Prudential Premier Retirement Variable Annuities

INVESTMENT OBJECTIVES/POLICIES
AST MFS Large-Cap Value Portfolio: seeks capital appreciation. The Portfolio seeks to
achieve its investment objective by investing at least 80% of its net assets in issuers with
large market capitalizations of at least $5 billion at the time of purchase. The Portfolio will
invest primarily in equity securities and may invest in foreign securities. The subadviser
focuses on investing the Portfolio’s assets in the stocks of companies it believes are
undervalued compared to their perceived worth (value companies). The subadviser uses a
“bottom-up” investment approach to buying and selling investments for the Portfolio.
Investments are selected primarily based on fundamental analysis of individual issuers.
Quantitative models that systematically evaluate issuers may also be considered
AST Mid-Cap Value Portfolio: seeks to provide capital growth by investing primarily in
mid-capitalization stocks that appear to be undervalued. The Portfolio invests, under
normal circumstances, at least 80% of the value of its net assets in mid-capitalization
companies. Mid-capitalization companies are generally those that have market
capitalizations, at the time of purchase, within the market capitalization range of
companies included in the Russell Midcap ® Value Index during the previous 12 months
based on month-end data.
AST Money Market Portfolio: seeks high current income and maintain high levels of
liquidity. The Portfolio invests in high-quality money market instruments and seeks to
maintain a stable net asset value (NAV) of $1 per share.
AST Neuberger Berman Core Bond Portfolio: seeks to maximize total return consistent
with the preservation of capital. Under normal circumstances the Portfolio invests at least
80% of its investable assets in bonds and other debt securities. All of the debt securities in
which the Portfolio invests will be investment grade under normal circumstances.
AST Neuberger Berman Mid-Cap Growth Portfolio: seeks capital growth. Under
normal market conditions, the Portfolio invests at least 80% of its net assets in the
common stocks of mid-capitalization companies. Mid-capitalization companies are those
companies whose market capitalization is within the range of market capitalizations of
companies in the Russell Midcap ® Growth Index. Using fundamental research and
quantitative analysis, the subadvisor looks for fast-growing companies with above-average
sales and competitive returns on equity relative to their peers.
AST Neuberger Berman/LSV Mid-Cap Value Portfolio: seeks capital growth. Under
normal market conditions, the Portfolio invests at least 80% of its net assets in the
common stocks of medium capitalization companies. Companies with market
capitalizations that fall within the range of the Russell Midcap ® Value Index at the time of
investment are considered medium capitalization companies. Some of the Portfolio's
assets may be invested in the securities of large-cap companies as well as in small-cap
companies.
AST New Discovery Asset Allocation Portfolio (formerly AST American Century
Income & Growth Portfolio): seeks total return. Total return is comprised of capital
appreciation and income. Under normal circumstances, approximately 70% of the
Portfolio’s assets will be allocated to a combination of domestic and international equity
strategies and approximately 30% of Portfolio’s assets will be allocated to certain U.S.
fixed-income investment strategies and a liquidity strategy. Depending upon the
Portfolio’s ability to achieve the necessary asset scale, the Trust’s ability to implement
certain legal agreements and custody arrangements, and market, economic, and financial
conditions as of the Portfolio’s commencement of operations, it may take several weeks
for the Portfolio’s assets to be fully invested in accordance with its investment objective
and policies. During that time, it is anticipated that all or a portion of the Portfolio’s assets
will be invested in high grade, short term debt securities (both fixed and floating rate),
money market funds, short-term bond funds, exchange-traded funds, and/or index futures
contracts. A relatively long initial investment period may negatively affect the Portfolio’s
investment return and ability to achieve its investment objective.
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STYLE/
TYPE
LARGE CAP
VALUE
MID CAP
VALUE
FIXED
INCOME
FIXED
INCOME
MID CAP
GROWTH
MID CAP
VALUE
ASSET
ALLOCA-
TION
PORTFOLIO
ADVISOR/
SUBADVISOR
Massachusetts
Financial Services
Company
EARNEST
Partners, LLC;
WEDGE Capital
Management L.L.P.
Prudential
Investment
Management, Inc.
Neuberger Berman
Fixed Income LLC
Neuberger Berman
Management LLC
LSV Asset
Management;
Neuberger Berman
Management LLC
Bradford & Marzec,
LLC; Brown
Advisory, LLC;
C.S. McKee, LP;
EARNEST
Partners, LLC;
Epoch Investment
Partners, Inc.;
Security Investors,
LLC; Thompson,
Siegel & Walmsley
LLC