AST BlackRock Value Portfolio - Prudential Annuities

Other Investments:
Although the Subadviser invests primarily in equity securities, the Portfolio may also invest to a lesser degree in debt securities
when the Portfolio perceives an opportunity for capital growth from such securities. The Portfolio is subject to the following
percentage limitations on investing in certain types of debt securities:
35% of its assets in bonds rated below investment grade (“junk” bonds).
25% of its assets in mortgage- and asset-backed securities.
10% of its assets in zero coupon, pay-in-kind and step coupon securities (securities that do not, or may not under certain
circumstances, make regular interest payments).
The Portfolio may make short sales “against the box.” In addition, the Portfolio may invest in the following types of securities and
engage in the following investment techniques:
Foreign Securities. The Portfolio may also purchase securities of foreign issuers, including foreign equity and debt securities and
depositary receipts. Foreign securities are selected primarily on a stock-by-stock basis without regard to any defined allocation
among countries or geographic regions. No more than 25% of the Portfolio’s assets may be invested in foreign securities
denominated in foreign currencies and not publicly traded in the United States.
AST GOLDMAN SACHS LARGE-CAP VALUE PORTFOLIO
Investment Objective: long-term growth of capital.
Principal Investment Policies:
The Portfolio has a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net
assets in large capitalization companies. For these purposes, large capitalization companies are those that have market
capitalizations, at the time of purchase, within the market capitalization range of the Russell 1000 ® Value Index. As of January 31,
2012, the median market capitalization of the Russell 1000 ® Value Index was approximately $4.77 billion and the largest
company by capitalization was approximately $412.5 billion.
The size of the companies in the Russell 1000 ® Value Index will change with market conditions. If the market capitalization of a
company held by the Portfolio moves outside the range of the Russell 1000 ® Value Index, the Portfolio may, but is not required to,
sell the securities.
The Portfolio seeks to achieve its investment objective by investing in value opportunities that the Portfolio’s Subadviser, defines as
companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price.
The Portfolio’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify real economic
value and company potential in stocks, screened by valuation, profitability and business characteristics; (2) conducting in-depth
company research and assessing overall business quality; and (3) buying those securities that a sector portfolio manager
recommends, taking into account feedback from the rest of the portfolio management team. The Subadviser may decide to sell a
position for various reasons. Some of these reasons may include valuation and price considerations, when the Subadviser adjusts
its outlook on the security based on subsequent events, the Subadviser’s ongoing assessment of the quality and effectiveness of
management, if new investment ideas offer the potential for a better risk/reward profiles than existing holdings, or for risk
management purposes. In addition the Subadviser may sell a position in order to meet shareholder redemptions.
Other Investments:
Although the Portfolio invests primarily in publicly-traded U.S. securities, it may invest in foreign securities, including securities
quoted in foreign currencies and emerging country securities. The Portfolio may also invest in fixed income securities, such as
government, corporate, and bank debt obligations.
AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO
Investment Objective: long-term growth of capital.
Principal Investment Policies:
The Portfolio has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its assets in
medium capitalization companies.
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