04/23/2021 | Press release | Distributed by Public on 04/23/2021 10:49
1
|
SUMMARY: AST BALANCED ASSET ALLOCATION PORTFOLIO
|
7
|
SUMMARY: AST BLACKROCK GLOBAL STRATEGIES PORTFOLIO
|
14
|
SUMMARY: AST PRESERVATION ASSET ALLOCATION PORTFOLIO
|
20
|
SUMMARY: AST WELLINGTON MANAGEMENT HEDGED
EQUITY PORTFOLIO
|
26
|
ABOUT THE TRUST
|
27
|
MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS INVEST
|
34
|
MORE DETAILED INFORMATION ABOUT OTHER INVESTMENTS &
STRATEGIES USED BY THE PORTFOLIOS
|
41
|
PRINCIPAL RISKS
|
54
|
HOW THE TRUST IS MANAGED
|
59
|
HOW TO BUY AND SELL SHARES OF THE PORTFOLIOS
|
65
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OTHER INFORMATION
|
66
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FINANCIAL HIGHLIGHTS
|
71
|
GLOSSARY: PORTFOLIO INDEXES
|
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fees
|
0.15%
|
+ Distribution and/or Service Fees (12b-1 Fees)
|
None
|
+ Other Expenses
|
0.01%
|
+ Acquired Fund Fees & Expenses
|
0.76%
|
= Total Annual Portfolio Operating Expenses
|
0.92%
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
AST Balanced Asset Allocation
|
$94
|
$293
|
$509
|
$1,131
|
Best Quarter:
|
Worst Quarter:
|
||
13.50%
|
2nd
Quarter
2020
|
-14.26%
|
1st
Quarter
2020
|
1 Year
|
5 Years
|
10 Years
|
|
Portfolio
|
11.77%
|
9.16%
|
8.05%
|
Index
|
|||
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
|
18.40%
|
15.21%
|
13.87%
|
Blended Index (reflects no deduction for fees, expenses or taxes)
|
14.77%
|
10.39%
|
9.08%
|
Investment Managers
|
Subadviser
|
Portfolio Managers
|
Title
|
Service Date
|
PGIM Investments LLC
|
Brian Ahrens
|
Senior Vice President,
Strategic Investment
Research Group
|
April 2005
|
|
AST Investment Services, Inc.
|
Andrei O. Marinich,
CFA
|
Vice President,
Strategic Investment
Research Group
|
April 2012
|
|
Todd L. Kerin
|
Vice President,
Strategic Investment
Research Group
|
April 2020
|
||
QMA LLC
|
Marcus Perl
|
Principal, Portfolio
Manager
|
July 2008
|
Investment Managers
|
Subadviser
|
Portfolio Managers
|
Title
|
Service Date
|
Edward L. Campbell,
CFA
|
Managing Director,
Portfolio Manager
|
July 2008
|
||
Joel M. Kallman, CFA
|
Vice President,
Portfolio Manager
|
March 2011
|
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fees
|
0.76%
|
+ Distribution and/or Service Fees (12b-1 Fees)
|
0.25%
|
+ Other Expenses
|
0.07%
|
+ Acquired Fund Fees & Expenses
|
0.01%
|
= Total Annual Portfolio Operating Expenses
|
1.09%
|
-Fee Waiver and/or Expense reimbursement
|
(0.02)%
|
=Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement*(1)
|
1.07%
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
AST BlackRock Global Strategies
|
$109
|
$345
|
$599
|
$1,327
|
Asset Class
|
Minimum Exposure
|
Neutral Exposure
|
Maximum Exposure
|
Equities
|
|||
US Equity
|
10%
|
25%
|
40%
|
Non-US Equity
|
5%
|
20%
|
30%
|
US Small Cap Equity
|
0%
|
0%
|
10%
|
Total Equities
|
35%*
|
45%
|
55%**
|
Fixed Income
|
|||
Investment Grade Bonds
|
35%
|
45%
|
55%
|
High Yield Bonds+
|
0%
|
0%
|
10%
|
Total Fixed Income
|
35%
|
45%
|
55%***
|
REITs*****
|
0%
|
10%
|
20%
|
Commodities
|
0%
|
0%
|
5%
|
Total REITs+ Commodities
|
0%
|
10%
|
20%****
|
Best Quarter:
|
Worst Quarter:
|
||
11.65%
|
2nd
Quarter
2020
|
-18.12%
|
1st
Quarter
2020
|
1 Year
|
5 Years
|
Since
Inception
|
Inception
Date
|
|
Portfolio
|
4.74%
|
7.04%
|
5.27%
|
4/29/11
|
Index
|
||||
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
|
18.40%
|
15.21%
|
13.87%*
|
-
|
Blended Index (prior to 2/22/21) (reflects no deduction for fees, expenses or taxes)
|
9.56%
|
8.49%
|
6.33%*
|
-
|
Blended Index (effective 2/22/21) (reflects no deduction for fees, expenses or taxes)
|
10.85%
|
8.41%
|
6.72%*
|
-
|
Investment Managers
|
Subadvisers
|
Portfolio Manager
|
Title
|
Service Date
|
PGIM Investments LLC
|
BlackRock Financial Management, Inc.,
BlackRock International Limited
|
Philip Green
|
Managing Director
|
May 2011
|
AST Investment Services, Inc.
