# EDGAR Filing Document

**Accession Number:** 0000711175
**File Stem:** 0000711175-26-000003
**Filing Date:** 2026-4
**Character Count:** 1708468
**Document Hash:** 54874863f0836359f5f41acee130e8f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000711175-26-000003.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0000711175-26-000003

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 247

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL SERIES FUND
- **CENTRAL INDEX KEY:** 0000711175

**ORGANIZATION NAME:**
- **EIN:** 860446842
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03623
- **FILM NUMBER:** 26868312

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL SERIES FUND
- **CENTRAL INDEX KEY:** 0000711175

**ORGANIZATION NAME:**
- **EIN:** 860446842
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-80896
- **FILM NUMBER:** 26868311

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (Series ID: S000002195)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005693 | Class I      |  |
| C000219590 | Class III    |  |

### PSF GLOBAL PORTFOLIO (Series ID: S000002197)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005695 | Class I      |  |
| C000226557 | Class III    |  |

### PSF PGIM JENNISON GROWTH PORTFOLIO (Series ID: S000002200)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005698 | Class I      |  |
| C000013886 | Class II     |  |
| C000226559 | Class III    |  |

### PSF PGIM TOTAL RETURN BOND PORTFOLIO (Series ID: S000002206)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005704 | Class I      |  |
| C000226561 | Class III    |  |

### PSF PGIM JENNISON BLEND PORTFOLIO (Series ID: S000002217)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005715 | Class I      |  |
| C000013890 | Class II     |  |
| C000226562 | Class III    |  |

### PSF PGIM FLEXIBLE MANAGED PORTFOLIO (Series ID: S000002225)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005723 | Class I      |  |
| C000226564 | Class III    |  |

### PSF PGIM 50/50 BALANCED PORTFOLIO (Series ID: S000002226)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005724 | Class I      |  |
| C000226565 | Class III    |  |

### PSF SMALL-CAP STOCK INDEX PORTFOLIO (Series ID: S000002227)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005725 | Class I      |  |
| C000226566 | Class III    |  |

### PSF PGIM HIGH YIELD BOND PORTFOLIO (Series ID: S000002228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005726 | Class I      |  |
| C000226567 | Class III    |  |

### PSF STOCK INDEX PORTFOLIO (Series ID: S000002229)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005727 | Class I      |  |
| C000226568 | Class III    |  |

### PSF PGIM JENNISON VALUE PORTFOLIO (Series ID: S000002230)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000005728 | Class I      |  |
| C000013892 | Class II     |  |
| C000226569 | Class III    |  |

### PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio (Series ID: S000093076)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261143 | Class III    |  |
| C000261144 | Class I      |  |

### PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio (Series ID: S000093077)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261145 | Class III    |  |
| C000261146 | Class I      |  |

### PSF PGIM Ballast Portfolio (Series ID: S000093078)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261147 | Class III    |  |
| C000261148 | Class I      |  |

?xml version='1.0' encoding='ASCII'? 485BPOS

**As filed with the Securities and Exchange Commission on April 16, 2026**

Securities Act Registration No. 002-80896

Investment Company Act Registration No. 811-03623

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**PRE-EFFECTIVE AMENDMENT NO.**

**POST-EFFECTIVE AMENDMENT NO. 102 (X)**

**and/or**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

**AMENDMENT NO. 105 (X)**

Check appropriate box or boxes

**The Prudential Series Fund**

Exact name of registrant as specified in charter

**655 Broad Street**

**Newark, New Jersey 07102**

Address of Principal Executive Offices including Zip Code

**1-800-225-1852**

Registrant's Telephone Number, Including Area Code

**Andrew R. French**

**655 Broad Street** 

**Newark, New Jersey 07102**

Name and Address of Agent for Service

It is proposed that this filing will become effective:

__ immediately upon filing pursuant to paragraph (b)

<u>X</u> on May 1, 2026 pursuant to paragraph (b)

__ 60 days after filing pursuant to paragraph (a)(1)

__ on (date) pursuant to paragraph (a)(1)

__ 75 days after filing pursuant to paragraph (a)(2)

__ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

___ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

![](img132548231.gif)

**The Prudential Series Fund** 

**PROSPECTUS • May 1, 2026**

The Prudential Series Fund (the Trust) is an investment vehicle for life insurance companies (the Participating Insurance Companies) writing variable annuity contracts and variable life insurance policies (each, a Contract and together, the Contracts). Each contract involves fees and expenses not described in this prospectus (the Prospectus). Please read the prospectus of your Contract for information regarding the Contract, including its fees and expenses. The portfolios offered in this Prospectus are set forth on this cover (each, a Portfolio and together, the Portfolios).

**These securities have not been approved or disapproved by the Securities and Exchange Commission (the Commission or the SEC) or the Commodity Futures Trading Commission (the CFTC) nor has the Commission or the CFTC passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

**PSF Global Portfolio (Class I & Class III Shares)** 

**PSF PGIM 50/50 Balanced Portfolio (Class I & Class III Shares)** 

**PSF PGIM Ballast Portfolio (Class I & Class III Shares)\*** 

**PSF PGIM Flexible Managed Portfolio (Class I & Class III Shares)** 

**PSF PGIM Government Money Market Portfolio (Class I & Class III Shares)** 

**PSF PGIM High Yield Bond Portfolio (Class I & Class III Shares)** 

**PSF PGIM Jennison Blend Portfolio (Class I, Class II & Class III Shares)** 

**PSF PGIM Jennison Growth Portfolio (Class I, Class II & Class III Shares)** 

**PSF PGIM Jennison Value Portfolio (Class I, Class II & Class III Shares)** 

**PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio (Class I & Class III Shares)\*\*** 

**PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio (Class I & Class III Shares)\*\*** 

**PSF PGIM Total Return Bond Portfolio (Class I & Class III Shares)** 

**PSF Small-Cap Stock Index Portfolio (Class I & Class III Shares)** 

**PSF Stock Index Portfolio (Class I & Class III Shares)** 

\* As of the date of this prospectus, only Class I shares are being offered. Class III shares are not currently available for purchase but may be offered at a later date.

\*\* As of the date of this prospectus, only Class III shares are being offered. Class I shares are not currently available for purchase but may be offered at a later date.

![](imgd666337a2.gif)

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | **[SUMMARY: PSF GLOBAL](#xx_2c1973a1-e88a-4213-a229-6312df864f7f_1)[PORTFOLIO](#xx_2c1973a1-e88a-4213-a229-6312df864f7f_1)** |
| **7** | **[SUMMARY: PSF PGIM 50/50 BALANCED](#xx_22668f66-a349-4f0f-b231-238b19cbd442_1)[PORTFOLIO](#xx_22668f66-a349-4f0f-b231-238b19cbd442_1)** |
| **14** | **[SUMMARY: PSF PGIM BALLAST](#xx_2d03d267-74ed-4c60-a2af-948491b145a5_1)[PORTFOLIO](#xx_2d03d267-74ed-4c60-a2af-948491b145a5_1)** |
| **21** | **[SUMMARY: PSF PGIM FLEXIBLE MANAGED](#xx_66ac451b-2caf-41bf-87ad-25c15db455aa_1)[PORTFOLIO](#xx_66ac451b-2caf-41bf-87ad-25c15db455aa_1)** |
| **29** | **[SUMMARY: PSF PGIM GOVERNMENT MONEY MARKET](#xx_a27e03e7-440c-424f-9916-c23c11a693ae_1)[PORTFOLIO](#xx_a27e03e7-440c-424f-9916-c23c11a693ae_1)** |
| **34** | **[SUMMARY: PSF PGIM HIGH YIELD BOND](#xx_1ecaaefb-576e-40ca-9a99-30bb988f17f3_1)[PORTFOLIO](#xx_1ecaaefb-576e-40ca-9a99-30bb988f17f3_1)** |
| **41** | **[SUMMARY: PSF PGIM JENNISON BLEND](#xx_b9c50c44-13f2-4f66-8ec6-39eb06bf5d8f_1)[PORTFOLIO](#xx_b9c50c44-13f2-4f66-8ec6-39eb06bf5d8f_1)** |
| **47** | **[SUMMARY: PSF PGIM JENNISON GROWTH](#xx_e7528509-32ab-4bc2-8ade-1678a23c8d7b_1)[PORTFOLIO](#xx_e7528509-32ab-4bc2-8ade-1678a23c8d7b_1)** |
| **52** | **[SUMMARY: PSF PGIM JENNISON VALUE](#xx_179a88bc-f583-4b7e-89cb-833a17bc7523_1)[PORTFOLIO](#xx_179a88bc-f583-4b7e-89cb-833a17bc7523_1)** |
| **57** | **[SUMMARY: PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER](#xx_745f513b-e99a-4d05-b2d4-53adf8372420_1)**<br> **[12](#xx_745f513b-e99a-4d05-b2d4-53adf8372420_1)[PORTFOLIO](#xx_745f513b-e99a-4d05-b2d4-53adf8372420_1)**<br>|
| **65** | **[SUMMARY: PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER](#xx_0799fb5a-2a1b-4007-a1a5-7c3925c5c4c7_1)**<br> **[20](#xx_0799fb5a-2a1b-4007-a1a5-7c3925c5c4c7_1)[PORTFOLIO](#xx_0799fb5a-2a1b-4007-a1a5-7c3925c5c4c7_1)**<br>|
| **73** | **[SUMMARY: PSF PGIM TOTAL RETURN BOND](#xx_efbfd660-9f83-4aa3-aeff-4efc46eed233_1)[PORTFOLIO](#xx_efbfd660-9f83-4aa3-aeff-4efc46eed233_1)** |
| **80** | **[SUMMARY: PSF SMALL-CAP STOCK INDEX](#xx_50c4d6f1-b301-47d2-a2c2-488fb84c5b73_1)[PORTFOLIO](#xx_50c4d6f1-b301-47d2-a2c2-488fb84c5b73_1)** |
| **84** | **[SUMMARY: PSF STOCK INDEX](#xx_1c3268e7-d5f2-477f-ac2f-713bb3f98069_1)[PORTFOLIO](#xx_1c3268e7-d5f2-477f-ac2f-713bb3f98069_1)** |
| **88** | **[ABOUT THE](#xx_3945e633-63ed-4ed3-b63f-80f7a6b7add1_1)[TRUST](#xx_3945e633-63ed-4ed3-b63f-80f7a6b7add1_1)** |
| **89** | **[MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS](#xx_041a04d6-ce7d-4466-82e4-70f47401cb29_1)[INVEST](#xx_041a04d6-ce7d-4466-82e4-70f47401cb29_1)** |
| **113** | **[MORE DETAILED INFORMATION ABOUT OTHER INVESTMENTS &](#xx_041a04d6-ce7d-4466-82e4-70f47401cb29_25)**<br> **[STRATEGIES USED BY THE](#xx_041a04d6-ce7d-4466-82e4-70f47401cb29_25)[PORTFOLIOS](#xx_041a04d6-ce7d-4466-82e4-70f47401cb29_25)**<br>|
| **121** | **[PRINCIPAL](#xx_b2570cec-8faf-4b5c-a5ca-f9cce2a7a48a_1)[RISKS](#xx_b2570cec-8faf-4b5c-a5ca-f9cce2a7a48a_1)** |
| **143** | **[HOW THE TRUST IS](#xx_d439ecad-a046-4130-8b77-580ea33a6666_1)[MANAGED](#xx_d439ecad-a046-4130-8b77-580ea33a6666_1)** |
| **156** | **[HOW TO BUY AND SELL SHARES OF THE PORTFOLIOS](#xx_4904a3fd-2398-4c28-86b1-64c3b6c09d07_1)** |
| **161** | **[OTHER INFORMATION](#xx_da7fd444-828e-4e20-8cfd-f070ce99576c_1)** |
| **163** | **[FINANCIAL](#xx_9d18dee4-4139-48bb-a5d1-62d1402aabc1_1)[HIGHLIGHTS](#xx_9d18dee4-4139-48bb-a5d1-62d1402aabc1_1)** |
| **188** | **[GLOSSARY: PORTFOLIO](#xx_ba315a77-5baf-4268-a9ed-8110bd232656_1)[INDEXES](#xx_ba315a77-5baf-4268-a9ed-8110bd232656_1)** |

---

------

SUMMARY: PSF GLOBAL PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is long-term growth of capital.

**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)**<sup>(1)</sup> <br>|  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.75% | 0.75% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.06% | 0.06% |
| + Acquired Fund Fees & Expenses | 0.20% | 0.20% |
| = Total Annual Portfolio Operating Expenses | 1.01% | 1.26% |
| -Fee Waiver and/or Expense Reimbursement | (0.28)% | (0.28)% |
| =Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.73% | 0.98% |

---

<sup>(1)</sup> Any differences in total annual portfolio operating expenses shown in the table above and the expense ratio (both before and after fee waivers and/or expense reimbursement) in the Portfolio's Financial Highlights are attributable to Acquired Fund Fees and Expenses, which are not required to be disclosed in the Portfolio's Financial Highlights, and a change in the Portfolio's fee waiver and/or expense reimbursement during or after the most recent fiscal year end.

<sup>(2)</sup> The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the Portfolio's investment in any such affiliated funds. In addition, the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive of certain expenses as described more fully in the Trust's Statement of Additional Information) do not exceed 0.73% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.

**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** |
| PSF Global Portfolio Class I Shares | $75 | $294 | $531 | $1211 |
| PSF Global Portfolio Class III Shares | $100 | $372 | $665 | $1498 |

---

**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 123% of the average value of its portfolio.

------

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio normally invests in equity and equity related securities in an allocation that is substantially similar to the composition of the Portfolio's benchmark, the MSCI World Index (GD) (the Index). Equity and equity-related securities include common and preferred stock, other investment companies, (including exchange-traded funds (ETFs)), securities convertible into common stock, securities having common stock characteristics, futures contracts and other derivative instruments whose value is based on common stock, such as rights, warrants or options to purchase common stock.

In selecting investments for the assets of the Portfolio, PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), the subadviser to the Portfolio, utilizes a global, core equity strategy that seeks to outperform the benchmark Index while maintaining low tracking error relative to that Index. PGIM Quantitative Solutions employs an active, systematic stock selection process that focuses on a company's intrinsic worth, and seeks to build a diversified portfolio of attractive stocks utilizing a proprietary risk framework that minimizes uncompensated risk.

In addition to direct investments in equity and equity related securities, the remainder of the Portfolio will invest in varying combinations of other pooled investment vehicles, including, open-end or closed end investment companies, ETFs, and unit investment trusts (collectively referred to as underlying portfolios). The underlying portfolios may or may not be affiliated with the Manager.

The selection of specific combinations of underlying portfolios for the Portfolio are determined by the Manager. The Manager 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.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Exchange-Traded Funds (ETF) Risk**. An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or

------

social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

**Focus Risk**. The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio invests in the securities of a small number of issuers and has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers' securities as compared to a portfolio that invests in the securities of a larger number of issuers.

**Fund of Funds Risk**. In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

**Quantitative Model Risk.** The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

**Investment Style Risk**. Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

**Blend Style Risk.** A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing as the Portfolio's portfolio managers may invest in equity and equity related securities from traditionally growth and value areas, as well as stocks exhibiting characteristics of both. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other similar funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

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**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Mid-Sized Company Risk**. The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio's ability to sell the securities.

**Portfolio Turnover Risk**. A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

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**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

*Note: Effective May 1, 2025, the Portfolio replaced subadvisers and changed its investment strategy. The performance figures for the Portfolio prior to this date reflect the Portfolio's former investment operations, policies, strategies and subadvisers. Such performance is not representative of the Portfolio's current investment operations, policies, strategies, and subadvisers that took effect as of this date, and the Portfolio's performance after this date could be materially different.*

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![](imgbd54160f3.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 19.82% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -21.45% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF Global Portfolio Class I Shares | 22.03% | 10.04% | 11.41% | - |  |
| PSF Global Portfolio Class III Shares | 21.73% | N/A | N/A | 8.13% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| MSCI World Index (GD) (reflects no deduction for fees, expenses or taxes) | 21.60% | 12.66% | 12.74% | 11.33%\* |  |

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<sup>\*</sup> Since Inception returns for the Index is measured from the month-end closest to the Portfolio's inception date.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC |  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2020 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2020  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Todd L. Kerin | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2020 |
|  |  | &nbsp;&nbsp; Saleem Z. Banatwala, <br> CFA<br>| &nbsp;&nbsp; Director and Portfolio <br> Manager, Strategic <br> Investment Research <br> Group<br>| April 2020 |
|  | PGIM Quantitative Solutions LLC | &nbsp;&nbsp; George N. Patterson, <br> PhD, CFA, CFP<br>| &nbsp;&nbsp; Managing Director <br> and Chief Investment <br> Officer<br>| November 2023 |
|  |  | Wen Jin, PhD, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| May 2025 |
|  |  | Stacie L. Mintz, CFA | &nbsp;&nbsp; Managing Director <br> and Head of <br> Quantitative Equity<br>| May 2025 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM 50/50 BALANCED PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek total investment return consistent with a conservatively managed diversified portfolio.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.55% | 0.55% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.03% | 0.03% |
| = Total Annual Portfolio Operating Expenses | 0.58% | 0.83% |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM 50/50 Balanced Portfolio <br> Class I Shares<br>| $59 | $186 | $324 | $726 |
| PSF PGIM 50/50 Balanced Portfolio<br> Class III Shares<br>| $85 | $265 | $460 | $1025 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 54% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Portfolio invests in a mix of equity and equity-related securities, debt obligations and money market instruments. Under normal market conditions, the Portfolio typically invests approximately 50% of its assets in equity and equity-related securities (with a range of 15% to 75%) and approximately 50% of its assets in debt obligations and money market instruments (with a range of 25% to 85%). The percentage of Portfolio assets in each category is adjusted depending on the Portfolio's expectation regarding the different markets. The Portfolio may invest in foreign securities.

The equity portion of the Portfolio is generally managed as an index portfolio, designed to perform similarly to the holdings of the S&P 500 Index.

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Under normal circumstances, at least 80% of the fixed income portion of the Portfolio may be invested in intermediate and long-term debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality, and high-quality money market instruments. Likewise, 20% of the fixed income portion of the Portfolio may be invested in high yield debt securities rated BB+ or lower by S&P Global Ratings or Ba1 or lower by Moody's Investor Service, Inc. or comparably rated by another nationally recognized statistical rating organization at the time they are purchased (commonly known as "junk bonds"). The Portfolio may also invest in instruments that are not rated, but which are deemed to be of comparable quality to the instruments described above.

The Portfolio may also invest up to 30% of its total assets in foreign equity and debt securities that are not denominated in the US dollar. Up to 20% of the Portfolio's total assets may be invested in debt securities that are issued outside the US by foreign or US issuers, provided the securities are denominated in US dollars. For these purposes, the Portfolio does not consider American Depositary Receipts as foreign securities. The Portfolio's investment in debt securities may include investments in mortgage-related securities and asset-backed securities. Up to 20% of the fixed income portion of the Portfolio may also be invested in collateralized debt obligations, including collateralized loan obligations and other credit-related asset-backed securities.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**Index Tracking Risk.** The Portfolio's ability to track the performance and/or holdings and weightings of an index with a high degree of correlation may be affected by, among other things, transaction costs and shareholder purchases and redemptions.

**High Yield Risk**. Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

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**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

**Asset-Backed and/or Mortgage-Backed Securities Risk**. Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

**Collateralized Debt Obligations (CDO) Risk:** The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

**Currency Risk.** Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

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difficult to terminate or otherwise offset; derivatives used for hedging may reduce or magnify losses but also may reduce or eliminate gains; the price of derivatives may be more volatile than the prices of traditional equity and debt securities; and changes in a derivative's value may not correlate perfectly with the assets, rates, indices or instruments it is designed to hedge or closely track. The Portfolio is subject to a derivatives risk management program, which may limit the ability of the Portfolio to invest in derivatives.

**Equity and Equity-Related Securities Risk**. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Loan Risk.** A Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may

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decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio and an additional index that represents the market sectors in which the Portfolio primarily invests. Past performance does not mean that the Portfolio will achieve similar results in the future.

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The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

The table also demonstrates how the Portfolio's average annual returns compare to the returns of a custom blended index which consists of the S&P 500 Index (50%), Bloomberg US Aggregate Bond Index (40%), and FTSE 3-Month US Treasury Bill Index (10%). The Portfolio's investment manager determined the weight of each index comprising the custom blended index.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](img4d14690e4.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 12.06% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -10.99% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM 50/50 Balanced Portfolio Class I Shares | 12.16% | 7.20% | 8.19% | - |  |
| PSF PGIM 50/50 Balanced Portfolio Class III Shares | 11.89% | N/A | N/A | 6.31% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 12.79%\* |  |
| PSF PGIM 50/50 Balanced Portfolio Custom Blended Index (reflects no deduction <br> for fees, expenses or taxes)<br>| 12.34% | 7.41% | 8.54% | 6.89%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes is measured from the month-end closest to the Portfolio's inception date.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Quantitative Solutions LLC | Stacie L. Mintz, CFA | &nbsp;&nbsp; Managing Director, <br> Head of Quantitative <br> Equity<br>| February 2021 |
|  |  | Marco Aiolfi, PhD | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager<br>| August 2022 |
|  |  | &nbsp;&nbsp; George N. Patterson, <br> PhD, CFA, CFP<br>| &nbsp;&nbsp; Managing Director, <br> Chief Investment <br> Officer<br>| November 2023 |
|  |  | Rory Cummings, CFA | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| August 2022  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  | PGIM Fixed Income\*; PGIM Limited | Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and Co-Head of PGIM <br> Fixed Income's <br> Multi-Sector Team<br>| February 2013 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| April 2014 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2023 |
|  |  | Tyler Thorn | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2023 |

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\*PGIM Fixed Income, an investment group of PGIM, Inc. is now known as PGIM Credit.

**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM BALLAST PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek long term capital growth with reduced volatility compared to equity market.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** <sup>(1)</sup> |  |  |
|  | **Class I Shares** | **Class III Shares\*** |
| Management Fees | 0.60% | 0.60% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Administration Fees |  |  |
| + Other Expenses | 4.99% | 4.99% |
| = Total Annual Portfolio Operating Expenses | 5.59% | 5.84% |
| -Fee Waiver and/or Expense Reimbursement | (4.89)% | (4.89)% |
| =Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.70% | 0.95% |

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\* Only Class I shares are currently offered for sale. The Portfolio may commence offering Class III shares at a later date.

<sup>(1)</sup> Other Expenses and Total Annual Portfolio Operating Expenses have been restated to reflect current expenses and fee waivers/reimbursements. Any differences in total annual portfolio operating expenses shown in the table above and the corresponding expense ratio in the Portfolio's Financial Highlights are attributable to the restatement of expenses to reflect current expenses and current fee waivers and/or reimbursement.

<sup>(2)</sup> The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive of certain expenses as described more fully in the Trust's Statement of Additional Information) do not exceed 0.70% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Ballast Portfolio Class I Shares | $72 | $1231 | $2376 | $5182 |
| PSF PGIM Ballast Portfolio Class III Shares | $97 | $1302 | $2487 | $5363 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 0% of the average value of its portfolio.

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**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio seeks to participate in the upside returns of the stock market while limiting volatility and downside losses. The Portfolio seeks to limit volatility primarily through the use of options strategies designed to buffer downside risk, reduce the impact of equity market drawdowns, and smooth return patterns across market cycles. In seeking to achieve the Portfolio's investment objective, the Portfolio seeks to reduce volatility over the course of a full market cycle as compared to the equity market, which the Portfolio defines as the S&P 500<sup>®</sup> Index. The Portfolio's strategy is designed to provide participation in the equity markets during periods in which the market is rising while limiting losses in periods of market downturn.

The Portfolio will generally seek to gain exposure to the stock market through listed options on the S&P 500<sup>®</sup> Index (SPX) or SPDR<sup>®</sup> S&P 500 ETF (SPY), and through S&P 500<sup>®</sup> Index futures contracts, while simultaneously holding investments in U.S. Treasuries, U.S. Treasury futures contracts, and cash and cash equivalents to provide fixed income exposure. The Portfolio will invest in nonstandard SPX or SPY options that allow the subadviser to select terms including expiration date, option type (put or call), exercise style (American or European), strike price, premium, trading hours and exercise settlement (A.M. or P.M.-settled), among others. The Portfolio may also invest in other ETFs or mutual funds to gain exposure to equity or fixed income securities. In selecting mutual funds and ETFs, the Portfolio considers factors such as the Portfolio's investment strategy, cost, liquidity, performance history, and how well the mutual fund or ETF complements the Portfolio's overall allocation. There are no limits on the amount of assets the Portfolio can invest in equity or fixed income investments, or investments that provide exposure to the same, however, under normal market conditions the subadviser expects to invest up to 35% of the Portfolio's total assets in investments that provide exposure to the equities markets and up to 90% of the Portfolio's total assets in fixed income investments and investments that provide exposure to fixed income.

The Portfolio seeks to capture 60% of the performance of the S&P 500 on average in appreciating equity markets and to capture 30% of the performance of the S&P 500 on average in declining equity markets over a market cycle. Market cycle is defined as a period approximately from an equity market peak to bottom and back to peak again that typically aligns with the business cycle. The Portfolio seeks to meet these objectives through strategic portfolio design as well as active portfolio management. The Portfolio holds long dated S&P 500 FLEX options that provide upside participation in rising equity markets and a floor on downside participation in declining equity markets (e.g., the option premium). The call options are complemented in the portfolio with exposure to U.S. Treasuries and Treasury futures which provide diversification to the equity exposure. The subadviser actively monitors and periodically rebalances both the equity and fixed income exposures in response to changing market conditions with the goal of capturing upside gains and limiting downside losses. When determining the allocation and when to rebalance, the subadviser takes into account, among other factors: interest rates, the portfolio's equity exposure, the percentage of the portfolio invested in options, the current level of the S&P 500<sup>®</sup> Index, the volatility of S&P 500<sup>®</sup> Index options, bond and dividend yields, the delta of the portfolio's options positions (which is a measure of the sensitivity of the portfolio's option prices to changes in price of the S&P 500<sup>®</sup> Index), and time to maturity of the options. The subadviser also considers internal research generated by its asset allocation team when evaluating the relative attractiveness of equity versus fixed income exposure. In selecting investments for the Portfolio, the subadviser will evaluate overall investment opportunities and risks among the types of investments the Portfolio may hold.

The Portfolio may invest in other derivative instruments, including futures, forwards, options, swaps, and options on swaps, to try to enhance return or to try to reduce ("hedge") investment risks.

The Portfolio engages in active trading—that is, frequent trading of its securities—in order to take advantage of new investment opportunities. The Portfolio expects to be more heavily involved in active trading during periods of market volatility seeking to preserve gains or limit losses.

The Portfolio is "non-diversified" for purposes of the Investment Company Act of 1940 (the "1940 Act"), which means that it can invest a greater percentage of its assets in fewer issuers than a "diversified" fund.

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**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Active Trading Risk.** The Portfolio actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Portfolio's performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

**Counterparty Risk.** Underlying ETF transactions involving a counterparty (including derivatives) are subject to the risk that the counterparty will not fulfill its obligation to the Underlying ETF. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Underlying ETF. The Underlying ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Underlying ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Underlying ETF could suffer significant losses.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Exchange-Traded Funds (ETF) Risk**. An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

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**Fund of Funds Risk**. In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**Futures and Forward Contracts Risk.** In the event the market value of portfolio holdings correlated with a futures contract increases rather than decreases, the Portfolio will realize a loss on the futures position and a lower return on the portfolio holdings than would have been realized without the purchase of the futures contract. Additionally, in the event that such securities decline in value or the Portfolio determines not to complete an anticipatory hedge transaction relating to a futures contract, the Portfolio may realize a loss relating to the futures position.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Investment Program Risk**. In pursuing its investment program, the Portfolio seeks to reduce volatility over a full market cycle, including by limiting Portfolio losses relative to the broader market. The subadviser may not be successful in limiting volatility and there is a risk that the Portfolio will experience losses consistent with, or greater than, the equity market during a market downturn. In addition, the Portfolio's strategy of using options to capture market upside will limit the returns of the Portfolio during periods in which the market is rising, particularly during periods of rapid appreciation, and the Portfolio may not experience investment gains comparable to the broader market. The Portfolio may not be able to enter into, or close out, options transactions at times or in quantities the subadviser believes necessary to accomplish the Portfolio's investment strategy. Because the Portfolio's strategy to limit volatility involves buying and selling options on one or more broad market indexes or financial instruments that seek to replicate or approximate the return of such an index, the Portfolio will incur additional costs in the form of options premiums that an investor would not incur investing directly in the securities of an index or in a fund that tracks the index directly, which costs will reduce the Portfolio's returns. In addition, the Portfolio will forgo the opportunity to benefit fully from potential increases in value if the value of the instrument underlying an option rises above its strike price. Moreover, if the strike price of a purchased option is higher than the value of the underlying instrument at expiration, the option will expire worthless and the Portfolio will lose the premium paid for the option without a corresponding benefit.

