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

More documents

Recommendations

Info

IV. AST Academic Strategies Asset Allocation Portfolio Footnote ** appearing in the Trust Prospectus under the caption entitled “How The Fund Is Managed—Investment Management Fees—Notes to Investment Management Fees Table” is hereby deleted in its entirety and replaced with the following. **The Co-Managers have voluntarily agreed to reimburse expenses and/or waive fees so that the Academic Strategies Porfolio's "Underlying Fund Fees and Expenses" do not exceed 0.685% of the Portfolio's average daily net assets. For purposes of applying this voluntary expense cap, “Underlying Fund Fees and Expenses” shall not include, and the Co-Managers shall not reimburse expenses or waive fees with respect to, taxes, short sale interest and dividend expenses, brokerage commissions, distribution fees, and extraordinary expenses incurred by the relevant Underlying Funds. This arrangement will be monitored and applied daily based upon the Academic Strategies Portfolio's then current holdings of the Underlying Funds and the expense ratios of the relevant Underlying Funds as of their most recent fiscal year end. Because the expense ratios of the relevant Underlying Funds will change over time and may be higher than the expense ratios as of their most recent fiscal year end, it is possible that the Academic Strategies Portfolio's actual "Underlying Fund Fees and Expenses" may be higher than 0.685% of the Portfolio's average daily net assets. The arrangements relating to the Portfolio's "Underlying Fund Fees and Expenses" are voluntary and are subject to termination or modification at any time without prior notice. V. AST T. Rowe Price Global Bond Portfolio Effective as of the close of business on December 31, 2010, all references to T. Rowe Price International, Inc. with respect to the AST T. Rowe Price Global Bond Portfolio are replaced by references to T. Rowe Price Associates, Inc. and T. Rowe Price International Ltd. ASTSUP6 PSFSUP3 5
Advanced Series Trust Supplement dated October 18, 2010 to Prospectus dated May 1, 2010 This Supplement sets forth certain changes to the Prospectus, dated May 1, 2010 (the Prospectus) of Advanced Series Trust (the Trust). The Portfolios discussed in this Supplement may not be available under your variable annuity contract or variable life insurance policy. For more information about the Portfolios available under your variable annuity contract or variable life insurance policy, please refer to your variable insurance product prospectus. The following should be read in conjunction with the Prospectus and should be retained for future reference I. Pending Fund Reorganization The Board of Trustees of the Trust (the Board) recently approved the fund reorganization described below. Target Fund Acquiring Fund AST Neuberger Berman Small-Cap Growth Portfolio AST Federated Aggressive Growth Portfolio of Advanced Series Trust of Advanced Series Trust Pursuant to this proposal, the assets and liabilities of the Target Fund would be exchanged for shares of the Acquiring Fund and beneficial shareholders of the Target Fund would become beneficial shareholders of the Acquiring Fund. No sales charges would be imposed in connection with the reorganization. The Acquiring Fund shares to be received by Target Fund shareholders in the reorganization will be equal in value to the Target Fund shares beneficially held by such shareholders immediately prior to the reorganization. The completion of the reorganization transaction is subject to approval by the beneficial shareholders of the Target Fund and the satisfaction of certain customary closing conditions, including the receipt of an opinion of special tax counsel to the effect that the reorganization transaction will not result in any adverse federal income tax consequences to the Acquiring Fund, the Target Fund, or their respective beneficial shareholders. It is anticipated that a proxy statement/prospectus relating to this transaction will be mailed to Target Fund shareholders during January 2011 and that the special meeting of Target Fund shareholders will be held during February 2011. Assuming receipt of the