AST BlackRock Value Portfolio - Prudential Annuities

In addition to options and financial futures, the Portfolio may invest in a broad array of other “derivative” instruments, including
forward currency transactions and swaps in an effort to manage investment risk, to increase or decrease exposure to an asset class
or benchmark (as a hedge or to enhance return), or to create an investment position indirectly. The types of derivatives and
techniques used by the Portfolio may change over time as new derivatives and strategies are developed or as regulatory
changes occur.
As of January 31, 2012, LSV was responsible for managing approximately 54% of the Portfolio’s assets, and Thornburg was
responsible for managing approximately 46% of the Portfolio’s assets.
AST JENNISON LARGE-CAP VALUE PORTFOLIO
Investment Objective: capital appreciation.
AST JENNISON LARGE-CAP GROWTH PORTFOLIO
Investment Objective: long-term growth of capital.
Principal Investment Policies:
Under normal market conditions, the Jennison Large-Cap Value Portfolio (“Jennison Value Portfolio”) invests at least 80% of its
investable assets in the equity and equity-related securities of large-capitalization companies. For purposes of this 80% policy, the
Jennison Value Portfolio defines large capitalization companies as those companies with market capitalizations, measured at the
time of purchase, to be within the market capitalization of the Russell 1000 ® Index. As of January 31, 2012, the Russell 1000 ®
Index had a median market capitalization of approximately $5.35 billion, and the largest company by market capitalization was
approximately $422.1 billion. The size of the companies in the Russell 1000 ® Index will change with market conditions.
Securities of companies whose market capitalizations no longer meet the definition of large capitalization companies after
purchase by the Jennison Value Portfolio will still be considered to be large capitalization companies for purposes of the Jennison
Value Portfolio’s policy of investing, under normal circumstances, at least 80% of the value of its assets in large capitalization
companies. The above-described 80% policy is a non-fundamental investment policy of the Jennison Value Portfolio and may be
changed by the Board without shareholder approval. As used in this Prospectus, the term “investable assets” refers to a Portfolio’s
net assets plus any borrowings for investment purposes. A Portfolio’s investable assets will be less than its total assets to the extent
that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions.
The Jennison Value Portfolio uses a research-based, bottom-up stock selection process to focus primarily on large capitalization
companies. The Subadviser’s portfolio managers will actively manage the Jennison Value Portfolio, seeking capital appreciation
through investments in companies they believe are being valued at a discount to their true worth, as defined by the value of their
earnings, free cash flow, assets, private market value, or some combination of these factors. Fundamental research helps them
determine worth, and also enables them to exploit two main market anomalies-information gap and time horizon gap. Their
detailed research delves into companies’ fundamentals that are less known by the marketplace, and they concentrate on the often
overlooked, longer-term operating dynamics of companies, seeking to identify stocks that are currently undervalued because they
are temporarily performing below trend. They seek to identify those instances in which the market is incorrectly extrapolating
sub-normal returns and growth rates too far into the future. Lastly, Jennison’s portfolio managers look for a stock’s potential
catalysts and warning signs. The catalysts are characteristics that when present correlate with an increased likelihood of a positive
change in the market’s expectations that lead to out-performance. Conversely, the warning signs are common characteristics that
have been present in stocks that have disappointed. A number of conditions may warrant the sale of an existing position, including
(1) the stock has reached its upside price target; (2) a more attractive portfolio candidate emerges; (3) subsequent events invalidate
Jennison’s investment thesis; or (4) the stock price declines to below what Jennison had thought to be the reasonable worst-case
scenario. Common stocks represent shares of ownership in a company. Jennison does not expect to change its basic investment
approach during bull or bear markets; Jennison’s portfolio managers expect to continue to purchase stocks based on fundamental
research. If, due to a large run-up in market value, there are fewer stocks that fit the portfolio managers’ investment criteria, the
Jennison Value Portfolio may own fewer companies than had generally been held. The end result is a portfolio with an overall
adherence to a disciplined process that results in a large-cap value investment portfolio.
Under normal market conditions, the Jennison Large-Cap Growth Portfolio (“Jennison Growth Portfolio”) invests at least 80% of its
investable assets in the equity and equity-related securities of large-capitalization companies. For purposes of this 80% policy, the
Jennison Growth Portfolio also defines large capitalization companies as those companies with market capitalizations, measured
at the time of purchase, to be within the market capitalization of the Russell 1000 ® Index. As of January 31, 2012, the Russell
1000 ® Index had a median market capitalization of approximately $5.35 billion, and the largest company by market
capitalization was approximately $422.1 billion. The size of the companies in the Russell 1000 ® Index will change with market
conditions. Securities of companies whose market capitalizations no longer meet the definition of large capitalization companies
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