AST BlackRock Value Portfolio - Prudential Annuities

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company has proprietary advantages. The International Equity Alpha Investment Strategy focuses on selecting the best investment ideas that are identified by team of locally based equity analysts and global sector specialists throughout the Schroders organization. This segment of the Portfolio generally will hold between 40-60 positions In managing the International Multi-Cap Value Investment Strategy, the subadvisers will apply a proprietary quantitative investment analysis that seeks to: (i) capture the historically high returns from value stocks and (ii) provide a dividend yield typically above the MSCI EAFE Index but with lower risk. The subadvisers will not consider benchmark weights when constructing this portion of the Portfolio. The subadvisers believe that indices weighted by market capitalization reflect a natural bias toward expensive stocks and geographic regions, and that, by contrast, a “bottom-up” approach to portfolio construction, not constrained by reference to a specific benchmark or index, may uncover less expensive stocks offering better investment value. The subadvisers will seek to select stocks, including real estate investment trusts, anywhere in the world with high dividends and strong cash-flow; geographic and sector allocations are principally the result of this selection process. For each of the International Alpha and International Multi-Cap Value segments, the subadvisers normally will, but are not required to, hedge some or all of the foreign currency exposure resulting from the international investments made in connection with these segments of the Portfolio. Furthermore, each of these segments of the Portfolio may purchase or sell futures contracts and options and enter into total return swaps, in order to gain long or short exposure to particular securities or markets in connection with hedging transactions or otherwise to increase total return. Although the subadvisers do not currently intend to invest significantly in derivative instruments for non-hedging purposes in connection with these Portfolio segments, they may do so at any time. Each of these segments of the Portfolio also may invest in Underlying Portfolios, including the securities of closed-end investment companies. Core Plus Investment Strategy. For this segment of the Portfolio, the subadvisers will seek to invest the assets attributable to this segment of the Portfolio in a portfolio of securities that offer high total return—from current income, increases in market values of investments, or both. Under normal circumstances, this investment strategy will invest predominantly in fixed income obligations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. The subadvisers currently consider fixed income obligations to include: securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities; debt securities of domestic or foreign corporations; mortgage-backed and other asset-backed securities; taxable and tax-exempt municipal bonds; obligations of international agencies or supranational entities; debt securities convertible into equity securities; inflation-indexed bonds; structured notes, including hybrid or “indexed” securities, event-linked bonds, and loan participations; delayed funding loans and revolving credit facilities; and short-term investments, such as repurchase agreements, bank certificates of deposit, fixed time deposits, and bankers’ acceptances, as well as cash or money market instruments. This segment of the Portfolio will invest principally in securities that, at the time of purchase, are rated investment grade by at least one of Moody’s Investors Services, Inc., Standard & Poor’s Ratings Services, or Fitch Ratings (or considered by the New Subadvisers to be of comparable quality). A significant portion of the assets attributable to this investment strategy may, however, be invested in securities rated below investment grade (also known as high yield or “junk” bonds). In addition, although this segment of the Portfolio may invest in the securities of issuers located anywhere in the world, its holdings will be primarily (but not exclusively) denominated in U.S. dollars. The subadvisers currently expect that a substantial portion of the assets attributable to this investment strategy will be invested in mortgage-backed securities (including collateralized mortgage obligations) and asset-backed securities. The subadvisers also currently intend to maintain a dollar weighted average duration of three to six years for this segment of the Portfolio. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of the security’s price to changes in interest rates. Unlike the maturity of a fixed income security, which measures only the time until final payment is due, duration takes into account the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates. The subadvisers generally will rely on detailed proprietary research, and will focus on sectors and securities it believes are undervalued relative to the market. The subadvisers will seek to exploit inefficiencies in the valuation of risk and reward and will look to capitalize on shifting market risks and dynamics caused by economic and technical factors. The subadvisers also will consider the liquidity of securities and the portfolio overall as an important factor in constructing this segment of the Portfolio. 343
