AST BlackRock Value Portfolio - Prudential Annuities

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AST Neuberger Berman Core Bond 2.197% Portfolio AST Prudential Core Bond Portfolio 4.412% Cash/Money Market Instruments AST Money Market 21.703% "Off-Benchmark" Investments ISHARES BARCLAYS AGGREGATE 0.907% (AGG) POWERSHARES QQQ TRUST SER. 1 2.982% (QQQ) SPDR TRUST SERIES 1 (SPY) 2.822% HEALTH CARE SELECT SECTOR 0.640% (XLV) CONSUMER STAPLES (XLP) 0.753% FINANCIAL SELECT SECTOR SPDR 0.382% (XLF) * Due to rounding, total of Estimated Weights may exceed 100%. Actual total of allocations is 100%. ASTSUP9 ASTSUP9
ADVANCED SERIES TRUST Supplement dated October 1, 2012 to the Prospectus and Statement of Additional Information, each dated April 30, 2012, and previously supplemented on August 20, 2012 This supplement sets forth changes to the Prospectus (the Prospectus) and the Statement of Additional Information (SAI), each dated April 30, 2012 and previously supplemented on August 20, 2012, of Advanced Series Trust (the Trust). The following should be read in conjunction with the Prospectus and SAI and should be retained for future reference. Defined terms used herein and not otherwise defined herein shall have the meanings given to them in the Prospectus and SAI. The Prospectus and SAI are amended as follows: I. Sub-Subadviser Addition for AST J.P. Morgan Global Thematic Portfolio (formerly, AST Horizon Growth Asset Allocation Portfolio) Based on the recommendation of Prudential Investments LLC (PI) and AST Investment Services, Inc. (collectively, the Manager), the Board of Trustees of the Trust (the Board) recently approved the addition of Security Capital Research & Management Incorporated (Security Capital) as a sub-subadviser for the AST J.P. Morgan Global Thematic Portfolio (the Global Thematic Portfolio). The addition of Security Capital as a sub-subadviser is expected to occur on or about October 31, 2012. The Global Thematic Portfolio’s current subadviser, J.P. Morgan Investment Management Inc. (J.P. Morgan), will continue as a subadviser for the Global Thematic Portfolio. Pursuant to the sub-subadvisory agreement between J.P. Morgan and Security Capital, J.P. Morgan is permitted to allocate assets of the Global Thematic Portfolio to Security Capital. J.P. Morgan expects to allocate to Security Capital the assets that are to be invested in real estate investment trusts (REITs). Under normal market conditions, the Global Thematic Portfolio expects to invest approximately 0.50% to 8.50% in REITs. To reflect the changes described above, the following will be incorporated into the Trust’s prospectus as follows: 1. In the Prospectus, under the heading “Summary: AST J.P. Morgan Global Thematic Portfolio,” the following is added to the chart: Subadviser Portfolio Managers Title Service Date Security Capital Research & Management Incorporated Anthony R. Manno, Jr. Chief Executive Officer & President October 2012 Kenneth D. Statz Managing Director October 2012 Kevin W. Bedell Managing Director October 2012 2. In the Prospectus, at the end of the section entitled “How the Fund is Managed – Investment Subadvisers,” the following is added in order to reflect the changes described above: J.P. Morgan Investment Management Inc. (J.P. Morgan) & Security Capital Research & Management Incorporated (Security Capital) are indirect wholly-owned subsidiaries of J.P. Morgan Chase Co., a publicly held bank holding company and global financial services firm. J.P. Morgan manages assets for governments, corporations, endowments, foundations and individuals worldwide. As of December 31, 2011, J.P. Morgan and its affiliated companies had approximately $1.3 trillion in assets under management worldwide. J.P. Morgan's address is 270 Park Avenue, New York, New York 10017. Formed in 1995, Security Capital is a boutique investment management company with an exclusive focus on investments in real estate securities Security Capital provides investment services to registered investment companies and other advisory clients. As of July 31, 2012, Security Capital had $5.1 billion in assets under management. Security Capital is located at 10 South Dearborn Street, Chicago, Illinois 60603. ASTSUP8
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ADVANCED SERIES TRUST AST Horizon M
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ADVANCED SERIES TRUST AST Bond Port
Page 5 and 6: V. In the SAI, the following is add
Page 7 and 8: AST Academic Strategies Asset Alloc
Page 9 and 10: AST Bond Portfolio 2015 Annual Port
Page 15 and 16: AST FI Pyramis ® Asset Allocation
Page 17 and 18: AST Global Real Estate Portfolio An
Page 19 and 20: AST Goldman Sachs Small-Cap Value P
Page 21 and 22: AST Investment Grade Bond Portfolio
Page 23 and 24: AST J.P. Morgan International Equit
Page 25 and 26: AST Marsico Capital Growth Portfoli
Page 27 and 28: AST Mid-Cap Value Portfolio Annual
Page 29 and 30: AST Neuberger Berman Mid-Cap Growth
