AST BlackRock Value Portfolio - Prudential Annuities

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ADVANCED SERIES TRUST AST BlackRock Value Portfolio Supplement dated December 31, 2012 to Prospectus and Statement of Additional Information each dated April 30, 2012 and previously supplemented on August 20, 2012 and October 31, 2012 This supplement sets forth changes to the Prospectus (the “Prospectus”) and the Statement of Additional Information (the “SAI”), each dated April 30, 2012 and previously supplemented on August 20, 2012 and October 31, 2012, of Advanced Series Trust (the “Trust”). The following should be read in conjunction with the Prospectus and SAI and should be retained for future reference. Defined terms used herein and not otherwise defined herein shall have the meanings given to them in the Prospectus and SAI. 1. The section captioned “Summary: AST Blackrock Value Portfolio – Investment Risks and Performance - Principal Investment Strategies” is deleted and replaced with the following: SUMMARY: AST BLACKROCK VALUE PORTFOLIO Principal Investment Strategies. The Portfolio invests, under normal circumstances, at least 80% of the value of its assets in securities issued by large capitalization companies. Large capitalization companies are those included in the Russell 1000 Value Index. The Portfolio invests primarily in the equity securities of large capitalization companies. Equity securities include common stocks and securities convertible into or exchangeable for common stocks, including warrants and rights. BlackRock Investment Management, LLC, the Portfolio's subadviser, employs an investment strategy that seeks to maintain a portfolio of equity securities which approximates the market risk of those stocks included in the Russell 1000 Value Index, but which outperforms the Russell 1000 Value Index through active stock selection. The size of the companies in the Russell 1000 Value Index will change with market conditions. 2. The section captioned “More Detailed Information About How the Portfolios Invest – AST Blackrock Value Portfolio” is deleted and replaced with the following: AST BLACKROCK VALUE PORTFOLIO Investment Objective: maximum growth of capital by investing primarily in the value stocks of larger companies. 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 Russell 1000 Value Index had a median market capitalization of approximately $4.77 billion, and the largest company in the index by market 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. In selecting securities for the Portfolio, BlackRock uses a proprietary multi-factor quantitative model. The factors employed by the model include stock valuation, quality of earnings, and potential future earnings growth. BlackRock looks for strong relative earnings growth, earnings quality, and good relative valuation. A company's stock price relative to its earnings and book value, among other factors, is also examined—if it is believed that a company is overvalued, it will not be considered as an investment for the large cap value segment. After the initial screening is completed, BlackRock relies on fundamental analysis, a method of stock market analysis that concentrates on "fundamental" information about the company (such as its income statement, balance sheet, earnings and sales history, products and management) to attempt to forecast future stock value. BlackRock uses both internal and external research to optimize its quantitative model to choose companies that are believed to have strong, sustainable earnings growth with current momentum at attractive price valuations. Because the Portfolio generally does not hold all the stocks in Russell 1000 Value Index, and because the Portfolio's investments may be allocated in amounts that vary from the proportional weightings of the various stocks in that ASTSUP13
index, the Portfolio is not an "index" fund. In seeking to outperform the Russell 1000 Value Index, however, BlackRock reviews potential investments using certain criteria that are based on the securities in that index. These criteria currently include the following: • Relative price to earnings and price to book ratios • Stability and quality of earnings • Earnings momentum and growth • Weighted median market capitalization of the large cap value segment of the Portfolio • Allocation among the economic sectors of the large cap value segment of the Portfolio as compared to the Russell 1000 Value Index • Weighted individual stocks within the Russell 1000 Value Index. ASTSUP13
Page 1 and 2: ADVANCED SERIES TRUST AST Horizon M
Page 3 and 4: ADVANCED SERIES TRUST AST Bond Port
Page 5 and 6: V. In the SAI, the following is add
Page 7 and 8: AST Academic Strategies Asset Alloc
Page 9 and 10: AST Bond Portfolio 2015 Annual Port
Page 15 and 16: AST FI Pyramis ® Asset Allocation
Page 17 and 18: AST Global Real Estate Portfolio An
Page 19 and 20: AST Goldman Sachs Small-Cap Value P
Page 21 and 22: AST Investment Grade Bond Portfolio
