AST BlackRock Value Portfolio - Prudential Annuities

More documents

Recommendations

Info

would be expected to rise. Although certain investment strategies pursued by the Portfolio may try to reduce risk by holding both long and short positions at the same time, it is possible that the Portfolio’s securities held long will decline in value at the same time that the value of the Portfolio’s securities sold short increases, thereby increasing the potential for loss. In addition, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. Asset Transfer Program Risk. The Portfolio is used in connection with certain benefit programs under Prudential variable annuity contracts, including, certain “guaranteed minimum accumulation benefit” programs and certain “guaranteed minimum withdrawal benefit” programs. In order for Prudential to manage the guarantees offered in connection with these benefit programs, Prudential will monitor each contract owner’s account value from time to time and will systematically transfer amounts between the Portfolio and other Portfolios (or, for one guaranteed minimum withdrawal benefit program, the insurer’s general account) as required by certain non-discretionary mathematical formulas. Such pre-determined mathematical formulas may, however, result in large-scale asset flows into and out of the Portfolio and subject the Portfolio to certain risks. Such pre-determined mathematical formulas could adversely affect the Portfolio’s investment performance by requiring the subadviser to purchase and sell securities at inopportune times and by otherwise limiting the subadviser’s ability to fully implement the Portfolio’s investment strategies. In addition, these pre-determined mathematical formulas may result in relatively small asset bases and relatively high operating expense ratios for the Portfolios compared to other similar funds. Expense risk. Your actual cost of investing in the Portfolio may be higher than the expenses shown above under “Annual Portfolio Operating Expenses” for a variety of reasons, including, for example, if the Portfolio’s average net assets decrease significantly. Fixed income securities risk. Investments in fixed income securities involves a variety of risks, including the risk that an issuer or guarantor of a security will be unable to pay some or all of the principal and interest when due (credit risk); the risk that the Portfolio may not be able to sell some or all of the securities its holds, either at the price it values the security or at any price (liquidity risk); and the risk that the rates of interest income generated by the fixed income investments of the Portfolio may decline due to a decrease in market interest rates and that the market prices of the fixed income investments of the Portfolio may decline due to an increase in market interest rates (interest rate risk). Exchange-Traded Funds risk. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up or down, and the Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs may be subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such an action appropriate, the shares are delisted from the exchange or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Past Performance. A number of factors, including risk, can affect how the Portfolio performs. The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Past performance does not mean that the Portfolio will achieve similar results in the future. The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges. The table also demonstrates how the Portfolio’s average annual returns compare to the returns of a secondary index which includes the stocks of companies with similar investment objectives. 69
Annual Total Returns 80% 69.16 60% 40% 20% 23.07 9.44 12.91 11.21 32.66 32.54 0% -20% -13.11 -40% -60% -29.19 2002 2003 2004 2005 2006 2007 -44.09 2008 2009 2010 2011 Best Quarter: Worst Quarter: 35.55% 2 nd Quarter of 2003 -26.40% 3 rd Quarter of 2011 Average Annual Total Returns (For the periods ended December 31, 2011) 1 year 5 years 10 years Portfolio -13.11% -1.02% 5.66% Index Russell 2000 Index (reflects no deduction for fees, expenses or taxes) -4.18% 0.15% 5.62% Russell 2000 Growth Index (reflects no deduction for fees, expenses or taxes) -2.91% 2.09% 4.48% MANAGEMENT OF THE PORTFOLIO Investment Managers Subadviser Portfolio Managers Title Service Date Prudential Investments LLC Federated Equity Management Company of Pennsylvania/Federated Global