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

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FINANCIAL HIGHLIGHTS INTRODUCTION The financial highlights which follow will help you evaluate the financial performance of each Portfolio available under your Contract. The total return in each chart represents the rate that a shareholder earned on an investment in that share class of the Portfolio, assuming reinvestment of all dividends and other distributions. The charts do not reflect any charges under any variable contract. Because Contract charges are not included, the actual return that you will receive will be lower than the total return in each chart. The financial highlights for the periods in the five years ended December 31 were part of the financial statements audited by KPMG LLP, the Fund’s independent registered public accounting firm, whose reports on these financial statements were unqualified. 314
AST Academic Strategies Asset Allocation Portfolio Year Ended December 5, 2005(f) December 31, through December 31, 2009(g) 2008(g) 2007(g) 2006(g) 2005 Per Share Operating Performance: Net Asset Value, beginning of period $ 7.89 $ 12.18 $ 11.18 $ 10.04 $ 10.00 Income (Loss) From Investment Operations: Net investment income (loss) 0.12 0.19 0.14 0.09 —(e) Net realized and unrealized gain (loss) on investments 1.77 (3.92) 0.93 1.05 0.04 Total from investment operations 1.89 (3.73) 1.07 1.14 0.04 Less Distributions: (0.21) (0.56) (0.07) — — Net Asset Value, end of period $ 9.57 $ 7.89 $ 12.18 $ 11.18 $ 10.04 Total Return(a) 24.36% (31.89)% 9.59% 11.35% 0.40% Ratios/Supplemental Data: Net assets, end of period (in millions) $4,712.0 $2,623.3 $5,135.0 $3,005.3 $ 216.3 Ratios to average net assets(b): Expenses After Waivers and/or Expense Reimbursement 0.75%(h) 0.38%(h) 0.16% 0.17% 0.20%(d) Expenses Before Waivers and/or Expense Reimbursement 0.82%(h) 0.40%(h) 0.16% 0.17% 0.58%(d) Net investment income (loss) 1.44% 1.85% 1.15% 0.85% (0.20)%(d) Portfolio turnover rate 78% 158% 28% 22% 2%(c) (a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one year are not annualized. (b) Does not include expenses of the underlying portfolios in which the Portfolio invests. (c) Not annualized. (d) Annualized. (e) Less than $0.005. (f) Commencement of operations. (g) Calculated based on average shares outstanding during the year. (h) Includes dividend expense on securities sold short of 0.02% and 0.01% for the years ended December 31, 2009 and 2008, respectively. 315
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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,
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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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Page 299 and 300: companies. Absolute Return. The Por
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Page 311 and 312: e subject to liquidity risk. Foreig
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Page 315 and 316: INVESTMENT MANAGEMENT FEES Set fort
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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 339 and 340: MBA from the University of Pennsylv
Page 341 and 342: Mr. Brennan joined T. Rowe Price in
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Page 347: PAYMENTS TO AFFILIATES PI and AST a
Page 351 and 352: AST Aggressive Asset Allocation Por
Page 353 and 354: AST AllianceBernstein Growth & Inco
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Page 357 and 358: AST Bond Portfolio 2018 January 28,
Page 359 and 360: AST Capital Growth Asset Allocation
Page 361 and 362: AST CLS Moderate Asset Allocation P
Page 363 and 364: AST Federated Aggressive Growth Por
Page 365 and 366: AST First Trust Balanced Target Por
Page 367 and 368: AST Global Real Estate Portfolio Ma
Page 369 and 370: AST Goldman Sachs Small-Cap Value P
Page 371 and 372: AST Horizon Growth Asset Allocation
Page 373 and 374: AST International Growth Portfolio
Page 375 and 376: AST Investment Grade Bond Portfolio
Page 377 and 378: AST JPMorgan Strategic Opportunitie
Page 379 and 380: AST Lord Abbett Bond-Debenture Port
Page 381 and 382: AST MFS Growth Portfolio Year Ended
Page 383 and 384: AST Neuberger Berman Mid-Cap Growth
Page 385 and 386: AST PIMCO Limited Maturity Bond Por
Page 387 and 388: AST Preservation Asset Allocation P
Page 389 and 390: AST Schroders Multi-Asset World Str
Page 391 and 392: AST T. Rowe Price Asset Allocation
Page 393 and 394: AST T. Rowe Price Natural Resources
Page 395 and 396: AST Western Asset Core Plus Bond Po
Page 397 and 398: 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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