AST BlackRock Value Portfolio - Prudential Annuities

CONVERTIBLE SECURITIES AND PREFERRED STOCK. Each Portfolio may invest in convertible securities, which include preferred
stocks and debt securities of a corporation that may be converted into underlying shares of common stock either because they
have warrants attached or otherwise permit the holder to buy common stock of the corporation at a set price. Convertible
securities provide an income stream (usually lower than non-convertible bonds) and give investors opportunities to participate in
the capital appreciation of the underlying common stock. Convertible securities typically offer greater potential for appreciation
than nonconvertible debt securities. Each Portfolio will sell common stock received upon conversion.
REPURCHASE AGREEMENTS. Each Portfolio may use repurchase agreements, where a party agrees to sell a security to the
Portfolio and then repurchases it at an agreed-upon price at a stated time.
REVERSE REPURCHASE AGREEMENTS. Each Portfolio may use reverse repurchase agreements, where the Portfolio sells a security
with an obligation to repurchase it at an agreed-upon price and time.
DOLLAR ROLLS. Each Portfolio may enter into dollar rolls.
BANK LOANS. Each Portfolio may invest in bank loans. Bank loans include fixed and floating rate loans that are privately
negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans,
revolvers, delayed draw loans, synthetic letters of credit, and other instruments issued in the bank loan market. Each Portfolio may
acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a
participation interest from the selling institution). Under a bank loan assignment, a Portfolio generally will succeed to all the rights
and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in
connection with that loan. Under a bank loan participation, the Portfolio generally will have a contractual relationship only with
the lender, not with the relevant borrower. As a result, a Portfolio generally will have the right to receive payments of principal,
interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of
the payments from the relevant borrower.
WHEN-ISSUED AND DELAYED-DELIVERY SECURITIES. Each Portfolio may purchase securities, including money market
obligations or other obligations on a when-issued or delayed-delivery basis.
MONEY MARKET INSTRUMENTS. Each Target Maturity Portfolio may invest in money market instruments, including commercial
paper of a U.S. or foreign company, foreign government securities, certificates of deposit, bankers’ acceptances, time deposits of
domestic and foreign banks, and obligations issued or guaranteed by the U.S. government or its agencies. These obligations may
be U.S. dollar-denominated or denominated in a foreign currency.
TRACERS AND TRAINS. Tradable Custodial Receipts or TRACERS represent an interest in a basket of investment grade corporate
credits. Targeted Return Index Securities or TRAINS represent an interest in a basket of high yield securities of varying credit
quality. Interests in TRACERS and TRAINS provide a cost-effective alternative to purchasing individual issues.
YANKEE OBLIGATIONS. Each Portfolio may invest up to 50% of its total assets in Yankee obligations. Yankee obligations are
U.S. dollar-denominated debt securities of foreign corporations issued in the United States and U.S. dollar-denominated debt
securities issued or guaranteed as to payment of principal and interest by governments, quasi-governmental entities, government
agencies, and other governmental entities of foreign countries and supranational entities, which securities are issued in the United
States. Debt securities of quasi-governmental entities are issued by entities owned by either a national, state, or equivalent
government or are obligations of a political unit that is not backed by the national government’s full faith and credit and general
taxing powers.
ADDITIONAL STRATEGIES. Each Target Maturity Portfolio follows certain policies when it borrows money (each Target Maturity
Portfolio can borrow up to 33 1 ⁄3% of the value of its total assets); lends its securities to others (each Target Maturity Portfolio can
lend up to 33 1 ⁄3% of the value of its total assets); and holds illiquid securities (each Target Maturity Portfolio may invest up to 15%
of its net assets in illiquid securities, including securities with legal or contractual restrictions on resale, those without a readily
available market and repurchase agreements with maturities longer than seven days). The Subadviser will seek to maintain an
adequate level of portfolio liquidity for each Target Maturity Portfolio, based on all relevant facts and circumstances, with
consideration given to a Target Maturity Portfolio’s exposure to illiquid securities in the event the market value of such securities
exceeds 15% of the Target Maturity Portfolio’s net assets due to an increase in the aggregate value of its illiquid securities and/or a
decline in the aggregate value of its other portfolio securities. Each Target Maturity Portfolio is subject to certain other investment
restrictions that are fundamental policies, which means they cannot be changed without shareholder approval. For more
information about these restrictions, please see the SAI.
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