AST BlackRock Value Portfolio - Prudential Annuities

For cash management or temporary defensive purposes, the Portfolio may invest any portion of its total assets in cash and cash
equivalents, including affiliated money market funds, high-quality money market instruments or repurchase agreements.
The approximate target allocation of Portfolio assets across asset classes and anticipated asset allocation ranges are set forth in the
table below:
Anticipated
Asset Class
Approximate
Allocation
Investment
Ranges
U.S. Equity Securities 27% 19-35%
Foreign Equity Securities 13% 5-21%
U.S. & Foreign Debt Securities 50% 42-58%
U.S. Treasury Bills: 10% 2-18%
AST LARGE-CAP VALUE PORTFOLIO
Investment Objective: current income and long-term growth of income, as well as capital appreciation.
Principal Investment Policies:
The Portfolio has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets in
securities of large capitalization companies. Large capitalization companies are generally those that have market capitalizations,
at the time of purchase, within the market capitalization range of the Russell 1000 ® Value Index. Some of these securities may be
acquired in initial public offerings (IPOs). In addition to these principal investments, the Portfolio may invest up to 20% of its total
assets in foreign securities.
The assets of the Portfolio are independently managed by two subadvisers under a multi-manager structure. Pursuant to the
multi-manager structure, the Investment Managers of the Portfolio determine and allocate a portion of the Portfolio’s assets to each
of the Subadvisers. The allocations will be reviewed by the Investment Managers periodically and may be altered or adjusted by
the Investment Managers without prior notice. Such adjustments will be reflected in the annual update to this prospectus.
Although each Subadviser will follow the Portfolio’s policy of investing, under normal circumstances, at least 80% of the
Portfolio’s assets in large capitalization companies, each Subadviser expects to utilize different investment strategies to achieve the
Portfolio’s objective of current income and long-term growth of income, as well as capital appreciation. The current asset
allocations and principal investment strategies for each of the Subadvisers are summarized below:
Hotchkis and Wiley normally focuses on stocks that have a high cash dividend or payout yield relative to the market. Payout yield
is defined as dividend yield plus net share repurchases. The Subadviser also may invest in stocks that don’t pay dividends, but have
growth potential unrecognized by the market or changes in business or management that indicate growth potential.
Eaton Vance normally invests primarily in value stocks of large-cap companies, which are common stocks that, in the Subadviser’s
opinion, are inexpensive or undervalued relative to the overall stock market. Investment decisions are made primarily on the basis
of fundamental research. The portfolio managers utilize information provided by, and the expertise of, the investment adviser’s
research staff in making investment decisions. In selecting stocks, the portfolio managers consider (among other factors) a
company’s earnings or cash flow capabilities, dividend prospects, financial strength, growth potential, the strength of the
company’s business franchises and management team, sustainability of a company’s competitiveness, and estimates of the
company’s net value. Many of these considerations are subjective. Eaton Vance intends to manage investment risk by maintaining
broad issuer and industry diversification among its holdings, and by utilizing fundamental analysis of risk/return characteristics in
securities selection. The Subadviser may sell a security when its price objective for the security is reached, the fundamentals of the
company deteriorate, a security’s price falls below acquisition cost or to pursue more attractive investment options.
As an alternative to holding foreign securities directly, the Portfolio may invest in dollar-denominated securities of foreign
companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts which evidence
ownership in underlying foreign stocks). Such investments are not subject to the 20% limitation on investing in foreign securities.
Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including political and
economic risks. The Portfolio may also invest in other equity securities, including, but not limited to, convertible securities,
preferred stock and real estate investment trusts.
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