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AST BlackRock Value Portfolio - Prudential Annuities

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ABOUT THE FUND<br />

ABOUT THE FUND AND ITS PORTFOLIOS<br />

This prospectus provides information about the Advanced Series Trust (the Fund) and its separate portfolios (each, a <strong>Portfolio</strong>). The<br />

<strong>Portfolio</strong>s of the Fund which are discussed in this prospectus are identified in the table of contents. Each <strong>Portfolio</strong> is a diversified<br />

investment company as defined by the Investment Company Act of 1940 (“the 1940 Act”), unless herein noted otherwise.<br />

<strong>AST</strong> Investment Services, Inc. (<strong>AST</strong>) and <strong>Prudential</strong> Investments LLC (PI), both wholly-owned subsidiaries of <strong>Prudential</strong> Financial,<br />

Inc. (<strong>Prudential</strong> Financial), serve as overall investment managers of the Fund. <strong>Prudential</strong> Financial, which is incorporated in the<br />

United States, has its principal place of business in the United States. Neither <strong>Prudential</strong> Financial nor any of its subsidiaries are<br />

affiliated in any manner with <strong>Prudential</strong> plc, a company incorporated in the United Kingdom. <strong>AST</strong> and PI (together, the Investment<br />

Managers) have retained one or more subadvisers, each a Subadviser, to manage the day-to-day investment of the assets of each<br />

<strong>Portfolio</strong> in a multi-manager structure. More information about the Investment Managers, the Subadvisers and the multi-manager<br />

structure is included in “How the Fund is Managed” later in this Prospectus.<br />

The Fund offers one class of shares in each <strong>Portfolio</strong>. Shares of the <strong>Portfolio</strong>s of the Fund are sold only to separate accounts of<br />

<strong>Prudential</strong> <strong>Annuities</strong> Life Assurance Corporation, The <strong>Prudential</strong> Insurance Company of America, Pruco Life Insurance Company,<br />

Pruco Life Insurance Company of New Jersey, <strong>Prudential</strong> Retirement Insurance and Annuity Company, Pramerica of Bermuda Life<br />

Assurance Company, Ltd. (collectively, <strong>Prudential</strong>), Kemper Investors Life Insurance Company, Allstate Life Insurance Company<br />

and Allstate Life Insurance Company of New York as investment options under variable life insurance and variable annuity<br />

contracts (the Contracts). (A separate account keeps the assets supporting certain insurance contracts separate from the general<br />

assets and liabilities of the insurance company).<br />

Not every <strong>Portfolio</strong> is available under every Contract. The prospectus for each Contract lists the <strong>Portfolio</strong>s currently available<br />

through that Contract. Each variable annuity contract and variable life insurance policy involves fees and expenses not described<br />

in this Prospectus.<br />

Additional information about each <strong>Portfolio</strong> is set forth in the following chapters, and is also provided in the SAI.<br />

243

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