Page 23 and 24: AST J.P. Morgan International Equit
Page 25 and 26: AST Marsico Capital Growth Portfoli
Page 27 and 28: AST Mid-Cap Value Portfolio Annual
Page 29 and 30: AST Neuberger Berman Mid-Cap Growth
Page 31 and 32: AST PIMCO Limited Maturity Bond Por
Page 33 and 34: AST Schroders Global Tactical Portf
Page 35 and 36: AST T. Rowe Price Asset Allocation
Page 37 and 38: AST T. Rowe Price Natural Resources
Page 39 and 40: II. The section of the Prospectus e
Page 41: The Board has approved (i) replacin
Page 45 and 46: C. All references to the Portfolio
Page 47 and 48: to subadvisory fees paid by Prudent
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Page 51 and 52: ADVANCED SERIES TRUST AST Academic
Page 53 and 54: ADVANCED SERIES TRUST AST CLS Moder
Page 55 and 56: AST Neuberger Berman Core Bond 1.16
Page 57 and 58: ADVANCED SERIES TRUST Supplement da
Page 59 and 60: 5/$0.2* Kevin W. Bedell 7/$2.2 1 /$
Page 61 and 62: Fixed-Income Core and Core Plus Fix
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Page 65 and 66: Example. The following example is i
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Page 79 and 80: value, among other factors, is also
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Page 83 and 84: AST BlackRock Value Portfolio * Sub
Page 85 and 86: III. The table under the heading Pa
Page 87 and 88: Table of Contents 1 SUMMARY: AST AC
Page 89 and 90: Fund of funds risk. In addition to
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SUMMARY: AST ADVANCED STRATEGIES PO
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Liquidity and valuation risk. From
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SUMMARY: AST BALANCED ASSET ALLOCAT
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The Portfolio invests in securities
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SUMMARY: AST BLACKROCK GLOBAL STRAT
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Derivatives risk. A derivative is a
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SUMMARY: AST BLACKROCK VALUE PORTFO
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The table also demonstrates how the
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The Portfolio is managed to mature
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MANAGEMENT OF THE PORTFOLIO Investm
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SUMMARY: AST BOND PORTFOLIO 2023 IN
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U.S. government-related organizatio
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Principal Risks of Investing in the
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Average Annual Total Returns (For t
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Under normal circumstances, no more
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Annual Total Returns 40% 20% 23.39
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the value of a REIT is subject to a
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FINANCIAL INTERMEDIARY COMPENSATION
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Equity securities risk. There is th
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Annual Total Returns 80% 69.16 60%
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Strategy Description Estimated Perc
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SUMMARY: AST FIRST TRUST BALANCED T
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Expense risk. Your actual cost of i
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SUMMARY: AST FIRST TRUST CAPITAL AP
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Expense risk. Your actual cost of i
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SUMMARY: AST FRANKLIN TEMPLETON FOU
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the value of a REIT is subject to a
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SUMMARY: AST GOLDMAN SACHS CONCENTR
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SUMMARY: AST GOLDMAN SACHS MID-CAP
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Value style risk. There is a risk t
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SUMMARY: AST HIGH YIELD PORTFOLIO I
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SUMMARY: AST HORIZON GROWTH ASSET A
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Asset-backed securities risk. Asset
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Investment Managers Subadviser Port
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Under normal circumstances, no more
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The annual returns and average annu
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SUMMARY: AST INTERNATIONAL GROWTH P
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Foreign investment risk. Investment
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SUMMARY: AST INVESTMENT GRADE BOND
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usually differ from those in the U.
