AST BlackRock Value Portfolio - Prudential Annuities

SUMMARY: AST NEW DISCOVERY ASSET ALLOCATION PORTFOLIO
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to seek total return.
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 vallue of your investment)
Management Fees .85%
Distribution (12b-1) Fees
None
Other Expenses .26%
Acquired Fund Fees & Expenses
__
Total Annual Portfolio Operating Expenses 1.11%
Fee Waiver or Expense Reimbursement + -.03%
Net Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement + 1.08%
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 New Discovery Asset Allocation** $110 $350 $609 $1,349
+ The Investment Managers (Prudential Investments LLC and AST Investment Services, Inc.) have contractually agreed to waive a portion of their investment management fees and/or
reimburse certain expenses, so that the investment management fees plus other expenses (exclusive in all cases of taxes, short sale interest and dividend expenses, brokerage commissions,
distribution fees, acquired fund fees and expenses, and extraordinary expenses) for the Portfolio do not exceed 1.08% of its average daily net assets through June 30, 2013. This
expense limitation may not be terminated or modified prior to June 30, 2013, and may be discontinued or modified thereafter. The decision on whether to renew, modify or discontinue
the expense limitation after June 30, 2013 will be subject to review by the Investment Managers and the Fund’s Board of Trustees.
** Takes into account the contractual expense cap that runs until June 30, 2013 as described above.
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. No portfolio turnover rate is presented for the
Portfolio, because it is new.
INVESTMENTS, RISKS AND PERFORMANCE
Principal Investment Strategies. The investment objective of the Portfolio will be to seek 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 ability of the Advanced Series Trust to implement
certain legal agreements and custody arrangements, and market, economic, and financial conditions as of the Portfolio’s
commencement of operations, it could take up to several weeks for the Portfolio’s assets to be fully invested in accordance with its
investment objective and policies. During any such period, 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 investment period may negatively affect the Portfolio’s
investment return and its ability to achieve its investment objective.
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