Investment Management Corp. Aash M. Shah Vice President, Portfolio Manager May 2002 AST Investment Services, Inc. Lawrence Auriana Portfolio Manager May 2002 Hans P. Utsch Portfolio Manager May 2002 John Ettinger Portfolio Manager May 2004 Barbara Miller Portfolio Manager December 2011 TAX INFORMATION Contract owners should consult their Contract prospectus for information on the federal tax consequences to them. In addition, Contract owners may wish to consult with their own tax advisors as to the tax consequences of investments in the Contracts and the Portfolio, including the application of state and local taxes. The Portfolio currently intends to be treated as a partnership for federal income tax purposes. As a result, the Portfolio’s income, gains, losses, deductions, and credits are “passed through” pro rata directly to the participating insurance companies and retain the same character for federal income tax purposes. FINANCIAL INTERMEDIARY COMPENSATION If you purchase your Contract through a broker-dealer or other financial intermediary (such as a bank), the issuing insurance company, the Portfolio or their related companies may pay the intermediary for the sale of the Contract, the selection of the Portfolio and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Contract over another investment or insurance product, or to recommend the Portfolio over another investment option under the Contract. Ask your salesperson or visit your financial intermediary’s website for more information. 70
Page 1 and 2:
ADVANCED SERIES TRUST AST Horizon M
Page 3 and 4:
ADVANCED SERIES TRUST AST Bond Port
Page 5 and 6:
V. In the SAI, the following is add
Page 7 and 8:
AST Academic Strategies Asset Alloc
Page 9 and 10:
AST Bond Portfolio 2015 Annual Port
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
AST FI Pyramis ® Asset Allocation
Page 17 and 18:
AST Global Real Estate Portfolio An
Page 19 and 20:
AST Goldman Sachs Small-Cap Value P
Page 21 and 22:
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
Page 43 and 44:
index, the Portfolio is not an "ind
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 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
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 75 and 76:
ADVANCED SERIES TRUST AST Schroders
Page 77 and 78:
ASTSUP4 ADVANCED SERIES TRUST Suppl
Page 79 and 80:
value, among other factors, is also
Page 81 and 82:
ADVANCED SERIES TRUST AST Marsico C
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
Page 139 and 140: SUMMARY: AST BOND PORTFOLIO 2023 IN
Page 141 and 142: U.S. government-related organizatio
Page 143 and 144: Principal Risks of Investing in the
Page 145 and 146: Average Annual Total Returns (For t
Page 147 and 148: Under normal circumstances, no more
Page 149 and 150: Annual Total Returns 40% 20% 23.39
Page 151 and 152: the value of a REIT is subject to a
Page 153 and 154: FINANCIAL INTERMEDIARY COMPENSATION
Page 155: Equity securities risk. There is th
Page 159 and 160: Strategy Description Estimated Perc
Page 161 and 162: Liquidity and valuation risk. From
Page 163 and 164: SUMMARY: AST FIRST TRUST BALANCED T
Page 165 and 166: Expense risk. Your actual cost of i
Page 167 and 168: SUMMARY: AST FIRST TRUST CAPITAL AP
Page 169 and 170: Expense risk. Your actual cost of i
Page 171 and 172: SUMMARY: AST FRANKLIN TEMPLETON FOU
Page 173 and 174: Derivatives risk. A derivative is a
Page 175 and 176: FINANCIAL INTERMEDIARY COMPENSATION
Page 177 and 178: the value of a REIT is subject to a
Page 179 and 180: SUMMARY: AST GOLDMAN SACHS CONCENTR
Page 181 and 182: The table also demonstrates how the
Page 183 and 184: Equity securities risk. There is th
Page 185 and 186: SUMMARY: AST GOLDMAN SACHS MID-CAP
Page 187 and 188: Annual Total Returns 80% 60% 57.09
Page 189 and 190: Value style risk. There is a risk t
Page 191 and 192: SUMMARY: AST HIGH YIELD PORTFOLIO I
Page 193 and 194: Liquidity and valuation risk. From
Page 195 and 196: SUMMARY: AST HORIZON GROWTH ASSET A
Page 197 and 198: Asset-backed securities risk. Asset
Page 199 and 200: Investment Managers Subadviser Port
Page 201 and 202: Under normal circumstances, no more
Page 203 and 204: The annual returns and average annu
Page 205 and 206: SUMMARY: AST INTERNATIONAL GROWTH P
Page 207 and 208:
Annual Total Returns 60% 40% 39.95
Page 209 and 210:
Foreign investment risk. Investment
Page 211 and 212:
SUMMARY: AST INVESTMENT GRADE BOND
Page 213 and 214:
usually differ from those in the U.