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**Leverage Risk**. Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value), which may amplify the Portfolio's gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

**Large Shareholder and Large Scale Redemption Risk.** Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Portfolio's shares. There is no requirement that these entities maintain their investment in the Portfolio. There is a risk that such large shareholders or that the Portfolio's shareholders generally may redeem all or a substantial portion of their investments in the Portfolio in a short period of time, which could have a significant negative impact on the Portfolio's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders subject to tax on distributions from the Portfolio, such as Participating Insurance Companies, and impact the Portfolio's ability to implement its investment strategy. The Portfolio's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Portfolio may invest a larger portion of its assets in cash or cash equivalents.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**New/Small Portfolio Risk.** The Portfolio recently commenced operations and has a limited operating history. As a new and relatively small fund, the Portfolio's performance may not represent how the Portfolio is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Portfolio is new, an active secondary market for the shares of the Portfolio may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Portfolio, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Portfolio shares. These large shareholders

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may also loan or sell all or a portion of their Portfolio shares, which may result in increasing concentration of Portfolio shares in a small number of holders, and the potential for large redemptions, decreases in Portfolio assets and increased expenses for remaining shareholders.

**Non-Diversification Risk**. The Portfolio is a non-diversified portfolio, and therefore, it can invest in fewer individual companies than a diversified portfolio. Because a non-diversified portfolio is more likely to experience large market price fluctuations, the Portfolio may be subject to a greater risk of loss than a fund that has a diversified portfolio.

**Quantitative Model Risk.** The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**Short Sale Risk**. A short sale involves the risk that the price of a borrowed security will increase during the time the Portfolio has borrowed the security and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

**US Government Securities Risk.** US Government securities may be adversely affected by changes in interest rates, a default by, or downgrades in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

**Past Performance.** No performance history is presented for this Portfolio, because it does not yet have a full calendar year of performance.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Quantitative Solutions LLC | Devang Gambhirwala | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| June 2025 |
|  |  | Lorne Johnson, PhD | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| June 2025 |
|  |  | &nbsp;&nbsp; Edward J. Tostanoski <br> III, CFA<br>| &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| June 2025 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to

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be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM FLEXIBLE MANAGED PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is total return consistent with an aggressively managed diversified portfolio.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.60% | 0.60% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.02% | 0.02% |
| = Total Annual Portfolio Operating Expenses | 0.62% | 0.87% |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Flexible Managed Portfolio Class I Shares | $63 | $199 | $346 | $774 |
| PSF PGIM Flexible Managed Portfolio Class III Shares | $89 | $278 | $482 | $1073 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 117% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Portfolio invests in a mix of equity and equity-related securities, debt obligations and money market instruments. Under normal market conditions, the Portfolio typically invests approximately 60% of its assets in equity and equity-related securities (with a range of 25% to 100%) and approximately 40% of its assets in debt obligations and money market instruments (with a range of 0% to 75%). The percentage of Portfolio assets in each category is adjusted depending on the Portfolio's expectations regarding the different markets.

The equity portion of the Portfolio is generally managed under an actively managed, disciplined and adaptive strategy. Under this strategy, the portfolio managers utilize quantitative investment models as a tool in seeking to outperform the S&P 500 Index and to limit the possibility of significantly underperforming that index. The stock portion of the Portfolio is invested in a broadly diversified portfolio of stocks generally consisting of large and mid-size companies, although it may also hold stocks of smaller companies. The Portfolio invests in companies that are expected to provide either attractive returns relative to the Portfolio's peers, or that are desirable to hold in the Portfolio to manage risk.

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Under normal circumstances, at least 80% of the fixed income portion of the Portfolio may be invested in intermediate and long-term debt obligations that are rated investment grade by a major rating service, or, if unrated, considered to be of comparable quality, and high-quality money market instruments. Likewise, 20% of the fixed income portion of the Portfolio may be invested in debt securities rated BB+ or lower by S&P Global Ratings or Ba1 or lower by Moody's Investor Service, Inc. or comparably rated by another nationally recognized statistical rating organization at the time they are purchased (commonly known as "junk bonds"). The Portfolio may also invest in instruments that are not rated, but which are deemed to be of comparable quality to the instruments described above. The Portfolio may invest in mortgage-related securities and asset-backed securities, including collateralized debt obligations, collateralized loan obligations and other credit-related asset-backed securities.

The fixed income portion of the Portfolio may also include loans and assignments in the form of loan participations, mortgage-related securities and other asset-backed securities. Up to 20% of the fixed income portion of the Portfolio may also be invested in collateralized debt obligations, including collateralized loan obligations, and other credit-related asset backed securities.

The Portfolio may also invest up to 30% of its total assets in foreign equity and debt securities that are not denominated in the US dollar. In addition, up to 20% of the Portfolio's total assets may be invested in debt securities that are issued outside of the US by foreign or US issuers provided the securities are denominated in US dollars. For these purposes, we do not consider American Depositary Receipts as foreign securities.

The Portfolio may also invest in convertible debt warrants and convertible and non-convertible preferred stock of any rating. The Portfolio will not acquire any common stock except by converting a convertible security or exercising a warrant or through a restructuring. No more than 10% of the Portfolio's total assets will be held in common stocks, and those will usually be sold as soon as a favorable opportunity arises. The Portfolio may lend its portfolio securities to brokers, dealers and other financial institutions to earn income.

The stock portion of the Portfolio is invested in a broadly diversified portfolio of stocks generally consisting of large and mid-size companies, although it may also hold stocks of smaller companies. The Portfolio invests in companies that, in the subadviser's judgment, will provide either attractive returns relative to the Portfolio's peers, or are desirable to hold in the Portfolio to manage risk.

The Portfolio may invest without limitation in debt obligations issued or guaranteed by the US Government and government-related entities. Examples of debt securities that are backed by the full faith and credit of the US Government are Treasury Inflation Protected Securities and obligations of the Government National Mortgage Association. In addition, the Portfolio may invest in US Government securities issued by other government entities, like the Federal National Mortgage Association and the Student Loan Marketing Association which are not backed by the full faith and credit of the US Government. Instead, these issuers have the right to borrow from the US Treasury to meet their obligations. The Portfolio may also invest in the debt securities of other government-related entities, like the Farm Credit System, which depend entirely upon their own resources to repay their debt.

The Portfolio may also enter into short sales against-the-box. No more than 25% of the Portfolio's net assets may be used as collateral or segregated for purposes of securing a short sale obligation.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

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**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**High Yield Risk**. Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

**Asset-Backed and/or Mortgage-Backed Securities Risk**. Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

**Blend Style Risk.** A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing as the Portfolio's portfolio managers may invest in equity and equity related securities from traditionally growth and value areas, as well as stocks exhibiting characteristics of both. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a

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company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other similar funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

**Collateralized Debt Obligations (CDO) Risk:** The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

**Currency Risk.** Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

**Equity and Equity-Related Securities Risk**. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

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**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Loan Risk.** A Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

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**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Mid-Sized Company Risk**. The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio's ability to sell the securities.

**Portfolio Turnover Risk**. A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

**Quantitative Model Risk.** The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

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**Short Sale Risk**. A short sale involves the risk that the price of a borrowed security will increase during the time the Portfolio has borrowed the security and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

**US Government Securities Risk.** US Government securities may be adversely affected by changes in interest rates, a default by, or downgrades in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio and an additional index that represents the market sectors in which the Portfolio primarily invests. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

The table also demonstrates how the Portfolio's performance compares to the returns of a custom blended index which consists of the S&P 500 Index (60%), Bloomberg US Aggregate Bond Index (35%) and FTSE 3-Month US Treasury Bill Index (5%). The Portfolio's investment manager determined the weight of each index comprising the custom blended index. Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

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![](img9392c4e25.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 14.93% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -14.92% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM Flexible Managed Portfolio Class I Shares | 13.16% | 9.06% | 9.26% | - |  |
| PSF PGIM Flexible Managed Portfolio Class III Shares | 12.87% | N/A | N/A | 7.59% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 12.79%\* |  |
| PSF PGIM Flexible Managed Portfolio Custom Blended Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 13.55% | 8.68% | 9.80% | 7.97%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes is measured from the month-end closest to the Portfolio's inception date.

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Quantitative Solutions LLC | Stacie L. Mintz, CFA | &nbsp;&nbsp; Managing Director, <br> Head of Quantitative <br> Equity<br>| August 2006 |
|  |  | Marco Aiolfi, PhD | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager<br>| August 2022 |
|  |  | &nbsp;&nbsp; George N. Patterson, <br> PhD, CFA, CFP<br>| &nbsp;&nbsp; Managing Director, <br> Chief Investment <br> Officer<br>| November 2023 |
|  |  | Rory Cummings, CFA | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| August 2022 |
|  | PGIM Fixed Income\*; PGIM Limited | Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and Co-Head of PGIM <br> Fixed Income's <br> Multi-Sector Team<br>| February 2013 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| April 2014 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2023 |
|  |  | Tyler Thorn | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2023 |

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\* PGIM Fixed Income, an investment group of PGIM, Inc. is now known as PGIM Credit.

**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is the maximum current income that is consistent with the stability of capital and the maintenance of liquidity.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.30% | 0.30% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.02% | 0.02% |
| = Total Annual Portfolio Operating Expenses | 0.32% | 0.57% |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Government Money Market Portfolio Class I Shares | $33 | $103 | $180 | $406 |
| PSF PGIM Government Money Market Portfolio Class III Shares | $58 | $183 | $318 | $714 |

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**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Portfolio invests at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are fully collateralized with cash or government securities. Government securities include US Treasury bills, notes, and other obligations issued or guaranteed as to principal and interest by the US Government or its agencies or instrumentalities. The Portfolio has a policy that requires it to invest under normal conditions, at least 80% of its net assets in government securities and/or repurchase agreements that are collateralized by government securities.

In managing the Portfolio's assets, the Portfolio's subadviser, PGIM Fixed Income, uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread, and potential for price appreciation as well as credit quality, maturity and risk.

The Portfolio invests only in securities that have remaining maturities of 397 days or less, or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulations. The Portfolio seeks to invest in securities that present minimal credit risk. The Portfolio may invest significantly in securities with floating or variable rates of interest.

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The Portfolio seeks to maintain a stable net asset value of $10.00 per share. In other words, the Portfolio attempts to operate so that shareholders do not lose any of the principal amount they invest in the Portfolio. Of course, there can be no assurance that the Portfolio will achieve its goal of a stable net asset value, and shares of the Portfolio are neither insured nor guaranteed by the US government or any other entity. For instance, the issuer or guarantor of a portfolio security or the other party to a contract could default on its obligation, and this could cause the Portfolio's net asset value per share to fall below $10.00. In addition, the income earned by the Portfolio will fluctuate based on market conditions, interest rates and other factors.

In a low interest rate environment, the yield of the Portfolio, after the deduction of operating expenses, may be negative even though the yield before deducting such expenses is positive. A negative yield may also cause the Portfolio's net asset value per share to fall below $10.00. PGIM Investments LLC may decide to reimburse certain of these expenses to the Portfolio in order to maintain a positive yield, however it is under no obligation to do so and may cease doing so at any time without prior notice.

The Trust's Board of Trustees (the Board) has determined that the Portfolio, as a "government money market fund", is not subject to liquidity fees. The Board has reserved the power to change this determination with respect to liquidity fees, but such change would become effective only after providing appropriate prior notice to shareholders.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $10.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Yield Risk.** The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio's expenses could absorb all or a significant portion of the Portfolio's income. If interest rates increase, the Portfolio's yield may not increase proportionately. For example, the Portfolio's investment manager may discontinue any temporary voluntary fee limitation.

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**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

**Adjustable and Floating-Rate Securities Risk.** The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Adjustable and floating rate securities generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, adjustable and floating-rate securities generally will not increase in value as much as fixed rate debt instruments if interest rates decline. Adjustable and floating-rate securities are also subject to credit risk, market risk, and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**US Government Securities Risk.** US Government securities may be adversely affected by changes in interest rates, a default by, or downgrades in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

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**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

*Note: Prior to September 12, 2016, the Portfolio operated under the name "Money Market Portfolio" as a prime money market fund and invested in certain types of securities that, as a government money market fund, the Portfolio is no longer permitted to hold. Consequently, the performance information below may have been different if the current investment limitations had been in effect during the period prior to the Portfolio's conversion to a government money market fund.*

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 1.29% | &nbsp;&nbsp; 4th <br> Quarter <br> 2023<br>| 0.00% | &nbsp;&nbsp; 4th <br> Quarter <br> 2021<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM Government Money Market Portfolio Class I Shares | 4.05% | 3.06% | 1.96% | - |  |
| PSF PGIM Government Money Market Portfolio Class III Shares | 3.79% | 2.87% | N/A | 2.54% | *4-26-2021* |

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| | |
|:---|:---|
| **7-Day Yield (as of December 31, 2025)** |  |
| PSF PGIM Government Money Market Portfolio Class I Shares | 3.52% |
| iMoneyNet, Inc. Government & Agency Retail Average\* | 3.29% |

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\* Source: iMoneyNet, Inc. regularly reports a 7-day yield on Tuesdays. This is based on the data of all funds in the iMoneyNet, Inc. Government & Agency Retail Average category as of 12/31/2025.

**MANAGEMENT OF THE PORTFOLIO** 

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| | |
|:---|:---|
| **Investment Manager** | **Subadviser** |
| PGIM Investments LLC | PGIM Fixed Income\* |

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\*PGIM Fixed Income, an investment group of PGIM, Inc. is now known as PGIM Credit.

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM HIGH YIELD BOND PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is a high total return.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.55% | 0.55% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.06% | 0.06% |
| = Total Annual Portfolio Operating Expenses | 0.61% | 0.86% |
| -Fee Waiver and/or Expense Reimbursement | (0.04)% | (0.04)% |
| =Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement <sup>(1)</sup> | 0.57% | 0.82% |

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<sup>(1)</sup> The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive of certain expenses as described more fully in the Trust's Statement of Additional Information) do not exceed 0.57% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM High Yield Bond Portfolio Class I Shares | $58 | $191 | $336 | $758 |
| PSF PGIM High Yield Bond Portfolio Class III Shares | $84 | $270 | $473 | $1057 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 77% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in high yield debt investments. Lower rated debt investments, in which the Portfolio typically invests, are often referred to as high yield bonds or "junk bonds" and are riskier than higher rated bonds.

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Lower rated and comparable unrated investments tend to offer better yields than higher rated investments with the same maturities because the issuer's financial condition may not have been as strong as that of higher rated issuers. Changes in the perception of the creditworthiness of the issuers of lower rated investments tend to occur more frequently and in a more pronounced manner than for issuers of higher rated investments. The Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Portfolio may also invest up to 30% of its total assets in US dollar-denominated securities of foreign issuers. The Portfolio may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries.

The Portfolio may also invest up to 20% of its total assets in collateralized debt obligations, including collateralized loan obligations, and other credit-related asset backed securities.

The Portfolio may enter into short sales against-the-box. No more than 25% of the Portfolio's net assets may be used as collateral or segregated for purposes of securing a short sale obligation.

The Portfolio may invest up to 30% of its assets in reverse repurchase agreements and dollar rolls.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**High Yield Risk**. Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

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**Collateralized Debt Obligations (CDO) Risk:** The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

**Currency Risk.** Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

**Dollar Roll Transactions Risk:** Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio.

**Emerging Markets Risk**. The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that

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depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

**Equity and Equity-Related Securities Risk**. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Leverage Risk**. Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value), which may amplify the Portfolio's gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

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**Loan Risk.** A Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

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**Reverse Repurchase Agreement Risk:** Reverse repurchase agreements involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. The use of reverse repurchase agreements may exaggerate any increase or decrease in the value of a Portfolio's assets. The use of reverse repurchase agreements is a form of leverage because the proceeds derived from reverse repurchase agreements may be invested in additional securities.

**Short Sale Risk**. A short sale involves the risk that the price of a borrowed security will increase during the time the Portfolio has borrowed the security and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio and an additional index that represents the market sectors in which the Portfolio primarily invests. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

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![](imgbbbea4697.jpg)<br>

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|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 11.72% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -14.21% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM High Yield Bond Portfolio Class I Shares | 8.90% | 4.85% | 6.92% | - |  |
| PSF PGIM High Yield Bond Portfolio Class III Shares | 8.71% | N/A | N/A | 4.11% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or <br> taxes)<br>| 7.30% | -0.36% | 2.01% | 0.18%\* |  |
| Bloomberg US Corporate High Yield 1% Issuer Capped Index (reflects no <br> deduction for fees, expenses or taxes)<br>| 8.62% | 4.51% | 6.46% | 4.40%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes is measured from the month-end closest to the Portfolio's inception date.

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Fixed Income\*; PGIM Limited | Robert Cignarella, CFA | &nbsp;&nbsp; Managing Director <br> and Head of U.S. High <br> Yield for PGIM Fixed <br> Income<br>| May 2014 |
|  |  | &nbsp;&nbsp; Robert Spano, CFA, <br> CPA<br>| &nbsp;&nbsp; Managing Director <br> and a High Yield <br> Portfolio Manager<br>| September 2007 |
|  |  | Brian Clapp, CFA | &nbsp;&nbsp; Executive Director and <br> a High Yield Portfolio <br> Manager<br>| May 2013 |
|  |  | Michael Gormally | &nbsp;&nbsp; Executive Director and <br> a High Yield portfolio <br> manager and trader<br>| April 2022 |
|  |  | Brian Lalli | &nbsp;&nbsp; Executive Director and <br> Portfolio Manager<br>| April 2023 |

---

\*PGIM Fixed Income, an investment group of PGIM, Inc. is now known as PGIM Credit.

**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM JENNISON BLEND PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is long-term growth of capital.

**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.

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| | | | |
|:---|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your** <br> **investment)**<br>|  |  |  |
|  | **Class I Shares** | **Class II Shares** | **Class III Shares** |
| Management Fees | 0.45% | 0.45% | 0.45% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% | 0.25% |
| + Administration Fee |  | 0.15% |  |
| + Other Expenses | 0.02% | 0.02% | 0.02% |
| = Total Annual Portfolio Operating Expenses | 0.47% | 0.87% | 0.72% |
| -Fee Waiver and/or Expense Reimbursement | (0.01)% | (0.01)% | (0.01)% |
| =Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | 0.46% | 0.86% | 0.71% |

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<sup>(1)</sup> The Manager has contractually agreed to waive 0.012% of its investment management fee through June 30, 2027. This arrangement may not be terminated or modified without the prior approval of the Trust's Board.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Jennison Blend Portfolio Class I Shares | $47 | $150 | $262 | $590 |
| PSF PGIM Jennison Blend Portfolio Class II Shares | $88 | $277 | $481 | $1072 |
| PSF PGIM Jennison Blend Portfolio Class III Shares | $73 | $229 | $400 | $894 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 95% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in common stock. The Portfolio primarily invests in the stock of companies with market capitalizations within the market capitalization range of the Russell 1000<sup>®</sup> Index (measured at the time of purchase). The market capitalization within the range will vary, but as of January 31, 2026, the

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weighted average market capitalization of companies included in the Russell 1000<sup>®</sup> Index was approximately $1.297 trillion, and the market capitalization of the largest company included in the Russell 1000<sup>®</sup> Index was approximately $4.645 trillion. In addition, the Portfolio may invest in mid- and small-capitalization companies.

The Portfolio's subadviser, Jennison Associates LLC, employs a bottom-up fundamental stock research process which sources the investment universe from Jennison's growth, value, and small/mid cap investment teams. The growth research team seeks companies with unique business models with sustained competitive advantages; catalysts that drive growth rates well above that of the market; superior financial characteristics; and attractive long-term valuations. The value research team seeks companies the team believes are being valued at a discount to their intrinsic value, seeking companies with attractive valuation metrics that are unique to that business, high levels of durability and viability of the business and good business models that are being mispriced. The small/mid cap research process is designed to capitalize on inefficiencies in small-cap asset classes, seeking companies with attractive valuations, strong competitive positions, quality management teams, demonstrated growth in sales and earnings, balance sheet flexibility and strength, and strong earnings growth prospects. The Portfolio may invest up to 30% of its total assets in foreign securities (not including American Depositary Receipts and similar instruments). Up to 20% of the Portfolio's investable assets may be invested in short-, intermediate- or long-term debt obligations, convertible and nonconvertible preferred stock and other equity-related securities. Up to 5% of these investable assets may be rated below investment grade. These securities are considered speculative and are sometimes referred to as "junk bonds."

The subadviser employs a systematic portfolio construction process to incorporate its fundamental analysis with a systematic analysis of factors, such as stock price momentum and stock valuation. Incorporating information from both the subadviser's fundamental and systematic analyses, the subadviser constructs a diversified portfolio with sector and risk factor exposures managed relative to the Russell 1000<sup>®</sup> Index, using a technique known generally as portfolio optimization.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Blend Style Risk.** A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing as the Portfolio's portfolio managers may invest in equity and equity related securities from traditionally growth and value areas, as well as stocks exhibiting characteristics of both. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor

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depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other similar funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**High Yield Risk**. Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very

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low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Mid-Sized Company Risk**. The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio's ability to sell the securities.

**Small Sized Company Risk**. Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

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**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio and an additional index that represents the market sectors in which the Portfolio primarily invests. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class II and Class III shares would be lower because Class II and Class III shares do not have the same expenses as Class I shares.

*Note: The PSF PGIM Jennison Blend Portfolio changed certain investment strategies, effective December 11, 2023. The performance figures prior to December 11, 2023 for the Portfolio reflect the Portfolio's former investment operations, policies, and strategies prior to this date. Such performance is not representative of the Portfolio's current investment operations, policies, and strategies that took effect as of this date, and the Portfolio's performance after this date could be materially different.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](img261de0a68.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 26.37% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -19.55% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2022<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM Jennison Blend Portfolio Class I Shares | 18.52% | 12.33% | 13.96% | - |  |
| PSF PGIM Jennison Blend Portfolio Class II Shares | 18.05% | 11.88% | 13.50% | - |  |
| PSF PGIM Jennison Blend Portfolio Class III Shares | 18.23% | N/A | N/A | 11.16% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 12.79%\* |  |
| Russell 1000 Index (reflects no deduction for fees, expenses or taxes) | 17.37% | 13.59% | 14.59% | 11.96%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes is measured from the month-end closest to the Portfolio's inception date.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | Jennison Associates LLC | Jason T. McManus | Managing Director | December 2023 |
|  |  | Adam L. Friedman | Managing Director | December 2023 |
|  |  | Brian A. Porpora | Managing Director | December 2023 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM JENNISON GROWTH PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is long-term growth of capital.

**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.

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| | | | |
|:---|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your** <br> **investment)**<sup>(1)</sup> <br>|  |  |  |
|  | **Class I Shares** | **Class II Shares** | **Class III Shares** |
| Management Fees | 0.60% | 0.60% | 0.60% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% | 0.25% |
| + Administration Fees |  | 0.15% |  |
| + Other Expenses | 0.02% | 0.02% | 0.02% |
| = Total Annual Portfolio Operating Expenses | 0.62% | 1.02% | 0.87% |
| -Fee Waiver and/or Expense Reimbursement | (0.02)% | (0.02)% | (0.02)% |
| =Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| 0.60% | 1.00% | 0.85% |

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<sup>(1)</sup> Any differences in total annual portfolio operating expenses shown in the table above and the expense ratio (both before and after fee waivers and/or expense reimbursement) in the Portfolio's Financial Highlights are attributable to a change in the contractual waiver during or after the most recent fiscal year end.

<sup>(2)</sup> The Manager has contractually agreed to waive 0.015% of its investment management fee through June 30, 2027. This arrangement may not be terminated or modified without the prior approval of the Trust's Board.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Jennison Growth Portfolio Class I Shares | $61 | $197 | $344 | $772 |
| PSF PGIM Jennison Growth Portfolio Class II Shares | $102 | $323 | $561 | $1246 |
| PSF PGIM Jennison Growth Portfolio Class III Shares | $87 | $276 | $480 | $1071 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 34% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Portfolio normally invests at least 65% of its total assets in equity and equity-related securities of companies that exceed $1 billion in market capitalization at the time of investment and that the subadviser believes have above-average growth prospects. The Portfolio's subadviser, Jennison Associates LLC, believes that growth in earnings and cash flows drives share prices over the long term; that excess returns are generated by investing in market-leading companies that create economic value through long-duration competitive

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advantages; and that a deeply researched understanding of company and industry fundamentals leads to successful stock selection. The subadviser looks for companies with unique business models that build sustainable competitive advantages; catalysts that drive growth rates well above that of the market; superior financial characteristics; and attractive long-term valuations. The subadviser seeks to capture acceleration or duration of growth that is not fully reflected in a stock's price. Given the subadviser's selection criteria and proclivity for fast growing companies, the Portfolio may at times have a more aggressive risk profile than peer funds, depending on market conditions. In addition to common stocks and preferred stocks, the subadviser may invest in debt securities and mortgage-related securities that are rated investment grade at the time of purchase. Investment grade securities are those rated at least Baa by Moody's Investor Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, Inc. (or if unrated, of

comparable quality in the subadviser's judgment). The Portfolio may also invest in obligations issued or guaranteed by the US Government, its agencies and instrumentalities. Up to 30% of the Portfolio's assets may be invested in foreign equity and equity-related securities. For these purposes, the subadviser does not consider ADRs and similar receipts or shares traded in US markets as foreign securities.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

**Investment Style Risk**. Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

**Significant Holdings Risk.** Although a Portfolio may be considered "diversified" under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. Significant investments in a relatively small number of securities increase the risk that the value of a Portfolio's shares is more sensitive to economic results of the companies issuing the securities. The value of the shares of a Portfolio may also be more volatile than a fund that allocates its investments to a larger number of smaller positions.

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**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**High Yield Risk**. Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

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**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**US Government Securities Risk.** US Government securities may be adversely affected by changes in interest rates, a default by, or downgrades in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio and an additional index that represents the market sectors in which the Portfolio primarily invests. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class II and Class III shares would be lower because Class II and Class III shares do not have the same expenses as Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](img45d244ed9.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 35.59% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -25.40% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2022<br>|

---

**Average Annual Total Returns (For the periods ended December 31, 2025)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM Jennison Growth Portfolio Class I Shares | 14.27% | 10.69% | 16.62% | - |  |
| PSF PGIM Jennison Growth Portfolio Class II Shares | 13.81% | 10.25% | 16.15% | - |  |
| PSF PGIM Jennison Growth Portfolio Class III Shares | 13.98% | N/A | N/A | 10.17% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 12.79%\* |  |
| Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) | 18.56% | 15.32% | 18.13% | 14.64%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes is measured from the month-end closest to the Portfolio's inception date.

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**MANAGEMENT OF THE PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | Jennison Associates LLC | Michael Del Balso | Managing Director | April 2000 |
|  |  | Blair A. Boyer | Managing Director | May 2019 |
|  |  | Natasha Kuhlkin, CFA | Managing Director | May 2019 |
|  |  | Owuraka Koney, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| July 2025 |

---

**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM JENNISON VALUE PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek capital appreciation.

