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ADVANCED SERIES TRUST AST Academic Strategies Asset Allocation Portfolio Supplement dated May 13, 2010 to the Prospectus dated May 1, 2010 I. The section of the Advanced Series Trust prospectus entitled How the Fund Is Managed – Investment Subadvisers – Prudential Bache Asset Management is hereby deleted and replaced with the following: Prudential Bache Asset Management (Bache). Bache is a an indirect, wholly-owned subsidiary of Prudential Financial, Inc. (PFI) and an operating company of PFI’s Global Commodities Group. It is registered with the US Securities Exchange Commission as an investment adviser and with the US Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator. Bache is also a member of the National Futures Association. Bache’s principal place of business is One New York Plaza, 13th Floor, New York, NY 10292. As of December 31, 2009, Bache had approximately $348 million in assets under management. II. The section of the Advanced Series Trust prospectus entitled How the Fund Is Managed – Portfolio Managers – AST Academic Strategies Asset Allocation Portfolio – (Bache: Commodities Segment) is hereby deleted and replaced with the following: Rupert Allan: Mr. Allan is President and Head of Commodity Asset Management for Bache. Mr. Allan is responsible for developing and implementing the strategic business plan for the Global Commodities Group as well as taking responsibility for product development, marketing and distribution, supervision of the sales and support teams, and governance and controls. Prior to joining Bache, Mr Allan was employed by Tremont Group Holdings, a fully owned subsidiary of OppenheimerFunds and MassMutual Financial Group, as President and CEO with responsibility for managing and developing their Hedge Funds of Funds business. Mr. Allan also worked at Societe Generale in the Equity Derivatives division where he was a member of the investment committee and was responsible for establishing and building the hedge fund managed account platform. Before joining Societe Generale in 1996 Mr Allan started his career in finance at Mercantile House in London where he created and managed a number of hedge fund of fund products. Mr. Allan holds a BA in Politics and International Studies from Warwick University. Ronald Ivans (born 1954): Mr. Ivans is Portfolio Manager and Senior Vice President of Bache. Mr Ivans is also a senior executive with responsibilities for finance, operations and control for various legal entities within Prudential Financial, Inc.’s Global Commodities Group. Throughout his career, Mr. Ivans has been involved with the structuring, implementation and management of a myriad financial products for high net worth and institutional clients, including managed commodity pools. Mr. Ivans’ duties include managing the Global Commodities Group’s segregated funds, which is in excess of $2 billion. Mr. Ivans received a Bachelor’s Degree in Business Administration from Hofstra University and a MBA in International Business from Adelphi University. Mr. Ivans is also a Certified Public Accountant. ASTSUP1
Advanced Series Trust Line 2 Line 3 Formerly known as: Prudential American Skandia Trust MAY 1, 2010 PROSPECTUS These securities have not been approved or disapproved by The Securities and Exchange Commission nor has the Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. The Trust is an investment vehicle for life insurance companies (“Participating Insurance Companies”) writing variable annuity contracts and variable life insurance policies. Shares of the Trust may also be sold directly to certain tax-deferred retirement plans. Each variable annuity contract and variable life insurance policy involves fees and expenses not described in this Prospectus. Please read the Prospectus for the variable annuity contract or variable life insurance policy for information regarding the contract or policy, including its fees and expenses. The Portfolios offered in this Prospectus are set forth below. AST Academic Strategies Asset Allocation Portfolio AST Advanced Strategies Portfolio AST Aggressive Asset Allocation Portfolio AST AllianceBernstein Core Value Portfolio AST AllianceBernstein Growth and Income Portfolio AST American Century Income & Growth Portfolio AST Balanced Asset Allocation Portfolio AST Bond Portfolio 2015 AST Bond Portfolio 2016 AST Bond Portfolio 2017 AST Bond Portfolio 2018 AST Bond Portfolio 2019 AST Bond Portfolio 2020 AST Bond Portfolio 2021 AST Capital Growth Asset Allocation Portfolio AST CLS Growth Asset Allocation Portfolio AST CLS Moderate Asset Allocation Portfolio AST Cohen & Steers Realty Portfolio AST Federated Aggressive Growth Portfolio AST FI Pyramis® Asset Allocation Portfolio AST First Trust Balanced Target Portfolio AST First Trust Capital Appreciation Target Portfolio AST Global Real Estate Portfolio AST Goldman Sachs Concentrated Growth Portfolio AST Goldman Sachs Mid-Cap Growth Portfolio AST Goldman Sachs Small-Cap Value Portfolio AST High Yield Portfolio AST Horizon Growth Asset Allocation Portfolio AST Horizon Moderate Asset Allocation Portfolio AST International Growth Portfolio AST International Value Portfolio AST Investment Grade Bond Portfolio AST Jennison Large-Cap Growth Portfolio AST Jennison Large-Cap Value Portfolio AST JPMorgan International Equity Portfolio AST JPMorgan Strategic Opportunities Portfolio AST Large-Cap Value Portfolio AST Lord Abbett Bond-Debenture Portfolio AST Marsico Capital Growth Portfolio AST MFS Global Equity Portfolio AST MFS Growth Portfolio AST Mid-Cap Value Portfolio AST Money Market Portfolio AST Neuberger Berman Mid-Cap Growth Portfolio AST Neuberger Berman/LSV Mid-Cap Value Portfolio AST Neuberger Berman Small-Cap Growth Portfolio AST Parametric Emerging Markets Equity Portfolio AST PIMCO Limited Maturity Bond Portfolio AST PIMCO Total Return Bond Portfolio AST Preservation Asset Allocation Portfolio AST QMA US Equity Alpha Portfolio AST Schroders Multi-Asset World Strategies Portfolio AST Small Cap Growth Portfolio AST Small Cap Value Portfolio AST T. Rowe Price Asset Allocation Portfolio AST T. Rowe Price Global Bond Portfolio AST T. Rowe Price Large-Cap Growth Portfolio AST T. Rowe Price Natural Resources Portfolio AST Value Portfolio AST Western Asset Core Plus Bond Portfolio
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 and 24: Investment Company Act of 1940 (the
Page 25 and 26: PIMCO believes to be relevant. PIMC
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: II. AST High Yield Portfolio The Bo
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 73 and 74: Annual Total Returns 0 Best Quarter
Page 75 and 76: action based upon the relevant fact
Page 79 and 80: MANAGEMENT OF THE PORTFOLIO Investm
Page 81 and 82: government agency. While the Portfo
Page 83 and 84: 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
Page 307 and 308:
Implementation of Target Asset Allo
Page 309 and 310:
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
Page 415 and 416:
Notes 381
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INVESTOR INFORMATION SERVICES: Shar
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