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SUMMARY: AST JENNISON LARGE-CAP GRO
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Annual Total Returns 15% 11.32 10%
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Value style risk. There is a risk t
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SUMMARY: AST JPMORGAN INTERNATIONAL
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Annual Total Returns 60% 40% 20% 30
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Anticipated Asset Class Approximate
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Annual Total Returns 30% 20% 10% 0%
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Market and management risk. Markets
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SUMMARY: AST LORD ABBETT CORE FIXED
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exchange-traded derivatives may be
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SUMMARY: AST MARSICO CAPITAL GROWTH
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SUMMARY: AST MFS GROWTH PORTFOLIO I
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Mid-capitalization company risk. Th
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SUMMARY: AST MONEY MARKET PORTFOLIO
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Index Lipper Variable Insurance Pro
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SUMMARY: AST NEUBERGER BERMAN MID-C
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Average Annual Total Returns (For t
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SUMMARY: AST NEW DISCOVERY ASSET AL
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High-yield risk. Investments in fix
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SUMMARY: AST PARAMETRIC EMERGING MA
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Past Performance. A number of facto
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(liquidity risk); and the risk that
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SUMMARY: AST PIMCO TOTAL RETURN BON
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the Portfolio and other Portfolios
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SUMMARY: AST PRESERVATION ASSET ALL
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comparable to those in the U.S, and
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SUMMARY: AST PRUDENTIAL CORE BOND P
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In rising markets, the Portfolio ex
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(NAV) per share. In general terms,
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U.S. government-related organizatio
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SUMMARY: AST SCHRODERS GLOBAL TACTI
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Fund of funds risk. In addition to
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Growth style risk. There is a risk
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SUMMARY: AST SMALL-CAP VALUE PORTFO
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The annual returns and average annu
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Fixed income securities risk. Inves
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value for a variety of reasons, inc
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(liquidity risk); and the risk that
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Investment Managers Subadvisers Por
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Growth style risk. There is a risk
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SUMMARY: AST T. ROWE PRICE NATURAL
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Index Blended Index (reflects no de
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Fixed income securities risk. Inves
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Investment Managers Subadviser Port
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PRINCIPAL RISKS Principal Risks of
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weighted average maturities general
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Liquidity and Valuation Risk Of Pri
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Short Sale Risk. A Portfolio that s
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Traditional Asset Classes Internati
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Underlying Fund Portfolio Principal
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PIMCO may invest all of the assets
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Convertible Securities are a substa
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Exposure to some or all of the rema
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Description of Traditional Investme
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Under normal circumstances, PIMCO i
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maturity to process and audit loss
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The risks of an investment in a CDO
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BlackRock may use derivatives, incl
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Up to 10% of the assets attributabl
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Investment Strategy Minimum Exposur
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AST Bond Portfolio 2023 Investment
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some of which may be adjustable rat
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AST COHEN & STEERS REALTY PORTFOLIO
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market capitalization (i.e., increa
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Strategy Large Cap Core 130/30 Stra
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The approximate allocations above d
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This investment strategy looks for
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U.S. Treasury Securities. U.S. Trea
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VLPI MAKES NO WARRANTY CONCERNING T
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(sometimes called “junk bonds”)
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sale of a futures contract will all
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focuses on valuation relative to a
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The Portfolio pursues its objective
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The Portfolio may invest in all typ
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Under a bank loan assignment, the P
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Principal Investment Policies: The
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Other Investments: The Portfolio ma
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In addition to options and financia
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Jennison will consider other factor
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The Portfolio may invest in a wide
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On or about January 31, 2012, Hotch
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the Portfolio’s positions against
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EARNEST expects to focus primarily
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Demand Features. The Portfolio may