**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.

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| | | | |
|:---|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your** <br> **investment)**<br>|  |  |  |
|  | **Class I Shares** | **Class II Shares** | **Class III Shares** |
| Management Fees | 0.40% | 0.40% | 0.40% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% | 0.25% |
| + Administration Fees |  | 0.15% |  |
| + Other Expenses | 0.03% | 0.03% | 0.03% |
| = Total Annual Portfolio Operating Expenses | 0.43% | 0.83% | 0.68% |

---

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Jennison Value Portfolio Class I Shares | $44 | $138 | $241 | $542 |
| PSF PGIM Jennison Value Portfolio Class II Shares | $85 | $265 | $460 | $1025 |
| PSF PGIM Jennison Value Portfolio Class III Shares | $69 | $218 | $379 | $847 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 38% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Portfolio normally invests at least 65% of its total assets in equity and equity-related securities, with an emphasis on securities of large capitalization companies. The Portfolio defines large capitalization companies as those companies with market capitalizations, to be within the market capitalization of the Russell 1000<sup>®</sup> Value Index (measured at the time of purchase). As of January 31, 2026, the Russell 1000<sup>®</sup> Value Index had a weighted average market capitalization of $426 billion, and the largest company by market capitalization was $4.092 trillion. The Portfolio seeks companies that it believes are being valued at a discount to their intrinsic value. A company's valuation is very important in this determination, as are the durability of a company's free cash flow and earnings growth. A disciplined process to manage risk in both security selection and portfolio construction is a critical component of the value portfolio manager's investment process. Up to 35% of the Portfolio's total assets may be invested in debt obligations and non-convertible preferred stock. The Portfolio may

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invest up to 25% of its total assets in real estate investment trusts and up to 30% of its total assets in foreign securities, including money market instruments, equity securities and debt obligations. For these purposes, the subadviser does not consider American Depositary Receipts and similar receipts or shares traded in US markets as foreign securities.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

**Currency Risk.** Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

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**Real Estate Risk**. Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Investment Style Risk**. Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a

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portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**Small Sized Company Risk**. Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio and an additional index that represents the market sectors in which the Portfolio primarily invests. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class II and Class III shares would be lower because Class II and Class III shares do not have the same expenses as Class I shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](img43b209ac10.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 15.96% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -26.87% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

---

**Average Annual Total Returns (For the periods ended December 31, 2025)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM Jennison Value Portfolio Class I Shares | 16.88% | 13.90% | 11.39% | - |  |
| PSF PGIM Jennison Value Portfolio Class II Shares | 16.41% | 13.45% | 10.94% | - |  |
| PSF PGIM Jennison Value Portfolio Class III Shares | 16.59% | N/A | N/A | 11.30% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 12.79%\* |  |
| Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) | 15.91% | 11.33% | 10.53% | 8.73%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes is measured from the month-end closest to the Portfolio's inception date.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | Jennison Associates LLC | &nbsp;&nbsp; Warren N. Koontz, Jr., <br> CFA<br>| Managing Director | September 2014 |
|  |  | &nbsp;&nbsp; Joseph C. Esposito, <br> CFA<br>| Managing Director | May 2017 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 12 PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek capital appreciation.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**<sup>(1)</sup> <br>|  |  |
|  | **Class I Shares\*** | **Class III Shares** |
| Management Fees | 0.50% | 0.50% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Administration Fees |  |  |
| + Other Expenses | 68.49% | 68.49% |
| + Acquired Fund Fees and Expenses | 0.41% | 0.41% |
| = Total Annual Portfolio Operating Expenses | 69.40% | 69.65% |
| -Fee Waiver and/or Expense Reimbursement | (68.80)% | (68.80)% |
| =Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.60% | 0.85% |

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\* Only Class III shares are currently offered for sale. The Portfolio may commence offering Class I shares at a later date.

<sup>(1)</sup> Other Expenses and Total Annual Portfolio Operating Expenses have been restated to reflect current expenses and current fee waivers and/or reimbursement. Any differences in total annual operating expenses shown in the table above and the corresponding expense ratio in the Portfolio's Financial Highlights are attributable to Acquired Fund Fees and Expenses, which are not required to be disclosed in the Portfolio's Financial Highlights, the restatement of expenses to reflect current expenses, and current fee waivers and/or expense reimbursement.

<sup>(2)</sup> The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its investment management fee equal to the amount of acquired expenses as a result of investment in the affiliated Underlying ETFs. The Manager has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee (after management fee waiver) and other expenses (exclusive of certain expenses as described more fully in the Trust's Statement of Additional Information) do not exceed 0.60% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio Class I Shares | $61 | $6722 | $7567 | $7688 |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio Class III Shares | $87 | $6731 | $7562 | $7680 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 20% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure while attempting to limit downside risk through a "laddered portfolio" of twelve PGIM S&P 500 Buffer 12 ETFs (the "Underlying ETFs"). The Underlying ETFs seek to provide investors with limited protection against a decline in the U.S. large-cap equity market, with an upside cap on capital appreciation in that market, over a specific period.

The term "laddered portfolio" refers to the Portfolio's investment in a series of Underlying ETFs that have target outcome period expiration dates which occur on a rolling, or periodic, basis. The rolling or "laddered" nature of the investments in the Underlying ETFs is intended to create diversification during the investment time period over which an Underlying ETF must be held to achieve its target outcome compared to the risk of acquiring or disposing of any one Underlying ETF at any one time. This diversification is intended to mitigate the risk of failing to benefit from the buffer of a single Underlying ETF due to the timing of investment in that Underlying ETF and the relative price of the reference asset or having limited or no upside potential remaining because of the cap of a single Underlying ETF. The Portfolio's laddered approach is intended to allow the Portfolio to continue to benefit from increases in the value of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("SPY") and to provide a level of downside protection for at least a portion of the Portfolio's portfolio at any given time. Depending on when the Portfolio acquires shares of an Underlying ETF, even with a laddered approach, the cap and/or buffer of an Underlying ETF may be exhausted unless the Portfolio acquires shares at the beginning of a Target Outcome Period (as defined below). Shares may be purchased at any time during the Target Outcome Period, and the Portfolio does not typically buy shares at the beginning of the Target Outcome Period.

**Unlike the Underlying ETFs, the Portfolio itself does not pursue a target outcome strategy and therefore will not have a defined outcome. The buffer is only provided by the Underlying ETFs and the Portfolio itself does not provide any stated buffer against losses. The Portfolio likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Portfolio's returns are limited by the caps of the Underlying ETFs.** 

Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in exchange-traded funds that seek to provide buffered exposure to securities included in the S&P 500 Index. Under normal market conditions, the Portfolio invests substantially all of its assets in the Underlying ETFs, generally in equal weights. The Underlying ETFs seek to provide investors with returns that match the price return of SPY, up to a predetermined upside cap, while providing a downside buffer (before fees and expenses) against the first 12% of SPY losses, generally over a one-year Target Outcome Period. The Portfolio and each Underlying ETF are advised by PGIM Investments LLC and subadvised by PGIM Quantitative Solutions LLC. SPY is an exchange-traded unit investment trust that invests in as many of the stocks in the S&P 500<sup>®</sup> Index as is practicable. PDR Services, LLC ("PDR") serves as SPY's sponsor. As of its most recent prospectus, the investment objective of SPY is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500<sup>®</sup> Index.

The Underlying ETFs invest substantially all of their assets in customized equity or index option contracts known as FLexible EXchange<sup>®</sup> Options ("FLEX Options") on the SPY. FLEX Options trade on an exchange, but provide investors with the ability to customize key contract terms like expiration date, option type (put or call), exercise style, strike price, premium, trading hours and exercise settlement, among others. Each Underlying ETF uses FLEX Options to employ a "target outcome strategy." Target outcome strategies seek to produce a targeted range of potential returns based upon the performance of an underlying security or index (in this case, SPY). The target outcomes sought by the

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Underlying ETFs, which include a buffer against the first 12% (before fees and expenses) of SPY losses and a cap on upside potential, are based on the price return of SPY over an approximate one-year period beginning on the first day of the month for which each Underlying ETF is named and ending on the day before the one-year anniversary (the "Target Outcome Period") , although certain Underlying ETFs may have a shorter Target Outcome Period during their first year of operations. Each Underlying ETF establishes a new cap annually at the beginning of each Target Outcome Period.

At the end of each Target Outcome Period, an Underlying ETF's FLEX Options are generally allowed to expire or are sold at or near their expiration, and the proceeds are used to purchase (or roll into) a new set of FLEX Options expiring in approximately one year. This means that approximately every 30 days, one of the Underlying ETFs will undergo a "reset" of its cap and a refresh of its buffer. At any given time, the Portfolio will generally hold one Underlying ETF with FLEX Options expiring within one month, a second Underlying ETF with FLEX Options expiring within two months, a third Underlying ETF with FLEX Options expiring within three months, continuing this series up to and including twelve months. The rolling or "laddered" nature of the investments in the Underlying ETFs creates diversification of the investment time period and market level (meaning the price of SPY at any given time) compared to the risk of holding only a single Underlying ETF for its Target Outcome Period and bearing the risks associated with a specific time period. Because the Portfolio typically will not acquire shares of the Underlying ETFs on the first day of a Target Outcome Period and may dispose of shares of the Underlying ETFs before the end of the Target Outcome Period, the Portfolio may experience investment returns that are very different from those that the Underlying ETFs seek to provide. If an Underlying ETF has experienced certain levels of either gains or losses since the beginning of its current Target Outcome Period, there may be little to no ability for the Portfolio to achieve gains or benefit from the buffer for the remainder of the Target Outcome Period of an Underlying ETF.

When an investor purchases shares of a single Underlying ETF, such investor's potential outcomes are limited by the Underlying ETF's stated cap and buffer over a defined time period (depending on when the shares were purchased). The Portfolio's laddered approach provides a diversified exposure to a series of the Underlying ETFs in a single investment. By owning a laddered portfolio of Underlying ETFs, the Portfolio expects to continue to benefit from any increases in the value of SPY (as caps are reset) and to provide a level of downside protection as buffers are refreshed on one of the Underlying ETFs every month based on the price of SPY at the time of the reset. This approach reduces the risk inherent in the Underlying ETFs of having the upside potential for an entire Target Outcome Period capped out in cases of rapid appreciation of SPY. It also mitigates the risk of failing to benefit from an individual Underlying ETF buffer in cases where SPY has depreciated below that specific buffer level. Approximately every 30 days, one of the Underlying ETFs will undergo a reset of its cap and a refresh of its buffer, meaning that investors will have the ability to benefit from any appreciation in SPY for future periods up to the respective caps of the Underlying ETFs and will have the benefit of the buffer for future periods. A laddered buffer portfolio can diversify timing risk, similar to how laddered bond portfolios seek to manage duration risks for investors.

The Portfolio intends only to acquire shares of Underlying ETFs in the secondary market and will not engage in any principal transactions with the Underlying ETFs. The Portfolio intends to generally rebalance its portfolio to equal weight (i.e., 8 <sup>1</sup>∕3% per Underlying ETF) quarterly. The Portfolio also will acquire and dispose of shares of Underlying ETFs in connection with cash flows related to creation and redemption activity of the Portfolio between quarterly rebalances. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Portfolio having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Portfolio's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures. If an over-weighted Underlying ETF underperforms the other Underlying ETFs, the Portfolio will experience returns that are inferior to those that would have been achieved if the Underlying ETFs were equally weighted.

More information about the Underlying ETFs, including the current list of Underlying ETFs in the Portfolio can be found at https://www.pgim.com/investments/etf-buffer-fund. *This reference to the website does not incorporate its contents into this prospectus.* 

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**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Buffered Loss Risk.** There can be no guarantee that the Portfolio will provide downside protection against SPY losses. The buffer is only provided by the Underlying ETFs and the Portfolio itself does not provide any stated buffer against losses. The Portfolio likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Portfolio does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. Each Underlying ETF's strategy seeks to deliver returns that match the price return of SPY (up to the cap), while limiting downside losses, if shares are bought on the first day of a Target Outcome Period and held until the end of that Target Outcome Period. To the extent the Portfolio acquires shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalancing, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, to the extent the Portfolio disposes of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalancing, any such dispositions typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires shares after the first day of a Target Outcome Period or disposes of shares prior to the end of a Target Outcome Period, the buffer that the Underlying ETF seeks to provide may not be available. If the Portfolio purchases Underlying ETF shares during a Target Outcome Period at a time when the Underlying ETF has decreased in value by 12% or 20% (as applicable) or more from the value of the Underlying ETF on the first day of the Target Outcome Period (the "Initial Underlying ETF Value"), the buffer protection received by the Portfolio from its investments in the Underlying ETF will essentially be zero (meaning the Portfolio can lose its entire investment). If the Portfolio purchases Underlying ETF shares at a time when the Underlying ETF has decreased in value by less than 12% or 20% (as applicable) from the Initial Underlying ETF Value, the Underlying ETF's buffer protection received by the Portfolio from its investments in the Underlying ETF will be reduced by the difference between the Initial Underlying ETF Value and the NAV of the Underlying ETF on the date the Portfolio purchases the shares.

**Cap Change Risk.** A new cap for an Underlying ETF is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

**Capped Upside Risk.** Each Underlying ETF's strategy seeks to provide returns that match the price return of SPY for shares acquired on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires Underlying ETF shares after the first day of a Target Outcome Period and the Underlying ETF has risen in value to a level near or at the cap (because the Portfolio's potential gain will be limited to the difference between the Underlying ETF's NAV on the date the Portfolio purchases Underlying ETF shares and the cap), there may be little or no ability for the Portfolio to experience an investment gain on those Underlying ETF shares; however, the Portfolio will remain vulnerable to downside risks. This could be true for all of the Underlying ETFs held by the Portfolio at a certain point in time severely limiting the Portfolio's ability to participate in gains during that time. If SPY experiences gains during a Target Outcome Period, an Underlying ETF will not participate in those gains beyond the cap. If the Portfolio buys Underlying ETF shares when the price exceeds the cap, the Portfolio will not experience any gain in respect of those Underlying ETF shares regardless of the performance of SPY.

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**Counterparty Risk.** Underlying ETF transactions involving a counterparty (including derivatives) are subject to the risk that the counterparty will not fulfill its obligation to the Underlying ETF. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Underlying ETF. The Underlying ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Underlying ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Underlying ETF could suffer significant losses.

**Equity and Equity-Related Securities Risk**. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Exchange-Traded Funds (ETF) Risk**. An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

**FLEX Options Risk.** The Underlying ETFs invest in FLEX Options. When an Underlying ETF purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Underlying ETF were permitted to expire without being sold or exercised, its premium would represent a loss to the Underlying ETF. To the extent that the Underlying ETF writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Underlying ETF, and, in turn, the Portfolio could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid trading market will exist for the FLEX Options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options, Underlying ETF shares, and, in turn, Portfolio shares and result in the Portfolio being unable to achieve its investment objective.

**FLEX Options Trading Risk.** Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, the Underlying ETF's counterparty is the OCC, rather than a bank or broker. Since the Underlying ETF is not a member of the OCC and only members ("clearing members") can participate directly in the OCC, the Underlying ETF will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Underlying ETF will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's

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proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by the Underlying ETF with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of the Underlying ETF's clearing member. There is a risk that the assets of the Underlying ETF might not be fully protected in the event of a clearing member's default and the Underlying ETF would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. Therefore, the Underlying ETF could experience significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of the Underlying ETF.

**FLEX Options Valuation Risk.** The FLEX Options held by the Underlying ETFs will be exercisable at the strike price only on their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the SPY. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the SPY. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the SPY's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by an Underlying ETF typically do not increase or decrease at the same rate as the SPY's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Underlying ETF's NAV (and, in turn, the Portfolio's NAV) may not increase or decrease at the same rate as the SPY's share price.

**Fund of Funds Risk**. In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

**Large Capitalization Companies Risk.** SPY invests in the securities of large capitalization companies. Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Underlying ETF's, and, in turn, the Portfolio's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

**Large Shareholder and Large Scale Redemption Risk.** Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Portfolio's shares. There is no requirement that these entities maintain their investment in the Portfolio. There is a risk that such large shareholders or that the Portfolio's shareholders generally may redeem all or a substantial portion of their investments in the Portfolio in a short period of time, which could have a significant negative impact on the Portfolio's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders subject to tax on distributions from the Portfolio, such as Participating Insurance Companies, and impact the Portfolio's ability to implement its investment strategy. The Portfolio's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Portfolio may invest a larger portion of its assets in cash or cash equivalents.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs,

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environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**New/Small Portfolio Risk.** The Portfolio recently commenced operations and has a limited operating history. As a new and relatively small fund, the Portfolio's performance may not represent how the Portfolio is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Portfolio is new, an active secondary market for the shares of the Portfolio may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Portfolio, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Portfolio shares. These large shareholders may also loan or sell all or a portion of their Portfolio shares, which may result in increasing concentration of Portfolio shares in a small number of holders, and the potential for large redemptions, decreases in Portfolio assets and increased expenses for remaining shareholders.

**Portfolio Turnover Risk**. A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

**Target Outcome Period Risk.** Each Underlying ETF's investment strategy is designed to deliver returns that match the price return of SPY if shares are bought on the day on which the Underlying ETF enters into the FLEX Options (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to the cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event the Portfolio acquires shares of an underlying ETF after the first day of a Target Outcome Period or disposes of shares prior to the expiration of the Target Outcome Period, the value of the Portfolio's investment in Underlying ETF shares may not be buffered against a decline in the value of SPY and may not participate in a gain in the value of SPY for the Portfolio's investment period.

**Underlying ETF and SPY Risk.** The value of an investment in the Portfolio will be related, to a degree, to the investment performance of the Underlying ETFs, and, in turn, SPY. Therefore, the principal risks of investing in the Portfolio are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETFs will also expose the Portfolio to a pro rata portion of the Underlying ETFs' fees and expenses. The fluctuating value of the FLEX Options will affect the Underlying ETFs' value, and, in turn, Portfolio's value.

The Portfolio intends to generally rebalance its portfolio to equal weight (i.e., 8 <sup>1</sup>∕3% per Underlying ETF) quarterly, in connection with the reset of each Underlying ETF. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Portfolio having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Portfolio's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures.

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**Past Performance.** No performance history is presented for this Portfolio, because it does not yet have a full calendar year of performance.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Quantitative Solutions LLC | Marco Aiolfi, PhD | Managing Director | June 2025 |
|  |  | John Hall, CFA | Principal | June 2025 |
|  |  | Lorne Johnson, PhD | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| June 2025 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 20 PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek capital appreciation.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**<sup>(1)</sup> <br>|  |  |
|  | **Class I Shares\*** | **Class III Shares** |
| Management Fees | 0.50% | 0.50% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Administration Fees |  |  |
| + Other Expenses | 71.34% | 71.34% |
| + Acquired Fund Fees and Expenses | 0.43% | 0.43% |
| = Total Annual Portfolio Operating Expenses | 72.27% | 72.52% |
| -Fee Waiver and/or Expense Reimbursement | (71.67)% | (71.67)% |
| =Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.60% | 0.85% |

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\* Only Class III shares are currently offered for sale. The Portfolio may commence offering Class I shares at a later date.

<sup>(1)</sup> Other Expenses and Total Annual Portfolio Operating Expenses have been restated to reflect current expenses and current fee waivers and/or reimbursement. Any differences in total annual operating expenses shown in the table above and the corresponding expense ratio in the Portfolio's Financial Highlights are attributable to Acquired Fund Fees and Expenses, which are not required to be disclosed in the Portfolio's Financial Highlights, the restatement of expenses to reflect current expenses, and current fee waivers and/or expense reimbursement.

<sup>(2)</sup> The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its investment management fee equal to the amount of acquired expenses as a result of investment in the affiliated Underlying ETFs. The Manager has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee (after management fee waiver) and other expenses (exclusive of certain expenses as described more fully in the Trust's Statement of Additional Information) do not exceed 0.60% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio Class I Shares | $61 | $6707 | $7419 | $7504 |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio Class III Shares | $87 | $6715 | $7414 | $7496 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 32% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure while attempting to limit downside risk through a "laddered portfolio" of twelve PGIM S&P 500 Buffer 20 ETFs (the "Underlying ETFs"). The Underlying ETFs seek to provide investors with limited protection against a decline in the U.S. large-cap equity market, with an upside cap on capital appreciation in that market, over a specific period.

The term "laddered portfolio" refers to the Portfolio's investment in a series of Underlying ETFs that have target outcome period expiration dates which occur on a rolling, or periodic, basis. The rolling or "laddered" nature of the investments in the Underlying ETFs is intended to create diversification during the investment time period over which an Underlying ETF must be held to achieve its target outcome compared to the risk of acquiring or disposing of any one Underlying ETF at any one time. This diversification is intended to mitigate the risk of failing to benefit from the buffer of a single Underlying ETF due to the timing of investment in that Underlying ETF and the relative price of the reference asset or having limited or no upside potential remaining because of the cap of a single Underlying ETF. The Portfolio's laddered approach is intended to allow the Portfolio to continue to benefit from increases in the value of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("SPY") and to provide a level of downside protection for at least a portion of the Portfolio's portfolio at any given time. Depending on when the Portfolio acquires shares of an Underlying ETF, even with a laddered approach, the cap and/or buffer of an Underlying ETF may be exhausted unless the Portfolio acquires shares at the beginning of a Target Outcome Period (as defined below). Shares may be purchased at any time during the Target Outcome Period, and the Portfolio does not typically buy shares at the beginning of the Target Outcome Period.

**Unlike the Underlying ETFs, the Portfolio itself does not pursue a target outcome strategy and therefore will not have a defined outcome. The buffer is only provided by the Underlying ETFs and the Portfolio itself does not provide any stated buffer against losses. The Portfolio likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Portfolio's returns are limited by the caps of the Underlying ETFs.** 

Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in exchange-traded funds that seek to provide buffered exposure to securities included in the S&P 500 Index. Under normal market conditions, the Portfolio invests substantially all of its assets in the Underlying ETFs, generally in equal weights. The Underlying ETFs seek to provide investors with returns that match the price return of SPY, up to a predetermined upside cap, while providing a downside buffer (before fees and expenses) against the first 20% of SPY losses, generally over a one-year Target Outcome Period. The Portfolio and each Underlying ETF are advised by PGIM Investments LLC and subadvised by PGIM Quantitative Solutions LLC. SPY is an exchange-traded unit investment trust that invests in as many of the stocks in the S&P 500<sup>®</sup> Index as is practicable. PDR Services, LLC ("PDR") serves as SPY's sponsor. As of its most recent prospectus, the investment objective of SPY is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500<sup>®</sup> Index.

The Underlying ETFs invest substantially all of their assets in customized equity or index option contracts known as FLexible EXchange<sup>®</sup> Options ("FLEX Options") on the SPY. FLEX Options trade on an exchange, but provide investors with the ability to customize key contract terms like expiration date, option type (put or call), exercise style, strike price, premium, trading hours and exercise settlement, among others. Each Underlying ETF uses FLEX Options to employ a "target outcome strategy." Target outcome strategies seek to produce a targeted range of potential returns based upon the performance of an underlying security or index (in this case, SPY). The target outcomes sought by the

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Underlying ETFs, which include a buffer against the first 20% (before fees and expenses) of SPY losses and a cap on upside potential, are based on the price return of SPY over an approximate one-year period beginning on the first day of the month for which each Underlying ETF is named and ending on the day before the one-year anniversary (the "Target Outcome Period") , although certain Underlying ETFs may have a shorter Target Outcome Period during their first year of operations. Each Underlying ETF establishes a new cap annually at the beginning of each Target Outcome Period.

At the end of each Target Outcome Period, an Underlying ETF's FLEX Options are generally allowed to expire or are sold at or near their expiration, and the proceeds are used to purchase (or roll into) a new set of FLEX Options expiring in approximately one year. This means that approximately every 30 days, one of the Underlying ETFs will undergo a "reset" of its cap and a refresh of its buffer. At any given time, the Portfolio will generally hold one Underlying ETF with FLEX Options expiring within one month, a second Underlying ETF with FLEX Options expiring within two months, a third Underlying ETF with FLEX Options expiring within three months, continuing this series up to and including twelve months. The rolling or "laddered" nature of the investments in the Underlying ETFs creates diversification of the investment time period and market level (meaning the price of SPY at any given time) compared to the risk of holding only a single Underlying ETF for its Target Outcome Period and bearing the risks associated with a specific time period. Because the Portfolio typically will not acquire shares of the Underlying ETFs on the first day of a Target Outcome Period and may dispose of shares of the Underlying ETFs before the end of the Target Outcome Period, the Portfolio may experience investment returns that are very different from those that the Underlying ETFs seek to provide. If an Underlying ETF has experienced certain levels of either gains or losses since the beginning of its current Target Outcome Period, there may be little to no ability for the Portfolio to achieve gains or benefit from the buffer for the remainder of the Target Outcome Period of an Underlying ETF.

When an investor purchases shares of a single Underlying ETF, such investor's potential outcomes are limited by the Underlying ETF's stated cap and buffer over a defined time period (depending on when the shares were purchased). The Portfolio's laddered approach provides a diversified exposure to a series of the Underlying ETFs in a single investment. By owning a laddered portfolio of Underlying ETFs, the Portfolio expects to continue to benefit from any increases in the value of SPY (as caps are reset) and to provide a level of downside protection as buffers are refreshed on one of the Underlying ETFs every month based on the price of SPY at the time of the reset. This approach reduces the risk inherent in the Underlying ETFs of having the upside potential for an entire Target Outcome Period capped out in cases of rapid appreciation of SPY. It also mitigates the risk of failing to benefit from an individual Underlying ETF buffer in cases where SPY has depreciated below that specific buffer level. Approximately every 30 days, one of the Underlying ETFs will undergo a reset of its cap and a refresh of its buffer, meaning that investors will have the ability to benefit from any appreciation in SPY for future periods up to the respective caps of the Underlying ETFs and will have the benefit of the buffer for future periods. A laddered buffer portfolio can diversify timing risk, similar to how laddered bond portfolios seek to manage duration risks for investors.

The Portfolio intends only to acquire shares of Underlying ETFs in the secondary market and will not engage in any principal transactions with the Underlying ETFs. The Portfolio intends to generally rebalance its portfolio to equal weight (i.e., 8 <sup>1</sup>∕3% per Underlying ETF) quarterly. The Portfolio also will acquire and dispose of shares of Underlying ETFs in connection with cash flows related to creation and redemption activity of the Portfolio between quarterly rebalances. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Portfolio having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Portfolio's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures. If an over-weighted Underlying ETF underperforms the other Underlying ETFs, the Portfolio will experience returns that are inferior to those that would have been achieved if the Underlying ETFs were equally weighted.

More information about the Underlying ETFs, including the current list of Underlying ETFs in the Portfolio can be found at https://www.pgim.com/investments/etf-buffer-fund. *This reference to the website does not incorporate its contents into this prospectus.* 

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**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Buffered Loss Risk.** There can be no guarantee that the Portfolio will provide downside protection against SPY losses. The buffer is only provided by the Underlying ETFs and the Portfolio itself does not provide any stated buffer against losses. The Portfolio likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Portfolio does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. Each Underlying ETF's strategy seeks to deliver returns that match the price return of SPY (up to the cap), while limiting downside losses, if shares are bought on the first day of a Target Outcome Period and held until the end of that Target Outcome Period. To the extent the Portfolio acquires shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalancing, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, to the extent the Portfolio disposes of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalancing, any such dispositions typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires shares after the first day of a Target Outcome Period or disposes of shares prior to the end of a Target Outcome Period, the buffer that the Underlying ETF seeks to provide may not be available. If the Portfolio purchases Underlying ETF shares during a Target Outcome Period at a time when the Underlying ETF has decreased in value by 12% or 20% (as applicable) or more from the value of the Underlying ETF on the first day of the Target Outcome Period (the "Initial Underlying ETF Value"), the buffer protection received by the Portfolio from its investments in the Underlying ETF will essentially be zero (meaning the Portfolio can lose its entire investment). If the Portfolio purchases Underlying ETF shares at a time when the Underlying ETF has decreased in value by less than 12% or 20% (as applicable) from the Initial Underlying ETF Value, the Underlying ETF's buffer protection received by the Portfolio from its investments in the Underlying ETF will be reduced by the difference between the Initial Underlying ETF Value and the NAV of the Underlying ETF on the date the Portfolio purchases the shares.

