Prudential Premier Retirement Variable Annuities
Prudential Premier Retirement Variable Annuities
Prudential Premier Retirement Variable Annuities
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UNDERLYING<br />
PORTFOLIO<br />
UNDERLYING MUTUAL FUND PORTFOLIO ANNUAL EXPENSES<br />
Management<br />
Fees<br />
(as a percentage of the average net assets of the underlying Portfolios)<br />
Other Distribution<br />
Expenses (12b-1) Fees<br />
For the year ended December 31, 2011<br />
Dividend<br />
Expense on<br />
Short Sales<br />
Broker Fees<br />
and Expenses<br />
on Short<br />
Sales<br />
Acquired<br />
Portfolio<br />
Fees &<br />
Expenses<br />
Total<br />
Annual<br />
Portfolio<br />
Operating<br />
Expenses<br />
Contractual<br />
Fee Waiver<br />
or Expense<br />
Reimbursement<br />
Net Annual<br />
Fund<br />
Operating<br />
Expenses<br />
Advanced Series Trust<br />
continued<br />
AST T. Rowe Price Equity<br />
Income 0.75% 0.16% 0.00% 0.00% 0.00% 0.00% 0.91% 0.00% 0.91%<br />
AST T. Rowe Price Global<br />
Bond 0.80% 0.18% 0.00% 0.00% 0.00% 0.00% 0.98% 0.00% 0.98%<br />
AST T. Rowe Price<br />
Large-Cap Growth 0.88% 0.12% 0.00% 0.00% 0.00% 0.00% 1.00% 0.00% 1.00%<br />
AST T. Rowe Price Natural<br />
Resources 0.90% 0.14% 0.00% 0.00% 0.00% 0.00% 1.04% 0.00% 1.04%<br />
AST Wellington Management<br />
Hedged Equity 1.00% 0.14% 0.00% 0.00% 0.00% 0.00% 1.14% 0.00% 1.14%<br />
AST Western Asset Core Plus<br />
Bond 0.70% 0.13% 0.00% 0.00% 0.00% 0.00% 0.83% 0.00% 0.83%<br />
AST Western Asset Emerging<br />
Markets Debt 7 0.85% 0.21% 0.00% 0.00% 0.00% 0.00% 1.06% 0.05% 8 1.01%<br />
1 Pyramis is a registered service mark of FMR LLC. Used under license.<br />
2 The Investment Managers (<strong>Prudential</strong> Investments LLC and AST Investment Services, Inc.) have contractually agreed to waive a portion of their<br />
investment management fees and/or reimburse certain expenses so that the investment management fees plus other expenses (exclusive in all cases of<br />
taxes, short sale interest and dividend expenses, brokerage commissions, distribution fees, underlying fund fees and expenses, and extraordinary expenses)<br />
for the Portfolio do not exceed 1.10% of the average daily net assets of the Portfolio through June 30, 2014. This expense limitation may not be terminated<br />
or modified prior to June 30, 2014, but may be discontinued or modified thereafter.<br />
3 Effective August 20, 2012, the AST Horizon Growth Asset Allocation Portfolio will change its subadviser, investment objective, policies, strategy,<br />
expense structure, and its name to the AST J.P. Morgan Global Thematic Portfolio. The fees and expenses identified in this table reflect these changes and<br />
are estimates based in part on assumed average daily net assets of $1.5 billion for the Portfolio (i.e., the approximate amount of the Portfolio’s net assets as<br />
of December 31, 2011) for the fiscal year ending December 31, 2012.<br />
4 The Investment Managers (<strong>Prudential</strong> Investments LLC and AST Investment Services, Inc.) have contractually agreed to waive a portion of their<br />
investment management fee, so that the effective management fee rate paid by the Portfolio is as follows: 0.70% to $500 million of average daily net<br />
assets; 0.675% over $500 million in average daily net assets up to and including $1 billion in average daily net assets; and 0.65% over $1 billion in average<br />
daily net assets. This arrangement may not be terminated or modified prior to June 30, 2014, and may be discontinued or modified thereafter. The decision<br />
on whether to renew, modify or discontinue the arrangement after June 30, 2014 will be subject to review by the Investment Managers and the Fund’s<br />
Board of Trustees.<br />
5 The AST MFS Large-Cap Value Portfolio will commence operations on or about August 20, 2012. Estimate based in part on assumed average daily net<br />
assets of approximately $500 million for the Portfolio for the fiscal period ending December 31, 2012.<br />
6 <strong>Prudential</strong> Investments LLC and AST Investment Services, Inc. (together, the Investment Managers) have contractually agreed to waive a portion of their<br />
investment management fees so that the Portfolio’s investment management fee would equal 0.70% of the Portfolio’s first $500 million of average daily<br />
net assets, 0.675% of the Portfolio’s average daily net assets between $500 million and $1 billion, and 0.65% of the Portfolio’s average daily net assets in<br />
excess of $1 billion through May 1, 2014. This contractual investment management fee waiver may not be terminated or modified prior to May 1, 2014,<br />
but may be discontinued or modified thereafter. The decision on whether to renew, modify, or discontinue this expense limitation after May 1, 2014 will be<br />
subject to review by the Investment Managers and the Board of Trustees of the Trust.<br />
7 The AST Western Asset Emerging Markets Debt Portfolio will commence operations on or about August 20, 2012. Estimate based in part on assumed<br />
average daily net assets of approximately $650 million for the Portfolio for the fiscal period ending December 31, 2012.<br />
8 <strong>Prudential</strong> Investments LLC (“PI”) and AST Investment Services, Inc. (“AST”) have contractually agreed to waive a portion of their investment<br />
management fee so that the effective management fee rate paid by the Portfolio is 0.80% of the average daily net assets of the Portfolio through July 1,<br />
2014. This arrangement may not be terminated or modified prior to July 1, 2014 and may be discontinued or modified thereafter. The decision on whether<br />
to renew, modify or discontinue the arrangement after July 1, 2014 will be subject to review by PI, AST and the Portfolio’s Board of Trustees.<br />
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