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AST NEUBERGER BERMAN / LSV MID-CAP
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morethan7%oftheassets attributable
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Anticipated Asset Allocation Ranges
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AST PIMCO LIMITED MATURITY BOND POR
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esult of a short sale if the price
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Generally, over the long term, the
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in rates of return) earned or reali
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futures that are contractually requ
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geographic focus (i.e., increase or
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AST SCHRODERS GLOBAL TACTICAL PORTF
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This segment of the Portfolio may e
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they believe are undervalued or oth
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Futures, Options and Other Derivati
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As a fund that invests both in equi
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Debt Instruments and Junk Bonds. Un
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total Portfolio performance. For ex
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natural resource companies may be i
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(iii) “off-benchmark” investmen
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(ii) the Portfolio sells the index
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MORE DETAILED INFORMATION ABOUT OTH
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Loans and Assignments—Loans are p
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HOW THE FUND IS MANAGED BOARD OF TR
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AST Neuberger Berman / LSV Mid-Cap
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INVESTMENT SUBADVISERS The Portfoli
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Franklin Mutual Advisers, LLC (Fran
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Security Investors, LLC (SGI) has b
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Joel M. Kallman, CFA, is a Senior A
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AQR Capital Management, LLC and CNH
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Mr. Dialynas is a managing director
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Martin Cohen, co-chairman and co-CE
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Mr. Lindquist rejoined First Trust
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Lisa F. Myers, J.D., CFA, joined th
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Sean is Co-CIO and portfolio manage
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James P. Shanahan, Jr., managing di
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AST International Value Portfolio L
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Mr. Peters, Portfolio Manager, join
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Thomas A. Sontag: Managing Director
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Prior to his current position as Po
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Brian Ahrens, CFA is a portfolio ma
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Devang Gambhirwala is a Principal a
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Investment Committee. Prior to join
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Michael J. Conelius, CFA, is a Vice
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HOW TO BUY AND SELL SHARES OF THE P
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NET ASSET VALUE Any purchase or sal
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Appraised values do not necessarily
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The amounts paid depend on the natu
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AST ADVANCED STRATEGIES PORTFOLIO Y
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AST BLACKROCK GLOBAL STRATEGIES POR
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AST BOND PORTFOLIO 2015 January 28,
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AST BOND PORTFOLIO 2017 Year Ended
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AST BOND PORTFOLIO 2019 January 28,
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AST BOND PORTFOLIO 2021 Year Ended
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AST CAPITAL GROWTH ASSET ALLOCATION
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AST COHEN & STEERS REALTY PORTFOLIO
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AST FI PYRAMIS ® ASSET ALLOCATION
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AST FIRST TRUST CAPITAL APPRECIATIO
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AST GOLDMAN SACHS CONCENTRATED GROW
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AST GOLDMAN SACHS MID-CAP GROWTH PO
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AST HIGH YIELD PORTFOLIO Year Ended
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AST HORIZON MODERATE ASSET ALLOCATI
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AST INTERNATIONAL VALUE PORTFOLIO Y
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AST JENNISON LARGE-CAP GROWTH PORTF
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AST JPMORGAN INTERNATIONAL EQUITY P
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AST LARGE-CAP VALUE PORTFOLIO Year
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AST MARSICO CAPITAL GROWTH PORTFOLI
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AST MFS GROWTH PORTFOLIO Year Ended
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AST MONEY MARKET PORTFOLIO Year End
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AST NEUBERGER BERMAN MID-CAP GROWTH
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AST PARAMETRIC EMERGING MARKETS EQU
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AST PIMCO TOTAL RETURN BOND PORTFOL
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AST PRUDENTIAL CORE BOND PORTFOLIO
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AST QUANTITATIVE MODELING PORTFOLIO
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AST SCHRODERS MULTI-ASSET WORLD STR
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AST SMALL-CAP VALUE PORTFOLIO Year
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AST T. ROWE PRICE EQUITY INCOME POR
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AST T. ROWE PRICE LARGE-CAP GROWTH
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AST WELLINGTON MANAGEMENT HEDGED EQ
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APPENDIX ASSET ALLOCATIONS FOR HORI
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AST Horizon Growth Asset Allocation
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GLOSSARY: PORTFOLIO INDEXES BofA Me
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Russell 2000 Index. The Russell 200
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AST Schroders Global Tactical Portf
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The Prudential Insurance Company of
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AST BlackRock Value Portfolio - Prudential Annuities

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