**Cap Change Risk.** A new cap for an Underlying ETF is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

**Capped Upside Risk.** Each Underlying ETF's strategy seeks to provide returns that match the price return of SPY for shares acquired on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires Underlying ETF shares after the first day of a Target Outcome Period and the Underlying ETF has risen in value to a level near or at the cap (because the Portfolio's potential gain will be limited to the difference between the Underlying ETF's NAV on the date the Portfolio purchases Underlying ETF shares and the cap), there may be little or no ability for the Portfolio to experience an investment gain on those Underlying ETF shares; however, the Portfolio will remain vulnerable to downside risks. This could be true for all of the Underlying ETFs held by the Portfolio at a certain point in time severely limiting the Portfolio's ability to participate in gains during that time. If SPY experiences gains during a Target Outcome Period, an Underlying ETF will not participate in those gains beyond the cap. If the Portfolio buys Underlying ETF shares when the price exceeds the cap, the Portfolio will not experience any gain in respect of those Underlying ETF shares regardless of the performance of SPY.

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**Counterparty Risk.** Underlying ETF transactions involving a counterparty (including derivatives) are subject to the risk that the counterparty will not fulfill its obligation to the Underlying ETF. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Underlying ETF. The Underlying ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Underlying ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Underlying ETF could suffer significant losses.

**Equity and Equity-Related Securities Risk**. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Exchange-Traded Funds (ETF) Risk**. An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

**FLEX Options Risk.** The Underlying ETFs invest in FLEX Options. When an Underlying ETF purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Underlying ETF were permitted to expire without being sold or exercised, its premium would represent a loss to the Underlying ETF. To the extent that the Underlying ETF writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Underlying ETF, and, in turn, the Portfolio could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid trading market will exist for the FLEX Options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options, Underlying ETF shares, and, in turn, Portfolio shares and result in the Portfolio being unable to achieve its investment objective.

**FLEX Options Trading Risk.** Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, the Underlying ETF's counterparty is the OCC, rather than a bank or broker. Since the Underlying ETF is not a member of the OCC and only members ("clearing members") can participate directly in the OCC, the Underlying ETF will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Underlying ETF will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's

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proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by the Underlying ETF with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of the Underlying ETF's clearing member. There is a risk that the assets of the Underlying ETF might not be fully protected in the event of a clearing member's default and the Underlying ETF would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. Therefore, the Underlying ETF could experience significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of the Underlying ETF.

**FLEX Options Valuation Risk.** The FLEX Options held by the Underlying ETFs will be exercisable at the strike price only on their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the SPY. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the SPY. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the SPY's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by an Underlying ETF typically do not increase or decrease at the same rate as the SPY's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Underlying ETF's NAV (and, in turn, the Portfolio's NAV) may not increase or decrease at the same rate as the SPY's share price.

**Fund of Funds Risk**. In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

**Large Capitalization Companies Risk.** SPY invests in the securities of large capitalization companies. Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Underlying ETF's, and, in turn, the Portfolio's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

**Large Shareholder and Large Scale Redemption Risk.** Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Portfolio's shares. There is no requirement that these entities maintain their investment in the Portfolio. There is a risk that such large shareholders or that the Portfolio's shareholders generally may redeem all or a substantial portion of their investments in the Portfolio in a short period of time, which could have a significant negative impact on the Portfolio's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders subject to tax on distributions from the Portfolio, such as Participating Insurance Companies, and impact the Portfolio's ability to implement its investment strategy. The Portfolio's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Portfolio may invest a larger portion of its assets in cash or cash equivalents.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs,

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environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**New/Small Portfolio Risk.** The Portfolio recently commenced operations and has a limited operating history. As a new and relatively small fund, the Portfolio's performance may not represent how the Portfolio is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Portfolio is new, an active secondary market for the shares of the Portfolio may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Portfolio, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Portfolio shares. These large shareholders may also loan or sell all or a portion of their Portfolio shares, which may result in increasing concentration of Portfolio shares in a small number of holders, and the potential for large redemptions, decreases in Portfolio assets and increased expenses for remaining shareholders.

**Portfolio Turnover Risk**. A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

**Target Outcome Period Risk.** Each Underlying ETF's investment strategy is designed to deliver returns that match the price return of SPY if shares are bought on the day on which the Underlying ETF enters into the FLEX Options (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to the cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event the Portfolio acquires shares of an underlying ETF after the first day of a Target Outcome Period or disposes of shares prior to the expiration of the Target Outcome Period, the value of the Portfolio's investment in Underlying ETF shares may not be buffered against a decline in the value of SPY and may not participate in a gain in the value of SPY for the Portfolio's investment period.

**Underlying ETF and SPY Risk.** The value of an investment in the Portfolio will be related, to a degree, to the investment performance of the Underlying ETFs, and, in turn, SPY. Therefore, the principal risks of investing in the Portfolio are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETFs will also expose the Portfolio to a pro rata portion of the Underlying ETFs' fees and expenses. The fluctuating value of the FLEX Options will affect the Underlying ETFs' value, and, in turn, Portfolio's value.

The Portfolio intends to generally rebalance its portfolio to equal weight (i.e., 8 <sup>1</sup>∕3% per Underlying ETF) quarterly, in connection with the reset of each Underlying ETF. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Portfolio having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Portfolio's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures.

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**Past Performance.** No performance history is presented for this Portfolio, because it does not yet have a full calendar year of performance.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Quantitative Solutions LLC | Marco Aiolfi, PhD | Managing Director | June 2025 |
|  |  | John Hall, CFA | Principal | June 2025 |
|  |  | Lorne Johnson, PhD | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| June 2025 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF PGIM TOTAL RETURN BOND PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is a high level of income over a longer term while providing reasonable safety of capital.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.40% | 0.40% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.03% | 0.03% |
| = Total Annual Portfolio Operating Expenses | 0.43% | 0.68% |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF PGIM Total Return Bond Portfolio Class I Shares | $44 | $138 | $241 | $542 |
| PSF PGIM Total Return Bond Portfolio Class III Shares | $69 | $218 | $379 | $847 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 96% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in bonds.

The Portfolio normally invests at least 70% of its investable assets in investment grade debt obligations and high-quality money market investments. The Portfolio will normally invest in intermediate and long-term debt obligations, but will adjust the mix of its short-term, intermediate-term and long-term debt obligations in an attempt to benefit from price appreciation when interest rates go down and to incur smaller declines when interest rates go up. In addition, the Portfolio may also invest up to 30% of its assets in lower rated securities which are riskier and considered speculative (sometimes referred to as "junk bonds"). The Portfolio also may invest up to 20% of its total assets in debt securities issued outside the US by US or foreign issuers whether or not such securities are denominated in the US dollar. The Portfolio may invest in mortgage-related securities and asset-backed securities,

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including collateralized debt obligations (CDOs), collateralized loan obligations and other credit-related asset-backed securities. No more than 20% of the Portfolio's net assets may be invested in CDOs. Within this limitation, the Portfolio will primarily invest in CDOs rated AAA or AA by a major rating service.

The Portfolio may also enter into short sales against-the-box. No more than 25% of the Portfolio's net assets may be used as collateral or segregated for purposes of securing a short sale obligation.

The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC. The Portfolio may also invest up to 30% of its net assets in reverse repurchase agreements and dollar rolls.

In managing the Portfolio's assets, the Portfolio's subadviser, PGIM Fixed Income, uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread, and potential for price appreciation as well as credit quality, maturity and risk. The Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

**High Yield Risk**. Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special

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taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

**Asset-Backed and/or Mortgage-Backed Securities Risk**. Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

**Collateralized Debt Obligations (CDO) Risk:** The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Covenant-Lite Risk.** Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be "covenant-lite," which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio's exposure to losses may be increased, which could result in an adverse impact on the Portfolio's net income and net asset value.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

**Currency Risk.** Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

**Derivatives Risk**. A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index. The use of derivatives is a highly specialized activity that involves a variety of risks in addition to and greater than those associated with investing directly in securities, including the risk that: the party on the other side of a derivative transaction will be unable to

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**Dollar Roll Transactions Risk:** Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio.

**Equity and Equity-Related Securities Risk**. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Leverage Risk**. Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value), which may amplify the Portfolio's gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair

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value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Loan Risk.** A Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Portfolio Turnover Risk**. A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

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**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**Reverse Repurchase Agreement Risk:** Reverse repurchase agreements involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. The use of reverse repurchase agreements may exaggerate any increase or decrease in the value of a Portfolio's assets. The use of reverse repurchase agreements is a form of leverage because the proceeds derived from reverse repurchase agreements may be invested in additional securities.

**Short Sale Risk**. A short sale involves the risk that the price of a borrowed security will increase during the time the Portfolio has borrowed the security and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](img2733764e11.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 7.19% | &nbsp;&nbsp; 4th <br> Quarter <br> 2023<br>| -6.61% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2022<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF PGIM Total Return Bond Portfolio Class I Shares | 7.80% | 0.14% | 3.17% | - |  |
| PSF PGIM Total Return Bond Portfolio Class III Shares | 7.53% | N/A | N/A | 0.48% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or <br> taxes)<br>| 7.30% | -0.36% | 2.01% | 0.18%\* |  |

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<sup>\*</sup> Since Inception returns for the Index is measured from the month-end closest to the Portfolio's inception date.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Fixed Income\*; PGIM Limited | Robert Tipp, CFA | &nbsp;&nbsp; Managing Director, <br> Chief Investment <br> Strategist, and Head <br> of Global Bonds<br>| September 2002 |
|  |  | Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and Co-Head of PGIM <br> Fixed Income's <br> Multi-Sector Team<br>| February 2013 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| April 2014 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2023 |
|  |  | Tyler Thorn | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2023 |

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\*PGIM Fixed Income, an investment group of PGIM, Inc. is now known as PGIM Credit.

**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF SMALL-CAP STOCK INDEX PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is long-term growth of capital.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.35% | 0.35% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.03% | 0.03% |
| = Total Annual Portfolio Operating Expenses | 0.38% | 0.63% |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF Small-Cap Stock Index Portfolio Class I Shares | $39 | $122 | $213 | $480 |
| PSF Small-Cap Stock Index Portfolio Class III Shares | $64 | $202 | $351 | $786 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 28% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in all or a representative sample of the stocks in the Standard & Poor's Small Capitalization 600 Stock Index (S&P SmallCap 600 Index). As of January 31, 2026, the S&P SmallCap 600 Index stocks had a weighted average market capitalization of $4.068 billion and the largest

company by market capitalization had a capitalization of $9.948 billion. The Portfolio invests primarily in equity securities of publicly-traded companies with small market capitalizations. The Portfolio is not "managed" in the traditional sense of using market and economic analyses to select stocks. Rather, the holdings and weightings that comprise the Portfolio's assets are generally based on that of the Portfolio's secondary benchmark, the S&P SmallCap 600 Index.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any

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other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Small Sized Company Risk**. Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

**Index Tracking Risk.** The Portfolio's ability to track the performance and/or holdings and weightings of an index with a high degree of correlation may be affected by, among other things, transaction costs and shareholder purchases and redemptions.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

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**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio and an additional index that represents the market sectors in which the Portfolio primarily invests. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](img03f3659512.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 31.17% | &nbsp;&nbsp; 4th <br> Quarter <br> 2020<br>| -32.67% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF Small-Cap Stock Index Portfolio Class I Shares | 5.69% | 6.97% | 9.52% | - |  |
| PSF Small-Cap Stock Index Portfolio Class III Shares | 5.42% | N/A | N/A | 2.93% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 12.79%\* |  |
| S&P SmallCap 600 Index (reflects no deduction for fees, expenses or taxes) | 6.02% | 7.31% | 9.81% | 3.60%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes is measured from the month-end closest to the Portfolio's inception date.

**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Quantitative Solutions LLC | &nbsp;&nbsp; George N. Patterson, <br> PhD, CFA, CFP<br>| &nbsp;&nbsp; Managing Director, <br> Chief Investment <br> Officer<br>| November 2023 |
|  |  | Edward J. Lithgow, CFA | &nbsp;&nbsp; Principal, Portfolio <br> Manager<br>| May 2017  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Stacie Mintz, CFA | &nbsp;&nbsp; Managing Director, <br> Head of Quantitative <br> Equity<br>| February 2021 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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SUMMARY: PSF STOCK INDEX PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to achieve investment results that generally correspond to the performance of publicly-traded common stocks.

**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.

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| | | |
|:---|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**<sup>(1)</sup> <br>|  |  |
|  | **Class I Shares** | **Class III Shares** |
| Management Fees | 0.27% | 0.27% |
| + Distribution and/or Service Fees (12b-1 Fees) |  | 0.25% |
| + Other Expenses | 0.01% | 0.01% |
| = Total Annual Portfolio Operating Expenses | 0.28% | 0.53% |

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<sup>(1)</sup> Differences in the Total Annual Portfolio Operating Expenses shown in the table above and in the Portfolio's Financial Highlights are attributable to a voluntary fee and/or expense waiver arrangement, which is not reflected in the table above.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| PSF Stock Index Portfolio Class I Shares | $29 | $90 | $157 | $356 |
| PSF Stock Index Portfolio Class III Shares | $54 | $170 | $296 | $665 |

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**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 Portfolio's most recent fiscal year ended December 31, the Portfolio's portfolio turnover rate was 2% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** In pursuing its investment objective, the Portfolio normally invests at least 80% its assets (net assets plus any borrowings made for investment purposes) in common stocks of companies that comprise the S&P 500 Index. The Portfolio will attempt to remain as fully invested in the S&P 500 Index stocks as possible in light of cash flow into and out of the Portfolio. The subadviser aims to hold the same security composition as the S&P 500 Index, with the exception of Prudential Financial stock.

Under normal conditions, the subadviser aims to replicate the S&P 500 Index in proportion to their weighting in the S&P 500 Index. The S&P 500 Index is a market-weighted index, which represents more than 70% of the market value of all publicly-traded common stocks. The Portfolio is not "managed" in the traditional sense of using market and economic analyses to select stocks. Rather, the portfolio managers generally purchase stocks in proportion to their weighting in the S&P 500 Index.

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The Portfolio may invest in derivatives, such as futures, options, swaps and swap options, to seek to enhance returns, manage exposure, or for cash management purposes. The use of derivatives may not be successful, and there is no guarantee that the instruments necessary to implement these investments will be available or that the Portfolio will not lose money.

**Principal Risks of Investing in the Portfolio.** The risks summarized below are the principal risks of investing in the Portfolio. The relative significance of the risks summarized below may change over time. All investments have risks to some degree, and it is possible that you could lose money by investing in the Portfolio. An investment in the Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolio makes every effort to achieve its objective, the Portfolio cannot guarantee success. To the extent the Portfolio invests in underlying investment companies or other underlying portfolios, the Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Index Tracking Risk.** The Portfolio's ability to track the performance and/or holdings and weightings of an index with a high degree of correlation may be affected by, among other things, transaction costs and shareholder purchases and redemptions.

**Expense Risk**. The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

**Liquidity and Valuation Risk**. The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

**Market and Management Risk**. Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil

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instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its service providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

**Regulatory Risk**. The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for 1, 5, and 10 years compare with those of a broad-based securities market index that reflects the performance of the overall market applicable to the Portfolio. Past performance does not mean that the Portfolio will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of expenses and do not include Contract charges. If Contract charges were included, the returns shown would have been lower than those shown. Consult your Contract prospectus for information about Contract charges.

Annual return information in the bar chart is provided only for Class I shares. Because all of the Portfolio's shares are invested in the same portfolio of securities, annual returns for Class III shares would be lower because Class III shares do not have the same expenses as Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](imgc3703d0413.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 20.51% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -19.67% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>|

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**Average Annual Total Returns (For the periods ended December 31, 2025)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| PSF Stock Index Portfolio Class I Shares | 17.56% | 14.09% | 14.51% | - |  |
| PSF Stock Index Portfolio Class III Shares | 17.27% | N/A | N/A | 12.14% | *4-26-2021* |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 12.79%\* |  |

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<sup>\*</sup> Since Inception returns for the Index is measured from the month-end closest to the Portfolio's inception date.

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | PGIM Quantitative Solutions LLC | &nbsp;&nbsp; George N. Patterson, <br> PhD, CFA, CFP<br>| &nbsp;&nbsp; Managing Director, <br> Chief Investment <br> Officer<br>| November 2023 |
|  |  | Edward J. Lithgow, CFA | &nbsp;&nbsp; Principal, Portfolio <br> Manager<br>| May 2017 |
|  |  | Stacie Mintz, CFA | &nbsp;&nbsp; Managing Director, <br> Head of Quantitative <br> Equity<br>| February 2021 |

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**TAX INFORMATION**

Contract owners should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. 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 US federal, state and local and non-US taxes. The Portfolio currently intends to be treated as a partnership for US 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 US 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 Participating 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.

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ABOUT THE TRUST

**About the Trust and Its Portfolios** 

This Prospectus provides information about The Prudential Series Fund (the Trust) and its separate Portfolios. The Portfolios of the Trust, which are discussed in this Prospectus, are identified on the front cover and in the table of contents. Each Portfolio, except for PSF PGIM Ballast Portfolio, is a diversified investment company as defined by the Investment Company Act of 1940, as amended (the 1940 Act), unless otherwise noted. The PSF PGIM Ballast Portfolio is a non-diversified investment company as defined by the 1940 Act.

PGIM Investments LLC (PGIM Investments or the Manager), an indirect, wholly-owned subsidiary of Prudential Financial, Inc. (Prudential Financial), serves as overall manager for the Trust. Prudential Financial, which is incorporated in the United States, has its principal place of business in the United States. Neither Prudential Financial nor any of its subsidiaries are affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

The Manager has retained one or more subadvisers (each, a Subadviser) to manage the day-to-day investment of the assets of each Portfolio in a "manager-of-managers" structure. More information about the Manager, each Subadviser, and the "manager-of-managers" structure is included in "How the Trust is Managed" later in this Prospectus.

Each Portfolio of the Trust may offer Class I shares and certain Portfolios of the Trust also offer Class II and/or Class III shares. As of the date of this Prospectus, only Class III shares of the PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio and PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio are being offered. Class I shares are not currently available for purchase and may be offered at a later date. In addition, as of the date of this Prospectus, only Class I shares of the PSF PGIM Ballast Portfolio are being offered. Class III shares are not currently available for purchase and may be offered at a later date.

As of the date of this Prospectus, Class I and Class III shares are sold to separate accounts of insurance companies affiliated with Prudential Financial, including but not limited to The Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey (collectively, Prudential) as investment options under variable life insurance and variable annuity contracts (the Contracts). As of the date of this Prospectus, Class I shares may also be sold to separate accounts of insurance companies not affiliated with Prudential Financial. Class II shares are offered only to separate accounts of non-Prudential insurance companies for the same types of Contracts. Shares of each of the Portfolios may be sold directly to certain qualified retirement plans. The insurance companies reference above are referred to collectively as, the Participating Insurance Companies.

Additional information about each Portfolio is set forth in the following sections, and is also provided in the Statement of Additional Information (SAI).

**Not every Portfolio is available under every Contract.** The prospectus for each Contract lists the Portfolios currently available through that Contract.

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MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS INVEST

**Investment Objectives & Policies** 

In addition to each Portfolio's summary section, each Portfolio's investment objective and policies are described in more detail on the following pages. Certain investment instruments that appear in bold lettering below are described in the section entitled *More Detailed Information About Other Investments and Strategies Used by the Portfolios*.

Although the Portfolios make every effort to achieve their investment objectives, there can be no guarantee of success and it is possible that you could lose money by investing in the Portfolios. Each Portfolio's investment objective is a non-fundamental investment policy and, therefore, may be changed by the Board of Trustees without shareholder approval. A Portfolio will provide written notice to shareholders prior to, or concurrent with, any such change as required by applicable law.

*An investment in a Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.* 

The Portfolios have investment strategies and policies that include percentage estimates and limitations. Those percentages are generally applied at the time the Portfolio makes an investment. As a result, a Portfolio generally may continue to hold positions that met a particular investment policy or limitation at the time the investment was made but subsequently do not meet the investment policy or limitation. A Portfolio may have a policy to invest at least 80% of its assets in a particular category of investments suggested by the name of the Portfolio. For any Portfolio that is subject to Rule 35d-1 under the 1940 Act, this 80% policy relates to the Portfolio's net assets plus borrowings, if any, for investment purposes. The 80% requirement is applied at the time the Portfolio makes an investment. These 80% policies are non-fundamental and may be changed by the Board without shareholder approval. A Portfolio, however, will provide 60 days' prior written notice to shareholders of any change in an 80% policy based on the Portfolio's name if required by applicable rules.

A change in the securities held by a Portfolio is known as "portfolio turnover." A Portfolio may engage in active and frequent trading to try to achieve its investment objective and may have a portfolio turnover rate of over 100% annually. Increased portfolio turnover may result in higher brokerage fees or other transaction costs, which can reduce performance. The Financial Highlights tables at the end of this Prospectus show each Portfolio's portfolio turnover rate during the past five fiscal years.

*Temporary Defensive Investments.* In response to adverse or unstable market, economic, political, or other conditions or to satisfy redemptions, each 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 US 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. Investing heavily in these securities may limit a Portfolio's ability to pursue or achieve its investment objective and could reduce the benefit to the Portfolio from any upswing in the market, but can help to preserve the value of the Portfolio's assets during adverse or unstable environments. In addition, to the extent not otherwise permitted, each Portfolio may temporarily invest up to 10% of its assets in exchange-traded funds (ETFs) during stressed and/or volatile market conditions. The use of temporary defensive investments may be inconsistent with a Portfolio's investment objective.

**PSF Global Portfolio** 

**Investment Objective:** long-term growth of capital.

**Principal Investment Policies:** The Portfolio normally invests in equity and equity related securities in an allocation that is substantially similar to the composition of the Portfolio's benchmark, the MSCI World Index (GD) (the Index). Equity and equity-related securities include common and preferred stock, other investment companies, (including

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exchange-traded funds (ETFs)), securities convertible into common stock, securities having common stock characteristics, futures contracts and other derivative instruments whose value is based on common stock, such as rights, warrants or options to purchase common stock.

In selecting investments for the assets of the Portfolio, PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), the subadviser to the Portfolio, utilizes a global, core equity strategy that seeks to outperform the benchmark Index while maintaining low tracking error relative to that Index. PGIM Quantitative Solutions employs an active, systematic stock selection process that focuses on a company's intrinsic worth, and seeks to build a diversified portfolio of attractive stocks utilizing a proprietary risk framework that minimizes uncompensated risk.

In addition to direct investments in equity and equity related securities, the remainder of the Portfolio will invest in varying combinations of other pooled investment vehicles, including, open-end or closed end investment companies, ETFs, and unit investment trusts (collectively referred to as underlying portfolios). The underlying portfolios may or may not be affiliated with the Manager.

The selection of specific combinations of underlying portfolios for the Portfolio are determined by the Manager. The Manager 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.

**PSF PGIM 50/50 BALANCED PORTFOLIO** 

**Investment objective:** to seek a total investment return consistent with a conservatively managed diversified portfolio.

**Principal Investment Policies:** The Portfolio invests in a mix of equity and equity-related securities, debt obligations and money market instruments. The percentage of the Portfolio's assets in each category is adjusted depending on expectations regarding the different markets.

Under normal market conditions, the Portfolio typically invests approximately 50% of its assets in equity and equity-related securities (with a range of 15% to 75%) and approximately 50% of its assets in debt obligations and money market instruments (with a range of 25% to 85%). The percentage of Portfolio assets in each category is adjusted depending on the Portfolio's expectation regarding the different markets. The equity portion of the Portfolio is generally managed as an index fund, designed to perform similarly to the holdings of the S&P 500 Index. For more information about the index and index investing, see the investment summary for PSF Stock Index Portfolio included in this prospectus.

In managing the debt segment of the Portfolio's assets, PGIM Fixed Income uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into PGIM Fixed Income's bottom-up research which informs security selection. In its bottom-up research, PGIM Fixed Income develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer, which include a review of the composition of revenue, profitability, cash flow margin, and leverage.

PGIM Fixed Income may also consider factors such as yield, spread, and potential for price appreciation as well as credit quality, maturity and risk. The Portfolio may invest in a security based upon the expected total return rather than the yield of such security. PGIM Fixed Income may also utilize proprietary quantitative tools to support relative value trading and asset allocation for portfolio management as well as various risk models to support risk management.

Debt securities are basically written promises to repay a debt. There are numerous types of debt securities which vary as to the terms of repayment and the commitment of other parties to honor the obligations of the issuer. Most of the securities in the debt portion of this Portfolio will be rated "investment grade." This means major rating services, like S&P Global Ratings (S&P), Moody's Investors Service, Inc. (Moody's), or Fitch Ratings, Inc. (Fitch), have rated the

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securities within one of their four highest rating categories. The Portfolio also invests in high-quality money market instruments. The Portfolio may invest without limitation in debt obligations issued or guaranteed by the US Government and government-related entities. Examples of debt securities that are backed by the full faith and credit of the US Government are Treasury Inflation Protected Securities and obligations of the Government National Mortgage Association (Ginnie Mae). In addition, the Portfolio may invest in US Government securities issued by other government entities, like the Federal National Mortgage Association (Fannie Mae) and the Student Loan Marketing Association (Sallie Mae) which are not backed by the full faith and credit of the US Government. Instead, these issuers have the right to borrow from the US Treasury to meet their obligations. The Portfolio may also invest in the debt securities of other government-related entities, like the Farm Credit System, which depend entirely upon their own resources to repay their debt.

PGIM Fixed Income may invest, under normal circumstances, at least 80% of the fixed income portion of the Portfolio in intermediate and long-term debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser, and high-quality money market instruments. Likewise, PGIM Fixed Income may invest up to 20% of the fixed income portion of the Portfolio in high yield debt securities rated BB+ or lower by S&P or Ba1 or lower by Moody's or comparably rated by another nationally recognized statistical rating organization ("NRSRO") at the time they are purchased (commonly known as "junk bonds"). These high yield or junk bonds are riskier than investment grade securities and are considered speculative. The Portfolio may also invest in instruments that are not rated, but which PGIM Fixed Income believes are of comparable quality to the instruments described above.

The Portfolio may invest up to 30% of its total assets in foreign equity and debt securities that are not denominated in the US dollar. Up to 20% of the Portfolio's total assets may be invested in debt securities that are issued outside the US by foreign or US issuers, provided the securities are denominated in US dollars. For these purposes, the Portfolio does not consider ADRs as foreign securities.

PGIM Fixed Income may also invest in fixed and floating rate loans (secured or unsecured) arranged through private negotiations between a corporation which is the borrower and one or more financial institutions that are the lenders. Generally, these types of investments are in the form of loans or assignments.

The Portfolio's investment in debt securities may include investments in mortgage-related securities and asset-backed securities. Up to 20% of the fixed income portion of the Portfolio may also be invested in Collateralized Debt Obligations (CDOs), including collateralized loan obligations (CLOs), and other credit-related asset-backed securities.

The Portfolio may also invest in convertible debt warrants and convertible and non-convertible preferred stock of any rating. The Portfolio will not acquire any common stock except by converting a convertible security or exercising a warrant or through a restructuring. No more than 10% of the Portfolio's total assets will be held in common stocks, and those will usually be sold as soon as a favorable opportunity arises. The Portfolio may lend its portfolio securities to brokers, dealers and other financial institutions to earn income.

The Portfolio may also pursue the following types of investment strategies and/or invest in the following types of securities:

■

Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

■

Purchase and sell ETFs.

■

Forward foreign currency exchange contracts.

■

Purchase securities on a when-issued or delayed-delivery basis.