required shareholder approval and satisfaction of the relevant closing conditions for the reorganization transaction, it is expected that the reorganization transaction would be completed as of the close of business on April 29, 2011. II. Name Change for AST Value Portfolio (to be renamed AST BlackRock Value Portfolio) The Board recently approved changing the name of “AST Value Portfolio” to “AST BlackRock Value Portfolio”. Such name change is expected to become effective on or about Monday January 24, 2011. The Portfolio’s investment objective, policies, restrictions, and service providers will remain unchanged. III. Secondary Performance Benchmark Changes for AST FI Pyramis ® Asset Allocation Portfolio The section of the Prospectus entitled “Summary: AST FI Pyramis ® Asset Allocation Portfolio—Past Performance” is hereby deleted and replaced with the following in order to reflect a new secondary benchmark index for the Portfolio. 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 performance 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. Note : The AST FI Pyramis® Asset Allocation Portfolio, formerly the AST Niemann Capital Growth Asset Allocation Portfolio, changed subadvisers and changed its investment objective, policies, and strategy effective March 15, 2010. The 1-year and Since-Inception performance figures as well as the annual returns prior to March 15, 2010 for the Portfolio reflect investment performance, investment operations, investment policies, and ASTSUP5
Page 1 and 2: Advanced Series Trust AST Academic
Page 3 and 4: More detailed information relating
Page 5: Information About GSAM Portfolio Ma
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 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 71 and 72:
Page 73 and 74:
Annual Total Returns 0 Best Quarter
Page 75 and 76:
action based upon the relevant fact
Page 77 and 78:
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
Page 101 and 102:
Annual Total Returns 30% 20% 10% 21
Page 103 and 104:
Mid-capitalization company risk. Th
Page 105 and 106:
SUMMARY: AST FIRST TRUST CAPITAL AP
Page 107 and 108:
The table also demonstrates how the
Page 109 and 110:
Foreign investment risk. Investment
Page 111 and 112:
SUMMARY: AST GOLDMAN SACHS CONCENTR
Page 113 and 114:
Page 115 and 116:
comparable to those in the U.S, and
Page 117 and 118:
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
Page 129 and 130:
Derivatives risk. A derivative is a
Page 131 and 132:
SUMMARY: AST INTERNATIONAL GROWTH P
Page 133 and 134:
Page 135 and 136:
Market and management risk. Markets
Page 137 and 138:
SUMMARY: AST INVESTMENT GRADE BOND
Page 139 and 140:
Past Performance. A number of facto
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
epatriating investment proceeds. Ma
Page 147 and 148:
SUMMARY: AST JPMORGAN STRATEGIC OPP
Page 149 and 150:
loans, mortgage-backed securities a
Page 151 and 152:
SUMMARY: AST LARGE-CAP VALUE PORTFO
Page 153 and 154:
Average Annual Total Returns (For t
Page 155 and 156:
in market interest rates and that t
Page 157 and 158:
FINANCIAL INTERMEDIARY COMPENSATION
Page 159 and 160:
established markets; foreign market
Page 161 and 162:
SUMMARY: AST MFS GLOBAL EQUITY PORT
Page 163 and 164:
Page 165 and 166:
established markets; foreign market
Page 167 and 168:
SUMMARY: AST MID-CAP VALUE PORTFOLI
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
SUMMARY: AST NEUBERGER BERMAN MID-C
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
SUMMARY: AST NEUBERGER BERMAN SMALL
Page 181 and 182:
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
Page 191 and 192:
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
Page 197 and 198:
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:
Page 205 and 206:
SUMMARY: AST SMALL CAP VALUE PORTFO
Page 207 and 208:
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:
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:
Page 221 and 222:
SUMMARY: AST VALUE PORTFOLIO INVEST
Page 223 and 224:
Page 225 and 226:
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
Page 239 and 240:
Global Macro (First Quadrant). This
Page 241 and 242:
strategy. Second, QMA draws on its
Page 243 and 244:
e classified as developed markets.
