AST BlackRock Value Portfolio - Prudential Annuities

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Aymeric Forest, CFA, joined Schroders in May 2011 as a fund manager in the Multi- Asset team and as a member of the Global Asset Allocation Committee. Prior to joining Schroders, Aymeric was Global Head of Global Investment Solutions at BBVA in Madrid, being responsible for multi asset products. From 2002 to 2009 he worked in London at ABN AMRO Asset Management, Fortis Investments (merger in 2008) and then BNP Paribas Investment Partners (merger in 2009), CFA Charterholder, DESS and Master degree in Finance, Universite Nancy 2. III. In the SAI, the table under the heading Part I /Portfolio Managers: Other Account/AST Schroders Multi-Asset World Strategies Portfolio is hereby deleted and replaced with the following information: AST Schroders Multi-Asset World Strategies Portfolio Subadviser Portfolio Other Accounts Managers Schroders Johanna Kyrklund, CFA Philip Chandler, CFA Aymeric Forest, CFA *updated as of July 31st 2012 Registered Investment Companies 2/$2.493 billion* 2/$2.493 billion* 2/$2.493 billion* Other Pooled Investment Vehicles 9/$7.983 billion 18/$2.497billion Ownership of Fund Securities None None None None 2/$237 million 1/$194 million None ASTSUP6
ASTSUP4 ADVANCED SERIES TRUST Supplement dated July 24, 2012 to the Prospectus and Statement of Additional Information, each dated April 30, 2012 This supplement sets forth changes to the Prospectus (the Prospectus) and the Statement of Additional Information (SAI), each dated April 30, 2012, of Advanced Series Trust (the Trust). The Portfolios 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 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. Subadviser Termination for AST Large-Cap Value Portfolio The Board of Trustees of the Trust (the Board) has approved the termination of Eaton Vance Management (Eaton Vance) as subadviser to the AST Large-Cap Value Portfolio (the Large-Cap Portfolio). This change is expected to become effective on or about the close of business on August 20, 2012. All references to Eaton Vance are accordingly deleted from the Prospectus and SAI as of the effective date of the termination. The Large-Cap Portfolio’s subadvisory arrangements with Hotchkis and Wiley Capital Management, LLC will not be affected by the termination of Eaton Vance. II. Proposed Investment Management Fee Rate Increase and Other Changes to AST CLS Moderate Asset Allocation Portfolio (to be renamed AST RCM World Trends Portfolio) The Board recently approved increasing the contractual investment management fee rate for the AST CLS Moderate Asset Allocation Portfolio (the AST CLS Portfolio) as part of a change to the Portfolio’s structure and strategy (described below). Implementation of such investment management fee rate increase is subject to shareholder approval in accordance with the requirements of the Investment Company Act of 1940. Prudential Investments LLC and AST Investment Services, Inc. (together, the Co-Managers) and the Board are proposing the investment management fee rate increase in order to enable the Co-Managers to: (i) terminate CLS Investments, LLC as the sole subadviser for the AST CLS Portfolio, which currently operates as a fund-of-funds; (ii) retain RCM Capital Management, LLC (RCM) as the subadviser for the Portfolio; and (iii) have RCM implement a new investment strategy for the Portfolio, which would no longer invest substantially all of its assets in other investment companies. Specifically, if the increased investment management fee rate is approved by the shareholders of the AST CLS Portfolio, the revised fee schedule will become effective upon the addition of RCM as subadviser to the Portfolio. Such additions are currently expected to occur on or about February 25, 2013. In turn, once RCM becomes subadviser to the Portfolio, it is expected that: (i) RCM will commence implementation of their new investment strategy for the Portfolio; (ii) the name of the Portfolio will be changed from the AST CLS Moderate Asset Allocation Portfolio to the AST RCM World Trends Portfolio; and (iii) certain changes to the Portfolio’s investment objective, non-fundamental investment policies, and blended performance benchmark will become effective. Such changes are collectively referred to herein as the Portfolio Repositioning. More detailed information relating to the above-described investment management fee rate increase and the Portfolio Repositioning will be distributed to beneficial shareholders of the AST CLS Portfolio in a proxy statement that solicits the required shareholder approval of such investment management fee rate increase.
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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
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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
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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 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
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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
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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MANAGEMENT OF THE PORTFOLIO Investm
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The Portfolio is managed to mature
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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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