Page 31 and 32: AST PIMCO Limited Maturity Bond Por
Page 33 and 34: AST Schroders Global Tactical Portf
Page 35 and 36: AST T. Rowe Price Asset Allocation
Page 37 and 38: AST T. Rowe Price Natural Resources
Page 39 and 40: II. The section of the Prospectus e
Page 41 and 42: The Board has approved (i) replacin
Page 43 and 44: index, the Portfolio is not an "ind
Page 45 and 46: C. All references to the Portfolio
Page 47 and 48: to subadvisory fees paid by Prudent
Page 49 and 50: ADVANCED SERIES TRUST Supplement da
Page 51 and 52: ADVANCED SERIES TRUST AST Academic
Page 53 and 54: ADVANCED SERIES TRUST AST CLS Moder
Page 55: AST Neuberger Berman Core Bond 1.16
Page 59 and 60: 5/$0.2* Kevin W. Bedell 7/$2.2 1 /$
Page 61 and 62: Fixed-Income Core and Core Plus Fix
Page 63 and 64: ADVANCED SERIES TRUST PROSPECTUS DA
Page 65 and 66: Example. The following example is i
Page 67 and 68: securities, asset-backed securities
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Page 71 and 72: AST J.P. Morgan Portfolio’s minim
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Page 79 and 80: value, among other factors, is also
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Page 83 and 84: AST BlackRock Value Portfolio * Sub
Page 85 and 86: III. The table under the heading Pa
Page 87 and 88: Table of Contents 1 SUMMARY: AST AC
Page 89 and 90: Fund of funds risk. In addition to
Page 91 and 92: Past Performance. A number of facto
Page 93 and 94: SUMMARY: AST ADVANCED STRATEGIES PO
Page 95 and 96: Liquidity and valuation risk. From
Page 97 and 98: SUMMARY: AST BALANCED ASSET ALLOCAT
Page 99 and 100: The Portfolio invests in securities
Page 101 and 102: SUMMARY: AST BLACKROCK GLOBAL STRAT
Page 103 and 104: Derivatives risk. A derivative is a
Page 105 and 106: SUMMARY: AST BLACKROCK VALUE PORTFO
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The table also demonstrates how the
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The Portfolio is managed to mature
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MANAGEMENT OF THE PORTFOLIO Investm
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SUMMARY: AST BOND PORTFOLIO 2023 IN
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U.S. government-related organizatio
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Principal Risks of Investing in the
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Average Annual Total Returns (For t
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Under normal circumstances, no more
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Annual Total Returns 40% 20% 23.39
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the value of a REIT is subject to a
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FINANCIAL INTERMEDIARY COMPENSATION
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Equity securities risk. There is th
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Annual Total Returns 80% 69.16 60%
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Strategy Description Estimated Perc
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Liquidity and valuation risk. From
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SUMMARY: AST FIRST TRUST BALANCED T
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Expense risk. Your actual cost of i
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SUMMARY: AST FIRST TRUST CAPITAL AP
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Expense risk. Your actual cost of i
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SUMMARY: AST FRANKLIN TEMPLETON FOU
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Derivatives risk. A derivative is a
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the value of a REIT is subject to a
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SUMMARY: AST GOLDMAN SACHS CONCENTR
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SUMMARY: AST GOLDMAN SACHS MID-CAP
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Value style risk. There is a risk t
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SUMMARY: AST HIGH YIELD PORTFOLIO I
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Liquidity and valuation risk. From
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SUMMARY: AST HORIZON GROWTH ASSET A
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Asset-backed securities risk. Asset
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Investment Managers Subadviser Port
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Under normal circumstances, no more
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The annual returns and average annu
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SUMMARY: AST INTERNATIONAL GROWTH P
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Foreign investment risk. Investment
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SUMMARY: AST INVESTMENT GRADE BOND
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usually differ from those in the U.