■

Short sales. No more than 25% of the Portfolio's net assets may be used as collateral or segregated for purposes of securing a short sale obligation. The Portfolio may also enter into short sales against-the-box.

■

Credit-linked securities, which may be linked to one or more underlying credit default swaps. No more than 5% of the Portfolio's assets may be invested in credit-linked securities.

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■

Repurchase Agreements. The Portfolio may participate with certain other Portfolios of the Trust and other affiliated funds in a joint repurchase account under an order obtained from the SEC.

■

Equity and/or debt securities issued by Real Estate Investment Trusts (REITs).

■

Reverse repurchase agreements and dollar rolls in the management of the fixed income portion of the Portfolio. The Portfolio will not use more than 30% of its net assets in connection with reverse repurchase transactions and dollar rolls.

■

Illiquid investments.

Depending on the amount of its investment in securities identified in this section, the Portfolio's risk profile may be lower or higher than peer funds that invest in such securities. PGIM Fixed Income takes into account the effect of such investments on the Portfolio's risk profile when choosing to invest in such securities.

The equity portion of the Portfolio is managed by PGIM Quantitative Solutions, and the fixed income and money market portions of the Portfolio are managed by PGIM Fixed Income.

**PSF PGIM Ballast Portfolio** 

**Investment Objective:** to seek long term capital growth with reduced volatility compared to equity market.

**Principal Investment Policies:** The Portfolio seeks to participate in the upside returns of the stock market while limiting volatility and downside losses. The Portfolio seeks to limit volatility primarily through the use of options strategies designed to buffer downside risk, reduce the impact of equity market drawdowns, and smooth return patterns across market cycles. In seeking to achieve the Portfolio's investment objective, the Portfolio seeks to reduce volatility over the course of a full market cycle as compared to the equity market, which the Portfolio defines as the S&P 500<sup>®</sup> Index. The Portfolio's strategy is designed to provide participation in the equity markets during periods in which the market is rising while limiting losses in periods of market downturn.

The Portfolio will generally seek to gain exposure to the stock market through listed options on the S&P 500<sup>®</sup> Index (SPX) or SPDR<sup>®</sup> S&P 500 ETF (SPY), and through S&P 500<sup>®</sup> Index futures contracts, while simultaneously holding investments in U.S. Treasuries, U.S. Treasury futures contracts, and cash and cash equivalents to provide fixed income exposure. The Portfolio will invest in nonstandard SPX or SPY options that allow the subadviser to select terms including expiration date, option type (put or call), exercise style (American or European), strike price, premium, trading hours and exercise settlement (A.M. or P.M.-settled), among others. The Portfolio may also invest in other ETFs or mutual funds to gain exposure to equity or fixed income securities. In selecting mutual funds and ETFs, the Portfolio considers factors such as the Portfolio's investment strategy, cost, liquidity, performance history, and how well the mutual fund or ETF complements the Portfolio's overall allocation. There are no limits on the amount of assets the Portfolio can invest in equity or fixed income investments, or investments that provide exposure to the same, however, under normal market conditions the subadviser expects to invest up to 35% of the Portfolio's total assets in investments that provide exposure to the equities markets and up to 90% of the Portfolio's total assets in fixed income investments and investments that provide exposure to fixed income.

The Portfolio seeks to capture 60% of the performance of the S&P 500 on average in appreciating equity markets and to capture 30% of the performance of the S&P 500 on average in declining equity markets over a market cycle. Market cycle is defined as a period approximately from an equity market peak to bottom and back to peak again that typically aligns with the business cycle. The Portfolio seeks to meet these objectives through strategic portfolio design as well as active portfolio management. The Portfolio holds long dated S&P 500 FLEX options that provide upside participation in rising equity markets and a floor on downside participation in declining equity markets (e.g., the option premium). The call options are complemented in the portfolio with exposure to U.S. Treasuries and Treasury futures which provide diversification to the equity exposure. The subadviser actively monitors and periodically rebalances both the equity and fixed income exposures in response to changing market conditions with the goal of capturing upside gains and limiting downside losses. When determining the allocation and when to rebalance, the subadviser takes into account, among other factors: interest rates, the portfolio's equity exposure, the percentage of the portfolio invested in options, the current level of the S&P 500<sup>®</sup> Index, the volatility of S&P 500<sup>®</sup> Index options, bond and dividend yields, the delta of the portfolio's options positions (which is a measure of the sensitivity of the

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portfolio's option prices to changes in price of the S&P 500<sup>®</sup> Index), and time to maturity of the options. The subadviser also considers internal research generated by its asset allocation team when evaluating the relative attractiveness of equity versus fixed income exposure. In selecting investments for the Portfolio, the subadviser will evaluate overall investment opportunities and risks among the types of investments the Portfolio may hold.

The Portfolio may invest in other derivative instruments, including futures, forwards, options, swaps, and options on swaps, to try to enhance return or to try to reduce ("hedge") investment risks.

The Portfolio engages in active trading—that is, frequent trading of its securities—in order to take advantage of new investment opportunities. The Portfolio expects to be more heavily involved in active trading during periods of market volatility seeking to preserve gains or limit losses.

The Portfolio is "non-diversified" for purposes of the 1940 Act, which means that it can invest a greater percentage of its assets in fewer issuers than a "diversified" fund.

***Derivative Strategies*** 

Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, indices or currencies. The Portfolio will use various derivative strategies as part of the Portfolio's investment strategy. The subadviser may also use hedging techniques to try to protect the Portfolio 's assets. A derivative contract will obligate or entitle the Portfolio to deliver or receive an asset or cash payment based on the change in value of one or more investments, indices or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties (these are known as "over-the-counter" derivatives). The Portfolio may be limited in its use of derivatives by rules adopted by the SEC governing derivatives transactions.

*Futures Contracts and Options*. The Portfolio may purchase and sell financial futures contracts and related options on financial futures. A futures contract is an agreement to buy or sell a set quantity of an underlying asset at a future date, or to make or receive a cash payment based on the value of a securities index, or some other asset, at a stipulated future date. The terms of futures contracts are standardized. In the case of a financial futures contract based upon a broad index, there is no delivery of the securities comprising the underlying index, margin is uniform, a clearing corporation or an exchange is the counterparty and the Portfolio makes daily margin payments based on price movements in the index. An option gives the purchaser the right to buy or sell securities or currencies, or other assets, or in the case of an option on a futures contract, the right to buy or sell a futures contract in exchange for a premium on or before a specific date (the "expiration date").

A call option gives the purchaser the right to buy the underlying asset at the exercise price on or before the expiration date, while a put option gives the purchaser to sell the underlying asset at the exercise price on or before the expiration date. An American Style option generally means that the purchaser can exercise the option at any time on or before the expiration date, while a European style option can only be exercised on the expiration date. A.M.-settled options expire in the morning, while P.M.-settled options expire at the close of trading. Physically settled options require delivery of the actual underlying asset, while cash-settled options require only payment of the value of the option at expiration. The Portfolio has flexibility to invest in different types of options, including different types of options on the S&P 500<sup>®</sup> Index.

*Options on Securities and Financial Indices.* The Portfolio may purchase and sell put and call options on securities, and financial indices traded on U.S. or non-U.S. securities exchanges, on NASDAQ or in the over-the-counter market. An option gives the purchaser the right to buy or sell securities in exchange for a premium.

***U.S. Government and Agency Securities*** 

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The Portfolio may invest in securities issued or guaranteed by the U.S. Government or by an agency or instrumentality of the U.S. Government. Some U.S. Government securities are backed by the full faith and credit of the United States, which means that payment of principal and interest is guaranteed but market value is not.

***Money Market Instruments*** 

The Portfolio may hold cash and/or invest in money market instruments, including commercial paper of a U.S. or non-U.S. company, non-U.S. government securities, certificates of deposit, bankers' acceptances, time deposits of domestic and non-U.S. banks, and obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities. These obligations may be U.S. dollar-denominated or denominated in a non-U.S. currency. Money market instruments typically have a maturity of one year or less as measured from the date of purchase.

***Short Sales*** 

The Portfolio may make short sales of a security. This means that the Portfolio may sell a security that it does not own, which it may do, for example, when the subadviser thinks the value of the security will decline. The Portfolio generally borrows the security to deliver to the buyers in a short sale. The Portfolio must then replace the borrowed security by purchasing it at the market price at the time of replacement. The Portfolio may make short sales "against the box." In a short sale against the box, at the time of sale, the Portfolio owns or has the right to acquire the identical security at no additional cost through conversion or exchange of other securities it owns.

***Investments in Affiliated and Unaffiliated Funds*** 

The Portfolio may invest its assets in affiliated or unaffiliated funds, including exchange-traded funds. Such an investment could also allow the Portfolio to obtain the benefits of a more diversified portfolio available in the funds than might otherwise be available through direct investments in those asset classes, and will subject the Portfolio to the risks associated with the particular asset class. The investment results of the portions of the Portfolio's assets invested in the other funds will be based on the investment results of the other funds. As a shareholder in other funds, the Portfolio will pay its proportional share of the expenses of the other funds. The Portfolio can invest its free cash balances in short-term bond funds and/or money market funds to obtain income on short-term cash balances while awaiting attractive investment opportunities, to provide liquidity in preparation for anticipated redemptions or for defensive purposes.

To the extent the Portfolio invests in certain affiliated short-term bond funds and certain affiliated money market funds, such affiliated funds do not pay a management fee to the investment manager, although the investment manager receives reimbursement for its expenses. Thus, shareholders of the Portfolio are not paying management fees for both the Portfolio and such affiliated funds.

To the extent the Portfolio serves as an underlying investment for other registered funds, the Portfolio may be prohibited from investing in certain registered funds and private funds.

***Other Investments*** 

In addition to the strategies and securities discussed above, the Portfolio may use other strategies or invest in other types of securities as described in the SAI. The Portfolio might not use all of the strategies or invest in all of the types of securities as described in the Prospectus or in the SAI.

The tables below summarize the investment limits applicable to the Portfolio's principal investment strategies and certain non-principal investment strategies.

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| |
|:---|
| **Principal Strategies: Investment Limits** |
| **■Fixed income investments and investments that provide exposure to fixed income: Under normal market conditions, up to 90% of the Portfolio's total assets.** <br> **■Investments that provide exposure to the equities markets: Under normal market conditions, up to 35% of the Portfolio's total assets.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **Certain Non-Principal Strategies: Investment Limits** |
| **■Money Market Instruments: Up to 100% of total assets on a temporary basis** <br> **■Short Sales: Up to 25% of net assets (short sales "against-the-box" are not subject to these limits)**<br> **■Illiquid Investments: Up to 15% of net assets** |

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**PSF PGIM FLEXIBLE MANAGED PORTFOLIO** 

**Investment Objective:** to seek a total return consistent with an aggressively managed diversified portfolio.

**Principal Investment Policies:** The Portfolio invests in a mix of equity and equity-related securities, debt obligations and money market instruments. Under normal market conditions, the Portfolio typically invests approximately 60% of its assets in equity and equity-related securities (with a range of 25% to 100%) and approximately 40% of its assets in debt obligations and money market instruments (with a range of 0% to 75%). The percentage of the Portfolio's assets in each category is adjusted depending on expectations regarding the different markets.

In managing the Portfolio's fixed income assets, PGIM Fixed Income uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into PGIM Fixed Income's bottom-up research which informs security selection. In its bottom-up research, PGIM Fixed Income develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer, which include a review of the composition of revenue, profitability, cash flow margin, and leverage.

PGIM Fixed Income may also consider factors such as yield, spread, and potential for price appreciation as well as credit quality, maturity and risk. The Portfolio may invest in a security based upon the expected total return rather than the yield of such security. PGIM Fixed Income may also utilize proprietary quantitative tools to support relative value trading and asset allocation for portfolio management as well as various risk models to support risk management.

The Portfolio invests in equity, debt and money market securities—in order to achieve diversification in a single Portfolio. The Portfolio seeks to maintain a more aggressive mix of investments than the PSF PGIM 50/50 Balanced Portfolio. This Portfolio may be appropriate for an investor looking for diversification who is willing to accept a higher level of volatility than the conservative portfolio in an effort to achieve greater appreciation.

Under normal market conditions, the Portfolio typically invests approximately 60% of its assets in equity and equity-related securities (with a range of 25% to 100%) and approximately 40% of its assets in debt obligations and money market instruments (with a range of 0% to 75%). The percentage of Portfolio assets in each category is adjusted depending on the Portfolio's expectations regarding the different markets.

The equity portion of the Portfolio is generally managed under an actively-managed, disciplined and adaptive strategy. Under this strategy, the portfolio managers use a quantitative approach in seeking to outperform the S&P 500 Index and to limit the possibility of significantly underperforming that index.

The stock portion of the Portfolio is invested in a broadly diversified portfolio of stocks generally consisting of large and mid-size companies, although it may also hold stocks of smaller companies. The Portfolio invests in companies that, in the subadviser's judgment, will provide either attractive returns relative to the Portfolio's peers, or are desirable to hold in the Portfolio to manage risk.

The Portfolio may invest without limitation in debt obligations issued or guaranteed by the US Government and government-related entities. Examples of debt securities that are backed by the full faith and credit of the US Government are Treasury Inflation Protected Securities and obligations of Ginnie Mae. In addition, the Portfolio may invest in US Government securities issued by other government entities, like Fannie Mae and Sallie Mae which are

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not backed by the full faith and credit of the US Government. Instead, these issuers have the right to borrow from the US Treasury to meet their obligations. The Portfolio may also invest in the debt securities of other government-related entities, like the Farm Credit System, which depend entirely upon their own resources to repay their debt.

PGIM Fixed Income may invest, under normal circumstances, at least 80% of the fixed income portion of the Portfolio in intermediate and long-term debt obligations that are rated investment grade by a major rating service, or, if unrated, considered to be of comparable quality by the subadviser, and high-quality money market instruments. Likewise, PGIM Fixed Income may invest up to 20% of the fixed income portion of the Portfolio in debt securities rated BB+ or lower by S&P or Ba1 or lower by Moody's or comparably rated by another NRSRO at the time they are purchased (commonly known as "junk bonds"). These high yield or junk bonds are riskier than investment grade securities and are considered speculative. The Portfolio may also invest in instruments that are not rated, but which PGIM Fixed Income believes are of comparable quality to the instruments described above.

The fixed income portion of the Portfolio may also include loans and assignments in the form of loan participations, mortgage-related securities and other asset-backed securities. Up to 20% of the fixed income portion of the Portfolio may also be invested in CDOs, including CLOs, and other credit-related asset backed securities.

The Portfolio may also invest up to 30% of its total assets in foreign equity and debt securities that are not denominated in the US dollar. In addition, up to 20% of the Portfolio's total assets may be invested in debt securities that are issued outside of the US by foreign or US issuers provided the securities are denominated in US dollars. For these purposes, we do not consider ADRs as foreign securities.

The Portfolio may also invest in convertible debt warrants and convertible and non-convertible preferred stock of any rating. The Portfolio will not acquire any common stock except by converting a convertible security or exercising a warrant or through a restructuring. No more than 10% of the Portfolio's total assets will be held in common stocks, and those will usually be sold as soon as a favorable opportunity arises. The Portfolio may lend its portfolio securities to brokers, dealers and other financial institutions to earn income.

The subadviser may also pursue the following types of investment strategies and/or invest in the following types of securities:

■

REITs.

■

Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

■

Purchase and sell ETFs.

■

Forward foreign currency exchange contracts.

■

Purchase securities on a when-issued or delayed delivery basis.

■

Short sales. No more than 25% of the Portfolio's net assets may be used as collateral or segregated for purposes of securing a short sale obligation. The Portfolio may also enter into short sales against-the-box.

■

Credit-linked securities, which may be linked to one or more underlying credit default swaps. No more than 5% of the Portfolio's assets may be invested in credit-linked securities.

■

Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC. We may also invest in reverse repurchase agreements and dollar rolls in the management of the fixed income portion of the Portfolio. The Portfolio will not use more than 30% of its net assets in connection with reverse repurchase transactions and dollar rolls.

■

Illiquid investments.

Depending on the amount of its investment in securities identified in this section, the Portfolio's risk profile may be lower or higher than peer funds that invest in such securities. PGIM Fixed Income takes into account the effect of such investments on the Portfolio's risk profile when choosing to invest in such securities.

The stock portion of the Portfolio is managed by PGIM Quantitative Solutions, and the fixed income and money market portions of the Portfolio are managed by PGIM Fixed Income.

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**PSF PGIM Government Money Market Portfolio** 

**Investment Objective:** the maximum current income that is consistent with the stability of capital and the maintenance of liquidity.

**Principal Investment Policies:** The Portfolio invests at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are fully collateralized with cash or government securities. Government securities include US Treasury bills, notes, and other obligations issued or guaranteed as to principal and interest by the US Government or its agencies or instrumentalities. The Portfolio has a policy to invest, under normal conditions, 80% of its net assets in government securities and/or repurchase agreements that are collateralized by government securities.

In managing the Portfolio's assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into the subadviser's bottom-up research, which informs security selection. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer, which include a review of the composition of revenue, profitability, cash flow margin, and leverage.

The subadviser may also consider factors such as yield, spread, and potential for price appreciation as well as credit quality, maturity and risk. The subadviser may also utilize proprietary quantitative tools to support relative value trading and asset allocation for portfolio management as well as various risk models to support risk management.

The Portfolio invests only in securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulations. The Portfolio seeks to invest in securities that present minimal credit risk. The Portfolio may invest significantly in securities with floating or variable rates of interest.

The Portfolio seeks to maintain a stable net asset value of $10.00 per share. In other words, the Portfolio attempts to operate so that shareholders do not lose any of the principal amount they invest in the Portfolio. Of course, there can be no assurance that the Portfolio will achieve its goal of a stable net asset value, and shares of the Portfolio are neither insured nor guaranteed by the US government or any other entity. For instance, the issuer or guarantor of a portfolio security or the other party to a contract could default on its obligation, and this could cause the Portfolio's net asset value per share to fall below $10.00. In addition, the income earned by the Portfolio will fluctuate based on market conditions, interest rates and other factors.

The Portfolio is managed in compliance with regulations applicable to government money market mutual funds, specifically, Rule 2a-7 under the 1940 Act. The SEC recently adopted amendments to Rule 2a-7 that have changed certain requirements for money market funds. The Portfolio will not acquire any security with a remaining maturity exceeding 397 calendar days (as defined by Rule 2a-7 or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulations). The Portfolio is required to hold at least 25% of its total assets in "daily liquid assets" and at least 50% of its total assets in "weekly liquid assets." Daily liquid assets include cash (including demand deposits), direct obligations of the US Government and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day. Weekly liquid assets include cash (including demand deposits), direct obligations of the US Government, US Government agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.

The Portfolio will (i) maintain a dollar-weighted average portfolio maturity of 60 calendar days or less and (ii) a dollar-weighted average life maturity (portfolio maturity measured without reference to any maturity shortening provisions) of 120 calendar days or less.

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The Portfolio complies with the diversification, quality and other requirements of Rule 2a-7. This means that the money market instruments purchased by the Portfolio are limited to securities that the subadviser has determined present minimal credit risks to the Portfolio, based on an analysis of the capacity of the security's issue or guarantor to meet its financial obligations. In addition, a security, at the time of purchase by the Portfolio, must have been determined by the subadviser to present minimal credit risk. If, after purchase, the credit quality of an instrument deteriorates, the Portfolio's subadviser or the Board of Trustees (the Board) (where required by applicable regulations) will decide whether the instrument should be held or sold. All portfolio instruments purchased by the Portfolio will be denominated in US dollars.

As a "government money market fund" under Rule 2a-7, the Portfolio (1) uses the amortized cost method of valuation to seek to maintain a $10.00 share price, and (2) at the election of the Board, is not subject to a liquidity fee on redemptions which might apply to other types of money market funds in the future should certain triggering events specified in Rule 2a-7 occur. However, the Board reserves the right, with notice to shareholders, to change the policy with respect to liquidity fees, thereby permitting the Portfolio to impose such fees in the future.

**United States Government Obligations.** The Portfolio invests in obligations of the US Government and its agencies and instrumentalities directly. Such obligations may also serve as collateral for repurchase agreements. US Government obligations include: (i) direct obligations issued by the United States Treasury such as Treasury bills, notes and bonds; and (ii) instruments issued or guaranteed by government-sponsored agencies acting under authority of Congress. Some US Government obligations are supported by the full faith and credit of the US Treasury; others are supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the US Government to purchase the agency's obligations; still others are supported only by the credit of the agency. There is no assurance that the US Government will provide financial support to one of its agencies if it is not obligated to do so by law.

**Demand Features.** The Portfolio may purchase securities that include demand features, which allow the Portfolio to demand repayment of a debt obligation before the obligation is due or "matures." This means that longer-term securities can be purchased because of the expectation that the Portfolio can demand repayment of the obligation at a set price within a relatively short period of time, in compliance with Rule 2a-7 under the 1940 Act, as amended.

**Floating Rate and Variable Rate Securities.** The Portfolio may purchase floating rate and variable rate securities. These securities pay interest at rates that change periodically to reflect changes in market interest rates. Because these securities adjust the interest they pay, they may be beneficial when interest rates are rising because of the additional return the Portfolio will receive, and they may be detrimental when interest rates are falling because of the reduction in interest payments to the Portfolio.

*Voluntary Yield Support.* In a low interest rate environment, the yield for the Portfolio, after deduction of operating expenses, may be negative even though the yield before deducting such expenses is positive. A negative yield may also cause the Portfolio's net asset value per share to fall below $10.00. PGIM Investments may decide to reimburse certain of these expenses to the Portfolio in order to maintain a positive yield, however it is under no obligation to do so and may cease doing so at any time without prior notice.

The Portfolio is managed by PGIM Fixed Income.

**PSF PGIM High Yield Bond Portfolio** 

**Investment Objective:** high total return.

**Principal Investment Policies:** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in high yield debt investments. Lower rated debt investments, in which the Portfolio typically invests, are often referred to as high yield bonds or "junk bonds" and are riskier than higher rated bonds.

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In managing the Portfolio's assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into the subadviser's bottom-up research which informs security selection. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer, which include a review of the composition of revenue, profitability, cash flow margin, and leverage.

The subadviser may also consider investment factors such as expected total return, yield, spread, and potential for price appreciation as well as credit quality, maturity and risk. The Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The subadviser may also utilize proprietary quantitative tools to support relative value trading and asset allocation for portfolio management as well as various risk models to support risk management.

Lower rated and comparable unrated investments tend to offer better yields than higher rated investments with the same maturities because the issuer's financial condition may not have been as strong as that of higher rated issuers. Changes in the perception of the creditworthiness of the issuers of lower rated investments tend to occur more frequently and in a more pronounced manner than for issuers of higher rated investments.

The Portfolio may invest up to 30% of its total assets in US dollar-denominated securities of foreign issuers. The Portfolio may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries.

The Portfolio may also pursue the following types of investment strategies and/or invest in the following types of securities:

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Common stock, debt securities, convertible debt and preferred stock.

■

Loans or assignments arranged through private negotiations between a corporation which is the borrower and one or more financial institutions that are the lenders.

■

Asset-backed securities.

■

CDOs, including CLOs, and other credit-related asset-backed securities. No more than 20% of the Portfolio's assets may be invested in CDOs.

■

Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

■

Purchase securities on a when-issued or delayed delivery basis.

■

PIK bonds.

■

Short sales. No more than 25% of the Portfolio's net assets may be used as collateral or segregated for purposes of securing a short sale obligation. The Portfolio may also enter into short sales against-the-box.

■

Credit-linked securities, which may be linked to one or more underlying credit default swaps.

■

Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC.

■

The Portfolio may also invest in reverse repurchase agreements and dollar rolls. The Portfolio may invest up to 30% of its assets in these instruments.

■

Illiquid investments.

Depending on the amount of its investment in securities identified in this section, the Portfolio's risk profile may be lower or higher than peer funds that invest in such securities. PGIM Fixed Income takes into account the effect of such investments on the Portfolio's risk profile when choosing to invest in such securities.

Under normal circumstances, the Portfolio may invest in money market instruments.

The Portfolio is managed by PGIM Fixed Income.

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**PSF PGIM JENNISON BLEND PORTFOLIO** 

**Investment Objective:** long term growth of capital.

**Principal Investment Policies:** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in common stock. The Portfolio primarily invests in the stock of companies with market capitalizations within the market capitalization range of the Russell 1000<sup>®</sup> Index (measured at the time of purchase). The market capitalization within the range will vary, but as of January 31, 2026, the weighted average market capitalization of companies included in the Russell 1000<sup>®</sup> Index was approximately $1.297 trillion, and the market capitalization of the largest company included in the Russell 1000<sup>®</sup> Index was approximately $4.645 trillion. In addition, the Portfolio may invest in mid- and small-capitalization companies.

The subadviser employs a bottom-up fundamental stock research process which sources the investment universe from its growth, value, and small/mid cap investment teams. The growth research team seeks companies with unique business models with sustained competitive advantages; catalysts that drive growth rates well above that of the market; superior financial characteristics; and attractive long-term valuations. The value research team seeks companies the team believes are being valued at a discount to their intrinsic value, seeking companies with attractive valuation metrics that are unique to that business, high levels of durability and viability of the business and good business models that are being mispriced. The small/mid cap research process is designed to capitalize on inefficiencies in small-cap asset classes, seeking companies with attractive valuations, strong competitive positions, quality management teams, demonstrated growth in sales and earnings, balance sheet flexibility and strength, and strong earnings growth prospects.

The subadviser employs a systematic portfolio construction process to incorporate its fundamental analysis with a systematic analysis of factors, such as stock price momentum and stock valuation. Incorporating information from both the subadviser's fundamental and systematic analyses, the subadviser constructs a diversified portfolio with sector and risk factor exposures managed relative to the Russell 1000<sup>®</sup> Index, using a technique known generally as portfolio optimization.

Up to 20% of the Portfolio's investable assets may be invested in debt obligations, convertible and nonconvertible preferred stock and other equity-related securities. Up to 5% of these investable assets may be rated below investment grade. These securities are considered speculative and are sometimes referred to as "junk bonds."

Up to 30% of the Portfolio's total assets may be invested in foreign securities, including money market instruments, equity securities and debt obligations. For these purposes, the Portfolio do not consider American Depositary Receipts and similar receipts or shares traded in US markets as foreign securities.

The subadviser may also pursue the following types of investment strategies and/or invest in the following types of securities:

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Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

■

Forward foreign currency exchange contracts.

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Purchase securities on a when-issued or delayed delivery basis.

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Short sales against-the-box.

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Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC.

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Equity and/or debt securities of REITs.

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Illiquid investments.

The Portfolio is managed by Jennison Associates LLC (Jennison).

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**PSF PGIM Jennison GROWTH Portfolio** 

**Investment Objective:** long-term growth of capital.

**Principal Investment Policies:** The subadviser normally invest at least 65% of the Portfolio's total assets in equity and equity-related securities of companies that exceed $1 billion in market capitalization at the time of investment and that the subadviser believes have above-average growth prospects.

The subadviser believes that growth in earnings and cash flows drives share prices over the long term; that excess returns are generated by investing in market-leading companies that create economic value through long-duration competitive advantages; and that a deeply researched understanding of company and industry fundamentals leads to successful stock selection. The subadviser looks for companies with unique business models that build sustainable competitive advantages; catalysts that drive growth rates well above that of the market; superior financial characteristics; and attractive long-term valuations. The subadviser seeks to capture acceleration or duration of growth that is not fully reflected in a stock's price. Given the subadviser's selection criteria and proclivity for fast growing companies, the Portfolio may at times have a more aggressive risk profile than peer funds, depending on market conditions. The subadviser may invest up to 30% of the Portfolio's assets in foreign securities.

In addition to common stocks and preferred stocks, the subadviser may invest in debt securities and mortgage-related securities that are rated investment grade at the time of purchase. Investment grade securities are those rated at least Baa by Moody's or BBB by S&P or Fitch (or if unrated, of comparable quality in the subadviser's judgment).

