AST BlackRock Value Portfolio - Prudential Annuities

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ADVANCED SERIES TRUST AST Schroders Multi-Asset World Strategies Portfolio Supplement dated August 8, 2012 to the Prospectus and Statement of Additional Information, each dated April 30, 2012 ____________________________________________________________________________________ Effective immediately, Michael Spinks will no longer serve as co-portfolio manager for the AST Schroders Multi-Asset World Strategies Portfolio (the “Portfolio”). To reflect this change, all references to Mr. Spinks in the Portfolio’s Prospectus and Statement of Additional Information (“SAI”) are hereby deleted. Johanna Kyrklund will retain her role as co-portfolio manager of the Portfolio. Effective immediately, Aymeric Forest and Philip Chandler will also serve as portfolio managers for the Portfolio. To reflect the addition of Mr. Forest and Mr. Chandler, the following changes are hereby made to the Prospectus and SAI. I. In the Portfolio’s Prospectus, the table under the heading Summary: AST Schroders Multi- Asset World Strategies Portfolio/Management of the Portfolio is hereby deleted and replaced with the following: Investment Managers Subadvisers Portfolio Managers Title Service Date Prudential Schroder Investment Investments LLC Management North America Inc. Schroder Investment Management North America Limited AST Investment Services, Inc. Johanna Head of Kyrklund, CFA Multi-Asset Investments Philip Multi-Asset Chandler, CFA Portfolio Manager December 2008 August 2012 Aymeric Forest, CFA Multi-Asset Portfolio Manager August 2012 II. ASTSUP6 In the Prospectus, under the heading How the Fund is Managed/Portfolio Managers/AST Schroders Multi-Asset World Strategies Portfolio, the following is added to the end of the section: Philip Chandler, CFA, is based in New York, and is a fund manager in the Multi-Asset team focusing on North American clients. He also provides specialized fixed income market coverage for the global Multi-Asset team. Mr. Chandler joined Schroders in 2003. Initially, he was part of the Fixed Income government bond team before transferring to the Multi-Asset team in 2009. CFA Charterholder (2006). MA Oxf, Philosophy, Politics & Economics, University of Oxford.
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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
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AST FI Pyramis ® Asset Allocation
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AST Global Real Estate Portfolio An
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AST Goldman Sachs Small-Cap Value P
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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 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
Page 69 and 70: treatment under current tax laws. I
Page 71 and 72: AST J.P. Morgan Portfolio’s minim
Page 76 and 77: Aymeric Forest, CFA, joined Schrode
Page 80 and 81: A stock’s price/earnings ratio is
Page 82 and 83: ADVANCED SERIES TRUST AST BlackRock
Page 84 and 85: ADVANCED SERIES TRUST AST FI Pyrami
Page 86 and 87: ADVANCED SERIES TRUST PROSPECTUS
Page 88 and 89: SUMMARY: AST ACADEMIC STRATEGIES AS
Page 90 and 91: sub-prime mortgage-backed securitie
Page 92 and 93: Investment Managers Subadviser Port
Page 94 and 95: Foreign investment risk. Investment
Page 96 and 97: The table also demonstrates how the
Page 98 and 99: Principal Risks of Investing in the
Page 100 and 101: Annual Total Returns 40% 23.30 20%
Page 102 and 103: Asset Class Mimimum Exposure Neutra
Page 104 and 105: The Portfolio invests in securities
Page 106 and 107: Equity securities risk. There is th
Page 108 and 109: SUMMARY: AST BOND PORTFOLIO 2015 IN
Page 110 and 111: U.S. government-related organizatio
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SUMMARY: AST BOND PORTFOLIO 2019 IN
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U.S. government-related organizatio
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The Portfolio is managed to mature
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SUMMARY: AST CAPITAL GROWTH ASSET A
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The Portfolio invests in securities
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SUMMARY: AST CLS MODERATE ASSET ALL
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with investments in mortgage-backed
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SUMMARY: AST COHEN & STEERS REALTY
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Past Performance. A number of facto
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SUMMARY: AST FEDERATED AGGRESSIVE G
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would be expected to rise. Although
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SUMMARY: AST FI PYRAMIS ® ASSET AL
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formulas could adversely affect the
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Annual Total Returns 40% 20% 21.23
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Small company risk. The shares of s
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Index Primary Blended Index (reflec
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Index Primary Blended Index (reflec
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The investment results of Portfolio
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certain foreign central banks have
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SUMMARY: AST GLOBAL REAL ESTATE POR
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Growth style risk. There is a risk
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SUMMARY: AST GOLDMAN SACHS LARGE-CA
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Investment Managers Subadviser Port
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SUMMARY: AST GOLDMAN SACHS SMALL-CA
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Annual Total Returns 60% 40% 20% 0%
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High-yield risk. Investments in fix
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Index Barclays Capital High Yield 2
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eferred to as the “Underlying Por
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Prudential will monitor each contra
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SUMMARY: AST HORIZON MODERATE ASSET
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The Portfolio invests in securities
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intermediary and your salesperson t
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SUMMARY: AST INTERNATIONAL VALUE PO
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Annual Total Returns 60% 40% 20% 33
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Principal Risks of Investing in the
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SUMMARY: AST JENNISON LARGE-CAP VAL
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Annual Total Returns 15% 13.72 10%
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Foreign investment risk. Investment
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SUMMARY: AST JPMORGAN STRATEGIC OPP
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Liquidity and valuation risk. From
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SUMMARY: AST LARGE-CAP VALUE PORTFO
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Average Annual Total Returns (For t
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The Portfolio may invest in corpora