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SUMMARY: AST JENNISON LARGE-CAP GRO
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Annual Total Returns 15% 11.32 10%
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Value style risk. There is a risk t
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SUMMARY: AST JPMORGAN INTERNATIONAL
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Annual Total Returns 60% 40% 20% 30
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Anticipated Asset Class Approximate
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Annual Total Returns 30% 20% 10% 0%
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Market and management risk. Markets
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SUMMARY: AST LORD ABBETT CORE FIXED
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exchange-traded derivatives may be
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SUMMARY: AST MARSICO CAPITAL GROWTH
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SUMMARY: AST MFS GROWTH PORTFOLIO I
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Mid-capitalization company risk. Th
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SUMMARY: AST MONEY MARKET PORTFOLIO
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Index Lipper Variable Insurance Pro
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SUMMARY: AST NEUBERGER BERMAN MID-C
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Average Annual Total Returns (For t
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SUMMARY: AST NEW DISCOVERY ASSET AL
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High-yield risk. Investments in fix
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SUMMARY: AST PARAMETRIC EMERGING MA
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Past Performance. A number of facto
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(liquidity risk); and the risk that
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SUMMARY: AST PIMCO TOTAL RETURN BON
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the Portfolio and other Portfolios
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SUMMARY: AST PRESERVATION ASSET ALL
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comparable to those in the U.S, and
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SUMMARY: AST PRUDENTIAL CORE BOND P
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Derivatives risk. A derivative is a
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In rising markets, the Portfolio ex
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(NAV) per share. In general terms,
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U.S. government-related organizatio
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SUMMARY: AST SCHRODERS GLOBAL TACTI
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Fund of funds risk. In addition to
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Growth style risk. There is a risk
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SUMMARY: AST SMALL-CAP VALUE PORTFO
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The annual returns and average annu
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Fixed income securities risk. Inves
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value for a variety of reasons, inc
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(liquidity risk); and the risk that
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Investment Managers Subadvisers Por
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Growth style risk. There is a risk
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SUMMARY: AST T. ROWE PRICE NATURAL
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Index Blended Index (reflects no de
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Fixed income securities risk. Inves
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Investment Managers Subadviser Port
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PRINCIPAL RISKS Principal Risks of
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weighted average maturities general
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Liquidity and Valuation Risk Of Pri
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Short Sale Risk. A Portfolio that s
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Traditional Asset Classes Internati
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Underlying Fund Portfolio Principal
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PIMCO may invest all of the assets
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Convertible Securities are a substa
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Exposure to some or all of the rema
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Description of Traditional Investme
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Under normal circumstances, PIMCO i
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maturity to process and audit loss
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The risks of an investment in a CDO
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BlackRock may use derivatives, incl
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Up to 10% of the assets attributabl
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Investment Strategy Minimum Exposur
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AST Bond Portfolio 2023 Investment
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some of which may be adjustable rat
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AST COHEN & STEERS REALTY PORTFOLIO
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market capitalization (i.e., increa
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Strategy Large Cap Core 130/30 Stra
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The approximate allocations above d
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This investment strategy looks for
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U.S. Treasury Securities. U.S. Trea
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VLPI MAKES NO WARRANTY CONCERNING T
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(sometimes called “junk bonds”)
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sale of a futures contract will all
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focuses on valuation relative to a
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The Portfolio pursues its objective
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The Portfolio may invest in all typ
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Under a bank loan assignment, the P
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Principal Investment Policies: The
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Other Investments: The Portfolio ma
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In addition to options and financia
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Jennison will consider other factor
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The Portfolio may invest in a wide
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On or about January 31, 2012, Hotch
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the Portfolio’s positions against
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EARNEST expects to focus primarily
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Demand Features. The Portfolio may
