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

SUMMARY: AST BALANCED ASSET ALLOCATION PORTFOLIO
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to obtain the highest potential total return consistent with its specified level of risk
tolerance.
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 .15%
Distribution (12b-1) Fees
Other Expenses .02%
Acquired Fund Fees & Expenses .91%
Total Annual Portfolio Operating Expenses 1.08%
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 Balanced Asset Allocation $110 $343 $595 $1,317
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 34% of the average value of its portfolio.
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies. The Portfolio is a “fund of funds.” That means that the Portfolio invests primarily in one or more
mutual funds in accordance with its own asset allocation strategy. Other mutual funds in which the Portfolio may invest are
collectively referred to as the “Underlying Portfolios.” Consistent with the investment objectives and policies of the Portfolio, other
mutual funds may from time to time be added to, or removed from, the list of Underlying Portfolios that may be used in connection
with the Portfolio. Currently, the only Underlying Portfolios in which the Portfolio invests are other Portfolios of the Fund and certain
money market funds advised by an Investment Manager or one of its affiliates.
The asset allocation strategy is determined by Prudential Investments LLC (PI) and Quantitative Management Associates LLC (QMA).
As a general matter, QMA begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the
assets for the Portfolio across three broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000
Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index. The neutral allocation will emphasize investments
in the equity asset class. The selection of specific combinations of Underlying Portfolios for the Portfolio generally will be determined
by PI. PI will employ various quantitative and qualitative research methods to establish weighted combinations of Underlying
Portfolios that are consistent with the neutral allocation for the Portfolio. QMA will then perform its own forward-looking assessment
of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, QMA will further adjust the
neutral allocation and the preliminary Underlying Portfolio weights for the Portfolio based upon its views on certain factors.
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
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