This segment of the Portfolio may enter into derivatives transactions such as interest rate futures and options, interest rate swap agreements, forward contracts, and credit default swaps in connection with this investment strategy for hedging purposes, or otherwise to increase total return, or to gain long or short exposure to securities or market sectors as a substitute for cash investments (not for leverage) or pending the sale of securities by the Portfolio and reinvestment of the proceeds. The subadvisers may, but are not required to, enter into foreign currency exchange transactions, for hedging purposes or to adjust the exposure of this segment of the Portfolio to changes in the values of various foreign currencies. The subadvisers may hedge some of the foreign currency exposure for this segment of the Portfolio back into the U.S. dollar, although they do not normally expect to do so. Thematic Stock Baskets. The subadvisers will also attempt to build bespoke, thematic stock baskets in an attempt to capture opportunities under the surface of the traditional equity indices. The subadvisers’ starting point is to identify thematic investment ideas in the equity universe as part of their standard research process. To the extent a theme cannot be effectively captured through indices, ETFs, or stock baskets created by brokers, the subadvisers will take a tailored, flexible approach with an emphasis on risk management to construct their own stock basket. The first phase of stock basket construction involves a number of stock screening ’hurdles’ that companies have to pass in order to be considered eligible for inclusion in the stock basket. Once the criteria for the stock basket have been defined, the subadvisers will use several stock level databases to search for the candidates for inclusion in the basket. The first phase of stock basket construction involves risk management. Once the subadvisers have identified the stocks to be included in the stock basket, they will use their proprietary portfolio construction software to structure the basket. As part of this process, the subadvisers will target different levels of risk within the stock baskets and look to ensure that individual stocks do not dominate the portfolio’s risk budget by putting limits on the contribution to risk coming from individual stock positions. In addition, stock liquidity characteristics will be taken into account within the portfolio construction process. Using these techniques, the subadvisers are seeking to tailor the stock basket to their particular requirements not only in terms of risk and diversification levels but also as complements to the rest of the holdings of the Portfolio. Once the stock basket has been built based upon the application of the subadvisers’ screening and portfolio construction process, the subadvisers will cross-check the basket’s potential holdings against the fundamental research conducted by their equity and credit analysts. The subadvisers will remove any stock from the basket that has a sell rating from their analysts. Global Tactical Asset Allocation Investment Strategy. The subadvisers will seek to enhance total return and manage risk of the Portfolio by utilizing its Global Tactical Asset Allocation strategy. This investment strategy will employ a flexible investment approach across a diversified range of global asset classes such as equities, bonds, currencies, and real assets. This strategy may use derivatives and will function as an overlay strategy at the aggregate Portfolio level. Gaining Equity Exposure Through Use of Derivatives and Underlying Portfolios. Overall, the Portfolio may purchase or sell futures contracts and options in order to gain long or short exposure to particular broad-based market indices in connection with hedging transactions or otherwise to increase total return. The Portfolio also may invest a portion of its assets in Underlying Portfolios. As an open-end management investment company registered with the U.S. Securities and Exchange Commission (the SEC), the Portfolio will be subject to the federal securities laws, including the Investment Company Act of 1940, related rules, and various SEC and SEC staff positions. In accordance with these positions, with respect to certain kinds of derivatives, the Portfolio must “set aside” (referred to sometimes as “asset segregation”) liquid assets, or engage in other SEC- or staff-approved measures, while the derivative contracts are open. For example, with respect to forwards and futures contracts that are not contractually required to “cash-settle,” the Portfolio must cover its open positions by setting aside liquid assets equal to the contracts’ full, notional value. With respect to forwards and futures that are contractually required to “cash-settle,” however, the Portfolio is permitted to set aside liquid assets in an amount equal to its daily marked-to-market (net) obligations, if any (i.e., the Portfolio’s daily net liability, if any), rather than the notional value. By setting aside assets equal to only its net obligations under cash-settled forward and futures contracts, the Portfolio will have the ability to employ leverage to a greater extent than if it were required to segregate assets equal to the full notional value of such contracts. Temporary Defensive Investments. In response to adverse market, economic, or political conditions or to satisfy redemptions, the Portfolio may take a temporary defensive position and invest up to 100% of its assets in money market instruments, including short-term obligations of, or securities guaranteed by, the U.S. Government, its agencies or instrumentalities or in high-quality obligations of banks and corporations, repurchase agreements, or hold up to 100% of its assets in cash, cash equivalents or shares of money market or short-term bond funds that are advised by the Investment Managers or their affiliates. Investing heavily in these securities will limit the New Subadvisers’ ability to achieve the Portfolio’s investment objective, but can help to preserve Portfolio assets. AST SCHRODERS MULTI-ASSET WORLD STRATEGIES PORTFOLIO Investment Objective: long-term capital appreciation. 344
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ADVANCED SERIES TRUST AST Horizon M
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ADVANCED SERIES TRUST AST Bond Port
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V. In the SAI, the following is add
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AST Academic Strategies Asset Alloc
