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

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Table of Contents 3 SUMMARY: AST ACADEMIC STRATEGIES ASSET ALLOCATION PORTFOLIO 7 SUMMARY: AST ADVANCED STRATEGIES PORTFOLIO 11 SUMMARY: AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO 15 SUMMARY: AST ALLIANCEBERNSTEIN CORE VALUE PORTFOLIO 18 SUMMARY: AST ALLIANCEBERNSTEIN GROWTH AND INCOME PORTFOLIO 21 SUMMARY: AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO 24 SUMMARY: AST BALANCED ASSET ALLOCATION PORTFOLIO 28 SUMMARY: AST BOND PORTFOLIO 2015 31 SUMMARY: AST BOND PORTFOLIO 2016 34 SUMMARY: AST BOND PORTFOLIO 2017 37 SUMMARY: AST BOND PORTFOLIO 2018 40 SUMMARY: AST BOND PORTFOLIO 2019 43 SUMMARY: AST BOND PORTFOLIO 2020 46 SUMMARY: AST BOND PORTFOLIO 2021 49 SUMMARY: AST CAPITAL GROWTH ASSET ALLOCATION PORTFOLIO 52 SUMMARY: AST CLS GROWTH ASSET ALLOCATION PORTFOLIO 55 SUMMARY: AST CLS MODERATE ASSET ALLOCATION PORTFOLIO 58 SUMMARY: AST COHEN & STEERS REALTY PORTFOLIO 61 SUMMARY: AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO 64 SUMMARY: AST FI PYRAMIS® ASSET ALLOCATION PORTFOLIO 68 SUMMARY: AST FIRST TRUST BALANCED TARGET PORTFOLIO 71 SUMMARY: AST FIRST TRUST CAPITAL APPRECIATION TARGET PORTFOLIO 74 SUMMARY: AST GLOBAL REAL ESTATE PORTFOLIO 77 SUMMARY: AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO 80 SUMMARY: AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO 83 SUMMARY: AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO 86 SUMMARY: AST HIGH YIELD PORTFOLIO 89 SUMMARY: AST HORIZON GROWTH ASSET ALLOCATION PORTFOLIO 93 SUMMARY: AST HORIZON MODERATE ASSET ALLOCATION PORTFOLIO 97 SUMMARY: AST INTERNATIONAL GROWTH PORTFOLIO 100 SUMMARY: AST INTERNATIONAL VALUE PORTFOLIO 103 SUMMARY: AST INVESTMENT GRADE BOND PORTFOLIO 106 SUMMARY: AST JENNISON LARGE CAP GROWTH PORTFOLIO 108 SUMMARY: AST JENNISON LARGE-CAP VALUE PORTFOLIO 110 SUMMARY: AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO 113 SUMMARY: AST JPMORGAN STRATEGIC OPPORTUNITIES PORTFOLIO 117 SUMMARY: AST LARGE-CAP VALUE PORTFOLIO 120 SUMMARY: AST LORD ABBETT BOND-DEBENTURE PORTFOLIO 124 SUMMARY: AST MARSICO CAPITAL GROWTH PORTFOLIO 127 SUMMARY: AST MFS GLOBAL EQUITY PORTFOLIO 130 SUMMARY: AST MFS GROWTH PORTFOLIO 133 SUMMARY: AST MID-CAP VALUE PORTFOLIO 136 SUMMARY: AST MONEY MARKET PORTFOLIO 139 SUMMARY: AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO 142 SUMMARY: AST NEUBERGER BERMAN/LSV MID-CAP VALUE PORTFOLIO 145 SUMMARY: AST NEUBERGER BERMAN SMALL-CAP GROWTH PORTFOLIO 148 SUMMARY: AST PARAMETRIC EMERGING MARKETS EQUITY PORTFOLIO 151 SUMMARY: AST PIMCO LIMITED MATURITY BOND PORTFOLIO 154 SUMMARY: AST PIMCO TOTAL RETURN BOND PORTFOLIO 157 SUMMARY: AST PRESERVATION ASSET ALLOCATION PORTFOLIO 161 SUMMARY: AST QMA US EQUITY ALPHA PORTFOLIO 164 SUMMARY: AST SCHRODERS MULTI-ASSET WORLD STRATEGIES PORTFOLIO 168 SUMMARY: AST SMALL CAP GROWTH PORTFOLIO 171 SUMMARY: AST SMALL CAP VALUE PORTFOLIO 174 SUMMARY: AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO 178 SUMMARY: AST T. ROWE PRICE GLOBAL BOND PORTFOLIO 181 SUMMARY: AST T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO 184 SUMMARY: AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO 187 SUMMARY: AST VALUE PORTFOLIO 190 SUMMARY: AST WESTERN ASSET CORE PLUS BOND PORTFOLIO 193 ABOUT THE FUND 194 PRINCIPAL RISKS 199 MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS INVEST 276 MORE DETAILED INFORMATION ABOUT OTHER INVESTMENTS & STRATEGIES USED BY THE PORTFOLIOS 280 HOW THE FUND IS MANAGED 308 HOW TO BUY AND SELL SHARES OF THE PORTFOLIOS 312 OTHER INFORMATION 314 FINANCIAL HIGHLIGHTS 363 APPENDIX I 364 APPENDIX II 365 APPENDIX III 370 APPENDIX IV 373 GLOSSARY 2