|
Michael Pensky
|
Director
|
April 2020
|
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fees
|
0.15%
|
+ Distribution and/or Service Fees (12b-1 Fees)
|
None
|
+ Other Expenses
|
0.01%
|
+ Acquired Fund Fees & Expenses
|
0.76%
|
= Total Annual Portfolio Operating Expenses
|
0.92%
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
AST Preservation Asset Allocation
|
$94
|
$293
|
$509
|
$1,131
|
Best Quarter:
|
Worst Quarter:
|
||
9.66%
|
2nd
Quarter
2020
|
-9.41%
|
1st
Quarter
2020
|
1 Year
|
5 Years
|
10 Years
|
|
Portfolio
|
9.08%
|
7.16%
|
6.19%
|
Index
|
|||
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
|
18.40%
|
15.21%
|
13.87%
|
Blended Index (reflects no deduction for fees, expenses or taxes)
|
12.00%
|
7.99%
|
6.97%
|
Investment Managers
|
Subadviser
|
Portfolio Managers
|
Title
|
Service Date
|
PGIM Investments LLC
|
Brian Ahrens
|
Senior Vice President,
Strategic Investment
Research Group
|
April 2005
|
|
AST Investment Services, Inc.
|
Andrei O. Marinich,
CFA
|
Vice President,
Strategic Investment
Research Group
|
April 2012
|
|
Todd L. Kerin
|
Vice President,
Strategic Investment
Research Group
|
April 2020
|
||
QMA LLC
|
Marcus Perl
|
Principal, Portfolio
Manager
|
July 2008
|
Investment Managers
|
Subadviser
|
Portfolio Managers
|
Title
|
Service Date
|
Edward L. Campbell,
CFA
|
Managing Director,
Portfolio Manager
|
July 2008
|
||
Joel M. Kallman, CFA
|
Vice President,
Portfolio Manager
|
March 2011
|
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fees
|
0.81%
|
+ Distribution and/or Service Fees (12b-1 Fees)
|
0.25%
|
+ Other Expenses
|
0.02%
|
+ Acquired Fund Fees and Expenses
|
0.02%
|
= Total Annual Portfolio Operating Expenses
|
1.10%
|
-Fee Waiver and/or Expense Reimbursement
|
(0.05)%
|
= Total Annual Portfolio Expenses After Fee Waiver and/or Expense Reimbursement(1)
|
1.05%
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
AST Wellington Management Hedged Equity
|
$107
|
$345
|
$601
|
$1,336
|
Best Quarter:
|
Worst Quarter:
|
||
10.01%
|
1st
Quarter
2012
|
-14.18%
|
1st
Quarter
2020
|
1 Year
|
5 Years
|
10 Years
|
|
Portfolio
|
6.66%
|
8.13%
|
7.18%
|
Index
|
|||
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
|
18.40%
|
15.21%
|
13.87%
|
Blended Index (reflects no deduction for fees, expenses or taxes)
|
12.82%
|
9.83%
|
8.41%
|
Investment Managers
|
Subadviser
|
Portfolio Managers
|
Title
|
Service Date
|
PGIM Investments LLC
|
Wellington Management Company LLP
|
Roberto J. Isch, CFA
|
Managing Director,
Portfolio Manager and
Research Manager
|
December 2018
|
AST Investment Services, Inc.
