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

Past Performance. A number of factors, including risk, can affect how the Portfolio performs. The bar chart and table provides some
indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performace from year to year and by showing
how the Portfolio’s average annual returns for 1 year and since inception of the Portfolio compare with those of a broad measure of
market performance. Past performance does not mean that the Portfolio will achieve similar results in the future.
The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include
Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your
Contract prospectus for information about Contract charges.
The table also demonstrates how the Portfolio’s average annual returns compare to the returns of a custom blended stock index which
includes the stocks of companies with similar investment objectives. The Portfolio’s primary custom blended stock index consists of
the Russell 3000 Index (48%), Barclays Capital U.S. Aggregate Bond Index (40%) and MSCI EAFE (Morgan Stanley Capital
International Europe, Australasia, Far East) Index (GD) (12%). The Portfolio’s secondary custom blended stock index consists of the
Standard & Poor’s 500 Index (60%) and the Barclays Capital U.S. Aggregate Bond Index (40%). The manager determined the weight
of each index comprising the blended indexes.
Note: Prior to July 21, 2008 the Portfolio was known as the AST Conservative Asset Allocation Porfolio. Effective July 21, 2008, the
Portfolio added new subadvisers and changed its investment objective, policies, strategy, and expense structure. The performance
history furnished below prior to July 21, 2008 reflects the investment performance, investment operations, investment policies and
investment strategies of the former AST Conservative Asset Allocation Porfolio, and does not represent the acutal or predicted
performance of the current Portfolio.
Annual Total Returns
30%
20%
10.56
10%
9.08
23.30
Best Quarter:
2nd Quarter of 2009
13.21%
0
-10%
-20%
-30%
-40%
2006
2007
-28.70
2008
2009
Worst Quarter:
4th Quarter of 2008
-14.63%
Average Annual Total Returns (For the periods ended December 31, 2009)
1 year
Since Inception
(12/5/05)
Portfolio 23.30% 1.54%
Index
Standard & Poor's 500 Index (reflects no deduction for feex, expenses or
taxes) 26.47 -.65
Primary Blended Index (reflects no deduction for fees, expenses or taxes) 19.99 2.78
Secondary Blended Index (reflects no deduction for fees, expenses or taxes) 18.40 2.21
MANAGEMENT OF THE PORTFOLIO
Investment Managers Subadviser Portfolio Managers Title Service Date
Prudential Investments LLC
Brian Ahrens
Senior VP, Strategic Investment
Reserach Group
April 2005
AST Investment Services, Inc. Quantitative Management Associates LLC (QMA) Marcus Perl Portfolio Manager, VP of QMA July 2006
Edward L. Campbell Portfolio Manager, VP of QMA July 2006
TAX INFORMATION
Contract owners should consult their Contract prospectus for information on the federal tax consequences to them. In addition,
Contract owners may wish to consult with their own tax advisors as to the tax consequences of investments in the Contracts and the
Portfolio, including the application of state and local taxes. The Portfolio currently intends to be treated as a partnership for federal
income tax purposes. As a result, the Portfolio’s income, gains, losses, deductions, and credits are “passed through” pro rata directly
to the participating insurance companies and retain the same character for federal income tax purposes.
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