Page 245 and 246:
Mortgage-Related and Other Asset-Ba
Page 247 and 248:
Principal Investment Policies: The
Page 249 and 250:
AST Bond Portfolio 2016 AST Bond Po
Page 251 and 252:
amortizing mortgage securities offe
Page 253 and 254:
■ ■ ■ ■ common stocks (incl
Page 255 and 256:
AST Preservation Asset Allocation P
Page 257 and 258:
4. International Value Strategy. Th
Page 259 and 260:
To select the stocks for this strat
Page 261 and 262:
“Dow Jones Corporate Bond Index,
Page 263 and 264:
AST Global Real Estate Portfolio In
Page 265 and 266:
Futures, Options and Other Derivati
Page 267 and 268:
Futures, Options and Other Derivati
Page 269 and 270:
not receive any payments (including
Page 271 and 272:
William Blair. William Blair genera
Page 273 and 274:
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
Page 279 and 280:
Hotchkis and Wiley normally focuses
Page 281 and 282:
Special Situations. The Portfolio m
Page 283 and 284:
summarized below: WEDGE normally em
Page 285 and 286:
Asset-Backed Securities. The Portfo
Page 287 and 288:
Other Investments: Although equity
Page 289 and 290:
or profits from, emerging market co
Page 291 and 292:
in value. When a Portfolio makes a
Page 293 and 294:
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
Page 301 and 302:
and high return on invested capital
Page 303 and 304:
ecause their currency markets are n
Page 305 and 306:
The Portfolio may sell securities f
Page 307 and 308:
Implementation of Target Asset Allo
Page 309 and 310:
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
Page 317 and 318:
without prior notice. ***Includes f
Page 319 and 320:
First Quadrant L.P. (First Quadrant
Page 321 and 322:
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
Page 327 and 328:
1991 through 1996. Before joining B
Page 329 and 330:
candidate for the CFA. QMA Ted Lock
Page 331 and 332:
investments in private equity trans
Page 333 and 334:
Andrew Jessop is an Executive Vice
Page 335 and 336:
Portfolio Manager, joined Hotchkis
Page 337 and 338:
AST Neuberger Berman Small-Cap Grow
Page 339 and 340:
MBA from the University of Pennsylv
Page 341 and 342:
Mr. Brennan joined T. Rowe Price in
Page 343 and 344:
Fund and its transfer agent also re
Page 345 and 346:
Short-term debt securities with rem
Page 347 and 348:
PAYMENTS TO AFFILIATES PI and AST a
Page 349 and 350:
AST Academic Strategies Asset Alloc
Page 351 and 352:
AST Aggressive Asset Allocation Por
Page 353 and 354:
AST AllianceBernstein Growth & Inco
Page 355 and 356:
AST Balanced Asset Allocation Portf
Page 357 and 358:
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
Page 365 and 366:
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
Page 373 and 374:
AST International Growth Portfolio
Page 375 and 376:
AST Investment Grade Bond Portfolio
Page 377 and 378:
AST JPMorgan Strategic Opportunitie
Page 379 and 380:
AST Lord Abbett Bond-Debenture Port
Page 381 and 382:
AST MFS Growth Portfolio Year Ended
Page 383 and 384:
AST Neuberger Berman Mid-Cap Growth
Page 385 and 386:
AST PIMCO Limited Maturity Bond Por
Page 387 and 388:
AST Preservation Asset Allocation P
Page 389 and 390:
AST Schroders Multi-Asset World Str
Page 391 and 392:
AST T. Rowe Price Asset Allocation
Page 393 and 394:
AST T. Rowe Price Natural Resources
Page 395 and 396:
AST Western Asset Core Plus Bond Po
Page 397 and 398:
APPENDIX I ASSET ALLOCATIONS FOR GR
Page 399 and 400:
APPENDIX III UNDERLYING PORTFOLIO W
Page 401 and 402:
AST Horizon Growth Asset Allocation
Page 403 and 404:
369
Page 405 and 406:
SP-2: Satisfactory capacity to pay
Page 407 and 408:
GLOSSARY PORTFOLIO INDEXES BofA Mer
Page 409 and 410:
Russell 2000 Growth Index. The Russ
Page 411 and 412:
AST First Trust Capital Appreciatio
Page 413 and 414:
Notes 379
Page 415 and 416:
Notes 381
Page 418:
INVESTOR INFORMATION SERVICES: Shar
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?