|
Gregg R. Thomas, CFA
|
Senior Managing
Director and Director,
Investment Strategy
|
April 2011
|
Asset Class
|
Minimum Exposure
|
Neutral Exposure
|
Maximum Exposure
|
Equities
|
|||
US Equity
|
10%
|
25%
|
40%
|
Non-US Equity
|
5%
|
20%
|
30%
|
US Small Cap Equity
|
0%
|
0%
|
10%
|
Total Equities
|
35%*
|
45%
|
55%**
|
Fixed Income
|
|||
Investment Grade Bonds
|
35%
|
45%
|
55%
|
High Yield Bonds+
|
0%
|
0%
|
10%
|
Total Fixed Income
|
35%
|
45%
|
55%***
|
REITs*****
|
0%
|
10%
|
20%
|
Commodities
|
0%
|
0%
|
5%
|
Total REITs+ Commodities
|
0%
|
10%
|
20%****
|
Approximate Net Assets Allocated to
Underlying Portfolios Investing Primarily in
Equity Securities
|
Approximate Net Assets Allocated to
Underlying Portfolios Investing Primarily in
Debt Securities and Money Market Instruments
|
|
AST Preservation Asset Allocation Portfolio
|
35%
(Generally range from 27.5%-42.5%)
|
65%
(Generally range from 57.5%-72.5%)
|
AST Balanced Asset Allocation Portfolio
|
60%
(Generally range from 52.5%-67.5%)
|
40%
(Generally range from 32.5%-47.5%)
|
AST Capital Growth Asset Allocation Portfolio
|
75%
(Generally range from 67.5%-80%)
|
25%
(Generally range from 20.0%-32.5%)
|
AST Balanced Asset Allocation
|
0.15%
|
AST BlackRock Global Strategies
|
0.75%
|
AST Preservation Asset Allocation
|
0.15%
|
AST Wellington Management Hedged Equity
|
0.76%
|
Average Daily Net Assets of Portfolio
|
Distribution and Service Fee Rate Including Waiver
|
Up to and including $300 million
|
0.25% (no waiver)
|
Over $300 million up to and including $500 million
|
0.23%
|
Over $500 million up to and including $750 million
|
0.22%
|
Over $750 million
|
0.21%
|
AST Balanced Asset Allocation Portfolio
|
|||||
Year Ended December 31,
|
|||||
2020
|
2019
|
2018
|
2017
|
2016
|
|
Per Share Operating Performance(a):
|
|||||
Net Asset Value, beginning of Year
|
$20.48
|
$17.15
|
$18.04
|
$15.70
|
$14.77
|
Income (Loss) From Investment Operations:
|
|||||
Net investment income (loss)
|
(0.01)
|
0.02
|
0.01
|
(0.01)
|
(0.02)
|
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
|
2.42
|
3.31
|
(0.90)
|
2.35
|
0.95
|
Total from investment operations
|
2.41
|
3.33
|
(0.89)
|
2.34
|
0.93
|
Capital Contributions
|
-
|
-(b)(c)
|
-
|
-
|
-
|
Net Asset Value, end of Year
|
$22.89
|
$20.48
|
$17.15
|
$18.04
|
$15.70
|
Total Return(d)
|
11.77%
|
19.42%(e)
|
(4.93)%
|
14.90%
|
6.30%
|
Ratios/Supplemental Data:
|
|||||
Net assets, end of Year (in millions)
|
$11,217
|
$11,118
|
$9,755
|
$11,445
|
$10,594
|
Average net assets (in millions)
|
$10,268
|
$10,760
|
$11,074
|
$11,067
|
$10,379
|
Ratios to average net assets(f):
|
|||||
Expenses after waivers and/or expense reimbursement
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
Expenses before waivers and/or expense reimbursement
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
Net investment income (loss)
|
(0.06)%
|
0.09%
|
0.06%
|
(0.04)%
|
(0.10)%
|
Portfolio turnover rate(g)
|
45%
|
24%
|
15%
|
15%
|
18%
|
(a)
|
Calculated based on average shares outstanding during the year.
|
(b)
|
Represents payment received by the Portfolio, from the Investment Manager, in connection for costs incurred due to a portfolio allocation error.