The Portfolio may also invest in obligations issued or guaranteed by the US Government, its agencies and instrumentalities. Up to 30% of the Portfolio's assets may be invested in foreign equity and equity-related securities. For these purposes, the subadviser does not consider ADRs and similar receipts or shares traded in US markets as foreign securities.

The Portfolio may also pursue the following types of investment strategies and/or invest in the following types of securities:

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Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

■

Forward foreign currency exchange contracts.

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Purchase securities on a when-issued or delayed delivery basis.

■

Short sales against-the-box.

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Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC.

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Equity and/or debt securities issued by REITs.

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Illiquid investments.

The Portfolio is managed by Jennison.

**PSF PGIM JENNISON VALUE PORTFOLIO** 

**Investment Objective:** to seek capital appreciation.

**Principal Investment Policies:** The subadviser will normally invest at least 65% of the Portfolio's total assets in equity and equity-related securities, with an emphasis on securities of large capitalization companies. The Portfolio defines large capitalization companies as those companies with market capitalizations, measured at the time of purchase, within the market capitalization of the Russell 1000<sup>®</sup> Value Index. As of January 31, 2026, the Russell 1000<sup>®</sup> Value Index had a weighted average market capitalization of $426 billion, and the largest company by market capitalization was $4.092 trillion.

The portfolio manager seeks companies that he believes are being valued at a discount to their intrinsic value. A company's valuation is very important in this determination, as are the durability of a company's free cash flow and earnings growth. A disciplined process to manage risk in both security selection and portfolio construction is a

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critical component of the value portfolio manager's investment process. An ideal holding might have some or all of the following characteristics: attractive valuation metrics that are unique to that business; high levels of durability and sustainability of the business; good business models that are being mispriced; high returns on assets and/or equity; high free cash flow yields; management teams that are willing to make changes; something operationally wrong that can be fixed or is temporary. The subadviser may also buy equity-related securities—like bonds, corporate notes and preferred stock—that can be converted into a company's common stock, the cash value of common stock or some other equity security.

The following four factors generally will lead the value team to eliminate a holding or reduce the weight of the position in the portfolio: (1) the balance between the team's estimate of a stock's upside and downside becomes neutral or unfavorable (stated differently, the stock's valuation is realized or exceeded); (2) a more attractive portfolio candidate emerges; (3) our investment thesis is invalidated by subsequent events; or (4) a company trades below our downside price target.

Up to 35% of the Portfolio's total assets may be invested in debt obligations and non-convertible preferred stock. When acquiring these types of securities, the subadviser usually invests in obligations rated A or better by S&P, Moody's, or Fitch. The subadviser may also invest in obligations rated as low as CC by S&P or Fitch or Ca by Moody's. These securities are considered speculative and are often referred to as "junk bonds." The subadviser may also invest in instruments that are not rated, but which the subadviser believes are of comparable quality to the instruments described above.

Up to 30% of the Portfolio's total assets may be invested in foreign securities, including money market instruments, equity securities and debt obligations. For these purposes, the subadviser does not consider ADRs and similar receipts or shares traded in US markets as foreign securities.

Up to 25% of the Portfolio's total assets may be invested in securities issued by REITs.

The Portfolio may also pursue the following types of investment strategies and/or invest in the following types of securities:

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Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

■

Purchase and sell ETFs and foreign currencies.

■

Forward foreign currency exchange contracts.

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Purchase securities on a when-issued or delayed delivery basis.

■

Short sales against-the-box.

■

Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC.

■

Equity and/or debt securities issued by REITs.

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Illiquid investments.

Under normal circumstances, the Portfolio may invest up to 35% of its total assets in high-quality money market instruments.

The Portfolio is managed by Jennison.

**PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 12 PORTFOLIO AND PSF PGIM LADDERED ALLOCATION S&P 500 BUFFER 20 PORTFOLIO** 

**PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** 

The investment objective of the Portfolio is to seek capital appreciation.

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The Portfolio seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure through a "laddered portfolio" of twelve PGIM S&P 500 Buffer 12 ETFs (the "Underlying ETFs"). The Underlying ETFs seek to provide investors with limited protection against a decline in the U.S. large-cap equity market, with an upside cap on capital appreciation in that market, over a specific period. Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in exchange-traded funds that seek to provide buffered exposure to securities included in the S&P 500 Index. Under normal market conditions, the Portfolio invests substantially all of its assets in the Underlying ETFs, generally in equal weights.

**PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** 

The investment objective of the Portfolio is to seek capital appreciation.

The Portfolio seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure through a "laddered portfolio" of twelve PGIM S&P 500 Buffer 20 ETFs (the "Underlying ETFs"). The Underlying ETFs seek to provide investors with limited protection against a decline in the U.S. large-cap equity market, with an upside cap on capital appreciation in that market, over a specific period. Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in exchange-traded funds that seek to provide buffered exposure to securities included in the S&P 500 Index. Under normal market conditions, the Portfolio invests substantially all of its assets in the Underlying ETFs, generally in equal weights.

***Underlying ETFs*** 

Each Underlying ETF's strategy is designed to produce the outcomes based upon SPY's price returns over the duration of a Target Outcome Period. At the end of each Target Outcome Period, an Underlying ETF's FLEX Options are generally allowed to expire or are sold at or near their expiration, and the proceeds are used to purchase (or roll into) a new set of FLEX Options expiring in approximately one year. This means that approximately every 30 days, one of the Underlying ETFs will undergo a "reset" of its cap and a refresh of its buffer. At any given time, each Portfolio will generally hold one Underlying ETF with FLEX Options expiring within one month, a second Underlying ETF with FLEX Options expiring within two months, a third Underlying ETF with FLEX Options expiring within three months, continuing this series up to and including twelve months.

The rolling or "laddered" nature of the investments in the Underlying ETFs creates diversification of the investment time period and market level (meaning the price of the SPY at any given time) compared to the risk of holding only a single Underlying ETF for its Target Outcome Period and bearing the risks associated with a specific time period. This diversification is intended to mitigate the risk of failing to benefit from the buffer of a single Underlying ETF due to the timing of investment in that Underlying ETF and the relative price of the reference asset or having limited or no upside potential remaining because of the cap of a single Underlying ETF. Each Portfolio's laddered approach is intended to allow the Portfolio to continue to benefit from increases in the value of the SPY and to provide a level of downside protection for at least a portion of the Portfolio's portfolio at any given time. Depending on when a Portfolio acquires shares of an Underlying ETF, even with a laddered approach, the cap and/or buffer of an Underlying ETF may be exhausted unless the Portfolio acquires shares at the beginning of a Target Outcome Period. Because each Portfolio typically will not acquire shares of the Underlying ETFs on the first day of a Target Outcome Period and may dispose of shares of the Underlying ETFs before the end of the Target Outcome Period, a Portfolio may experience investment returns that are very different from those that the Underlying ETFs seek to provide. If an Underlying ETF has experienced certain levels of either gains or losses since the beginning of its current Target Outcome Period, there may be little to no ability for a Portfolio to achieve gains or benefit from the buffer for the remainder of the Target Outcome Period of an Underlying ETF.

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**Unlike the Underlying ETFs, each Portfolio itself does not pursue a target outcome strategy and therefore will not have a defined outcome. The buffer is only provided by the Underlying ETFs and each Portfolio itself does not provide any stated buffer against losses. Each Portfolio will likely not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. Each Portfolio's returns are limited by the caps of the Underlying ETFs.** 

When an investor purchases shares of a single Underlying ETF, such investor's potential outcomes are limited by the Underlying ETF's stated cap and buffer over a defined time period (depending on when the shares were purchased). Alternatively, each Portfolio's laddered approach provides a diversified exposure to a series of the Underlying ETFs in a single investment. By owning a laddered portfolio of Underlying ETFs, the Portfolio expects to continue to benefit from any increases in the value of SPY (as caps are reset) and to benefit from any downside protection offered by the Underlying ETF buffers as they are periodically refreshed based on the price of SPY at the time of the reset. This approach reduces the risk inherent in the Underlying ETFs of having the upside potential for an entire Target Outcome Period capped out in cases of rapid appreciation of SPY. It also mitigates the risk of failing to benefit from an individual Underlying ETF buffer in cases where SPY has depreciated below that specific buffer level. Approximately every 30 days, one of the Underlying ETFs will undergo a reset of its cap and a refresh of its buffer, meaning that investors will have the ability to benefit from any appreciation in SPY for future periods up to the respective caps of the Underlying ETFs and will have the benefit of the buffer for future periods. A laddered buffer portfolio can diversify timing risk, similar to how laddered bond portfolios seek to manage duration risks for investors.

The target outcomes each Underlying ETF seeks for investors that hold its shares for an entire Target Outcome Period are as follows, though there can be no guarantee these results will be achieved:

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If SPY appreciates over the Target Outcome Period, the combination of FLEX Options held by the Underlying ETF seeks to provide upside participation (before the Underlying ETF's fees and expenses) matching that of the price return of SPY, up to a cap that is determined at the start of the Target Outcome Period.

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If SPY decreases over the Target Outcome Period, the combination of FLEX Options held by the Underlying ETF seeks to provide protection of the first 12% or 20% (as applicable) of SPY losses, prior to taking into account the Underlying ETF's fees and expenses.

■

If SPY decreases in price by more than 12% or 20% (as applicable) over the Target Outcome Period, the Underlying ETF will experience all subsequent losses on a one-to-one basis.

Because each Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of a Portfolio and during each quarterly rebalance, a Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period and therefore is likely to experience investment returns very different from those that the Underlying ETF seeks to provide. Likewise, each Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of a Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period, and therefore is likely to experience investment returns very different from those that the Underlying ETFs seek to provide. Each Portfolio will likely not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. When each Portfolio acquires and disposes of shares of the Underlying ETFs it will generally do so in equal weights.

On the first day of each new Target Outcome Period, an Underlying ETF resets by investing in a new set of FLEX Options that are designed to provide a new cap for the new Target Outcome Period. This means that each Underlying ETF's cap will change for each Target Outcome Period based upon prevailing market conditions at the beginning of each Target Outcome Period. Each Underlying ETF is intended to be perpetually offered and not terminate after the initial or any subsequent Target Outcome Period. Approximately one week prior to the end of the current Target Outcome Period, the Underlying ETF's website will be updated to alert existing shareholders that the Target Outcome Period is approaching its conclusion and will disclose the anticipated cap range for the next Target Outcome Period.

While the cap and buffer of an Underlying ETF provide the intended outcomes only for investors that hold their shares throughout the complete term of the Target Outcome Period, an investor, like a Portfolio, can expect their shares to generally move in the same direction as SPY during a Target Outcome Period. However, during a Target

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Outcome Period, an investor's shares may not experience price movement to the same extent as the price movement of SPY. During a Target Outcome Period there may be periods of significant disparity between an Underlying ETF's NAV and the price performance of SPY. As SPY's price and the Underlying ETF's NAV change over a Target Outcome Period, an investor, like a Portfolio, acquiring shares after the start of a Target Outcome Period will likely have a different return potential than an investor who purchased shares at the start of the Target Outcome Period. This is because while the cap and buffer for a Target Outcome Period are fixed levels that are calculated in relation to the SPY price and the Underlying ETF's NAV at the start of a Target Outcome Period and that remain constant throughout the Target Outcome Period, an investor, like a Portfolio, purchasing shares at market value during a Target Outcome Period likely purchased shares at a price that is different from the Underlying ETF's NAV at the start of the Target Outcome Period (i.e., the NAV that the cap and buffer reference). For example, if a Portfolio acquires shares of an Underlying ETF during a Target Outcome Period at a time when the Underlying ETF has decreased in value from its value on the first day of the Target Outcome Period, the Portfolio's buffer will essentially be decreased by the amount of the decrease in the Underlying ETF's value. Conversely, if a Portfolio acquires shares of an Underlying ETF during a Target Outcome Period at a time when the Underlying ETF has increased in value from its value on the first day of the Target Outcome Period, the cap for that portion of the Portfolio's portfolio will essentially be decreased by the amount of the increase in the Underlying ETF's value. In addition, the current price of SPY is likely to be different from the price of SPY at the start of a Target Outcome Period, meaning the Portfolio may not experience the intended return of an Underlying ETF.

***Limited Buffer and Cap*** 

Each Underlying ETF seeks to provide a buffer on the first 12% or 20% (as applicable) (before fees and expenses) of losses of SPY at the end of each Target Outcome Period. After SPY has decreased in price by more than 12% or 20% (as applicable), the Underlying ETF will experience subsequent losses on a one-to-one basis (i.e., SPY loses 22%, the Underlying ETF loses 10% or 2% (as applicable)).

Depending on the Underlying ETF's NAV at the time of purchase, a Portfolio may lose its entire investment in an Underlying ETF. An investment in a Portfolio is only appropriate for shareholders willing to bear those losses. Despite the intended buffer of the Underlying ETFs, a Portfolio could lose its entire investment.

The returns of each Underlying ETF are subject to a cap for each Target Outcome Period. Unlike other investment products, the potential returns a Portfolio can receive from an Underlying ETF are subject to a pre-determined upside return cap that represents the maximum percentage return the Portfolio can achieve from an investment in that Underlying ETF for an entire Target Outcome Period. In the event SPY experiences gains over a Target Outcome Period, each Underlying ETF seeks to provide investment returns before fees and expenses that match the percentage increase of SPY, but any percentage gains over the amount of the cap will not be experienced by the Underlying ETF or, in turn, a Portfolio. This means that if SPY experiences gains for a Target Outcome Period in excess of the cap for that Target Outcome Period, neither the applicable Underlying ETF nor a Portfolio will benefit from those excess gains. Additionally, if a Target Outcome Period has begun and an Underlying ETF has increased in value to a level near to the cap, an investor, like a Portfolio, purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Therefore, regardless of the performance of SPY, the cap for each Underlying ETF is the maximum return a Portfolio can achieve from an investment in that Underlying ETF for that Target Outcome Period.

Each Underlying ETF's cap is set on the first day of each Target Outcome Period. The defined cap applicable to a Target Outcome Period will vary based on prevailing market conditions at the time, including then-current interest rate levels, SPY volatility, and the relationship of puts and calls on the underlying FLEX Options.

The cap level is a result of the design of each Underlying ETF's principal investment strategy. In order to provide the buffer, each Underlying ETF purchases a series of put and call FLEX Options on the first day of its Target Outcome Period. As the purchaser of these FLEX Options, each Underlying ETF is obligated to pay a premium to the seller of those FLEX Options. An Underlying ETF's portfolio managers calculate the amount of premiums that the Underlying ETF will owe on the put options acquired and sold to provide the buffer and will then go into the market and cause

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the Underlying ETF sell call options with terms that entitle the Underlying ETF to receive premiums such that the net amount of premiums paid per unit of SPY is approximately equal to the price per unit of shares of SPY. The cap is the strike price of those sold FLEX Options.

The following bar charts illustrate the hypothetical returns that the FLEX Options seek to provide for an Underlying ETF with respect to the price performance of SPY in certain illustrative scenarios over the course of a Target Outcome Period, it does not represent the performance of the Underlying ETF and investors should not rely on the hypothetical examples shown below as an indication of the actual or future performance of the Underlying ETF. The caps in the bar charts below are for illustration only and the actual caps may be different. The bar charts do not take into account payment by an Underlying ETFs of fees and expenses. There is no guarantee that an Underlying ETF will be successful in providing these investment outcomes for any Target Outcome Period.

SPY PGIM S&P 500 Buffer 12 ETF

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QQQ PGIM S&P 500 Buffer 20 ETF

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**Investors, like a Portfolio, purchasing shares of an Underlying ETF during a Target Outcome Period will experience different results.** 

***SPY*** 

SPY is an exchange-traded unit investment trust that invests in as many of the stocks in the S&P 500<sup>®</sup> Index as is practicable. PDR serves as SPY's sponsor. The Portfolio is not affiliated with sponsored, endorsed, sold or promoted by SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, PDR, Standard & Poor's<sup>®</sup> or their affiliates. As of its most recent prospectus, the investment objective of the SPY is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500<sup>®</sup> Index (the "Index"). As of its most recent prospectus, the SPY seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the Index, with the weight of each stock in the Underlying ETF's portfolio substantially corresponding to the weight of such stock in the Index. You can find SPY's prospectus and other information about the ETF, including the most recent reports to

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shareholders, online at https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY. The reference to SPY's website does not incorporate its contents into this prospectus. The Portfolio and the Underlying ETFs have characteristics unlike many other traditional investment products and may not be suitable for all investors.

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| You should <u>only consider</u> this investment if: | You should <u>not consider</u> this investment if: |
| ■you fully understand the risks inherent in an <br> investment in each Portfolio;<br>■you desire to invest in a product with a return <br> that depends upon the performance of SPY over <br> certain Target Outcome Periods;<br>■you fully understand that investments made when <br> an Underlying ETF is at or near to its cap may <br> result in your investment having limited to no <br> upside;<br>■you are willing to forgo any gains in excess of <br> an Underlying ETF's cap;<br>■you are not seeking an investment that provides <br> dividends to shareholders;<br>■you fully understand that investments made by <br> a Portfolio in an Underlying ETF after a Target <br> Outcome Period has begun may not fully benefit <br> from the Underlying ETF's buffer; and<br>■you are willing to accept the risk of losing your <br> entire investment.<br>| ■you do not fully understand the risks inherent <br> in an investment in each Portfolio;<br>■you do not desire to invest in a product with a <br> return that depends upon the performance of <br> SPY over certain Target Outcome Periods;<br>■you do not fully understand that investments made <br> when an Underlying ETF is at or near to its cap <br> may have limited to no upside;<br>■you are unwilling to forgo any gains in excess <br> of an Underlying ETF's cap;<br>■you are seeking an investment that provides <br> dividends to shareholders;<br>■you do not fully understand that investments made <br> by a Portfolio in an Underlying ETF after a Target <br> Outcome Period has begun may not fully benefit <br> from the Underlying ETF's buffer; and<br>■you are unwilling to accept the risk of losing <br> your entire investment.<br>|

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***FLEX Options*** 

The Underlying ETFs invest in FLEX Options, which are a type of derivative. Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, indices or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties (these are known as "over-the-counter" derivatives). An option gives the purchaser the right to buy or sell securities, currencies or other assets, or in the case of an option on a futures contract, the right to buy or sell a futures contract in exchange for a premium, on or before a specific date (the "expiration date") at an agreed upon price (the "strike price"). A call option gives the purchaser the right to buy the underlying asset at the strike price on the expiration date, while a put option gives the purchaser the right to sell the underlying asset at the strike price on the expiration date. When an Underlying ETF purchases an option, it pays a premium and then has the right to buy (in the case of a call option) or sell (in the case of a put option) the underlying asset if the Underlying ETF exercises the option. When an Underlying ETF is selling (or "writing") an option, it receives a premium and then has an obligation to sell (in the case of a call option) or buy (in the case of a put option) the underlying asset if the buyer of the option exercises the option. The Underlying ETFs utilize European style option contracts, which are exercisable only on the expiration date of the option contract.

For each Target Outcome Period, an Underlying ETF will invest in a combination of purchased and written FLEX Options that reference SPY. Because a portion of the value of an Underlying ETF is based on FLEX Options that reference SPY and not SPY directly, variations in the value of the FLEX Options affect the correlation between each Underlying ETF's NAV and the price of SPY. FLEX Options are customizable equity or index option contracts traded on an exchange, but provide investors with the ability to customize key contract terms like expiration date, option type (put or call), exercise style, strike price, premium, trading hours and exercise settlement, among others. FLEX Options are guaranteed for settlement by the Options Clearing Corporation ("OCC"), a market clearinghouse that guarantees performance by each of the counterparties to the FLEX Options by becoming the "buyer for every seller and the seller for every buyer," and seeking to protect clearing members and options traders from counterparty risk. The OCC may make adjustments to FLEX Options for certain significant events.

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An Underlying ETF will generally, under normal market conditions, hold four kinds of FLEX Options for each Target Outcome Period. An Underlying ETF will seek to purchase a call option that is expected to have a very low strike price, which provides the Underlying ETF with exposure to the share price return of SPY. To seek to achieve its limited buffer, an Underlying ETF will simultaneously write a put option with a strike price that is equal to its downside limited buffer while purchasing a put option with a strike price that reflects the then-current share price of the SPY (the "put-spread"). That Underlying ETF will then write a call option with a strike price that is determined by the cost of the put-spread, which will determine the level of the Underlying ETF's cap. Each Underlying ETF intends to structure the FLEX Options so that any amount owed by the Underlying ETF on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. As a result, the FLEX Options written by an Underlying ETF will be fully covered and no additional collateral will be necessary at expiration. Each of the FLEX Options purchased and sold throughout the Target Outcome Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold by an Underlying ETF on the first day of the Target Outcome Period. On the termination date of a Target Outcome Period, each Underlying ETF will invest in a new set of FLEX Options and another Target Outcome Period will commence.

***Timing of Purchase and Sale of Underlying ETFs*** 

Each Portfolio intends only to acquire shares of Underlying ETFs in the secondary market and will not engage in any principal transactions with the Underlying ETFs. The Portfolio intends to generally rebalance its portfolio to equal weight (i.e., 8 <sup>1</sup>∕3% per Underlying ETF) quarterly. The Portfolio also will acquire and dispose of shares of Underlying ETFs in connection with cash flows related to creation and redemption activity of the Portfolio between quarterly rebalances. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Portfolio having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Portfolio's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures. If an over-weighted Underlying ETF underperforms the other Underlying ETFs, the Portfolio will experience returns that are inferior to those that would have been achieved if the Underlying ETFs were equally weighted.

***Money Market Instruments*** 

Each Portfolio may hold cash and/or invest in money market instruments, including commercial paper of a U.S. or non-U.S. company, non-U.S. government securities, certificates of deposit, bankers' acceptances, time deposits of domestic and non-U.S. banks, and obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities. These obligations may be U.S. dollar-denominated or denominated in a non-U.S. currency. Money market instruments typically have a maturity of one year or less as measured from the date of purchase.

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**PSF PGIM TOTAL RETURN BOND PORTFOLIO** 

**Investment Objective:** a high level of income over a longer term while providing reasonable safety of capital.

**Principal Investment Policies:** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in bonds. The subadviser normally invests at least 70% of the Portfolio's investable assets in investment grade debt obligations and high-quality money market investments. The Portfolio will normally invest in intermediate and long-term debt obligations, but will adjust the mix of its short-term, intermediate-term and long-term debt obligations in an attempt to benefit from price appreciation when interest rates go down and to incur smaller declines when interest rates go up. The Portfolio will not change this policy unless it provides 60 days prior written notice to contract owners.

In managing the Portfolio's assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into the subadviser's bottom-up research which informs security selection. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer, which include a review of the composition of revenue, profitability, cash flow margin, and leverage.

The subadviser may also consider investment factors, such as expected total return, yield, spread, and potential for price appreciation, as well as credit quality, maturity and risk. The Portfolio may invest in a security based upon the expected total return, rather than the yield of such security.

The subadviser may also utilize proprietary quantitative tools to support relative value trading and asset allocation for portfolio management as well as various risk models to support risk management.

In general, the value of debt obligations moves in the opposite direction as interest rates—if a bond is purchased and then interest rates go up, newer bonds will be worth more relative to existing bonds because they will have a higher rate of interest. The subadviser will adjust the mix of the Portfolio's short-term, intermediate-term and long-term debt obligations in an attempt to benefit from price appreciation when interest rates go down and to incur smaller declines when interest rates go up.

Investment grade debt securities are those that major rating services, like S&P, Moody's, or Fitch, have rated within one of their four highest rating categories. The subadviser may also invest up to 30% of the Portfolio's investable assets in lower rated securities which are riskier and considered speculative. These securities are sometimes referred to as "junk bonds." The subadviser may also invest in instruments that are not rated, but which we believe are of comparable quality to the instruments described above. Debt obligations are basically written promises to repay a debt. The terms of repayment vary among the different types of debt obligations, as do the commitments of other parties to honor the obligations of the issuer of the security. The types of debt obligations in which the Portfolio may invest include US Government securities, mortgage-related securities, asset-backed securities, and corporate bonds.

The Portfolio may invest without limit in debt obligations issued or guaranteed by the US Government and government-related entities. An example of a debt security that is backed by the full faith and credit of the US Government is an obligation of Ginnie Mae. In addition, we may invest in US Government securities issued by other government entities, like Fannie Mae and Sallie Mae, which are not backed by the full faith and credit of the US Government. Instead, these issuers have the right to borrow from the US Treasury to meet their obligations. The Portfolio may also invest in the debt securities of other government-related entities, like the Farm Credit System, which depend entirely upon their own resources to repay their debt.

The subadviser may invest up to 20% of the Portfolio's total assets in debt securities issued outside the US by US or foreign issuers whether or not such securities are denominated in the US dollar.

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The Portfolio may also invest in convertible debt warrants and convertible and non-convertible preferred stock of any rating. The Portfolio will not acquire any common stock except by converting a convertible security or exercising a warrant or through a restructuring. No more than 10% of the Portfolio's total assets will be held in common stocks, and those will usually be sold as soon as a favorable opportunity arises. The Portfolio may lend its portfolio securities to brokers, dealers and other financial institutions to earn income.

The subadviser may also invest in loans or assignments arranged through private negotiations between a corporation which is the borrower and one or more financial institutions that are the lenders.

The Portfolio may also pursue the following types of investment strategies and/or invest in the following types of securities:

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CDOs (including collateralized loan obligations) and other credit-related asset-backed securities. No more than 20% of the Portfolio's net assets may be invested in CDOs. Within this limitation, the Portfolio will primarily invest in CDOs rated AAA or AA by a major rating service.

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Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

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Forward foreign currency exchange contracts; and purchase securities on a when-issued or delayed delivery basis.

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Short sales. No more than 25% of the Portfolio's net assets may be used as collateral or segregated for purposes of securing a short sale obligation. The Portfolio may also enter into short sales against-the-box.

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Credit-linked securities, which may be linked to one or more underlying credit default swaps.

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Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC. The Portfolio may also invest up to 30% of its net assets in reverse repurchase agreements and dollar rolls.

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Illiquid investments.

The Portfolio is managed by PGIM Fixed Income.

**PSF SMALL-CAP STOCK INDEX PORTFOLIO** 

**Investment Objective:** long-term growth of capital.

**Principal Investment Policies:** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in all or a representative sample of the stocks in the S&P SmallCap 600 Index. The Portfolio will not change this policy unless it provides 60 days prior written notice to contract owners.

The subadviser attempts to achieve the investment results of the S&P SmallCap 600 Index, a market-weighted index which consists of 600 smaller capitalization US stocks. Because the holdings and weightings that comprise the Portfolio's assets are generally based on that of the secondary benchmark S&P SmallCap 600 Index, the Portfolio is not "managed" in the traditional sense of using market and economic analyses to select stocks.

The market capitalization of the companies that make up the S&P SmallCap 600 Index may change from time to time. As of January 31, 2026, the S&P SmallCap 600 Index stocks had a weighted average market capitalization of $4.068 billion and the largest company by market capitalization had a capitalization of $9.948 billion. They are selected for market size, liquidity and industry group. The S&P SmallCap 600 Index has above-average risk and may fluctuate more than the S&P 500 Index.

The Portfolio may also hold cash or cash equivalents, in which case its performance will differ from that of the Index.

The subadviser attempts to minimize these differences by using stock index futures contracts, options on stock indexes and options on stock index futures contracts. The Portfolio will not use these derivative securities for speculative purposes or to hedge against a decline in the value of the Portfolio's holdings.

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The Portfolio may invest in derivatives, such as futures, options, swaps and swap options, to seek to enhance returns, manage exposure, or for cash management purposes. The use of derivatives may not be successful, and there is no guarantee that the instruments necessary to implement these investments will be available or that the Portfolio will not lose money.

The Portfolio may also pursue the following types of investment strategies and/or invest in the following types of securities:

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Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

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Purchase and sell ETFs.

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Purchase securities on a when-issued or delayed delivery basis.

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Short sales and short sales against-the-box. No more than 5% of the Portfolio's total assets may be used as collateral or segregated for purposes of securing a short sale obligation.