Page 215 and 216:
SUMMARY: AST JENNISON LARGE-CAP GRO
Page 217 and 218:
Annual Total Returns 15% 11.32 10%
Page 219 and 220:
Value style risk. There is a risk t
Page 221 and 222:
SUMMARY: AST JPMORGAN INTERNATIONAL
Page 223 and 224:
Annual Total Returns 60% 40% 20% 30
Page 225 and 226:
Anticipated Asset Class Approximate
Page 227 and 228:
Annual Total Returns 30% 20% 10% 0%
Page 229 and 230:
Market and management risk. Markets
Page 231 and 232:
SUMMARY: AST LORD ABBETT CORE FIXED
Page 233 and 234:
exchange-traded derivatives may be
Page 235 and 236:
SUMMARY: AST MARSICO CAPITAL GROWTH
Page 237 and 238:
Page 239 and 240:
Equity securities risk. There is th
Page 241 and 242:
SUMMARY: AST MFS GROWTH PORTFOLIO I
Page 243 and 244:
Page 245 and 246:
Mid-capitalization company risk. Th
Page 247 and 248:
SUMMARY: AST MONEY MARKET PORTFOLIO
Page 249 and 250:
Index Lipper Variable Insurance Pro
Page 251 and 252:
Page 253 and 254:
SUMMARY: AST NEUBERGER BERMAN MID-C
Page 255 and 256:
Average Annual Total Returns (For t
Page 257 and 258:
Page 259 and 260:
SUMMARY: AST NEW DISCOVERY ASSET AL
Page 261 and 262:
High-yield risk. Investments in fix
Page 263 and 264:
SUMMARY: AST PARAMETRIC EMERGING MA
Page 265 and 266:
Past Performance. A number of facto
Page 267 and 268:
(liquidity risk); and the risk that
Page 269 and 270:
SUMMARY: AST PIMCO TOTAL RETURN BON
Page 271 and 272:
the Portfolio and other Portfolios
Page 273 and 274:
SUMMARY: AST PRESERVATION ASSET ALL
Page 275 and 276:
comparable to those in the U.S, and
Page 277 and 278:
SUMMARY: AST PRUDENTIAL CORE BOND P
Page 279 and 280:
Derivatives risk. A derivative is a
Page 281 and 282:
In rising markets, the Portfolio ex
Page 283 and 284:
FINANCIAL INTERMEDIARY COMPENSATION
Page 285 and 286:
(NAV) per share. In general terms,
Page 287 and 288:
U.S. government-related organizatio
Page 289 and 290:
SUMMARY: AST SCHRODERS GLOBAL TACTI
Page 291 and 292:
Equity securities risk. There is th
Page 293 and 294:
MANAGEMENT OF THE PORTFOLIO Investm
Page 295 and 296:
Fund of funds risk. In addition to
Page 297 and 298:
The table also demonstrates how the
Page 299 and 300:
Growth style risk. There is a risk
Page 301 and 302:
SUMMARY: AST SMALL-CAP VALUE PORTFO
Page 303 and 304:
The annual returns and average annu
Page 305 and 306:
Fixed income securities risk. Inves
Page 307 and 308:
MANAGEMENT OF THE PORTFOLIO Investm
Page 309 and 310:
value for a variety of reasons, inc
Page 311 and 312:
FINANCIAL INTERMEDIARY COMPENSATION
Page 313 and 314:
(liquidity risk); and the risk that
Page 315 and 316:
Investment Managers Subadvisers Por
Page 317 and 318:
Growth style risk. There is a risk
Page 319 and 320:
SUMMARY: AST T. ROWE PRICE NATURAL
Page 321 and 322:
Annual Total Returns 60% 40% 33.52
Page 323 and 324:
Page 325 and 326:
Index Blended Index (reflects no de
Page 327 and 328:
Fixed income securities risk. Inves
Page 329 and 330:
Investment Managers Subadviser Port
Page 331 and 332:
PRINCIPAL RISKS Principal Risks of
Page 333 and 334:
weighted average maturities general
Page 335 and 336:
Liquidity and Valuation Risk Of Pri
Page 337 and 338:
Short Sale Risk. A Portfolio that s
Page 339 and 340:
Traditional Asset Classes Internati
Page 341 and 342:
Underlying Fund Portfolio Principal