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AST Bond Portfolio 2015 Annual Port
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AST FI Pyramis ® Asset Allocation
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AST Global Real Estate Portfolio An
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AST Goldman Sachs Small-Cap Value P
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AST Investment Grade Bond Portfolio
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AST J.P. Morgan International Equit
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AST Marsico Capital Growth Portfoli
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AST Mid-Cap Value Portfolio Annual
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AST Neuberger Berman Mid-Cap Growth
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AST PIMCO Limited Maturity Bond Por
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AST Schroders Global Tactical Portf
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AST T. Rowe Price Asset Allocation
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AST T. Rowe Price Natural Resources
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II. The section of the Prospectus e
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The Board has approved (i) replacin
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index, the Portfolio is not an "ind
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C. All references to the Portfolio
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to subadvisory fees paid by Prudent
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ADVANCED SERIES TRUST Supplement da
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ADVANCED SERIES TRUST AST Academic
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ADVANCED SERIES TRUST AST CLS Moder
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AST Neuberger Berman Core Bond 1.16
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ADVANCED SERIES TRUST Supplement da
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5/$0.2* Kevin W. Bedell 7/$2.2 1 /$
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Fixed-Income Core and Core Plus Fix
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ADVANCED SERIES TRUST PROSPECTUS DA
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Example. The following example is i
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securities, asset-backed securities
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treatment under current tax laws. I
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AST J.P. Morgan Portfolio’s minim
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ADVANCED SERIES TRUST AST Schroders
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ASTSUP4 ADVANCED SERIES TRUST Suppl
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value, among other factors, is also
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ADVANCED SERIES TRUST AST Marsico C
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AST BlackRock Value Portfolio * Sub
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III. The table under the heading Pa
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Table of Contents 1 SUMMARY: AST AC
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Fund of funds risk. In addition to
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Past Performance. A number of facto
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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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Page 385 and 386: focuses on valuation relative to a
Page 387 and 388: The Portfolio pursues its objective
Page 389 and 390: The Portfolio may invest in all typ
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Page 395 and 396: Other Investments: The Portfolio ma
Page 397 and 398: In addition to options and financia
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Page 401 and 402: The Portfolio may invest in a wide
Page 403 and 404: On or about January 31, 2012, Hotch
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Page 409 and 410: Demand Features. The Portfolio may
Page 411 and 412: AST NEUBERGER BERMAN / LSV MID-CAP
Page 413 and 414: morethan7%oftheassets attributable
Page 415 and 416: Anticipated Asset Allocation Ranges
Page 417 and 418: AST PIMCO LIMITED MATURITY BOND POR
Page 419 and 420: esult of a short sale if the price
Page 421 and 422: Generally, over the long term, the
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Page 427 and 428: geographic focus (i.e., increase or
Page 429: AST SCHRODERS GLOBAL TACTICAL PORTF
Page 433 and 434: they believe are undervalued or oth
Page 435 and 436: Futures, Options and Other Derivati
Page 437 and 438: As a fund that invests both in equi
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Page 441 and 442: total Portfolio performance. For ex
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Page 445 and 446: (iii) “off-benchmark” investmen
Page 447 and 448: (ii) the Portfolio sells the index
Page 449 and 450: MORE DETAILED INFORMATION ABOUT OTH
Page 451 and 452: Loans and Assignments—Loans are p
Page 453 and 454: HOW THE FUND IS MANAGED BOARD OF TR
Page 455 and 456: AST Neuberger Berman / LSV Mid-Cap
Page 457 and 458: INVESTMENT SUBADVISERS The Portfoli
Page 459 and 460: Franklin Mutual Advisers, LLC (Fran
Page 461 and 462: Security Investors, LLC (SGI) has b
Page 463 and 464: Joel M. Kallman, CFA, is a Senior A
Page 465 and 466: AQR Capital Management, LLC and CNH
Page 467 and 468: Mr. Dialynas is a managing director
Page 469 and 470: Martin Cohen, co-chairman and co-CE
Page 471 and 472: Mr. Lindquist rejoined First Trust
Page 473 and 474: Lisa F. Myers, J.D., CFA, joined th
Page 475 and 476: Sean is Co-CIO and portfolio manage
Page 477 and 478: James P. Shanahan, Jr., managing di
Page 479 and 480: 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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