SUMMARY: AST ACADEMIC STRATEGIES ASSET ALLOCATION PORTFOLIO INVESTMENT OBJECTIVE The investment objective of the Portfolio is to seek long-term capital appreciation. PORTFOLIO FEES AND EXPENSES The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees .72% Distribution (12b-1) Fees Other Expenses .10% - Dividend Expense on Short Sales .02% Acquired Fund Fees & Expenses .75% Total Annual Portfolio Operating Expenses 1.57% None Example. The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the example. See your Contract prospectus for more information about Contract charges. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1 Year 3 Years 5 Years 10 Years AST Academic Strategies Asset Allocation $160 $496 $855 $1,867 Portfolio Turnover. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year ended December 31, the Portfolio’s turnover rate was 78% of the average value of its portfolio. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Portfolio is a fund-of funds. Under normal circumstances, approximately 60% of the Portfolio’s assets are allocated to traditional asset classes and approximately 40% of the Portfolio’s assets are allocated to non-traditional asset classes and investment strategies. The traditional asset classes include U.S. and foreign equity and fixed-income securities. The nontraditional asset classes include real estate, commodities, and global infrastructure. The non-traditional investment strategies include long/short market neutral, global macro, hedge fund replication, and global tactical asset allocation strategies. The Portfolio gains exposure to these traditional and non-traditional asset classes and investment strategies by investing in varying combinations of: (i) other pooled investment vehicles, including, other portfolios of the Fund, other open-end or closed-end investment companies, exchange-traded funds (ETFs), unit investment trusts, and domestic or foreign private investment pools (collectively referred to as Underlying Portfolios); (ii) securities such as common stocks, preferred stocks, and bonds; and (iii) certain financial and derivative instruments. Under normal circumstances, the Portfolio invests approximately 65% of its assets in Underlying Portfolios. Principal Risks of Investing in the Portfolio. The risks identified below are the principal risks of investing in the Portfolio. All investments have risks to some degree and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, it can’t guarantee success. Fund of funds risk. In addition to the risks associated with the indirect investment in the Underlying Portfolios, the Portfolio is subject to the following additional risks: to the extent the Portfolio concentrates its assets among Underlying Portfolios that invest principally in one or several asset classes, the Portfolio may from time to time underperform mutual funds exposed primarily to other asset classes; the ability of the Portfolio to achieve its investment objective depends on the ability of the selected Underlying Portfolios to achieve their investment objectives; and the performance of the Portfolio may be affected by large purchases and redemptions of Underlying Portfolio shares. 3
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 and 34: II. AST High Yield Portfolio The Bo
Page 35: Advanced Series Trust Line 2 Line 3
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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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
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Implementation of Target Asset Allo
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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
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Notes 381
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INVESTOR INFORMATION SERVICES: Shar
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