AST BlackRock Value Portfolio - Prudential Annuities

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AST WESTERN ASSET CORE PLUS BOND PORTFOLIO November 20, 2007(c) Year Ended December 31, through December 31, 2011(d) 2010(d) 2009(d) 2008 2007(d) Per Share Operating Performance: Net Asset Value, beginning of period $10.51 $9.98 $9.45 $10.00 $10.00 Income (Loss) From Investment Operations: Net investment income 0.32 0.32 0.36 0.51 0.03 Net realized and unrealized gain (loss) on investments 0.30 0.45 0.71 (1.04) (0.03) Total from investment operations 0.62 0.77 1.07 (0.53) – Less Distributions: (0.43) (0.24) (0.54) (0.02) – Net Asset Value, end of period $10.70 $10.51 $9.98 $9.45 $10.00 Total Return(a) 6.02% 7.80% 11.75% (5.31)% 0.00% Ratios/Supplemental Data: Net assets, end of period (in millions) $2,439.5 $3,049.4 $1,719.0 $772.9 $692.9 Ratios to average net assets(b): Expenses After Waivers and/or Expense Reimbursement 0.80% 0.80% 0.82% 0.82% 0.91%(e) Expenses Before Waivers and/or Expense Reimbursement 0.83% 0.83% 0.83% 0.82% 0.91%(e) Net investment income 2.99% 3.11% 3.66% 4.57% 4.54%(e) Portfolio turnover rate 572% 612% 334% 645% 5%(f) (a) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of distributions and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one year are not annualized. (b) Does not include expenses of the underlying portfolio in which the Portfolio invests. (c) Commencement of operations. (d) Calculated based on average shares outstanding during the period. (e) Annualized. (f) Not annualized. 477
APPENDIX ASSET ALLOCATIONS FOR HORIZON GROWTH ASSET ALLOCATION PORTFOLIO AS OF JANUARY 31, 2012 Asset Class and Investment Category Horizon Growth Asset Allocation* Allocation Guideline Established by PI Core Equities 60%-80% Domestic Large & Mid Cap 30%-80% Large & Mid Cap Value 26.291% 15%-40% Large & Mid Cap Growth 24.477% 15%-40% Domestic Small Cap 0%-7% Small Cap Value 2.263% 0%-7% Small Cap Growth 2.853% 0%-7% International Large Cap 0%-20% Value 5.555% 0%-20% Growth 5.973% 0%-20% Core Domestic Fixed-Income 20%-40% Domestic Fixed-Income (Core Bonds) 11.722% 10%-40% Cash/Money Market Instruments 12.749% 0%-30% “Off-Benchmark” Investment Categories 8.118% 0%-10% * Due to rounding, total of Estimated Weights may exceed 100%. Actual total of allocations is 100%. ASSET ALLOCATIONS FOR MODERATE ASSET ALLOCATION PORTFOLIOS AS OF JANUARY 31, 2012 Asset Class and Investment Category AST CLS Moderate Asset Allocation* AST Horizon Moderate Asset Allocation* Allocation Guideline Established by PI Core Equities 40%-60% Domestic Large & Mid Cap 20%-60% Large & Mid Cap Value 13.178% 17.334% 10%-30% Large & Mid Cap Growth 16.273% 15.332% 10%-30% Domestic Small Cap 0%-6% Small Cap Value 0.000% 1.732% 0%-6% Small Cap Growth 5.054% 2.135% 0%-6% International Large Cap 0%-15% Value 4.983% 5.240% 0%-10% Growth 9.228% 5.987% 0%-10% Core Domestic Fixed-Income 40%-60% Domestic Fixed-Income (Core Bonds) 26.995% 22.053% 20%-60% Cash/Money Market Instruments 14.351% 21.703% 0%-40% “Off-Benchmark” Investment Categories 9.938% 8.485% 0%-10% * Due to rounding, total of Estimated Weights may exceed 100%. Actual total of allocations is 100%. UNDERLYING PORTFOLIO WEIGHTS FOR TACTICAL ASSET ALLOCATION PORTFOLIOS AS OF JANUARY 31, 2012 AST CLS Moderate Asset Allocation Portfolio Asset Class and Investment Category Underlying Portfolio Estimated Weight* Core Equities Domestic Large & Mid-Cap Value AST Large-Cap Value 5.801% 478
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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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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,
Page 513 and 514: AST BOND PORTFOLIO 2021 Year Ended
Page 515 and 516: AST CAPITAL GROWTH ASSET ALLOCATION
Page 517 and 518: AST COHEN & STEERS REALTY PORTFOLIO
Page 519 and 520: AST FI PYRAMIS ® ASSET ALLOCATION
Page 521 and 522: AST FIRST TRUST CAPITAL APPRECIATIO
Page 523 and 524: AST GOLDMAN SACHS CONCENTRATED GROW
Page 525 and 526: AST GOLDMAN SACHS MID-CAP GROWTH PO
Page 527 and 528: AST HIGH YIELD PORTFOLIO Year Ended
Page 529 and 530: AST HORIZON MODERATE ASSET ALLOCATI
Page 531 and 532: AST INTERNATIONAL VALUE PORTFOLIO Y
Page 533 and 534: AST JENNISON LARGE-CAP GROWTH PORTF
Page 535 and 536: AST JPMORGAN INTERNATIONAL EQUITY P
Page 537 and 538: AST LARGE-CAP VALUE PORTFOLIO Year
Page 539 and 540: AST MARSICO CAPITAL GROWTH PORTFOLI
Page 541 and 542: AST MFS GROWTH PORTFOLIO Year Ended
Page 543 and 544: AST MONEY MARKET PORTFOLIO Year End
Page 545 and 546: AST NEUBERGER BERMAN MID-CAP GROWTH
Page 547 and 548: AST PARAMETRIC EMERGING MARKETS EQU
Page 549 and 550: AST PIMCO TOTAL RETURN BOND PORTFOL
Page 551 and 552: AST PRUDENTIAL CORE BOND PORTFOLIO
Page 553 and 554: AST QUANTITATIVE MODELING PORTFOLIO
Page 555 and 556: AST SCHRODERS MULTI-ASSET WORLD STR
Page 557 and 558: AST SMALL-CAP VALUE PORTFOLIO Year
Page 559 and 560: AST T. ROWE PRICE EQUITY INCOME POR
Page 561 and 562: AST T. ROWE PRICE LARGE-CAP GROWTH
Page 563: AST WELLINGTON MANAGEMENT HEDGED EQ
Page 567 and 568: AST Horizon Growth Asset Allocation
Page 569 and 570: GLOSSARY: PORTFOLIO INDEXES BofA Me
Page 571 and 572: Russell 2000 Index. The Russell 200
Page 573 and 574: AST Schroders Global Tactical Portf
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Page 585: The Prudential Insurance Company of
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