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AST BlackRock Value Portfolio - Prudential Annuities

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<strong>AST</strong> HORIZON GROWTH ASSET ALLOCATION PORTFOLIO<br />

November 19,<br />

2007(c)<br />

Year Ended December 31,<br />

through<br />

December 31,<br />

2011 2010(d) 2009(d) 2008 2007(d)<br />

Per Share Operating Performance:<br />

Net Asset <strong>Value</strong>, beginning of year $10.12 $8.92 $7.07 $10.21 $10.00<br />

Income (Loss) From Investment Operations:<br />

Net investment income 0.05 0.05 0.08 0.04 0.10<br />

Net realized and unrealized gain (loss) on investments (0.10) 1.18 1.80 (3.17) 0.11<br />

Total from investment operations (0.05) 1.23 1.88 (3.13) 0.21<br />

Less Distributions: (0.43) (0.03) (0.03) (0.01) –<br />

Net Asset <strong>Value</strong>, end of year $9.64 $10.12 $8.92 $7.07 $10.21<br />

Total Return(a) (0.57)% 13.82% 26.67% (30.70)% 2.10%<br />

Ratios/Supplemental Data:<br />

Net assets, end of year (in millions) $1,378.5 $1,280.7 $552.0 $54.5 $4.9<br />

Ratios to average net assets(b):<br />

Expenses After Waivers and/or Expense Reimbursement 0.26% 0.29% 0.35% 0.41%(e) 0.40%(f)<br />

Expenses Before Waivers and/or Expense Reimbursement 0.32% 0.33% 0.36% 0.65%(e) 15.01%(f)<br />

Net investment income 0.60% 0.58% 0.98% 1.90% 8.82%(f)<br />

<strong>Portfolio</strong> turnover rate 131% 93% 40% 204% 20%(g)<br />

(a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of distributions and does<br />

not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and<br />

surrender charges which, if reflected, would reduce the total return for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In<br />

the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect<br />

adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one year are not annualized.<br />

(b) Does not include expenses of the underlying portfolios in which the <strong>Portfolio</strong> invests.<br />

(c) Commencement of operations.<br />

(d) Calculated based on average shares outstanding during the period.<br />

(e) Includes loan interest expense of 0.01%.<br />

(f) Annualized.<br />

(g) Not annualized.<br />

441

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