- 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 and 36: Advanced Series Trust Line 2 Line 3
- 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: SUMMARY: AST ALLIANCEBERNSTEIN CORE
- 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 71 and 72: SUMMARY: AST BOND PORTFOLIO 2018 IN
- Page 73 and 74: Annual Total Returns 0 Best Quarter
- Page 75 and 76: action based upon the relevant fact
- Page 77 and 78: SUMMARY: AST BOND PORTFOLIO 2020 IN
- 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
- Page 85 and 86: Past Performance. A number of facto
- Page 87 and 88: Fixed income securities risk. Inves
- Page 89 and 90: SUMMARY: AST CLS MODERATE ASSET ALL
- Page 91 and 92: The annual returns and average annu
- Page 93 and 94: Market and management risk. Markets
- Page 95 and 96: SUMMARY: AST FEDERATED AGGRESSIVE G
- Page 97 and 98: Expense risk. Your actual cost of i
- Page 99 and 100: 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
- Page 109 and 110:
Foreign investment risk. Investment
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SUMMARY: AST GOLDMAN SACHS CONCENTR
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Annual Total Returns 60% 45% 30% 15
- Page 115 and 116:
comparable to those in the U.S, and
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SUMMARY: AST GOLDMAN SACHS SMALL-CA
- Page 119 and 120:
Annual Total Returns 60% 45% 33.85
- Page 121 and 122:
Asset-backed securities risk. Asset
- Page 123 and 124:
SUMMARY: AST HORIZON GROWTH ASSET A
- Page 125 and 126:
Derivatives risk. A derivative is a
- Page 127 and 128:
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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Annual Total Returns 60% 45% 30% 15
- Page 135 and 136:
Market and management risk. Markets
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SUMMARY: AST INVESTMENT GRADE BOND
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Past Performance. A number of facto
- Page 141 and 142:
Foreign investment risk. Investment
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Foreign investment risk. Investment
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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
- Page 157 and 158:
FINANCIAL INTERMEDIARY COMPENSATION
- Page 159 and 160:
established markets; foreign market
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SUMMARY: AST MFS GLOBAL EQUITY PORT
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Annual Total Returns 45% 30% 15% 27
- Page 165 and 166:
established markets; foreign market
- Page 167 and 168:
SUMMARY: AST MID-CAP VALUE PORTFOLI
- Page 169 and 170:
Annual Total Returns 60% 45% 30% 15
- Page 171 and 172:
Asset-backed securities risk. Asset
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SUMMARY: AST NEUBERGER BERMAN MID-C
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Annual Total Returns 45% 30% 15% 30
- Page 177 and 178:
Foreign investment risk. Investment
- Page 179 and 180:
SUMMARY: AST NEUBERGER BERMAN SMALL
- Page 181 and 182:
Annual Total Returns 60% 45% 30% 15
- Page 183 and 184:
usually differ from those in the U.
- Page 185 and 186:
SUMMARY: AST PIMCO LIMITED MATURITY
- Page 187 and 188:
Annual Total Returns 11% 10% 9% 8%
- Page 189 and 190:
credit risk and liquidity risk. Whe
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SUMMARY: AST PRESERVATION ASSET ALL
- Page 193 and 194:
will monitor each contract owner’
- Page 195 and 196:
SUMMARY: AST QMA US EQUITY ALPHA PO
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The annual returns and average annu
- Page 199 and 200:
which could impact the Portfolio. F
- Page 201 and 202:
Blended Index (reflects no deductio
- Page 203 and 204:
Foreign investment risk. Investment
- Page 205 and 206:
SUMMARY: AST SMALL CAP VALUE PORTFO
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Annual Total Returns 45% 30% 21.86
- Page 209 and 210:
High-yield risk. Investments in fix
- Page 211 and 212:
and related services. These payment
- Page 213 and 214:
Asset-backed securities risk. Asset
- Page 215 and 216:
SUMMARY: AST T. ROWE PRICE LARGE CA
- Page 217 and 218:
Portfolio 53.37% 3.95% -2.13% Index
- Page 219 and 220:
Foreign investment risk. Investment
- Page 221 and 222:
SUMMARY: AST VALUE PORTFOLIO INVEST
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Annual Total Returns 45% 30% 15% 0
- Page 225 and 226:
Foreign investment risk. Investment
- Page 227 and 228:
ABOUT THE FUND ABOUT THE FUND AND I
- Page 229 and 230:
■ ■ ■ Liquidity and valuation
- Page 231 and 232:
■ There is a potential conflict o
- Page 233 and 234:
MORE DETAILED INFORMATION ON HOW TH
- Page 235 and 236:
AST Marsico Capital Growth AST T. R
- Page 237 and 238:
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
- Page 243 and 244:
e classified as developed markets.
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Mortgage-Related and Other Asset-Ba
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Principal Investment Policies: The
- Page 249 and 250:
AST Bond Portfolio 2016 AST Bond Po
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amortizing mortgage securities offe
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■ ■ ■ ■ common stocks (incl
- Page 255 and 256:
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
- Page 271 and 272:
William Blair. William Blair genera
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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
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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
- Page 289 and 290:
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
- 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
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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
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fixed-income security. For example,
- Page 311 and 312:
e subject to liquidity risk. Foreig
- Page 313 and 314:
a Portfolio may try to reduce risk
- Page 315 and 316:
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
- Page 323 and 324:
Devang Gambhirwala is a Principal a
- Page 325 and 326:
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
- Page 331 and 332:
investments in private equity trans
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Andrew Jessop is an Executive Vice
- Page 335 and 336:
Portfolio Manager, joined Hotchkis
- Page 337 and 338:
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
- Page 355 and 356:
AST Balanced Asset Allocation Portf
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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
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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
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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
- Page 383 and 384:
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