Prudential Premier Retirement Variable Annuities

INVESTMENT OBJECTIVES/POLICIES
AST JPMorgan Strategic Opportunities Portfolio: seeks to maximize return compared
to the benchmark through security selection and tactical asset allocation. The Portfolio
invests in securities and financial instruments (including derivatives) to gain exposure to
global equity, global fixed income and cash equivalent markets, including global
currencies. The Portfolio may invest in developed and emerging markets securities,
domestic and foreign fixed income securities (including non-investment grade bonds or
“junk bonds”), and real estate investment trusts (REITs) of issuers located within and
outside the United States or in open-end investment companies advised by J.P. Morgan
Investment Management, Inc., the Portfolio’s subadvisor, to gain exposure to certain
global equity and global fixed income markets.
AST Large-Cap Value Portfolio: seeks current income and long-term growth of income,
as well as capital appreciation. The Portfolio invests, under normal circumstances, at least
80% of its net assets in securities of large capitalization companies. Large capitalization
companies are those companies with market capitalizations within the market
capitalization range of the Russell 1000 Value Index.
AST Lord Abbett Core-Fixed Income Portfolio: seeks income and capital appreciation
to produce a high total return. Under normal market conditions, the Portfolio pursues its
investment objective by investing at least 80% of its net assets in fixed-income securities.
The Portfolio primarily invests in securities issued or guaranteed by the U.S. government,
its agencies or government-sponsored enterprises; investment grade debt securities of U.S.
issuers; investment grade debt securities of non-U.S. issuers that are denominated in U.S.
dollars; mortgage-backed and other asset-backed securities; senior loans, and loan
participations and assignments; and derivative instruments, such as options, futures
contracts, forward contracts and swap agreements.
AST Marsico Capital Growth Portfolio: seeks capital growth. Income realization is not
an investment objective and any income realized on the Portfolio’s investments, therefore,
will be incidental to the Portfolio’s objective. The Portfolio will pursue its objective by
investing primarily in common stocks of large companies that are selected for their growth
potential. Large capitalization companies are companies with market capitalizations within
the market capitalization range of the Russell 1000 Growth Index. In selecting investments
for the Portfolio, the subadvisor uses an approach that combines “top down”
macroeconomic analysis with “bottom up” stock selection. The “top down” approach
identifies sectors, industries and companies that may benefit from the trends the
subadvisor has observed. The subadvisor then looks for individual companies that are
expected to offer earnings growth potential that may not be recognized by the market at
large, utilizing a “bottom up” stock selection process. The Portfolio will normally hold a
core position of between 35 and 50 common stocks. The Portfolio may hold a limited
number of additional common stocks at times when the portfolio manager is accumulating
new positions, phasing out and replacing existing positions or responding to exceptional
market conditions.
AST MFS Global Equity Portfolio: seeks capital growth. Under normal circumstances
the Portfolio invests at least 80% of its net assets in equity securities. The Portfolio may
invest in the securities of U.S. and foreign issuers (including issuers in emerging market
countries). While the Portfolio may invest its assets in companies of any size, the Portfolio
generally focuses on companies with relatively large market capitalizations.
AST MFS Growth Portfolio: seeks long-term capital growth and future, rather than
current income. Under normal market conditions, the Portfolio invests at least 80% of its
net assets in common stocks and related securities, such as preferred stocks, convertible
securities and depositary receipts. The subadvisor focuses on investing the Portfolio’s
assets in the stocks of companies it believes to have above-average earnings growth
potential compared to other companies. The subadvisor uses a “bottom up” as opposed to
a “top down” investment style in managing the Portfolio.
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STYLE/
TYPE
ASSET
ALLOCA-
TION
LARGE CAP
VALUE
FIXED
INCOME
LARGE CAP
GROWTH
INTER-
NATIONAL
EQUITY
LARGE CAP
GROWTH
PORTFOLIO
ADVISOR/
SUBADVISOR
J.P. Morgan
Investment
Management, Inc.
Hotchkis and Wiley
Capital
Management, LLC
Lord, Abbett & Co.
LLC
Marsico Capital
Management, LLC
Massachusetts
Financial Services
Company
Massachusetts
Financial Services
Company