|
(c)
|
Amount rounds to zero.
|
(d)
|
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as
administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers
and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future
results. Total returns may reflect adjustments to conform to GAAP.
|
(e)
|
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
(f)
|
Does not include expenses of the underlying funds in which the Portfolio invests.
|
(g)
|
The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher.
|
AST BlackRock Global Strategies Portfolio
|
|||||
Year Ended December 31,
|
|||||
2020
|
2019
|
2018
|
2017
|
2016
|
|
Per Share Operating Performance(a):
|
|||||
Net Asset Value, beginning of Year
|
$15.62
|
$13.28
|
$14.03
|
$12.45
|
$11.64
|
Income (Loss) From Investment Operations:
|
|||||
Net investment income (loss)
|
0.15
|
0.30
|
0.27
|
0.20
|
0.17
|
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
|
0.59
|
2.04
|
(1.02)
|
1.38
|
0.64
|
Total from investment operations
|
0.74
|
2.34
|
(0.75)
|
1.58
|
0.81
|
Capital Contributions
|
-
|
-(b)(c)(d)
|
-(c)(d)
|
-
|
-(d)(e)
|
Net Asset Value, end of Year
|
$16.36
|
$15.62
|
$13.28
|
$14.03
|
$12.45
|
Total Return(f)
|
4.74%
|
17.62%(g)
|
(5.35)%(g)
|
12.69%
|
6.96%(g)
|
Ratios/Supplemental Data:
|
|||||
Net assets, end of Year (in millions)
|
$2,378
|
$2,471
|
$2,138
|
$2,502
|
$2,277
|
Average net assets (in millions)
|
$2,157
|
$2,409
|
$2,447
|
$2,397
|
$2,208
|
Ratios to average net assets(h):
|
|||||
Expenses after waivers and/or expense reimbursement
|
1.07%
|
1.11%
|
1.10%
|
1.11%
|
1.12%(i)
|
Expenses before waivers and/or expense reimbursement
|
1.13%
|
1.13%
|
1.12%
|
1.12%
|
1.12%(i)
|
Net investment income (loss)
|
1.00%
|
2.07%
|
1.96%
|
1.50%
|
1.42%
|
Portfolio turnover rate(j)
|
325%
|
198%
|
213%
|
250%
|
280%
|
(a)
|
Calculated based on average shares outstanding during the year.
|
(b)
|
Represents payment received by the Portfolio, from the Investment Manager, in connection for costs incurred due to a portfolio allocation error.
|
(c)
|
Represents payment received by the Portfolio, from Prudential, in connection with the failure to timely compensate the Portfolio for the excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio's tax status as a partnership.
|
(d)
|
Amount rounds to zero.
|
(e)
|
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited
Prudential.
|
(f)
|
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as
administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers
and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future
results. Total returns may reflect adjustments to conform to GAAP.
|
(g)
|
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
(h)
|
Does not include expenses of the underlying funds in which the Portfolio invests.
|
(i)
|
The expense ratio includes interest expense on short sales of 0.01% for the year ended December 31, 2016.
|
(j)
|
The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher.
|
AST Preservation Asset Allocation Portfolio
|
|||||
Year Ended December 31,
|
|||||
2020
|
2019
|
2018
|
2017
|
2016
|
|
Per Share Operating Performance(a):
|
|||||
Net Asset Value, beginning of Year
|
$18.06
|
$15.74
|
$16.19
|
$14.70
|
$13.94
|
Income (Loss) From Investment Operations:
|
|||||
Net investment income (loss)
|
(0.01)
|
0.01
|
-(b)
|
(0.01)
|
(0.02)
|
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
|
1.65
|
2.31
|
(0.45)
|
1.50
|
0.78
|
Total from investment operations
|
1.64
|
2.32
|
(0.45)
|
1.49
|
0.76
|
Capital Contributions
|
-
|
-(b)(c)
|
-(b)(d)
|
-
|
-
|
Net Asset Value, end of Year
|
$19.70
|
$18.06
|
$15.74
|
$16.19
|
$14.70
|
Total Return(e)
|
9.08%
|
14.74%(f)
|
(2.78)%(f)
|
10.14%
|
5.45%
|
Ratios/Supplemental Data:
|
|||||
Net assets, end of Year (in millions)
|
$6,487
|
$6,407
|
$5,833
|
$6,996
|
$6,602
|
Average net assets (in millions)
|
$6,109
|
$6,305
|
$6,573
|
$6,908
|
$6,711
|
Ratios to average net assets(g):
|
|||||
Expenses after waivers and/or expense reimbursement
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
Expenses before waivers and/or expense reimbursement
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
0.16%
|
Net investment income (loss)
|
(0.08)%
|
0.05%
|
0.03%
|
(0.06)%
|
(0.11)%
|
Portfolio turnover rate(h)
|
41%
|
26%
|
14%
|
16%
|
17%
|
(a)
|
Calculated based on average shares outstanding during the year.
