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

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HOW THE FUND IS MANAGED BOARD OF TRUSTEES The Board of Trustees of the Fund (the Board) oversees the actions of the Investment Managers and the Subadvisers and decides on general policies. The Board also oversees the Fund’s officers who conduct and supervise the daily business operations of the Fund. INVESTMENT MANAGERS AST Investment Services, Inc. (AST) One Corporate Drive, Shelton, Connecticut, and Prudential Investments LLC (PI) Gateway Center Three, 100 Mulberry Street, Newark, New Jersey, serve as co-investment managers of the Fund. The Fund’s Investment Management Agreements, on behalf of each Portfolio, with AST and PI (the Management Agreements), provide that AST and PI (the Investment Managers) will furnish each applicable Portfolio with investment advice and administrative services subject to the supervision of the Board of Trustees and in conformity with the stated policies of the applicable Portfolio. The Investment Managers must also provide, or obtain and supervise, the executive, administrative, accounting, custody, transfer agent and shareholder servicing services that are deemed advisable by the Board. The Investment Managers have engaged the subadvisers to conduct the investment programs of the Portfolios, including the purchase, retention and sale of portfolio securities and other financial instruments. The Investment Managers are responsible for monitoring the activities of the subadvisers and reporting on such activities to the Board. The Fund has obtained an exemption from the Securities and Exchange Commission that permits the Investment Managers, subject to approval by the Board, to change subadvisers for a Portfolio by: (i) entering into new subadvisory agreements with non-affiliated sub-advisers, without obtaining shareholder approval of such changes and (ii) entering into new subadvisory agreements with affiliated sub-advisers with shareholder approval of such changes. This exemption (which is similar to exemptions granted to other investment companies that are organized in a manner similar to the Fund) is intended to facilitate the efficient supervision and management of the subadvisers by the Investment Managers and the Trustees. PI, in conjunction with Quantitative Management Associates, participates in the management of the Dynamic Asset Allocation Portfolios as described above. PI, in conjunction with the relevant subadvisers, participates in the management of the Tactical Asset Allocation Programs as described above. If there is more than one subadviser for a Portfolio, the Investment Managers will determine the division of the assets for that Portfolio among the applicable subadvisers under normal conditions. All daily cash inflows (that is, purchases and reinvested distributions) and outflows (that is, redemptions and expense items) will be divided among such subadvisers as the Investment Managers deem appropriate. The Investment Managers may change the target allocation of assets among subadvisers, transfer assets between subadvisers, or change the allocation of cash inflows or cash outflows among subadvisers for any reason and at any time without notice. As a consequence, the Investment Managers may allocate assets or cash flows from a portfolio segment that has appreciated more to another portfolio segment. Reallocations of assets among the Subadvisers and PI may result in additional costs since sales of securities may result in higher portfolio turnover. Also, because the Subadvisers and PI select portfolio securities independently, it is possible that a security held by a portfolio segment may also be held by another portfolio segment of the Portfolio or that certain Subadvisers or PI may simultaneously favor the same industry. The Investment Managers will monitor the overall portfolio to ensure that any such overlaps do not create an unintended industry concentration. In addition, if a Subadviser or PI buys a security as another Subadviser or PI sells it, the net position of the Portfolio in the security may be approximately the same as it would have been with a single portfolio and no such sale and purchase, but the Portfolio will have incurred additional costs. The Investment Managers will consider these costs in determining the allocation of assets or cash flows. The Investment Managers will consider the timing of asset and cash flow reallocations based upon the best interests of each Portfolio and its shareholders. A discussion regarding the basis for the Board’s approval of the Fund’s investment advisory agreements is available in the Fund’s semiannual report (for agreements approved during the six month period ended June 30) and in the Fund’s annual report (for agreements approved during the six month period ended December 31). 280
