AST BlackRock Value Portfolio - Prudential Annuities

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Annual Total Returns 60% 40% 20% 0% -20% -40% -7.93 41.08 20.18 4.98 17.24 -5.12 -26.64 26.85 26.77 1.30 -60% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Best Quarter: Worst Quarter: 19.91% 3 rd Quarter of 2009 -25.03% 4 th Quarter of 2008 Average Annual Total Returns (For the periods ended December 31, 2011) 1 year 5 years 10 Years Portfolio 1.30% 2.54% 8.10% Index Russell 2000 Index (reflects no deduction for fees, expenses or taxes) -4.18% 0.15% 5.62% Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes) -5.50% -1.87% 6.40% MANAGEMENT OF THE PORTFOLIO Investment Managers Subadviser Portfolio Managers Title Service Date Prudential Investments LLC Goldman Sachs Asset Management, L.P. J. Kelly Flynn Managing Director and Portfolio Manager AST Investment Services, Inc. Robert Crystal Managing Director and Portfolio Manager January 2002 March 2006 Sally Pope Davis Sean A. Butkus Managing Director and Portfolio Manager Vice President and Portfolio Manager January 2006 February 2012 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. 103
SUMMARY: AST HIGH YIELD PORTFOLIO INVESTMENT OBJECTIVE The investment objective of the Portfolio is to seek maximum total return, consistent with preservation of capital and prudent investment management. PORTFOLIO FEES AND EXPENSES The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees .75% Distribution (12b-1) Fees None Other Expenses .13% Acquired Fund Fees & Expenses __ Total Annual Portfolio Operating Expenses .88% Example. The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the example. See your Contract prospectus for more information about Contract charges. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1 Year 3 Years 5 Years 10 Years AST High Yield $90 $281 $488 $1,084 Portfolio Turnover. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year ended December 31, the Portfolio’s turnover rate was 93% of the average value of its portfolio. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Portfolio invests, under normal circumstances, at least 80% of the Portfolio’s net assets plus any borrowings for investment purposes (measured at the time of purchase) in non-investment grade high-yield fixed-income investments, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. Non-investment grade securities are commonly known as “junk bonds” and include securities rated Ba or lower by Moody’s Investors Services, Inc. or equivalently rated by Standard & Poor’s Corporation or Fitch, or, if unrated, determined by the subadviser to be of comparable quality. Principal Risks of Investing in the Portfolios. The risks identified below are the principal risks of investing in the Portfolios. All investments have risks to some degree and it is possible that you could lose money by investing in the Portfolios. An investment in a Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolios make every effort to achieve their objectives, the Portfolios can’t guarantee success. 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). 104
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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
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AST Marsico Capital Growth Portfoli
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AST Mid-Cap Value Portfolio Annual
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AST Neuberger Berman Mid-Cap Growth
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AST PIMCO Limited Maturity Bond Por
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AST Schroders Global Tactical Portf
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AST T. Rowe Price Asset Allocation
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AST T. Rowe Price Natural Resources
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II. The section of the Prospectus e
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The Board has approved (i) replacin
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index, the Portfolio is not an "ind
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C. All references to the Portfolio
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to subadvisory fees paid by Prudent
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ADVANCED SERIES TRUST Supplement da
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ADVANCED SERIES TRUST AST Academic
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ADVANCED SERIES TRUST AST CLS Moder
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AST Neuberger Berman Core Bond 1.16
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ADVANCED SERIES TRUST Supplement da
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5/$0.2* Kevin W. Bedell 7/$2.2 1 /$
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Fixed-Income Core and Core Plus Fix
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ADVANCED SERIES TRUST PROSPECTUS DA
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Example. The following example is i
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securities, asset-backed securities
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treatment under current tax laws. I
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AST J.P. Morgan Portfolio’s minim
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ADVANCED SERIES TRUST AST Schroders
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ASTSUP4 ADVANCED SERIES TRUST Suppl
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value, among other factors, is also
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ADVANCED SERIES TRUST AST Marsico C
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AST BlackRock Value Portfolio * Sub
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III. The table under the heading Pa
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Table of Contents 1 SUMMARY: AST AC
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Fund of funds risk. In addition to
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Past Performance. A number of facto
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SUMMARY: AST ADVANCED STRATEGIES PO
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Liquidity and valuation risk. From
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SUMMARY: AST BALANCED ASSET ALLOCAT
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The Portfolio invests in securities
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SUMMARY: AST BLACKROCK GLOBAL STRAT
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Derivatives risk. A derivative is a
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SUMMARY: AST BLACKROCK VALUE PORTFO
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The table also demonstrates how the
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The Portfolio is managed to mature
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MANAGEMENT OF THE PORTFOLIO Investm
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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 and 156: Equity securities risk. There is th
Page 157 and 158: Annual Total Returns 80% 69.16 60%
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 185 and 186: SUMMARY: AST GOLDMAN SACHS MID-CAP
Page 189: Value style risk. There is a risk t
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 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: Annual Total Returns 60% 40% 20% 31
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SUMMARY: AST MFS GROWTH PORTFOLIO I
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Annual Total Returns 60% 40% 20% 22
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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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Market and management risk. Markets
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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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FINANCIAL INTERMEDIARY COMPENSATION
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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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Equity securities risk. There is th
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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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FINANCIAL INTERMEDIARY COMPENSATION
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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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Annual Total Returns 60% 40% 33.52
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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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