AST BlackRock Value Portfolio - Prudential Annuities

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ADVANCED SERIES TRUST AST BlackRock Value Portfolio (the Portfolio) ____________________________________________________________________________________ Supplement dated September 27, 2012 to the Prospectus and Statement of Additional Information dated April 30, 2012 Effective October 31, 2012, Kevin Rendino has announced his retirement from BlackRock Investment Management LLC. Accordingly, all references to Mr. Rendino in the Portfolio’s Prospectus and Statement of Additional Information (“SAI”) are hereby deleted. Also effective October 31, 2012, Bartlett (Bart) Geer will assume Mr. Rendino’s responsibilities as portfolio manager of the Portfolio. To reflect the addition of Mr. Geer, the following changes are hereby made to the Prospectus and SAI. I. In the Prospectus, the table under the heading Summary: AST BlackRock Value Portfolio/Management of the Portfolio is hereby supplemented with the following information: Investment Managers Subadviser Portfolio Manager Title Service Date Prudential Investments LLC AST Investment Services, Inc. BlackRock Investment Management LLC Bartlett Geer, CFA Portfolio Manager October 2012 II. In the Prospectus, under the heading How the Fund is Managed/Portfolio Managers/AST BlackRock Value Portfolio, the following paragraphs are added: Mr. Geer is a Managing Director of BlackRock, Inc. since 2012; Managing Director and Portfolio Manager of the Putnam Equity Income Fund and U.S. Large Value institutional equity portfolios at Putnam Investments from 2000 to 2012. He is also a CFA Charterholder and holds a BA and MBA from Dartmouth College. III. In the SAI, the table under the heading Part I /Portfolio Managers: Other Account/AST BlackRock Value Portfolio is hereby supplemented with the following information: AST BlackRock Value Portfolio* Subadviser BlackRock Investment Management, LLC Portfolio Managers Bartlett Geer* Other Registered Investment Companies Other Pooled Investment Vehicles Other Accounts None None None None Ownership of Fund Securities *There is no account data to report because Mr. Geer does not manage any other accounts and he will not be taking over as portfolio manager until October 31, 2012. ASTSUP7
ADVANCED SERIES TRUST PROSPECTUS DATED APRIL 30, 2012 SUPPLEMENT DATED AUGUST 20, 2012 This supplement sets forth changes to the Prospectus, dated April 30, 2012 (the Prospectus), of Advanced Series Trust (the Trust). The Portfolio of the Trust discussed in this supplement may not be available under your variable contract. For more information about the Portfolios available under your contract, please refer to your contract prospectus. The following should be read in conjunction with the Prospectus 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. Changes relating to AST Horizon Growth Asset Allocation Portfolio (To be Renamed AST J.P. Morgan Global Thematic Portfolio Effective on or about August 20, 2012) The beneficial shareholders of the AST Horizon Growth Asset Allocation Portfolio (the AST Horizon Portfolio) recently approved an increase in the investment management fee rate paid to the Investment Managers by the Portfolio. As a result, the contractual investment management fee rate inclusive of the underlying funds for the Portfolio will increase from 0.89% to 0.95% of the Portfolio’s average daily net assets. The Investment Managers proposed the above-referenced increase in the investment management fee rate in order to be able to retain J.P. Morgan Investment Management Inc. (J.P, Morgan or the New Subadviser) as subadviser for the Portfolio. Such subadvisory arrangement is expected to become effective on or about August 20, 2012. In connection therewith, also on or about August 20, 2012: (i) the Investment Managers will terminate Horizon Investments, LLC as the subadviser for the AST Horizon Portfolio; (ii) the New Subadviser will begin to implement a new investment strategy for the Portfolio; (iii) the name of the Portfolio will be changed from the AST Horizon Growth Asset Allocation Portfolio to the AST J.P. Morgan Global Thematic Portfolio (the AST J.P. Morgan Portfolio or the Portfolio); and (iv) certain changes to the Portfolio’s investment objective, performance benchmark, and non-fundamental investment policies will become effective. The AST Horizon Portfolio currently operates as a fund-of-funds. Under normal circumstances, the AST Horizon Portfolio invests approximately 90% of its assets in other portfolios of the Trust and approximately 10% of its assets in exchange-traded funds (ETFs) rather than investing directly in equity and fixed-income securities and other financial instruments. Upon effectiveness of these changes, the Portfolio will no longer operate as a fund-of-funds. Instead, the New Subadviser will purchase and sell equity and debt securities and other financial instruments to implement the various investment strategies described below. The AST J.P. Morgan Portfolio will, however, remain a global asset allocation investment vehicle. These changes, which are expected to become effective on or about August 20, 2012, are summarized below. Current Non-Fundamental Investment Policy of AST Horizon Growth Asset Allocation Portfolio Investment Objective: Highest potential total return consistent with its specified level of risk tolerance Fund-of-Funds: Under normal circumstances, the Horizon Portfolio invests approximately 90% of its assets in other portfolios of the Trust and up to 10% of its assets in ETFs. Proposed Non-Fundamental Investment Policy of AST J.P. Morgan Global Thematic Portfolio Investment Objective: To seek capital appreciation consistent with its specified level of risk tolerance. Fund-of-Funds: Termination of policy. The AST J.P. Morgan Portfolio may, however, invest in other investment companies to the extent permitted by the 1940 Act and the rules thereunder. ASTSUP5
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ADVANCED SERIES TRUST AST Horizon M
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ADVANCED SERIES TRUST AST Bond Port
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V. In the SAI, the following is add
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AST Academic Strategies Asset Alloc
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AST Bond Portfolio 2015 Annual Port
Page 11 and 12: AST Bond Portfolio 2019 Annual Port
Page 13 and 14: AST Bond Portfolio 2023 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
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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 and 56: AST Neuberger Berman Core Bond 1.16
Page 57 and 58: ADVANCED SERIES TRUST Supplement da
Page 59 and 60: 5/$0.2* Kevin W. Bedell 7/$2.2 1 /$
Page 61: Fixed-Income Core and Core Plus Fix
Page 65 and 66: Example. The following example is i
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Page 71 and 72: AST J.P. Morgan Portfolio’s minim
Page 75 and 76: ADVANCED SERIES TRUST AST Schroders
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Page 79 and 80: value, among other factors, is also
Page 81 and 82: ADVANCED SERIES TRUST AST Marsico C
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
Page 107 and 108: The table also demonstrates how the
Page 109 and 110: The Portfolio is managed to mature
Page 111 and 112: MANAGEMENT OF THE PORTFOLIO Investm
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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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The table also demonstrates how the
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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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The table also demonstrates how the
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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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