Page 343 and 344:
PIMCO may invest all of the assets
Page 345 and 346:
Convertible Securities are a substa
Page 347 and 348:
Exposure to some or all of the rema
Page 349 and 350:
Description of Traditional Investme
Page 351 and 352:
Under normal circumstances, PIMCO i
Page 353 and 354:
maturity to process and audit loss
Page 355 and 356:
The risks of an investment in a CDO
Page 357 and 358:
BlackRock may use derivatives, incl
Page 359 and 360:
Up to 10% of the assets attributabl
Page 361 and 362:
Investment Strategy Minimum Exposur
Page 363 and 364:
AST Bond Portfolio 2023 Investment
Page 365 and 366:
some of which may be adjustable rat
Page 367 and 368:
AST COHEN & STEERS REALTY PORTFOLIO
Page 369 and 370:
market capitalization (i.e., increa
Page 371 and 372:
Strategy Large Cap Core 130/30 Stra
Page 373 and 374:
The approximate allocations above d
Page 375 and 376:
This investment strategy looks for
Page 377 and 378:
U.S. Treasury Securities. U.S. Trea
Page 379 and 380:
VLPI MAKES NO WARRANTY CONCERNING T
Page 381 and 382:
(sometimes called “junk bonds”)
Page 383 and 384:
sale of a futures contract will all
Page 385 and 386:
focuses on valuation relative to a
Page 387 and 388:
The Portfolio pursues its objective
Page 389 and 390:
The Portfolio may invest in all typ
Page 391 and 392:
Under a bank loan assignment, the P
Page 393 and 394:
Principal Investment Policies: The
Page 395 and 396:
Other Investments: The Portfolio ma
Page 397 and 398:
In addition to options and financia
Page 399 and 400:
Jennison will consider other factor
Page 401 and 402:
The Portfolio may invest in a wide
Page 403 and 404:
On or about January 31, 2012, Hotch
Page 405 and 406:
the Portfolio’s positions against
Page 407 and 408:
EARNEST expects to focus primarily
Page 409 and 410:
Demand Features. The Portfolio may
Page 411 and 412:
AST NEUBERGER BERMAN / LSV MID-CAP
Page 413 and 414:
morethan7%oftheassets attributable
Page 415 and 416:
Anticipated Asset Allocation Ranges
Page 417 and 418:
AST PIMCO LIMITED MATURITY BOND POR
Page 419 and 420:
esult of a short sale if the price
Page 421 and 422:
Generally, over the long term, the
Page 423 and 424:
in rates of return) earned or reali
Page 425 and 426:
futures that are contractually requ
Page 427 and 428:
geographic focus (i.e., increase or
Page 429 and 430:
AST SCHRODERS GLOBAL TACTICAL PORTF
Page 431 and 432:
This segment of the Portfolio may e
Page 433 and 434:
they believe are undervalued or oth
Page 435 and 436:
Futures, Options and Other Derivati
Page 437 and 438:
As a fund that invests both in equi
Page 439 and 440:
Debt Instruments and Junk Bonds. Un
Page 441 and 442:
total Portfolio performance. For ex
Page 443 and 444:
natural resource companies may be i
Page 445 and 446:
(iii) “off-benchmark” investmen
Page 447 and 448:
(ii) the Portfolio sells the index
Page 449 and 450:
MORE DETAILED INFORMATION ABOUT OTH
Page 451 and 452:
Loans and Assignments—Loans are p
Page 453 and 454:
HOW THE FUND IS MANAGED BOARD OF TR
Page 455 and 456:
AST Neuberger Berman / LSV Mid-Cap
Page 457 and 458:
INVESTMENT SUBADVISERS The Portfoli
Page 459 and 460:
Franklin Mutual Advisers, LLC (Fran
Page 461 and 462:
Security Investors, LLC (SGI) has b
Page 463 and 464:
Joel M. Kallman, CFA, is a Senior A