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Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC.

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Equity and/or debt securities issued by REITs.

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Illiquid investments.

The Portfolio is managed by PGIM Quantitative Solutions.

**PSF STOCK INDEX PORTFOLIO** 

**Investment Objective:** to achieve investment results that generally correspond to the performance of publicly-traded common stocks.

**Principal Investment Policies:** In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in common stocks of companies that comprise the S&P 500 Index. The Portfolio will attempt to remain as fully invested in the S&P 500 Index stocks as possible in light of cash flow into and out of the Portfolio. The Portfolio will not change this policy unless it provides 60 days prior written notice to contract owners. The subadviser aims to hold the same security composition as the S&P 500 Index, with the exception of Prudential Financial, Inc. stock. Under normal conditions, the subadviser attempt to invest in all 500 companies represented in the S&P 500 Index in proportion to their weighting in the S&P 500 Index. The S&P 500 Index is a market-weighted index, which represents more than 70% of the market value of all publicly-traded common stocks.

To manage investments and redemptions in the Portfolio, the subadviser may temporarily hold cash or invest in high-quality money market instruments. To the extent the subadviser does so, the Portfolio's performance will differ from that of the S&P 500 Index. The subadviser attempts to minimize differences in the performance of the Portfolio and the S&P 500 Index by using stock index futures contracts, options on stock indexes and options on stock index futures contracts. The Portfolio will not use these derivative securities for speculative purposes or to hedge against a decline in the value of the Portfolio's holdings.

The Portfolio may invest in derivatives, such as futures, options, swaps and swap options, to seek to enhance returns, manage exposure, or for cash management purposes. The use of derivatives may not be successful, and there is no guarantee that the instruments necessary to implement these investments will be available or that the Portfolio will not lose money.

The Portfolio may also pursue the following types of investment strategies and/or invest in the following types of securities:

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Derivatives aimed to enhance returns, manage exposure, or for cash management purposes. Derivatives include futures, options, swaps and swap options.

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Purchase and sell ETFs.

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Purchase securities on a when-issued or delayed delivery basis.

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Short sales and short sales against-the-box. No more than 5% of the Portfolio's total assets may be used as collateral or segregated for purposes of securing a short sale obligation.

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Repurchase agreements. The Portfolio may participate with certain other Portfolios of the Trust in a joint repurchase account under an order obtained from the SEC.

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Equity and/or debt securities issued by REITs.

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Illiquid investments.

The Portfolio is managed by PGIM Quantitative Solutions.

The Portfolio may operate as a "non-diversified company," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Shareholder approval will not be sought if the Portfolio becomes non-diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

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MORE DETAILED INFORMATION ABOUT OTHER INVESTMENTS & STRATEGIES USED BY THE PORTFOLIOS

**Additional Investments & Strategies** 

In addition to the principal investment strategies described above, a Portfolio may invest in the following types of securities and/or use the following investment strategies to increase returns or protect Portfolio assets if market conditions warrant.

**American Depositary Receipts (ADRs)**—Certificates representing the right to receive foreign securities that have been deposited with a US bank or a foreign branch of a US bank.

**Asset-Backed Securities**—An asset-backed security is a type of pass-through instrument that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans, or credit card receivables. Asset-backed securities may also be collateralized by a portfolio of corporate bonds, including junk bonds, or other securities.

**Collateralized Debt Obligations (CDOs)**—A CDO is a security backed by an underlying portfolio of debt obligations, typically including one or more of the following types of investments: high yield securities, investment grade securities, bank loans, futures or swaps. A CDO provides a single security that has the economic characteristics of a diversified portfolio. The cash flows generated by the collateral are used to pay interest and principal to investors.

**Collateralized Loan Obligations (CLOs)**—A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, as well as loans rated below investment grade or equivalent unrated loans. The risks of an investment in a CLO depend largely on the quality of the underlying loans and may be classified by the Portfolio as illiquid investments.

**Convertible Debt and Convertible Preferred Stock**—A convertible security is a security—for example, a bond or preferred stock—that may be converted into common stock, the cash value of common stock, or some other security of the same or different issuer. The convertible security sets the price, quantity of shares, and time period in which it may be so converted. Convertible stock is senior to a company's common stock but is usually subordinated to debt obligations of the company. Convertible securities provide a steady stream of income which is generally at a higher rate than the income on the company's common stock but lower than the rate on the company's debt obligations. At the same time, convertible securities offer—through their conversion mechanism—the chance to participate in the capital appreciation of the underlying common stock. The price of a convertible security tends to increase and decrease with the market value of the underlying common stock.

**Credit Default Swaps**—In a credit default swap, a Portfolio and another party agree to exchange payment of the par (or other agreed-upon) value of a referenced debt obligation in the event of a default on that debt obligation in return for a periodic stream of payments over the term of the contract provided no event of default has occurred. See also "Swaps" defined below.

**Credit-Linked Securities**—Credit linked securities are securities that are collateralized by one or more credit default swaps on corporate credits. A Portfolio has the right to receive periodic interest payments from the issuer of the credit-linked security at an agreed-upon interest rate and a return of principal at the maturity date. See also "Credit Default Swaps" defined above.

**Depositary Receipts**—A Portfolio may invest in the securities of foreign issuers in the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. American Depositary Receipts (ADRs) and American Depositary Shares (ADSs) are receipts or shares typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. European Depositary Receipts (EDRs) are receipts issued in Europe that evidence a similar ownership arrangement. Global Depositary Receipts (GDRs) are receipts issued throughout the world that evidence a similar arrangement.

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Generally, ADRs and ADSs, in registered form, are designed for use in the US securities markets, and EDRs, in bearer form, are designed for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. A Portfolio may invest in unsponsored Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or into or for which they may be converted or exchanged. Investments in Depositary Receipts may be less liquid and more volatile than the underlying securities in their primary trading market.

**Derivatives**—A derivative is an instrument that derives its price, performance, value, or cash flow from one or more underlying securities or other instruments. Derivatives involve costs and can be volatile. With derivatives, the investment adviser tries to predict whether the underlying interest—a security, market index, currency, interest rate, or some other benchmark—will go up or down at some future date. A Portfolio may use derivatives to try to reduce risk or to increase return consistent with the Portfolio's overall investment objective or to achieve investment and economic exposure to certain securities and investments. A Subadviser will consider other factors (such as cost) in deciding whether to employ any particular strategy, or use any particular instrument. Any derivatives used may not fully offset a Portfolio's underlying positions and this could result in losses to the Portfolio that would not otherwise have occurred.

**Dollar Rolls**—Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. During the "roll period," the Portfolio does not receive any principal or interest on the security. Instead, it is compensated by the difference between the current sales price and the price of the future purchase, as well as any interest earned on the cash proceeds from the original sale. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio.

**Energy Companies**—Companies that are involved in oil or gas exploration, production, refining or marketing, or any combination of the above are greatly affected by the prices and supplies of raw materials such as oil or gas. The earnings and dividends of energy companies can fluctuate significantly as a result of international economics, politics and regulation.

**Equity Swaps**—In an equity swap, a Portfolio and another party agree to exchange cash flow payments that are based on the performance of equities or an equity index. See also "Swaps" defined below.

**Event-Linked Bonds**—Event-linked bonds are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomenon. If a trigger event occurs, a Portfolio may lose a portion or all of its principal invested in the bond. Event-linked bonds often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked bonds may also expose a Portfolio to certain unanticipated risks including credit risk, and adverse regulatory or jurisdictional interpretations. Event-linked bonds may also be subject to liquidity risk.

**Exchange-Traded Funds (ETFs)**—If a Portfolio's principal investment strategy indicates that the Portfolio invests in ETFs, the Portfolio may invest more of its total assets in ETFs under normal market conditions.

An investment in an ETF generally presents the same primary risks as an investment in a conventional mutual fund (i.e., one that is not exchange-traded) that has the same investment objective, strategies and policies. The price of an ETF can fluctuate up or down, and a Portfolio could lose money investing in an ETF if the prices of the securities

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owned by the ETF go down. In addition, ETFs may be subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange or the activation of market-wide "circuit breakers'' (which are tied to large decreases in stock prices) halts stock trading generally.

An allocation to ETFs managed by an affiliate results in incremental revenues to Prudential. To the extent a Portfolio subadviser invests in an affiliated ETF that is managed by PGIM Investments, PGIM Investments will waive its management fee in an amount equal to the underlying ETF's management/advisory fee. Further, if the subadviser to the Portfolio also subadvises the affiliated ETF, the subadviser will waive its subadvisory fee in an amount equal to the underlying ETF's subadvisory fee.

**Financial Services Companies**—Financial services companies are subject to extensive government regulation that may affect their profitability in many ways, including by limiting the amount and types of loans and other commitments they can make, and the interest rates and fees they can charge. A financial services company's profitability, and therefore its stock price, is especially sensitive to interest rate changes as well as the ability of borrowers to repay their loans. Changing regulations, continuing consolidations, and development of new products and structures all are likely to have a significant impact on financial services companies.

**Foreign Currency Forward Contracts**—A foreign currency forward contract is an obligation to buy or sell a given currency on a future date at a set price. When a Portfolio enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when a Portfolio anticipates the receipt in a foreign currency of dividends or interest payments on a security which it holds, the Portfolio may desire to "lock-in" the US dollar price of the security or the US dollar equivalent of such dividend or interest payment, as the case may be. By entering into a forward contract for a fixed amount of dollars, for the purchase or sale of the amount of foreign currency involved in the underlying transactions, the Portfolio will be able to protect itself against a possible loss resulting from an adverse change in the relationship between the US dollar and the foreign currency during the period between the date on which the security is purchased or sold, or on which the dividend or interest payment is declared, and the date on which such payments are made or received. At the maturity of a forward contract, a Portfolio may either sell the security and make delivery of the foreign currency or it may retain the security and terminate its contractual obligation to deliver the foreign currency by purchasing an "offsetting" contract with the same currency trader obligating it to purchase, on the same maturity date, the same amount of the foreign currency.

**Futures Contracts—**A futures contract is an agreement to buy or sell a set quantity of an underlying product at a future date, or to make or receive a cash payment based on the value of a securities index. When a futures contract is entered into, a Portfolio deposits collateral with a futures commission merchant. This is known as the "initial margin." The amount of initial margin required to be deposited is set by the exchange on which the contract is listed, subject to increase by the futures commission merchant, and is equal to a percentage, typically 3-12%, of the notional amount of the futures contract. Every day during the futures contract, a Portfolio will make or receive payments equal to the change in the mark-to-market value of the futures contract, known as "variation margin." A stock index futures contract is an agreement between the buyer and the seller of the contract to transfer an amount of cash equal to the daily variation margin of the contract. No physical delivery of the underlying stocks in the index is made.

**Global Depositary Receipts (GDRs)**—GDRs are receipts issued by a non-US financial institution evidencing ownership of underlying foreign securities and are usually denominated in foreign currencies. They may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in the foreign securities markets. Investments in GDRs involve certain risks unique to foreign investments. These risks are set forth in the section entitled "Foreign Investment Risk" in the Principal Risks section below.

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**Healthcare Technology Companies**—These companies will be affected by government regulatory requirements, regulatory approval for new drugs and medical products, patent considerations, product liability, and similar matters. In addition, this industry is characterized by competition and rapid technological developments that may make a company's products or services obsolete in a short period of time.

**Illiquid Investments**—An "illiquid investment" is an investment that a Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Each Portfolio (other than the PSF PGIM Government Money Market Portfolio) may not acquire any "illiquid investment" if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. The PSF PGIM Government Money Market Portfolio may invest up to 5% of its net assets in illiquid investments. Each Portfolio may purchase certain restricted securities that can be resold to institutional investors and that may be determined to be liquid pursuant to procedures adopted by the Trust on behalf of the Portfolios. Those securities are not subject to the 15% and 5% limits. The 15% and 5% limits are applied as of the date the Portfolio purchases an illiquid investment. In the event the market value of a Portfolio's (other than the PSF PGIM Government Money Market Portfolio) illiquid investments exceeds the 15% limit due to an increase in the aggregate value of its illiquid investments and/or a decline in the aggregate value of its other investments, the Portfolio must take steps to bring its illiquid investments that are assets to or below 15% of its net assets within a reasonable period of time. If the PSF PGIM Government Money Market Portfolio were to exceed the 5% limit, the subadviser(s) would take prompt action to reduce the Portfolio's holdings in illiquid investments to no more than 5% of its net assets, as required by applicable law.

**Inflation-Indexed Securities**—Inflation-indexed securities have a tendency to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates lowered by the anticipated effect of inflation. In general, the price of an inflation-indexed security can decrease when real interest rates increase, and can increase when real interest rates decrease. Interest payments on inflation indexed securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. Any increase in the principal amount of an inflation-protected debt security will be considered taxable ordinary income for US federal income tax purposes, even though investors, such as a Portfolio, do not receive their principal until maturity.

**Interest Rate Swaps**—In an interest rate swap, a Portfolio and another party agree to exchange interest payments. For example, the Portfolio may wish to exchange a floating rate of interest for a fixed rate. See also "Swaps" defined below.

**Investments in Affiliated Funds**—A Portfolio may invest its assets in affiliated funds, as an efficient means to gain exposure to certain asset classes or investment strategies when carrying out its investment strategies. Such underlying affiliated funds are registered investment companies under the 1940 Act. A Portfolio can invest its free cash balances in the underlying affiliated funds to obtain income on short-term cash balances while awaiting attractive investment opportunities, to provide liquidity in preparation for anticipated redemptions, for defensive purposes, or as an efficient means to gain exposure to certain asset classes or investment strategies when carrying out its investment strategies. Such an investment could also allow a Portfolio to obtain the benefits of a more diversified portfolio available in the affiliated funds than might otherwise be available through direct investments in those asset classes, and will subject the Portfolio to the risks associated with the particular asset class. As a shareholder in underlying affiliated funds, a Portfolio will pay its proportional share of the expenses of such underlying affiliated funds. Management fees of either a Portfolio or an affiliated fund in which it invests, as applicable, will be waived, so that shareholders of the Portfolio are not paying management fees of both the Portfolio and the underlying affiliated fund. The investment results of the portions of a Portfolio's assets invested in underlying affiliated funds will be based on the investment results of such underlying affiliated funds.

**Joint Repurchase Account**—In a joint repurchase transaction, uninvested cash balances of various Portfolios are added together and invested in one or more repurchase agreements. Each of the participating Portfolios receives a portion of the income earned in the joint account based on the percentage of its investment.

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**Loans and Assignments**—Loans are privately negotiated between a corporate borrower and one or more financial institutions. A Portfolio acquires interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Purchasers of loans depend primarily upon the creditworthiness of the borrower for payment of interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected. Interests in loans are also subject to additional liquidity risks. Loans are not generally traded in organized exchange markets but are traded by banks and other institutional investors engaged in loan syndications. Consequently, the liquidity of a loan will depend on the liquidity of these trading markets at the time that a Portfolio sells the loan.

In assignments, a Portfolio will have no recourse against the selling institution, and the selling institution generally makes no representations about the underlying loan, the borrowers, the documentation or the collateral. In addition, the rights against the borrower that are acquired by the Portfolio may be more limited than those held by the assigning lender.

**Master Limited Partnerships (MLPs)**—MLP investments may include, but are not limited to: MLPs structured as LPs or LLCs; MLPs that are taxed as "C" corporations for US federal income tax purposes; I-Units issued by MLP affiliates; parent companies of MLPs; shares of companies owning MLP general partnership interests and other securities representing indirect beneficial ownership interests in MLP common units; "C" corporations that hold significant interests in MLPs; and other equity and fixed income securities and derivative instruments, including pooled investment vehicles and exchange traded products, that provide exposure to MLP investments. MLPs generally own and operate assets that are used in the energy sector, including assets used in exploring, developing, producing, generating, transporting (including marine), transmitting, terminal operation, storing, gathering, processing, refining, distributing, mining, or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, or that provide energy related equipment or services. A Portfolio's MLP investments may be of any capitalization size.

**Mortgage-Related Securities—**Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable-rate mortgages. The Portfolios may invest in mortgage-related securities issued and guaranteed by the US Government or its agencies and mortgage-backed securities issued by government sponsored enterprises (GSEs) such as Fannie Mae, Ginnie Mae and Freddie Mac. GSE debt may not be backed by the full faith and credit of the United States. The Portfolios may also invest in private mortgage-related securities that are not guaranteed by US Governmental entities yet generally have one or more types of credit enhancement to ensure timely receipt of payments and to protect against default. The Portfolios may invest in mortgage-related securities that are backed by a pool or pools of loans that are originated and/or serviced by an entity affiliated with the investment manager or subadviser(s).

Mortgage-related securities include CMO's, multi-class pass through securities and stripped mortgage-backed securities. A CMO is a security backed by an underlying portfolio of mortgages or mortgage-backed securities that may be issued or guaranteed by entities such as banks, US Governmental entities or broker-dealers. A multi-class pass-through security is an equity interest in a trust composed of underlying mortgage assets.

Payments of principal and interest on the mortgage assets and any reinvestment income provide the money to pay debt service on the CMO or to make scheduled distributions on the multi-class pass-through security. An MBS strip may be issued by US Governmental entities or by private institutions. MBS strips take the pieces of a debt security (principal and interest) and break them apart. The resulting securities may be sold separately and may perform differently. MBS strips are highly sensitive to changes in prepayment and interest rates.

**Non-Voting Depositary Receipts (NVDRs)**—NVDRs are listed securities on the Stock Exchange of Thailand through which investors receive the same financial benefits as those who invest directly in a company's ordinary shares; however, unlike ordinary shareholders, NVDR holders cannot be involved in company decision-making. NVDRs are designed for use in the Thailand securities market. Investments in NVDRs involve certain risks unique to foreign investments. These risks are set forth in the section entitled "Foreign Investment Risk" in the Principal Risks section below.

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**Options**—A call option on stock is a short-term contract that gives the option purchaser or "holder" the right to acquire a particular equity security for a specified price at a particular time on a specified date or at any time during a specified period depending upon the style of the option. For this right, the option purchaser pays the option seller a certain amount of money or "premium" which is set before the option contract is entered into. The seller or "writer" of the option is obligated to deliver the particular security if the option purchaser exercises the option. A put option on stock is a similar contract. In a put option, the option purchaser has the right to sell a particular security to the option seller for a specified price at a particular time on a specified date or at any time during a specified period depending upon the style of the option. In exchange for this right, the option purchaser pays the option seller a premium. Options on debt securities are similar to stock options except that the option holder has the right to acquire or sell a debt security rather than an equity security. Options on stock indexes are similar to options on stocks, except that instead of giving the option holder the right to receive or sell a stock, it gives the holder the right to receive an amount of cash if the closing level of the stock index is greater than (in the case of a call) or less than (in the case of a put) the exercise price of the option. The amount of cash the holder will receive is determined by multiplying the difference between the index's closing price and the option's exercise price, expressed in dollars, by a specified "multiplier." Unlike stock options, stock index options are always settled in cash, and gain or loss depends on price movements in the stock market generally (or a particular market segment, depending on the index) rather than the price movement of an individual stock.

**Participation Notes (P-Notes)**—P-Notes are a type of equity-linked derivative that generally are traded over-the-counter. Even though a P-Note is intended to reflect the performance of the underlying equity securities, the performance of a P-Note will not replicate exactly the performance of the issuers or markets that the P-Note seeks to replicate due to transaction costs and other expenses. Investments in P-Notes involve risks normally associated with a direct investment in the underlying securities. In addition, P-Notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the P-Notes will not fulfill its contractual obligation to complete the transaction with a Portfolio.

**Prepayment**—Debt securities are subject to prepayment risk when the issuer can "call" the security, or repay principal, in whole or in part, prior to the security's maturity. When a Portfolio reinvests the prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the existing security, potentially lowering the Portfolio's income, yield and its distributions to shareholders. Securities subject to prepayment may offer less potential for gains during a declining interest rate environment and have greater price volatility. Prepayment risk is greater in periods of falling interest rates.

**Private Investments in Public Equity (PIPEs)**—A PIPE is an equity security in a private placement that is issued by issuers who have outstanding, publicly-traded equity securities of the same class. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and a Portfolio cannot freely trade the securities. Generally, such restrictions and other relevant market, trading and investment-specific considerations cause the PIPEs to be classified as illiquid investments during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

**Real Estate Investment Trusts (REITs)**—A REIT is a company that manages a portfolio of real estate to earn profits for its shareholders. Some REITs acquire equity interests in real estate and then receive income from rents and capital gains when the buildings are sold. Other REITs lend money to real estate developers and receive interest income from the mortgages. Some REITs invest in both types of interests.

**Repurchase Agreements**—In a repurchase transaction, a Portfolio agrees to purchase certain securities and the seller agrees to repurchase the same securities at an agreed upon price on a specified date. This creates a fixed return for the Portfolio, and functions as a loan by the Portfolio.

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**Reverse Repurchase Agreements**—In a reverse repurchase transaction, a Portfolio sells a security it owns and agrees to buy it back at a set price and date. During the period the security is held by the other party, the Portfolio may continue to receive principal and interest payments on the security.

**Short Sales**—In a short sale, a Portfolio sells a security it does not own to take advantage of an anticipated decline in the stock's price. A Portfolio borrows the stock for delivery and if it can buy the stock later at a lower price, a profit results. A Portfolio that sells a security short in effect borrows and then sells the security with the expectation that it will later repurchase the security at a lower price and then return the amount borrowed with interest. In contrast, when a Portfolio buys a security long, it purchases the security with cash with the expectation that it later will sell the security at a higher price. A Portfolio that enters into short sales exposes the Portfolio to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Portfolio. Theoretically, the amount of these losses can be unlimited. Although a Portfolio may try to reduce risk by holding both long and short positions at the same time, it is possible that the Portfolio's securities held long will decline in value at the same time that the value of the Portfolio's securities sold short increases, thereby increasing the potential for loss.

**Short Sales Against-the-Box**—A short sale against-the-box involves selling a security that a Portfolio owns, or has the right to obtain without additional costs, for delivery at a specified date in the future. A Portfolio may make a short sale against the box to hedge against anticipated declines in the market price of a portfolio security. If the value of the security sold short increases instead, the Portfolio loses the opportunity to participate in the gain.

**Swap Options**—A swap option (known as a "swaption") is a contract that gives a counterparty the right (but not the obligation) to enter into a swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement at some designated future time on specified terms. See also "Options" defined above.

**Swaps**—Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. Credit Default Swaps, Equity Swaps, Interest Rate Swaps, and Total Return Swaps are four types of swap agreements.

**Temporary Defensive Investments**—In response to adverse or unstable market, economic, political, or other conditions or to satisfy redemptions, a 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 US 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. Investing heavily in these securities may limit a Portfolio's ability to pursue or achieve its investment objective and could reduce the benefit to the Portfolio from any upswing in the market, but can help to preserve the value of the Portfolio's assets during adverse or unstable environments. The use of temporary defensive investments may be inconsistent with a Portfolio's investment objective.

**Total Return Swaps**—In a total return swap, payment (or receipt) of an index's total return is exchanged for the receipt (or payment) of a floating interest rate. See also "Swaps" defined above.

**Unrated Debt Securities**—Unrated debt securities may be determined by the Manager to be of comparable quality to rated securities which a Portfolio may purchase. In making ratings determinations, the Manager may take into account different factors than those taken into account by rating agencies, and the Manager's rating of a security may differ from the rating that a rating agency may have given the same security. Unrated debt securities may pay a higher interest rate than such rated debt securities and be subject to a greater risk of decreased liquidity or price changes. Less public information is typically available about unrated securities or issuers.

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**Utilities Industry**—Utility company equity securities, which are generally purchased for their dividend yield, historically have been sensitive to interest rate movements: when interest rates have risen, the stock prices of these companies have tended to fall. In some states, utility companies and their rates are regulated; other states have moved to deregulate such companies thereby causing non-regulated companies' returns to generally be more volatile and more sensitive to changes in revenue and earnings. Certain utilities companies face risks associated with the operation of nuclear facilities for electric generation, including, among other considerations, litigation, the problems associated with the use of radioactive materials and the effects of natural or man-made disasters. In general, all utility companies may face additional regulation and litigation regarding their power plant operations; increased costs from new or greater regulation of these operations; the need to purchase expensive emissions control equipment or new operations due to regulations; and the availability and cost of fuel, all of which may lower their earnings.

**When-Issued and Delayed Delivery Securities**—With when-issued or delayed delivery securities, the delivery and payment can take place a month or more after the date of the transaction. A Portfolio will make commitments for when-issued transactions only with the intention of actually acquiring the securities. A Portfolio's custodian will maintain in a segregated account, liquid assets having a value equal to or greater than such commitments. If a Portfolio chooses to dispose of the right to acquire a when-issued security prior to its acquisition, it could, as with the disposition of any other security, incur a gain or loss.

Except for the PSF PGIM Government Money Market Portfolio, each Portfolio also follows certain policies when it borrows money (each Portfolio may borrow up to 5% of the value of its total assets); lends its securities; and holds illiquid investments (a Portfolio may hold up to 15% of its net assets in illiquid investments, which may include securities with legal or contractual restrictions on resale, those without a readily available market and repurchase agreements with maturities longer than seven days). If a Portfolio were to exceed this limit, the Portfolio must take steps to bring its illiquid investments that are assets to or below 15% of its net assets within a reasonable period of time. A Portfolio is subject to certain investment restrictions that are fundamental policies, which means they cannot be changed without shareholder approval. For more information about these restrictions, see the SAI.

The PSF PGIM Government Money Market Portfolio also follows certain policies when it borrows money (the Portfolio may borrow up to 5% of the value of its total assets) and holds illiquid investments (the Portfolio may hold up to 5% of its net assets in illiquid investments, which may include securities with legal or contractual restrictions on resale, those without a readily available market and repurchase agreements with maturities longer than seven days). If the Portfolio were to exceed this limit, the subadviser would take prompt action to reduce the Portfolio's holdings in illiquid investments to no more than 5% of its net assets, as required by applicable law. The Portfolio is subject to certain investment restrictions that are fundamental policies, which means they cannot be changed without shareholder approval. For more information about these restrictions, see the SAI.

We will consider other factors (such as cost) in deciding whether to employ any particular strategy or use any particular instrument. For more information about these strategies, see the SAI.

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PRINCIPAL RISKS

An investment or type of security specifically identified in this Prospectus generally reflects a principal investment. A Portfolio also may invest in or use certain other types of investments and investing techniques that are described in the SAI. An investment or type of security only identified in the SAI typically is treated as a non-principal investment. The risks identified below are the principal risks of investing in the Portfolios. The Summary section for each Portfolio lists the principal risks applicable to that Portfolio. This section provides more detailed information about each risk. Each Portfolio may be subject to additional risks other than those identified and described below because the types of investments made by a Portfolio can change over time. The order of the below risk factors does not indicate the significance of any particular risk factor. For Portfolios that invest in a combination of underlying investment companies and other underlying portfolios, a Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

All investments have risks to some degree and it is possible that you could lose money by investing in the Portfolios. An investment in a Portfolio is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Portfolios make every effort to achieve their objectives, the Portfolios cannot guarantee success.

In addition, each Portfolio reserves the right to discontinue offering shares at any time, to merge or reorganize itself, or to cease operations and liquidate at any time.

**Active Trading Risk.** The Portfolio actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Portfolio's performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

**AI Technologies Development Risk.** Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, "artificial intelligence"), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Portfolio invests and subject the Portfolio or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Portfolio or the business, financial condition and results of operations of the issuers in which it invests. The Portfolio, the Portfolio's Manager, Subadviser(s), distributor, and other service providers, or the issuers of securities in which the Portfolio invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for a Portfolio, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Portfolios. For instance, the Portfolio may also be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Portfolio expects. The economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of a Portfolio's holdings may be impacted, which could significantly impact the overall performance of the Portfolio. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**Adjustable and Floating-Rate Securities Risk.** The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Adjustable and floating rate securities generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, adjustable and floating-rate securities generally will not increase in value as

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much as fixed rate debt instruments if interest rates decline. Adjustable and floating-rate securities are also subject to credit risk, market risk, and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

**Asset-Backed and/or Mortgage-Backed Securities Risk**. Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans on residential and/or commercial real estate. Asset-backed and mortgage-backed securities are subject to interest rate risk, credit risk, and liquidity risk, which are further described under Fixed Income Securities Risk.