|
(b)
|
Amount rounds to zero.
|
(c)
|
Represents payment received by the Portfolio, from the Investment Manager, in connection for costs incurred due to a portfolio allocation error.
|
(d)
|
Represents payment received by the Portfolio, from Prudential, in connection with the failure to timely compensate the Portfolio for the excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio's tax status as a partnership.
|
(e)
|
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as
administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers
and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future
results. Total returns may reflect adjustments to conform to GAAP.
|
(f)
|
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
(g)
|
Does not include expenses of the underlying funds in which the Portfolio invests.
|
(h)
|
The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher.
|
AST Wellington Management Hedged Equity Portfolio
|
|||||
Year Ended December 31,
|
|||||
2020
|
2019
|
2018
|
2017
|
2016
|
|
Per Share Operating Performance(a):
|
|||||
Net Asset Value, beginning of Year
|
$17.42
|
$14.45
|
$15.21
|
$13.39
|
$12.57
|
Income (Loss) From Investment Operations:
|
|||||
Net investment income (loss)
|
0.11
|
0.16
|
0.14
|
0.11
|
0.09
|
Net realized and unrealized gain (loss) on investment and foreign currency
transactions
|
1.04
|
2.81
|
(0.90)
|
1.71
|
0.73
|
Total from investment operations
|
1.15
|
2.97
|
(0.76)
|
1.82
|
0.82
|
Capital Contributions
|
-
|
-(b)(c)(d)
|
-(c)(d)
|
-
|
-(d)(e)
|
Net Asset Value, end of Year
|
$18.57
|
$17.42
|
$14.45
|
$15.21
|
$13.39
|
Total Return(f)
|
6.66%
|
20.55%(g)
|
(5.00)%(g)
|
13.59%
|
6.52%(g)
|
Ratios/Supplemental Data:
|
|||||
Net assets, end of Year (in millions)
|
$2,026
|
$2,127
|
$1,779
|
$2,231
|
$2,091
|
Average net assets (in millions)
|
$1,862
|
$2,031
|
$2,101
|
$2,169
|
$2,042
|
Ratios to average net assets(h):
|
|||||
Expenses after waivers and/or expense reimbursement
|
1.03%
|
1.03%
|
1.03%
|
1.08%
|
1.09%
|
Expenses before waivers and/or expense reimbursement
|
1.08%
|
1.09%
|
1.08%
|
1.09%
|
1.09%
|
Net investment income (loss)
|
0.67%
|
0.98%
|
0.92%
|
0.80%
|
0.71%
|
Portfolio turnover rate(i)
|
89%
|
58%
|
48%
|
59%
|
65%
|
(a)
|
Calculated based on average shares outstanding during the year.
|
(b)
|
Represents payment received by the Portfolio, from the Investment Manager, in connection for costs incurred due to a portfolio allocation error.
|
(c)
|
Represents payment received by the Portfolio, from Prudential, in connection with the failure to timely compensate the Portfolio for the excess foreign withholding tax withheld
on dividends and interest from certain countries due to the Portfolio's tax status as a partnership.
|
(d)
|
Amount rounds to zero.
|
(e)
|
Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited
Prudential.
|
(f)
|
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and
distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as
administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers
and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future
results. Total returns may reflect adjustments to conform to GAAP.
|
(g)
|
Total return for the year includes the impact of the capital contribution, which was not material to the total return.
|
(h)
|
Does not include expenses of the underlying funds in which the Portfolio invests.
|
(i)
|
The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain
derivatives. If such transactions were included, the Portfolio's portfolio turnover rate may be higher.
|