arbitrage
and diversified arbitrage research affiliate of AQR, also serves as a subadviser for the diversified arbitrage segment
of the Academic Strategies Portfolio. CNH is a joint venture created in 2001 by AQR and RAIM, LLC (“RAIM”).
RAIM was formed by Mark Mitchell Ph.D. and Todd Pulvino Ph.D. CNH’s address is Two Greenwich Plaza, 1st
Floor, Greenwich, CT 06830. CNH utilizes the infrastructure of AQR for non-portfolio management functions.
C. The section of the Prospectus entitled “How the Fund Is Managed – Investment Subadvisers – First Quadrant
L.P.” is hereby deleted and replaced with the following:
First Quadrant L.P. (First Quadrant), which maintains its headquarters at 800 E. Colorado Blvd., Suite 900,
Pasadena, California 91101, is an affiliate of Affiliated Managers Group. As of April 30, 2010, First Quadrant had
approximately $17.419 billion in assets under management, which includes market values for fully funded portfolios
and the notional values for margin funded portfolios, all actively managed by First Quadrant and non-discretionary
portfolios managed by joint venture partners using First Quadrant, L.P. investment signals. First Quadrant is defined
in this context as the combination of all discretionary portfolios of First Quadrant, L.P. and its joint venture partners,
but only wherein FQ has full investment discretion over the portfolios.
D. The following is added to the section of the Prospectus under the heading “How the Fund Is Managed–
Portfolio Managers–AST Academic Strategies Asset Allocation Portfolio.”
(AQR Capital Management, LLC and CNH Partners, LLC: Diversified Arbitrage Segment
of Academic Strategies Portfolio)
The portfolio managers of AQR responsible for oversight of the diversified arbitrage segment of the Academic
Strategies Portfolio are Ronen Israel and Lars Nielsen. The portfolio managers of CNH for the diversified arbitrage
segment of the Academic Strategies Portfolio are Mark Mitchell, Ph.D. and Todd Pulvino, Ph.D. Their respective
biographies are provided below.
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