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Annual Total Returns 60% 40% 34.60
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Market and management risk. Markets
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SUMMARY: AST MFS GLOBAL EQUITY PORT
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SUMMARY: AST MID-CAP VALUE PORTFOLI
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Annual Total Returns 60% 40% 20% 0%
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Asset-backed securities risk. Asset
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SUMMARY: AST NEUBERGER BERMAN CORE
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leverage, which can result in losse
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SUMMARY: AST NEUBERGER BERMAN/LSV M
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MANAGEMENT OF THE PORTFOLIO Investm
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Investment Managers Subadvisers Por
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Foreign investment risk. Investment
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SUMMARY: AST PIMCO LIMITED MATURITY
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Annual Total Returns 12% 10.23 9% 6
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(liquidity risk); and the risk that
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FINANCIAL INTERMEDIARY COMPENSATION
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Annual Total Returns 40% 20% 0% 7.9
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SUMMARY: AST QMA US EQUITY ALPHA PO
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Expense risk. Your actual cost of i
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SUMMARY: AST QUANTITATIVE MODELING
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Expense risk. Your actual cost of i
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may range between 20-40% of its net
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the value of a REIT is subject to a
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SUMMARY: AST SCHRODERS MULTI-ASSET
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SUMMARY: AST SMALL-CAP GROWTH PORTF
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SUMMARY: AST T. ROWE PRICE ASSET AL
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offset; derivatives used for hedgin
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SUMMARY: AST T. ROWE PRICE EQUITY I
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SUMMARY: AST T. ROWE PRICE GLOBAL B
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the seller believes the derivative
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SUMMARY: AST T. ROWE PRICE LARGE-CA
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Industry/sector risk. A Portfolio t
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SUMMARY: AST WELLINGTON MANAGEMENT
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usually differ from those in the U.
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SUMMARY: AST WESTERN ASSET CORE PLU
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offset; derivatives used for hedgin
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ABOUT THE FUND ABOUT THE FUND AND I
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Leverage risk. Certain derivatives
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The performance of an Asset Allocat
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Quantitative Model Risk. The perfor
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MORE DETAILED INFORMATION ON HOW TH
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Investments in Traditional Asset Cl
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Underlying Portfolio Principal Inve
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AlphaSimplex may engage in active a
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Spin-offs occur when the parent com
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QMA employs a two-tiered approach t
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U.S. Large-Cap Value (T. Rowe Price
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gaining 100% exposure to the invest
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agreement or to shorten, extend, ca
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strong relative earnings growth, ea
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entering into a series of purchase
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Global Multi-Cap Equity. Under norm
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Large Cap Value Investment Strategy
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economic conditions and interest ra
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CONVERTIBLE SECURITIES AND PREFERRE
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AST DYNAMIC ASSET ALLOCATION PORTFO
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The Subadvisers’ process for sele
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in domestic high-yield corporate bo
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Financial Times as representative o
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Mid-Cap Value: 16.67% Small-Cap Gr
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Indexes” are service marks of Dow
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participated in the determination o
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invest in convertible securities wi
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and generally pay interest to the h
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Other Investments: Although the Sub
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Uncertainty creates opportunity. So
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The Portfolio may enter into credit
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The Portfolio secures its obligatio
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intended to replicate and describe
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The assets of the Portfolio are ind
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after purchase by the Jennison Grow
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(such as Baa/BBB or better by Moody
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For cash management or temporary de
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In determining whether a particular
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The Subadviser uses a bottom-up inv
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cause the Portfolio’s net asset v
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The Portfolio normally will seek to
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Covered Call Options. The Portfolio
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Generally, this Portfolio segment w
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The Portfolio seeks to employ a top
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Inflation-Indexed Bonds. Inflation-
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For purposes of applying the Portfo
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also could be compensated through t
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e adequate to make interest or othe
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When borrowing a security for deliv
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Overview of Operation of Quantitati
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company has proprietary advantages.