INVESTMENT MANAGEMENT FEES Set forth below are the total effective annualized investment management fees paid (as a percentage of average net assets) by each Portfolio of the Fund to the Investment Managers during 2009: AST Academic Strategies Asset Allocation** .66% AST Advanced Strategies .85% AST Aggressive Asset Allocation .15% AST AllianceBernstein Core Value .72% AST AllianceBernstein Growth & Income .75% AST American Century Income & Growth .72% AST Balanced Asset Allocation .15% AST Bond Portfolio 2015 .64% AST Bond Portfolio 2016 * AST Bond Portfolio 2017**** .64% AST Bond Portfolio 2018 .64% AST Bond Portfolio 2019 .64% AST Bond Portfolio 2020 * AST Bond Portfolio 2021**** .64% AST Capital Growth Asset Allocation .15% AST CLS Growth Asset Allocation .26% AST CLS Moderate Asset Allocation .24% AST Cohen & Steers Realty .92% AST Federated Aggressive Growth .95% AST FI Pyramis ® Asset Allocation*** .29% AST First Trust Balanced Target .85% AST First Trust Capital Appreciation Target .85% AST Global Real Estate 1.00% AST Goldman Sachs Concentrated Growth .90% AST Goldman Sachs Mid-Cap Growth 1.00% AST Goldman Sachs Small-Cap Value .95% AST High Yield .74% AST Horizon Growth Asset Allocation .30% AST Horizon Moderate Asset Allocation .28% AST International Growth 1.00% AST International Value 1.00% 281
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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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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,
Page 263 and 264: AST Global Real Estate Portfolio In
Page 265 and 266: Futures, Options and Other Derivati
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Page 269 and 270: not receive any payments (including
Page 271 and 272: William Blair. William Blair genera
Page 273 and 274: approach. The objective of the stra
Page 275 and 276: Growth Portfolio, the Subadviser al
Page 277 and 278: countries outside of the United Sta
Page 279 and 280: Hotchkis and Wiley normally focuses
Page 281 and 282: Special Situations. The Portfolio m
Page 283 and 284: summarized below: WEDGE normally em
Page 285 and 286: Asset-Backed Securities. The Portfo
Page 287 and 288: Other Investments: Although equity
Page 289 and 290: or profits from, emerging market co
Page 291 and 292: in value. When a Portfolio makes a
Page 293 and 294: to 10% of its total assets in fixed
Page 295 and 296: in return for a premium, one party
Page 297 and 298: Potential Conflicts: Side-by-Side M
Page 299 and 300: companies. Absolute Return. The Por
Page 301 and 302: and high return on invested capital
Page 303 and 304: ecause their currency markets are n
Page 305 and 306: The Portfolio may sell securities f
Page 307 and 308: Implementation of Target Asset Allo
Page 309 and 310: fixed-income security. For example,
Page 311 and 312: e subject to liquidity risk. Foreig
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Page 317 and 318: without prior notice. ***Includes f
Page 319 and 320: First Quadrant L.P. (First Quadrant
Page 321 and 322: vehicles advised by affiliated and
Page 323 and 324: Devang Gambhirwala is a Principal a
Page 325 and 326: T. Rowe Price Segment. T. Rowe Pric
Page 327 and 328: 1991 through 1996. Before joining B
Page 329 and 330: candidate for the CFA. QMA Ted Lock
Page 331 and 332: investments in private equity trans
Page 333 and 334: Andrew Jessop is an Executive Vice
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Page 337 and 338: AST Neuberger Berman Small-Cap Grow
Page 339 and 340: MBA from the University of Pennsylv
Page 341 and 342: Mr. Brennan joined T. Rowe Price in
Page 343 and 344: Fund and its transfer agent also re
Page 345 and 346: Short-term debt securities with rem
Page 347 and 348: PAYMENTS TO AFFILIATES PI and AST a
Page 349 and 350: AST Academic Strategies Asset Alloc
Page 351 and 352: AST Aggressive Asset Allocation Por
Page 353 and 354: AST AllianceBernstein Growth & Inco
Page 355 and 356: AST Balanced Asset Allocation Portf
Page 357 and 358: AST Bond Portfolio 2018 January 28,
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Page 361 and 362: AST CLS Moderate Asset Allocation P
Page 363 and 364: 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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