AST BlackRock Value Portfolio - Prudential Annuities

natural resource companies may be irregular because these companies are strongly affected by natural forces, global economic
cycles and international politics. For example, stock prices of energy companies can fall sharply when oil prices fall. Real estate
companies are influenced by interest rates and other factors.
Other Investments:
Although the Portfolio invests primarily in U.S. common stocks, it may also purchase other types of securities, for example,
preferred stocks, convertible securities and warrants, when considered consistent with the Portfolio’s investment objective and
policies. The Portfolio may purchase preferred stock or common stock for capital appreciation where the issuer has omitted, or is
in danger of omitting, payment of the dividend on the stock, or is in default on its debt securities. The Portfolio may invest in debt
securities, including up to 10% of its total assets in debt securities rated below investment grade. The Portfolio may invest in
mortgage-backed securities, including stripped mortgage-backed securities. The Portfolio may invest up to 10% of its total assets in
hybrid instruments, which combine the characteristics of futures, options and securities.
Foreign Securities. The Portfolio may invest up to 50% of its total assets in foreign securities, including American Depositary
Receipts and securities of companies in developing countries, which offer increasing opportunities for natural resource-related
growth. The Portfolio may enter into forward foreign currency exchange contracts in connection with its foreign investments. The
Portfolio’s investments in foreign securities, or even in U.S. companies with significant overseas investments, may decline in value
because of declining foreign currencies or adverse political and economic events overseas, although currency risk may be
somewhat reduced because many commodities markets are dollar based.
Futures and Options. The Portfolio may enter into stock index or currency futures contracts (or options thereon) for hedging
purposes or to provide an efficient means of regulating the Portfolio’s exposure to the equity markets. The Portfolio may write
covered call options and purchase put and call options on foreign currencies, securities, and stock indices.
TACTICAL ASSET ALLOCATION PORTFOLIOS:
AST CLS Moderate Asset Allocation Portfolio
AST Horizon Growth Asset Allocation Portfolio
AST Horizon Moderate Asset Allocation Portfolio
Investment Objective: the highest potential total return consistent with specified levels of risk tolerance of the Portfolio.
The Growth Asset Allocation Portfolios generally have a higher level of risk tolerance than the Moderate Asset Allocation Portfolios
because the Growth Asset Allocation Portfolios will tend to have greater exposure to equity securities than the Moderate Asset
Allocation Portfolios. The investment objective and the definition of risk tolerance level are not fundamental policies for any of the
Tactical Asset Allocation Portfolios and, therefore, may be changed by the Board without shareholder approval. No assurance can
be given that any of the Tactical Asset Allocation Portfolios will achieve its investment objective.
Important Note: The Board of Trustees recently approved increasing the contractual investment management fee rate for the AST
Horizon Growth Asset Allocation Portfolio as part of a change to the Portfolio’s structure, strategy, and subadvisory arrangements.
The Investment Managers and the Board of Trustees are proposing the investment management fee rate increase in order to enable
the Investment Managers to: (i) terminate Horizon Investments, LLC as the sole subadviser for the Portfolio, which currently
operates as a fund-of-funds; (ii) retain J.P. Morgan Investment Management Inc. (J.P. Morgan) as the subadviser for the Portfolio;
and (iii) have J.P. Morgan implement a new investment strategy for the Portfolio, which would no longer invest substantially all of
its assets in other investment companies. Implementation of such investment management fee rate increase is subject to
shareholder approval in accordance with the requirements of the Investment Company Act of 1940. Assuming the required
shareholder approval is received, such changes are expected to become effective during the third calendar quarter of 2012. More
detailed information regarding these changes will be distributed to Portfolio shareholders in a proxy statement that solicits the
required shareholder approval of such investment management fee rate increase.
Principal Investment Policies
The Tactical Asset Allocation Portfolios are “funds of funds.” That means that each Tactical Asset Allocation Portfolio invests
primarily or exclusively in one or more mutual funds in accordance with its own asset allocation strategy. The mutual funds that
may be used in connection with the Tactical Asset Allocation Portfolios include: (i) the Underlying Trust Portfolios; (ii) the
Underlying ETFs; and (iii)the Underlying Money Market Portfolios. For the purposes of this section of the Prospectus, the
Underlying Trust Portfolios, the Underlying Money Market Portfolios, and the Underlying ETFs are collectively referred to as the
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