Page 465 and 466:
AQR Capital Management, LLC and CNH
Page 467 and 468:
Mr. Dialynas is a managing director
Page 469 and 470:
Martin Cohen, co-chairman and co-CE
Page 471 and 472:
Mr. Lindquist rejoined First Trust
Page 473 and 474:
Lisa F. Myers, J.D., CFA, joined th
Page 475 and 476:
Sean is Co-CIO and portfolio manage
Page 477 and 478:
James P. Shanahan, Jr., managing di
Page 479 and 480:
AST International Value Portfolio L
Page 481 and 482:
Mr. Peters, Portfolio Manager, join
Page 483 and 484:
Thomas A. Sontag: Managing Director
Page 485 and 486:
Prior to his current position as Po
Page 487 and 488:
Brian Ahrens, CFA is a portfolio ma
Page 489 and 490:
Devang Gambhirwala is a Principal a
Page 491 and 492:
Investment Committee. Prior to join
Page 493 and 494:
Michael J. Conelius, CFA, is a Vice
Page 495 and 496:
HOW TO BUY AND SELL SHARES OF THE P
Page 497 and 498:
NET ASSET VALUE Any purchase or sal
Page 499 and 500:
Appraised values do not necessarily
Page 501 and 502:
The amounts paid depend on the natu
Page 503 and 504:
AST ADVANCED STRATEGIES PORTFOLIO Y
Page 505 and 506:
AST BLACKROCK GLOBAL STRATEGIES POR
Page 507 and 508:
AST BOND PORTFOLIO 2015 January 28,
Page 509 and 510:
AST BOND PORTFOLIO 2017 Year Ended
Page 511 and 512:
AST BOND PORTFOLIO 2019 January 28,
Page 513 and 514:
AST BOND PORTFOLIO 2021 Year Ended
Page 515 and 516:
AST CAPITAL GROWTH ASSET ALLOCATION
Page 517 and 518:
AST COHEN & STEERS REALTY PORTFOLIO
Page 519 and 520:
AST FI PYRAMIS ® ASSET ALLOCATION
Page 521 and 522:
AST FIRST TRUST CAPITAL APPRECIATIO
Page 523 and 524:
AST GOLDMAN SACHS CONCENTRATED GROW
Page 525 and 526:
AST GOLDMAN SACHS MID-CAP GROWTH PO
Page 527 and 528:
AST HIGH YIELD PORTFOLIO Year Ended
Page 529 and 530:
AST HORIZON MODERATE ASSET ALLOCATI
Page 531 and 532:
AST INTERNATIONAL VALUE PORTFOLIO Y
Page 533 and 534:
AST JENNISON LARGE-CAP GROWTH PORTF
Page 535 and 536:
AST JPMORGAN INTERNATIONAL EQUITY P
Page 537 and 538:
AST LARGE-CAP VALUE PORTFOLIO Year
Page 539 and 540:
AST MARSICO CAPITAL GROWTH PORTFOLI
Page 541 and 542:
AST MFS GROWTH PORTFOLIO Year Ended
Page 543 and 544:
AST MONEY MARKET PORTFOLIO Year End
Page 545 and 546:
AST NEUBERGER BERMAN MID-CAP GROWTH
Page 547 and 548:
AST PARAMETRIC EMERGING MARKETS EQU
Page 549 and 550:
AST PIMCO TOTAL RETURN BOND PORTFOL
Page 551 and 552:
AST PRUDENTIAL CORE BOND PORTFOLIO
Page 553 and 554:
AST QUANTITATIVE MODELING PORTFOLIO
Page 555 and 556:
AST SCHRODERS MULTI-ASSET WORLD STR
Page 557 and 558:
AST SMALL-CAP VALUE PORTFOLIO Year
Page 559 and 560:
AST T. ROWE PRICE EQUITY INCOME POR
Page 561 and 562:
AST T. ROWE PRICE LARGE-CAP GROWTH
Page 563 and 564:
AST WELLINGTON MANAGEMENT HEDGED EQ
Page 565 and 566:
APPENDIX ASSET ALLOCATIONS FOR HORI
Page 567 and 568:
AST Horizon Growth Asset Allocation
Page 569 and 570:
GLOSSARY: PORTFOLIO INDEXES BofA Me
Page 571 and 572:
Russell 2000 Index. The Russell 200
Page 573 and 574:
AST Schroders Global Tactical Portf
Page 575 and 576:
This page intentionally left blank
Page 577 and 578:
Page 579 and 580:
Page 581 and 582:
Page 583 and 584:
Page 585:
The Prudential Insurance Company of
show all

AST BlackRock Value Portfolio - Prudential Annuities

Create successful ePaper yourself

Delete template?

Save as template?