AST BlackRock Value Portfolio - Prudential Annuities

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The table also demonstrates how the Portfolio’s average annual returns compare to the returns of a custom blended stock index which includes companies with similar investment objectives. The Portfolio’s custom blended stock index consists of the Russell 3000 Index (40%), the MSCI EAFE Index (20%), the Barclays Capital Global Aggregate Bond Index (US$ Hedged) (30%) and the Custom Extended Markets Index (10%). The Custom Extended Markets Index is comprised of equal weightings of the Barclays Capital US TIPS Index, the Dow Jones UBS Commodity Total Return Index, and the Dow Jones Wilshire REIT Index. The manager determined the weight of each index comprising the blended indexes. Annual Total Returns 60% 40% 26.20 20% 0% 9.51 13.71 0.11 -20% -40% -29.80 -60% 2007 2008 2009 2010 2011 Best Quarter: Worst Quarter: 15.41% 2 nd Quarter of 2009 -16.47% 4 th Quarter of 2008 Average Annual Total Returns (For the periods ended December 31, 2011) 1 year 5 years Since Inception (03/20/06) Portfolio 0.11% 2.00% 3.09% Index Standard & Poor’s 500 Index (reflects no deduction for fees, expenses or taxes) 2.09% -0.25% 1.63% Blended Index (reflects no deduction for fees, expenses or taxes) 0.17% 1.44% 2.83% MANAGEMENT OF THE PORTFOLIO Investment Managers Subadviser Portfolio Managers Title Service Date Prudential Investments LLC Quantitative Management Associates LLC (QMA) Marcus Perl Portfolio Manager, VP of QMA AST Investment Services, Inc. Edward L. Campbell Portfolio Manager, Principal of QMA July 2006 July 2006 TAX INFORMATION Contract owners should consult their Contract prospectus for information on the federal tax consequences to them. In addition, Contract owners may wish to consult with their own tax advisors as to the tax consequences of investments in the Contracts and the Portfolio, including the application of state and local taxes. The Portfolio currently intends to be treated as a partnership for federal income tax purposes. As a result, the Portfolio’s income, gains, losses, deductions, and credits are “passed through” pro rata directly to the participating insurance companies and retain the same character for federal income tax purposes. FINANCIAL INTERMEDIARY COMPENSATION If you purchase your Contract through a broker-dealer or other financial intermediary (such as a bank), the issuing insurance company, the Portfolio or their related companies may pay the intermediary for the sale of the Contract, the selection of the Portfolio and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Contract over another investment or insurance product, or to recommend the Portfolio over another investment option under the Contract. Ask your salesperson or visit your financial intermediary’s website for more information. 9
SUMMARY: AST BALANCED ASSET ALLOCATION PORTFOLIO INVESTMENT OBJECTIVE The investment objective of the Portfolio is to obtain the highest potential total return consistent with its specified level of risk tolerance. PORTFOLIO FEES AND EXPENSES The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees .15% Distribution (12b-1) Fees None Other Expenses .01% Acquired Fund Fees & Expenses .85% Total Annual Portfolio Operating Expenses 1.01% Example. The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the example. See your Contract prospectus for more information about Contract charges. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1 Year 3 Years 5 Years 10 Years AST Balanced Asset Allocation $103 $322 $558 $1,236 Portfolio Turnover. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year ended December 31, the Portfolio’s turnover rate was 71% of the average value of its portfolio. INVESTMENTS, RISKS AND PERFORMANCE Principal Investment Strategies. The Portfolio is a “fund of funds.” That means that the Portfolio invests primarily in one or more mutual funds in accordance with its own asset allocation strategy. Other mutual funds in which the Portfolio may invest are collectively referred to as the “Underlying Portfolios.” Consistent with the investment objectives and policies of the Portfolio, other mutual funds may from time to time be added to, or removed from, the list of Underlying Portfolios that may be used in connection with the Portfolio. Currently, the only Underlying Portfolios in which the Portfolio invests are other Portfolios of the Fund and certain money market funds advised by Prudential Investments, LLC (PI), AST Investment Services, Inc. (AST) or one of its affiliates. The asset allocation strategy is determined by PI and Quantitative Management Associates LLC (QMA). As a general matter, QMA begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of Underlying Portfolios for the Portfolio generally will be determined by PI. PI will employ various quantitative and qualitative research methods to establish weighted combinations of Underlying Portfolios that are consistent with the neutral allocation for the Portfolio. QMA will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, QMA will further adjust the neutral allocation and the preliminary Underlying Portfolio weights for the Portfolio based upon its views on certain factors. 10
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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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Page 55 and 56: AST Neuberger Berman Core Bond 1.16
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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
Page 91 and 92: Past Performance. A number of facto
Page 93 and 94: SUMMARY: AST ADVANCED STRATEGIES PO
Page 95: Liquidity and valuation risk. From
Page 99 and 100: The Portfolio invests in securities
Page 101 and 102: SUMMARY: AST BLACKROCK GLOBAL STRAT
Page 103 and 104: Derivatives risk. A derivative is a
Page 105 and 106: SUMMARY: AST BLACKROCK VALUE PORTFO
Page 107 and 108: The table also demonstrates how the
Page 109 and 110: The Portfolio is managed to mature
Page 111 and 112: MANAGEMENT OF THE PORTFOLIO Investm
Page 139 and 140: SUMMARY: AST BOND PORTFOLIO 2023 IN
Page 141 and 142: U.S. government-related organizatio
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Page 145 and 146: 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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Liquidity and valuation risk. From
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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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Derivatives risk. A derivative is a
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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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The table also demonstrates how the
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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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Liquidity and valuation risk. From
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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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Derivatives risk. A derivative is a
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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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MANAGEMENT OF THE PORTFOLIO Investm
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Fund of funds risk. In addition to
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The table also demonstrates how the
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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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MANAGEMENT OF THE PORTFOLIO Investm
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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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