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Principal Investment Strategies: Th
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PRIVATE EQUITY. The Portfolio also
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Other Investments: Although the Por
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Price/book value ratio. Dividing a
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Additional Strategies. The Portfoli
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Principal Investment Policies: The
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“Underlying Portfolios.” Consis
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Other Investments. The Tactical Ass
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instruments would include, but are
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Event-linked bonds often provide fo
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Real Estate Investment Trusts (REIT
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AST Advanced Strategies 0.85% AST B
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AST Quantitative Modeling Portfolio
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C.S. McKee, LP (C.S. McKee). C.S. M
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Neuberger Berman LLC (Neuberger). W
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PORTFOLIO MANAGERS Information abou
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in Colombia serving as a financial
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Mark Finn is a Vice President of T.
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Peter Stournaras—Managing Directo
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QMA. Marcus Perl, is a portfolio ma
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Matt Quinlan has been a portfolio m
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Gek Lang Lee, CFA, is a Principal a
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AST Goldman Sachs Small-Cap Value P
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Ryan Kelly, CFA, is Principal and h
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David A. Kiefer, CFA, is a Managing
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AST MFS Growth Portfolio Eric B. Fi
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Terence Reidt, CFA, is a member of
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Foreign Relations and the Atlanta S
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AST Parametric Emerging Markets Equ
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Philip Chandler, CFA, is based in N
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Subject to the description of the i
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AST Wellington Management Hedged Eq
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any instructions from the Fund to r
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Short-term debt securities with rem
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OTHER INFORMATION FEDERAL INCOME TA
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FINANCIAL HIGHLIGHTS INTRODUCTION T
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AST BALANCED ASSET ALLOCATION PORTF
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AST BLACKROCK VALUE PORTFOLIO Year
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AST BOND PORTFOLIO 2016 January 2,
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AST CLS MODERATE ASSET ALLOCATION P
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AST FEDERATED AGGRESSIVE GROWTH POR
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AST FIRST TRUST BALANCED TARGET POR
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AST GLOBAL REAL ESTATE PORTFOLIO Ma
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AST GOLDMAN SACHS LARGE-CAP VALUE P
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AST GOLDMAN SACHS SMALL-CAP VALUE P
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AST HORIZON GROWTH ASSET ALLOCATION
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AST INTERNATIONAL GROWTH PORTFOLIO
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AST INVESTMENT GRADE BOND PORTFOLIO
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AST JENNISON LARGE-CAP VALUE PORTFO
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AST JPMORGAN STRATEGIC OPPORTUNITIE
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AST LORD ABBETT CORE FIXED INCOME P
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AST MFS GLOBAL EQUITY PORTFOLIO Yea
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AST MID-CAP VALUE PORTFOLIO Year En
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AST NEUBERGER BERMAN CORE BOND PORT
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AST NEUBERGER BERMAN/LSV MID-CAP VA
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AST PIMCO LIMITED MATURITY BOND POR
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AST PRESERVATION ASSET ALLOCATION P
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AST QMA US EQUITY ALPHA PORTFOLIO Y
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AST SCHRODERS GLOBAL TACTICAL PORTF
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AST SMALL-CAP GROWTH PORTFOLIO Year
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AST T. ROWE PRICE ASSET ALLOCATION
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AST T. ROWE PRICE GLOBAL BOND PORTF
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AST T. ROWE PRICE NATURAL RESOURCES
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AST WESTERN ASSET CORE PLUS BOND PO
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AST CLS Moderate Asset Allocation P
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AST Horizon Moderate Asset Allocati
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Lipper VUF Natural Resources Funds
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AST Balanced Asset Allocation Portf
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