AST BlackRock Value Portfolio - Prudential Annuities

On or about January 31, 2012, Hotchkis and Wiley was responsible for managing approximately 35% of the Portfolio’s assets,
Eaton Vance was responsible for managing approximately 65% of the Portfolio’s assets.
AST LORD ABBETT CORE FIXED-INCOME PORTFOLIO
Investment Objective: to seek income and capital appreciation to produce a high total return.
Principal Investment Policies:
The Portfolio has a non-fundamental policy of investing, under normal circumstances, at least 80% of the value of its assets in
fixed income securities of various types.
Under normal market conditions, the Portfolio invests primarily in (i) securities issued or guaranteed by the U.S. government, its
agencies or government-sponsored enterprises; (ii) investment grade debt securities of U.S. issuers; (iii) investment grade debt
securities of non-U.S. issuers that are denominated in U.S. dollars; (iv) mortgage-backed and other asset-backed securities;
(v) inflation-linked investments, (vi) senior loans, and loan participations and assignments; and (vii) derivative instruments, such as
options, futures contracts, forward contracts or swap agreements. Investment grade debt securities are securities rated within the
four highest grades assigned by a rating agency such as Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services, or
Fitch Ratings, or are unrated but determined by Lord Abbett to be of comparable quality.
The Portfolio may invest in corporate debt securities. The Portfolio also may invest in mortgage-backed, mortgage-related and
other asset-backed securities, which directly or indirectly represent a participation in, or are secured by and payable from,
mortgage loans, real property, or other assets. Mortgage-related securities include mortgage pass-through securities, collateralized
mortgage obligations, commercial mortgage-backed securities, mortgage dollar rolls, stripped mortgage-backed securities and
other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on
real property.
The Portfolio expects to maintain its average duration range within two years of the bond market’s duration as measured by the
Barclays Capital U.S. Aggregate Bond Index (which was approximately 5 years as of December, 31, 2012).
Other Investments:
The Portfolio may invest up to 10% of its net assets in floating or adjustable rate senior loans.
The Portfolio will not pledge its assets (other than to secure borrowings, or to the extent permitted by its investment policies as
permitted by applicable law).
The Portfolio will not make short sales of securities or maintain a short position except to the extent permitted by applicable law.
AST MARSICO CAPITAL GROWTH PORTFOLIO
Investment Objective: capital growth. Income is not an investment objective and any income realized on the Portfolio’s
investments, therefore, will be incidental to the Portfolio’s objective.
Principal Investment Policies:
The Portfolio invests primarily in the common stocks of large companies that are selected for their growth potential. Large
companies are defined as those companies within the market capitalization range of the Russell 1000 ® Growth Index. The
Portfolio normally holds a core position of between 35 and 50 common stocks. The Portfolio may hold a limited number of
additional common stocks at times when the portfolio manager is accumulating new positions, phasing out and replacing existing
positions, or responding to exceptional market conditions.
In selecting investments for the Portfolio, Marsico uses an approach that combines “top-down” macro-economic analysis with
“bottom-up” security selection. The “top-down” approach may take into consideration macro-economic factors such as, without
limitation, interest rates, inflation, monetary policy, fiscal policy, currency movements, demographic trends, the regulatory
environment, and the global competitive landscape. Marsico may also examine other factors that may include, without limitation,
the most attractive global investment opportunities, industry consolidation and the sustainability of financial trends. Through this
“top-down” analysis, Marsico seeks to identify sectors, industries and companies that may benefit from the overall trends Marsico
has observed.
Marsico then looks for individual companies or securities (including, without limitation, equity securities and fixed or variable
income securities) that are expected to offer earnings growth potential that may not be recognized by the market at large.
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