AST BlackRock Value Portfolio - Prudential Annuities

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a
Portfolio invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the
securities laws. As a result, investments in CDOs may be characterized by the Portfolios as illiquid securities, however an active
dealer market may exist for CDOs allowing a CDO to qualify for Rule144A transactions. In addition to the normal risks associated
with fixed income securities discussed elsewhere in this Prospectus and the Fund’s SAI (e.g., interest rate risk and default risk),
CDOs carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not
be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Portfolio
may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully
understood at the time of investment and may produce disputes with the issuer or unexpected investment results.
AST BLACKROCK GLOBAL STRATEGIES PORTFOLIO
Investment Objective: high total return consistent with a moderate level of risk.
Principal Investment Policies:
General. The Portfolio is a global, multi asset-class fund that invests directly in, among other things, equity and equity-related
securities, investment grade debt securities (including, without limitation, U.S. Treasuries and U.S. government securities), junk
bonds, real estate investment trusts (REITs), exchange traded funds (ETFs), and derivative instruments, including commodity-linked
derivative instruments. In seeking to achieve the Portfolio’s investment objective, BlackRock may cause the Portfolio’s assets to be
allocated across 14 separate investment strategies. The Portfolio has several strategies that invest primarily in equity securities,
several strategies that invest primarily in fixed-income securities, and a global tactical asset allocation strategy (the GTAA strategy)
that, under normal circumstances, provides exposure to the equity and fixed-income asset classes along with real estate-related
and commodity-related investments. The GTAA strategy is used: (i) as a completion strategy to access and adjust exposures to
various asset classes and underlying strategy allocations and (ii) an overlay strategy to enhance the total return and manage
portfolio risk at the aggregate level. Derivatives, ETFs, and cash securities may be used within the GTAA strategy. The Portfolio
allocates its assets among various regions and countries, including the United States (but in no less than three countries).
The initial allocation across the six Investment Strategies is set forth below:
AST BlackRock Global Strategies Portfolio—Investment Strategies
Investment Strategy
Allocation
U.S. Large-Cap Core Equity 7.5%
Global Equity Focus 20%
Inflation-Linked Bonds 7.5%
CoreActive Investment Grade Bond 20%
U.S. High Yield Bond 15%
Global Tactical Asset Allocation 30%
U.S. LARGE CAP CORE EQUITY. BlackRock invests at least 80% of the assets attributable to this investment strategy in equity
securities, primarily common stock, of large cap companies located in the United States that are selected from among those that
are, at the time of purchase, included in the Russell 1000® Index. Equity securities consist primarily of common stock, preferred
stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common
stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the
top 80% of the companies that comprise the Russell 1000 ® Index. As of January 31, 2012, the median market capitalization of
companies in the index was $5.35 billion, and the largest company in the index had a market capitalization of $422.1 billion. The
market capitalizations of companies in the index change with market conditions and the composition of the index.
The relevant BlackRock portfolio management team uses a blended investment strategy for this portfolio segment that emphasizes
a mix of both growth and value styles and seeks to outperform the Russell 1000 ® Index. Growth companies are those whose
earnings growth potential appears to the BlackRock portfolio managers responsible for implementing this investment strategy to be
greater than the market in general and whose revenue growth is expected to continue for an extended period. Stocks of growth
companies typically pay relatively low dividends and sell at relatively high valuations. Value companies are those that appear to
be undervalued by the market as measured by certain financial formulas.
In selecting securities from the Russell 1000 ® Index for this investment strategy, the BlackRock portfolio management team uses a
proprietary multi-factor quantitative model. The factors employed by the model include stock valuation, quality of earnings and
potential future earnings growth. The BlackRock portfolio managers responsible for implementing this investment strategy look for
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