AST BlackRock Value Portfolio - Prudential Annuities

QMA employs a two-tiered approach to allocating Portfolio assets across the various investment categories, sub-categories, and
the Subadvisers. First, QMA analyzes the macro-economic landscape, the capital markets, and the related implications for
investment strategy. Second, QMA draws on its understanding of the strategies used by the other Subadvisers to determine which
advisers are expected to perform best under the prevailing macro-economic landscape. The allocations are reviewed by QMA
periodically and may be altered or adjusted by QMA without prior notice. Such adjustments will be reflected in the annual update
to the prospectus.
The Portfolio may use derivative instruments to gain exposure to certain commodity and real estate related indices. The Portfolio
may engage in short sales and may invest in fixed-income securities that are rated below investment grade by the major ratings
services (Ba or lower by Moody’s Investors Service, Inc., or equivalently rated by Standard & Poor’s Ratings Services, or Fitch
Ratings Ltd., or, if unrated, considered to be of comparable quality, in connection with these investment strategies. Fixed-income
debt obligations rated below investment grade by the major ratings services or, if unrated, considered to be of comparable quality,
are commonly referred to as “junk bonds” and are regarded as having predominantly speculative characteristics with respect to
capacity to pay principal and interest.
Overall, the Portfolio pursues a combination of traditional and non-traditional investment strategies. The approximate allocation
across the various investment categories, sub-categories, and investment advisers is as follows:
Investment Category Investment Sub-Category Traditional or Non-
Traditional
Subadviser or
Underlying
Trust Portfolio
U.S. Small-Cap Growth N/A Traditional AST Small-Cap
Growth
U.S. Small-Cap Growth N/A Traditional AST Federated
Aggressive Growth
U.S. Small-Cap Value N/A Traditional AST Small-Cap
Value
U.S. Small-Cap Value N/A Traditional AST Goldman Sachs
Small-Cap Value
U.S. Large-Cap Growth N/A Traditional Marsico Capital
Management LLC
U.S. Large-Cap Value N/A Traditional T. Rowe Price
Associates, Inc.
International Growth N/A Traditional William Blair &
Company LLC
International Value N/A Traditional LSV Asset
Management
U.S. Fixed-Income N/A Traditional Pacific Investment
Management
Company LLC
(PIMCO)
Approximate Allocation of
Portfolio Assets
0.75%
0.75%
1.05%
0.35%
15.90%
15.60%
8.60%
8.60%
12.90%
Hedged International Bond Developed Markets Traditional PIMCO 8.60%
Emerging Markets Traditional PIMCO 4.30%
Advanced Strategies I Commodity Real Return Non-Traditional PIMCO 2.90%
TIPS Real Return Non-Traditional PIMCO 2.80%
Real Estate Real Return Non-Traditional PIMCO 2.90%
Advanced Strategies II N/A Non-Traditional QMA 14.00%
The asset allocation generally provides for an allotment of approximately 60% of Portfolio assets to a combination of domestic
and international equity strategies and an allotment of approximately 40% of Portfolio assets to a combination of
U.S. fixed-income, hedged international bond, real return and exchange-traded fund investment strategies. The Portfolio uses
derivative instruments to gain exposure to certain commodity and real estate related indices along with high yield bonds (also
referred to as “junk” bonds) in connection with these investment strategies. The asset allocations described above are subject to
change at any time without notice at the sole discretion of the Investment Managers.
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