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AST NEUBERGER BERMAN / LSV MID-CAP
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morethan7%oftheassets attributable
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Anticipated Asset Allocation Ranges
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AST PIMCO LIMITED MATURITY BOND POR
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esult of a short sale if the price
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Generally, over the long term, the
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in rates of return) earned or reali
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futures that are contractually requ
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geographic focus (i.e., increase or
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AST SCHRODERS GLOBAL TACTICAL PORTF
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This segment of the Portfolio may e
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they believe are undervalued or oth
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Futures, Options and Other Derivati
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As a fund that invests both in equi
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Debt Instruments and Junk Bonds. Un
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total Portfolio performance. For ex
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natural resource companies may be i
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(iii) “off-benchmark” investmen
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(ii) the Portfolio sells the index
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MORE DETAILED INFORMATION ABOUT OTH
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Loans and Assignments—Loans are p
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HOW THE FUND IS MANAGED BOARD OF TR
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AST Neuberger Berman / LSV Mid-Cap
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INVESTMENT SUBADVISERS The Portfoli
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Franklin Mutual Advisers, LLC (Fran
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Security Investors, LLC (SGI) has b
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Joel M. Kallman, CFA, is a Senior A
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AQR Capital Management, LLC and CNH
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Mr. Dialynas is a managing director
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Martin Cohen, co-chairman and co-CE
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Mr. Lindquist rejoined First Trust
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Lisa F. Myers, J.D., CFA, joined th
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Sean is Co-CIO and portfolio manage
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James P. Shanahan, Jr., managing di
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AST International Value Portfolio L
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Mr. Peters, Portfolio Manager, join
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Thomas A. Sontag: Managing Director
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Prior to his current position as Po
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Brian Ahrens, CFA is a portfolio ma
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Devang Gambhirwala is a Principal a
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Investment Committee. Prior to join
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Michael J. Conelius, CFA, is a Vice
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HOW TO BUY AND SELL SHARES OF THE P
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NET ASSET VALUE Any purchase or sal
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Appraised values do not necessarily
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The amounts paid depend on the natu
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AST ADVANCED STRATEGIES PORTFOLIO Y
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AST BLACKROCK GLOBAL STRATEGIES POR
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AST BOND PORTFOLIO 2015 January 28,
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AST BOND PORTFOLIO 2017 Year Ended
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AST BOND PORTFOLIO 2019 January 28,
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AST BOND PORTFOLIO 2021 Year Ended
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AST CAPITAL GROWTH ASSET ALLOCATION
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AST COHEN & STEERS REALTY PORTFOLIO
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AST FI PYRAMIS ® ASSET ALLOCATION
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AST FIRST TRUST CAPITAL APPRECIATIO
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AST GOLDMAN SACHS CONCENTRATED GROW
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AST GOLDMAN SACHS MID-CAP GROWTH PO
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AST HIGH YIELD PORTFOLIO Year Ended
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AST HORIZON MODERATE ASSET ALLOCATI
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AST INTERNATIONAL VALUE PORTFOLIO Y
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AST JENNISON LARGE-CAP GROWTH PORTF
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AST JPMORGAN INTERNATIONAL EQUITY P
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AST LARGE-CAP VALUE PORTFOLIO Year
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AST MARSICO CAPITAL GROWTH PORTFOLI
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AST MFS GROWTH PORTFOLIO Year Ended
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AST MONEY MARKET PORTFOLIO Year End
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AST NEUBERGER BERMAN MID-CAP GROWTH
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AST PARAMETRIC EMERGING MARKETS EQU
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AST PIMCO TOTAL RETURN BOND PORTFOL
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AST PRUDENTIAL CORE BOND PORTFOLIO
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AST QUANTITATIVE MODELING PORTFOLIO
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AST SCHRODERS MULTI-ASSET WORLD STR
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AST SMALL-CAP VALUE PORTFOLIO Year
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AST T. ROWE PRICE EQUITY INCOME POR
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AST T. ROWE PRICE LARGE-CAP GROWTH
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AST WELLINGTON MANAGEMENT HEDGED EQ
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APPENDIX ASSET ALLOCATIONS FOR HORI
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AST Horizon Growth Asset Allocation
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GLOSSARY: PORTFOLIO INDEXES BofA Me
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Russell 2000 Index. The Russell 200
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AST Schroders Global Tactical Portf
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The Prudential Insurance Company of
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AST BlackRock Value Portfolio - Prudential Annuities

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