AST BlackRock Value Portfolio - Prudential Annuities

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Market and management risk. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably. All decisions by an adviser or subadviser require judgment and are based on imperfect information. Additionally, the investment techniques, risk analysis and investment strategies used by an adviser or subadviser in making investment decisions for the Portfolio may not produce the desired results. Foreign investment risk. Investments in foreign securities generally involve more risk than investing in securities of U.S. issuers. Foreign investment risks include: Changes in currency exchange rates may affect the value of foreign securities held by a Portfolio; securities of issuers located in emerging markets tend to have volatile prices and may be less liquid than investments in more established markets; foreign markets generally are more volatile than U.S. markets, are not subject to regulatory requirements comparable to those in the U.S, and are subject to differing custody and settlement practices; foreign financial reporting standards usually differ from those in the U.S.; foreign exchanges are smaller and less liquid than the U.S. market; political developments may adversely affect the value of the Portfolio’s foreign securities; and foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds. Derivatives risk. A derivative is a financial contract, the value of which depends upon, or is derived from, the value of an underlying asset, reference rate, or index. The use of derivatives involves a variety of risks, including: the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Portfolio; certain derivatives and related trading strategies create debt obligations similar to borrowings, and therefore create, leverage, which can result in losses to the Portfolio that exceed the amount the Portfolio originally invested; certain exchange-traded derivatives may be difficult or impossible to buy or sell at the time that the seller would like, or at the price that the seller believes the derivative is currently worth, and privately negotiated derivatives may be difficult to terminate or otherwise offset; derivatives used for hedging may reduce losses but also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the Portfolio; and commodity-linked derivative instruments may be more volatile than the prices of investments in traditional equity and debt securities. 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. 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. 149
Annual Total Returns 60% 40% 20% 31.74 15.67 6.83 7.24 14.97 29.76 19.75 0% -0.92 -20% -15.56 -40% -43.66 -60% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Best Quarter: Worst Quarter: 16.06% 3 rd Quarter of 2009 -25.02% 4 th Quarter of 2008 Average Annual Total Returns (For the periods ended December 31, 2011) 1 year 5 years 10 Years Portfolio -0.92% -0.05% 3.93% Index Standard & Poor’s 500 Index (reflects no deduction for fees, expenses or taxes) 2.09% -0.25% 2.92% Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) 2.64% 2.50% 2.60% MANAGEMENT OF THE PORTFOLIO Investment Managers Subadviser Portfolio Managers Title Service Date Prudential Investments LLC Marsico Capital Management Thomas F. Marsico Chief Executive Officer, Chief Investment Officer, and Portfolio Manager AST Investment Services, Inc. A. Douglas Rao Portfolio Manager and Senior Analyst December 1997 May 2010 Coralie Witter, CFA Portfolio Manager and Senior Analyst February 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. 150
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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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SUMMARY: AST BOND PORTFOLIO 2023 IN
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U.S. government-related organizatio
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Principal Risks of Investing in the
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Average Annual Total Returns (For t
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Under normal circumstances, no more
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Annual Total Returns 40% 20% 23.39
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the value of a REIT is subject to a
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FINANCIAL INTERMEDIARY COMPENSATION
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Equity securities risk. There is th
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Annual Total Returns 80% 69.16 60%
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Strategy Description Estimated Perc
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Liquidity and valuation risk. From
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SUMMARY: AST FIRST TRUST BALANCED T
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Expense risk. Your actual cost of i
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SUMMARY: AST FIRST TRUST CAPITAL AP
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Expense risk. Your actual cost of i
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SUMMARY: AST FRANKLIN TEMPLETON FOU
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Derivatives risk. A derivative is a
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the value of a REIT is subject to a
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SUMMARY: AST GOLDMAN SACHS CONCENTR
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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: SUMMARY: AST MARSICO CAPITAL GROWTH
Page 239 and 240: Equity securities risk. There is th
Page 241 and 242: SUMMARY: AST MFS GROWTH PORTFOLIO I
Page 243 and 244: Annual Total Returns 60% 40% 20% 22
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 253 and 254: SUMMARY: AST NEUBERGER BERMAN MID-C
Page 255 and 256: Average Annual Total Returns (For t
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,
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U.S. government-related organizatio
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SUMMARY: AST SCHRODERS GLOBAL TACTI
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Fund of funds risk. In addition to
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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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(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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Market and management risk. Markets
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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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AST BlackRock Value Portfolio - Prudential Annuities

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