Asset-backed and mortgage-backed securities may also be subject to prepayment and extension risks. In a period of declining interest rates, borrowers may repay principal on mortgages or other loan obligations underlying a security more quickly than anticipated, which may require a Portfolio to reinvest the repayment proceeds in securities that pay lower interest rates (prepayment risk). In a period of rising interest rates, prepayments may occur at a slower rate than expected, which may prevent a Portfolio from reinvesting repayment proceeds in securities that pay higher interest rates (extension risk). The more a Portfolio invests in longer-term asset-backed securities, the more likely it will be affected by changes in interest rates, which may result in lower than anticipated yield-to-maturity and expected returns as well as reduced market value of such securities.

Mortgage-backed securities are a specific type of asset-backed security—one backed by mortgage loans on residential and/or commercial real estate. Therefore, they also have risks related to real estate, including significant sensitivity to changes in real estate prices and interest rates and, in the case of commercial mortgages, office and factory occupancy rates. Mortgage-backed securities issued by private non-government entities are subject to the risks that the underlying mortgage borrowers fail to make timely payments of interest and principal and that any guarantee or other structural feature, if present, is insufficient to enable the timely payment of interest and principal on the mortgage-backed securities. Moreover, securities backed by mortgages issued by private, non-government issuers may experience higher rates of default on the underlying mortgages than government-issued mortgages because private issuer mortgage loans often do not meet the underwriting standards of government-issued mortgages. Private issuer mortgage-backed securities may include loans on commercial or residential properties. Although certain mortgage-backed securities issued by private non-government entities are guaranteed as to timely payment of interest and principal by a government-sponsored entity, the market price for such securities is not guaranteed and will fluctuate. Asset-backed securities backed by sub-prime mortgage loans expose a Portfolio to potentially greater declines in value due to defaults because sub-prime mortgage loans are typically made to less creditworthy borrowers and thus have a greater risk of default than conventional mortgage loans.

A Portfolio may invest in securities issued or guaranteed by the US Government or its agencies and instrumentalities, such as Ginnie Mae, Fannie Mae, or Freddie Mac. Unlike Ginnie Mae securities, securities issued or guaranteed by US Government-related organizations such as Fannie Mae or Freddie Mac are not backed by the full faith and credit of the US Government, and no assurance can be given that the US Government would provide financial support to such securities.

**Blend Style Risk.** A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing as the Portfolio's portfolio managers may invest in equity and equity related securities from traditionally growth and value areas, as well as stocks exhibiting characteristics of both. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor

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depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other similar funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

**Buffered Loss Risk.** There can be no guarantee that the Portfolio will provide downside protection against SPY losses. The buffer is only provided by the Underlying ETFs and the Portfolio itself does not provide any stated buffer against losses. The Portfolio likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Portfolio does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. Each Underlying ETF's strategy seeks to deliver returns that match the price return of SPY (up to the cap), while limiting downside losses, if shares are bought on the first day of a Target Outcome Period and held until the end of that Target Outcome Period. To the extent the Portfolio acquires shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalancing, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, to the extent the Portfolio disposes of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalancing, any such dispositions typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires shares after the first day of a Target Outcome Period or disposes of shares prior to the end of a Target Outcome Period, the buffer that the Underlying ETF seeks to provide may not be available. If the Portfolio purchases Underlying ETF shares during a Target Outcome Period at a time when the Underlying ETF has decreased in value by 12% or 20% (as applicable) or more from the value of the Underlying ETF on the first day of the Target Outcome Period (the "Initial Underlying ETF Value"), the buffer protection received by the Portfolio from its investments in the Underlying ETF will essentially be zero (meaning the Portfolio can lose its entire investment). If the Portfolio purchases Underlying ETF shares at a time when the Underlying ETF has decreased in value by less than 12% or 20% (as applicable) from the Initial Underlying ETF Value, the Underlying ETF's buffer protection received by the Portfolio from its investments in the Underlying ETF will be reduced by the difference between the Initial Underlying ETF Value and the NAV of the Underlying ETF on the date the Portfolio purchases the shares.

**Cap Change Risk.** A new cap for an Underlying ETF is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

**Capped Upside Risk.** Each Underlying ETF's strategy seeks to provide returns that match the price return of SPY for shares acquired on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event that the Portfolio acquires Underlying ETF shares after the first day of a Target Outcome Period and the Underlying ETF has risen in value to a level near or at the cap (because the Portfolio's potential gain will be limited to the difference between the Underlying ETF's NAV on the date the Portfolio purchases Underlying ETF shares and the cap), there may be little or no ability for the Portfolio to experience an investment gain on those Underlying ETF shares; however, the Portfolio will remain vulnerable to downside risks. This could be true for all of the Underlying ETFs held by the Portfolio at a certain point in time severely limiting the Portfolio's ability to participate in gains during that time. If SPY experiences gains during a Target Outcome Period, an Underlying ETF will not participate in those gains beyond the cap. If the Portfolio buys Underlying ETF shares when the price exceeds the cap, the Portfolio will not experience any gain in respect of those Underlying ETF shares regardless of the performance of SPY.

**Collateralized Debt Obligations Risk (CDO).** The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Normally, collateralized bond obligations, CLOs and other CDOs are privately offered

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and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Counterparty Risk.** Portfolio and Underlying ETF transactions as applicable involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Portfolio or the Underlying ETF (as applicable). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to a Portfolio or as applicable, an Underlying ETF and, in turn, the relevant Portfolio. An Underlying ETF or Portfolio (as applicable) may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of an Underlying ETF or Portfolio (as applicable) to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, a Portfolio or as applicable, an Underlying ETF and, in turn, the relevant Portfolio could suffer significant losses.

**Covenant-Lite Risk.** Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be "covenant-lite," which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio's exposure to losses may be increased, which could result in an adverse impact on the Portfolio's net income and net asset value.

**Credit Risk.** This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The market price of a fixed income investment will normally decline as a result (and/or in anticipation) of the failure of an issuer, guarantor, or other obligor to meet its payment obligations or a downgrading of the credit rating of the investment. The lower the credit quality of a bond, the more sensitive it is to credit risk. The credit quality of the Portfolio's portfolio securities or instruments may meet the Portfolio's credit quality requirements at the time of purchase but then deteriorate thereafter, and such a deterioration can occur rapidly.

**Currency Risk.** Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments. Currency risk includes the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. Foreign currencies can be illiquid and also are subject to settlement, custodial and other operational risks. Currency exchange rates can be affected unpredictably by intervention, or the failure to intervene, by US or foreign governments or central banks or by currency controls or political developments in the United States or abroad. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

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**Cybersecurity Risk.** Failures or breaches of the electronic systems of a Portfolio, the Portfolio's Manager, Subadviser(s), distributor, and other service providers, or the issuers of securities in which the Portfolio invests have the ability to cause disruptions and negatively impact the Portfolio's business operations, potentially resulting in financial losses to the Portfolio and its shareholders. While each Portfolio has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, a Portfolio cannot control the cybersecurity plans and systems of the Portfolio's service providers or issuers of securities in which the Portfolio invests. In addition, the rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks or result in cybersecurity incidents that implicate personal data.

**Debt Obligations Risk.** Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Portfolio's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Portfolio for redemption before it matures and the Portfolio may not be able to reinvest at the same rate of interest and therefore would earn less income.

**Derivatives Risk**. A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index, and may relate to stocks, bonds, interest rates, currencies, and currency exchange rates. Derivatives in which the Portfolios may invest include exchange-traded instruments as well as privately-negotiated instruments, also called over-the-counter instruments. Examples of derivatives include, but are not limited to, options, futures, forward agreements, interest rate swap agreements, credit default swap agreements, and credit-linked securities. A Portfolio may, but is not required to, use derivatives to seek to earn income or enhance returns, manage or adjust its risk profile, replace more traditional direct investments, or obtain exposure to certain markets. The use of derivatives to seek to earn income or enhance returns may be considered speculative. The use of derivative instruments also exposes a Portfolio to transaction costs. Derivatives involve the risk that changes in their value may not correlate perfectly with the assets, rates, indices or instruments they are designed to hedge or closely track. In addition, fluctuations in derivatives' values may not correlate perfectly with the securities markets. For exchange-traded and/or centrally cleared derivatives, such as futures, many options and certain swaps, the primary credit/counterparty risk is the creditworthiness of a Portfolio's clearing broker and the central clearing house itself through which such derivative positions are traded and held. Such risk is concentrated in relatively few clearinghouses and clearing members.

The use of derivatives is a highly specialized activity that involves a variety of risks and costs that are different from, or possibly greater than, investing directly in traditional equity and debt securities, including:

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*Counterparty credit risk*. There is a risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to make timely payments or otherwise honor its financial obligations to a Portfolio. This risk is especially important in the context of privately negotiated instruments. For example, a Portfolio would be exposed to counterparty credit risk to the extent it enters into a credit default swap, that is, it purchases protection against a default by a debt issuer, and the swap counterparty does not maintain adequate reserves to cover such a default.

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*Leverage risk*. Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value). Leverage can result in losses to a Portfolio that exceed the amount originally invested. A Portfolio may manage some of its derivative positions by offsetting derivative positions against one another or against other assets. To the extent offsetting positions do not behave in relation to one another as expected, a Portfolio may perform as if it were leveraged. The use of leverage may cause a Portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet margin requirements.

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*Liquidity and valuation risk*. Certain exchange-traded derivatives may be difficult or impossible to buy or sell at the time that the seller would like, or at the price that the seller believes the derivative is currently worth. Privately-negotiated instruments may be difficult to terminate, and from time to time, a Portfolio may find it

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difficult to enter into a transaction that would offset the losses incurred by another derivative that it holds. Derivatives, and especially privately-negotiated instruments, also involve the risk of incorrect valuation (that is, the value assigned to the derivative may not always reflect its risks or potential rewards).

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*Hedging risk*. Hedging is a strategy in which a Portfolio uses a derivative to offset the risks associated with its other portfolio holdings. While hedging can reduce losses, it can also reduce or eliminate gains or magnify losses if the market moves in a manner different from that anticipated by the Portfolio. Hedging also involves the risk that changes in the value of the derivative will not match the value of the holdings being hedged, to the extent expected by the Portfolio, in which case any losses on the holdings being hedged may not be reduced and in fact, may be increased. No assurance can be given that any hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. A Portfolio is not required to use hedging and may choose not to do so.

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*Futures and Forward Contracts risk.* The primary risks associated with the use of futures or forward contracts are: (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures or forward contract; (b) possible lack of a liquid market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose a Portfolio to greater losses in the event of a default by a counterparty.

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*Government Regulation of Derivatives risk.* The derivatives markets are subject to various regulations. For example, the SEC has adopted Rule 18f-4 under the 1940 Act which governs the use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. Rule 18f-4 as well as other applicable government regulations more generally can, among other things, adversely affect the value of the investments held by a Portfolio, restrict a Portfolio's ability to engage in derivatives transactions (for example, by making certain derivatives transactions no longer available to that Portfolio) and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements), which could adversely affect investors. Regulations may also limit and/or delay a Portfolio's ability to recover amounts owed to it (including collateral held by its counterparties) which could increase counterparty risk. In particular, position limits imposed on a Portfolio or its counterparties may impact that Portfolio's ability to invest in a manner that efficiently meets its investment objective, and requirements, including capital and mandatory clearing for certain swaps, may increase the cost of a Portfolio's investments and cost of doing business, which could adversely affect investors. Because derivatives regulations are evolving, their ultimate impact remains unclear.

**Dollar Roll Transactions Risk.** Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio. A dollar roll can be viewed as a borrowing. If a Portfolio makes additional investments while a dollar roll is outstanding, this may be considered a form of leverage.

**Emerging Markets Risk**. The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the Manager or a Portfolio's Subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or

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the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of emerging market countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by non-US investors, or that prevent non-US investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, the Middle East, Latin America, Eastern Europe, and Africa. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

**Equity Securities Risk.** There is a risk that the value of a particular stock or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. In addition to an individual stock losing value, the value of the equity markets or a sector of those markets in which a Portfolio invests could go down. A Portfolio's holdings can vary from broad market indexes, and the performance of a Portfolio can deviate from the performance of such indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Such events may result in losses to a Portfolio. Preferred stock generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of assets, but does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include the risk of losses attributable to adverse changes in interest rates, broader market conditions and the financial condition of the stock's issuer. Preferred stock may also be subordinated to bonds or other debt instruments in a company's capital structure and is typically less liquid than common stock. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.

**Equity and Equity-Related Securities Risk**. From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. There is a risk that the value of a particular stock or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. In addition to an individual stock losing value, the value of the equity markets or a sector of those markets in which a Portfolio invests could go down. A Portfolio's holdings can vary from broad market indexes, and the performance of a Portfolio can deviate from the performance of such indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Such events may result in losses to a Portfolio. Preferred stock generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of assets, but does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include the risk of losses attributable to adverse changes in interest rates, broader market conditions and the financial condition of the stock's issuer. Preferred stock may also be subordinated to bonds or other debt instruments in a company's capital structure and is typically less liquid than common stock. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.

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**Expense Risk**. Your actual cost of investing in a Portfolio may be higher than the expenses shown in "Annual Portfolio Operating Expenses" for a variety of reasons. For example, Portfolio operating expense ratios may be higher than those shown if a Portfolio's average net assets decrease, fee waivers or expense limitations change, or the Portfolio incurs more expenses than expected. Net assets are more likely to decrease and Portfolio expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Portfolio securities can increase expenses.

**Exchange-Traded Funds (ETF) Risk**. A Portfolio may invest in ETFs, including ETFs managed by PGIM Investments or the Portfolio's Subadviser(s), as an efficient means of carrying out its investment strategies. As with mutual funds (i.e., funds that are not exchange-traded), ETFs charge asset-based fees and other expenses that a Portfolio will indirectly bear as a result of its investment in an ETF, including advisory fees paid by the underlying ETF (to the extent not offset by the Manager through accompanying management fee waivers for the Portfolio). ETFs are traded on stock exchanges or on the over-the-counter market. ETFs do not charge initial sales charges or redemption fees and investors pay only customary brokerage fees to buy and sell ETF shares.

An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, ETFs may be subject to the following risks: (i) the risk that the market price of an ETF's shares may trade above or below its net asset value; (ii) the risk that an active trading market for an ETF's shares may not develop or be maintained; (iii) substantially the same risks as those associated with the direct ownership of securities or other assets in which an underlying ETF invests; (iv) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective; and (v) the risk that trading of an ETF's shares may be halted if the listing exchange's officials deem such an action appropriate, the shares are delisted from the exchange, or the activation of a market-wide "circuit breaker" (which are tied to large decreases in stock prices) halts stock trading generally. The price of an ETF can fluctuate, sometimes rapidly and materially, in response to market disruptions or changes in the ETF's NAV, the value of ETF holdings and supply and demand for ETF shares, and a Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

The ETFs may have a limited number of financial institutions that act as authorized participants (APs), none of which are obligated to engage in creation and/or redemption transactions. To the extent that those APs exit the business, or are unable to or choose not to process creation and/or redemption orders, and no other AP is able to step forward to create and redeem ETF shares, there may be a significantly diminished trading market for such shares. This circumstance may lead to shares of the ETF trading at a discount/premium to NAV, which may be substantial during periods of market stress, and may possibly result in trading halts and/or delisting of ETF shares. The AP concentration risk may be heightened in scenarios where APs have limited or diminished access to the capital required to post collateral.

**Fixed Income Securities Risk**. Investment in fixed income securities involves a variety of risks, including credit risk, liquidity risk and interest rate risk. The market price of a fixed-income investment can decline due to market-related factors, including rising interest rates and widening credit spreads, rising inflation, or decreased liquidity due, for example, to market uncertainty about the value of a fixed-income investment (or class of fixed income investments).

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*Credit risk*. Credit risk is the risk that an issuer or guarantor of a security will be unable or unwilling to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able or willing to make required principal and interest payments. The risk that such issuer or guarantor is less willing or able to make required principal and interest payments is heightened in market environments where interest rates are rising. The downgrade of the credit of a security held by a Portfolio may decrease its value. Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by a Portfolio, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Portfolio assets allocated to lower-rated securities generally will increase the credit risk to which a Portfolio is subject. Information on the ratings issued to debt securities by certain credit rating agencies is included in Appendix I to the Statement of Additional Information (SAI). Not all securities are rated. In the event that the relevant credit rating agencies assign different ratings to the same security, a Portfolio's Subadviser may determine which rating it believes best reflects the security's

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quality and risk at that time. A Portfolio will not necessarily sell a security when its rating is reduced below its rating at the time of purchase. Some, but not all, US government securities are insured or guaranteed by the US government, while others are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Although credit risk may be lower for US government securities than for other investment-grade securities, the return may be lower.

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*Liquidity risk*. Liquidity risk is the risk that a Portfolio may not be able to sell some or all of the securities it holds, either at the price it values the security or at any price. Liquidity risk also includes the risk that there may be delays in selling a security, if it can be sold at all, which could prevent a Portfolio from taking advantage of other investment opportunities. The liquidity of asset-backed and mortgage-backed securities may change over time. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities. In addition, liquidity risk refers to the risk that a Portfolio may not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, redemption requests by certain large shareholders such as institutional investors, or other reasons. Meeting such redemption requests may cause a Portfolio to have to liquidate portfolio securities at disadvantageous prices or times and/or unfavorable conditions and, thus, could reduce the returns of a Portfolio and dilute remaining investors' interests. The reduction in dealer market-making capacity in fixed income markets that has occurred in recent years also has the potential to decrease liquidity.

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*Interest rate risk.* Interest rate risk is the risk that the value of an investment will fluctuate because of a change in interest rates. The prices of fixed income securities generally move in the opposite direction to that of market interest rates. Changes in interest rates may also affect the liquidity of a Portfolio's investments in fixed income securities. Interest rates in the US may increase, possibly suddenly and significantly, with unpredictable effects on the markets and a Portfolio's investments. A wide variety of factors can cause interest rates to rise, including central bank monetary policies and inflation rates. As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio may be subject to significant losses if it has significant investments in fixed income investments. Generally, the longer the maturity of a fixed income security, the greater is the decline in its value when rates increase. As a result, portfolios with longer durations and longer weighted average maturities generally have more volatile share prices than portfolios with shorter durations and shorter weighted average maturities. Certain securities acquired by a Portfolio may pay interest at a variable rate or the principal amount of the security periodically adjusts according to the rate of inflation or other measure. In either case, the interest rate at issuance is generally lower than the fixed interest rate of bonds of similar seniority from the same issuer; however, variable interest rate securities generally are subject to a lower risk that their value will decrease during periods of increasing interest rates and increasing inflation. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, a Portfolio may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates.

**FLEX Options Risk.** The Underlying ETFs invest in FLEX Options. When an Underlying ETF purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Underlying ETF were permitted to expire without being sold or exercised, its premium would represent a loss to the Underlying ETF. To the extent that the Underlying ETF writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Underlying ETF, and, in turn, the Portfolio could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid trading market will exist for the FLEX Options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of

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a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options, Underlying ETF shares, and, in turn, Portfolio shares and result in the Portfolio being unable to achieve its investment objective.

**FLEX Options Trading Risk.** Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, the Underlying ETF's counterparty is the OCC, rather than a bank or broker. Since the Underlying ETF is not a member of the OCC and only members ("clearing members") can participate directly in the OCC, the Underlying ETF will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Underlying ETF will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by the Underlying ETF with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of the Underlying ETF's clearing member. There is a risk that the assets of the Underlying ETF might not be fully protected in the event of a clearing member's default and the Underlying ETF would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. Therefore, the Underlying ETF could experience and significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of the Underlying ETF.

**FLEX Options Valuation Risk.** The FLEX Options held by the Underlying ETFs will be exercisable at the strike price on or before their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the SPY. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the SPY. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the SPY's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by an Underlying ETF typically do not increase or decrease at the same rate as the SPY's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Underlying ETF's NAV (and, in turn, the Portfolio's NAV) may not increase or decrease at the same rate as the SPY's share price.

**Focus Risk**. To the extent that a Portfolio focuses its investments in particular countries, regions, industries, sectors, markets, or types of investments from time to time, the Portfolio may be subject to greater risks of adverse developments in such areas of focus than a portfolio with broader and more diversified investments. A Portfolio that invests in the securities of a small number of issuers has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers' securities as compared to a portfolio that invests in the securities of a larger number of issuers.

**Foreign Investment Risk**. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts.

Foreign investment risk includes the following risks:

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*Currency risk*. Changes in currency exchange rates may affect the value of foreign securities held by a Portfolio. Currency exchange rates can be volatile and affected by, among other factors, the general economic conditions of a country, the actions of the US and non-US governments or central banks, the imposition of currency controls, and speculation. A security may be denominated in a currency that is different from the currency of the country where the issuer is domiciled. Changes in currency exchange rates may affect the value of foreign securities held by a Portfolio. If a foreign currency grows weaker relative to the US dollar, the value of securities

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denominated in that foreign currency generally decreases in terms of US dollars. If a Portfolio does not correctly anticipate changes in exchange rates, its share price could decline as a result. A Portfolio may from time to time attempt to hedge a portion of its currency risk using a variety of techniques, including currency futures, forwards, and options. However, these instruments may not always work as intended, and in certain cases a Portfolio may be exposed to losses that are greater than the amount originally invested. For most emerging market currencies, suitable hedging instruments may not be available. The risks associated with exposure to emerging market currencies may be heightened in comparison to those associated with exposure to developed market currencies.

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*Emerging market risk*. Countries in emerging markets (e.g., South America, Eastern and Central Europe, Africa and the Pacific Basin countries) may have relatively unstable governments, economies based on only a few industries and securities markets that trade a limited number of securities. Economic, business, political, or social instability may affect investments in emerging markets differently, and often more severely, than investments in developed markets. Securities of issuers located in these countries tend to have volatile prices and offer the potential for substantial loss as well as gain. In addition, these securities may be less liquid and more difficult to value than investments in more established markets as a result of inadequate trading volume or restrictions on trading imposed by the governments of such countries. Further, investing in the securities of issuers located in certain emerging countries may present a greater risk of loss resulting from substantial economic or political disruptions, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include possible delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increases the likelihood of a "failed settlement." Delays in settlement could result in periods of uninvested assets, missed investment opportunities or losses for a Portfolio. See also "Emerging Markets Risk."

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*Foreign market events risk*. Many countries in certain parts of the world may be subject to a greater risk of natural disasters, outbreaks of infectious diseases, and other public health threats that may reduce consumer demand, disrupt the global supply chain, result in travel restrictions and/or quarantines. The occurrence of these events may generally have a significant effect on issuers based in foreign markets, issuers that operate in such markets, and issuers that are dependent on others that operate in such markets.

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*Information risk*. Financial reporting standards for companies based in foreign markets usually differ from, and may be less comprehensive than, those in the US. In general, less information is publicly available about foreign corporations than about US companies.

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*Liquidity and valuation risk*. Stocks that trade less frequently can be more difficult or more costly to buy, or to sell, than more liquid or active stocks. This liquidity risk is a function of the trading volume of a particular stock, as well as the size and liquidity of the entire local market. On the whole, foreign exchanges are smaller and less liquid than US markets. This can make buying and selling certain securities more difficult and costly. Relatively small transactions in some instances can have a disproportionately large effect on the price and supply of securities. In certain situations, it may become virtually impossible to sell a security in an orderly fashion at a price that approaches an estimate of its value.

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*Political and social risk.* Political or social developments, including prolonged and potential armed conflicts, including but not limited to those in Europe involving Russia and Ukraine, the Middle East, and Asia (including if China were to attempt unification of Taiwan by force), and geopolitical developments (including trading and tariff arrangements, sanctions, and cybersecurity attacks), may adversely affect the value of a Portfolio's foreign securities. In addition, some foreign governments have limited the outflow of profits to investors abroad, extended diplomatic disputes to include trade and financial relations, imposed high taxes on corporate profits, imposed economic sanctions on other foreign nations, and imposed restrictions on certain investments. In particular, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of a Portfolio's investments. A Portfolio's investments in foreign securities also may be subject to the risk of nationalization or expropriation of a foreign corporation's assets, imposition of currency exchange controls, or restrictions on the repatriation of non-US currency, confiscatory taxation, political or financial instability and adverse diplomatic developments. The nature and severity of sanctions or other similar measures (including counter sanctions or other retaliatory actions) may vary broadly in scope, and their impact is impossible to predict. Sanctions and other similar measures could limit or prevent the Portfolio's ability to buy and sell securities (in the sanctioned country and other markets), significantly delay, or prevent the settlement of trades,

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and significantly impact the Portfolio's liquidity or performance. These risks are heightened in all respects with respect to investments in foreign securities issued by foreign corporations and governments located in developing countries or emerging markets.

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*Regulatory risk*. Some foreign governments regulate their exchanges less stringently than the US, and the rights of shareholders may not be as firmly established as in the US. In addition, foreign markets are subject to differing custody and settlement practices. Foreign markets are subject to bankruptcy laws different than those in the US, which may result in lower recoveries for investors.

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*Taxation risk*. Many foreign markets are not as open to foreign investors as US markets. A Portfolio may be required to pay special taxes on gains and distributions that are imposed on foreign investors. Payment of these foreign taxes may reduce the investment performance of a Portfolio.

**Futures and Forward Contracts Risk**. A Portfolio may engage in transactions in futures and options thereon. Futures are standardized, exchange-traded contracts which obligate a purchaser to buy, and a seller to sell, a specific amount of an asset at a specified future date at a specified price. No price is paid upon entering into a futures contract. Rather, upon purchasing or selling a futures contract a Portfolio is required to deposit collateral (margin) equal to a percentage (generally less than 12%) of the contract value. Each day thereafter until the futures position is closed, the Portfolio will pay additional margin representing any loss experienced as a result of the value of the futures position the prior day or be entitled to a payment representing any profit experienced as a result of the value of the futures position the prior day. Futures involve substantial leverage risk.

The sale of a futures contract can limit a Portfolio's risk of loss to a decline in the market value of Portfolio holdings that is positively correlated with the futures contract up to the futures contract's expiration date. In the event the market value of Portfolio holdings negatively correlated with the futures contract held by the Portfolio increases rather than decreases, the Portfolio will realize a loss on the futures position.

The purchase of a futures contract may protect a Portfolio from having to pay more for securities or other underlying instrument as a consequence of increases in the market value for such underlying instruments during a period when the Portfolio was attempting to identify specific underlying instruments in which to invest in a market the Portfolio believes to be attractive. In the event that Portfolio investments underlying instruments decline in value or a Portfolio determines not to complete an anticipatory hedge transaction relating to a futures contract, the Portfolio may realize a loss. In addition, forward contracts are individually negotiated and privately traded, so they are more dependent on the credit worthiness of the increased counterparty and subject to counterparty default risk.

The primary risks associated with the use of futures or forward contracts are: (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures or forward contract; (b) possible lack of a liquid market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose a Portfolio to greater losses in the event of a default by a counterparty.

The trading of futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal trading activity, which could at times make it difficult or impossible to liquidate existing positions or to recover margin payments. Furthermore, exchanges may cancel trades in limited circumstances, for example, if the exchange believes that allowing such trades to stand as executed could have an adverse impact on the stability or integrity of the market. Any such cancellation may adversely affect the performance of a Portfolio.

**High Yield Risk**. Investments in high yield securities and unrated securities of similar credit quality (commonly known as "high yield securities" or "junk bonds") may be subject to greater levels of interest rate, credit, call and liquidity risk than investments in investment grade securities. High yield securities are considered predominantly speculative

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with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or period of rising interest rates could adversely affect the market for high yield securities and reduce a Portfolio's ability to sell its high yield securities at an advantageous time or price. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

In addition, the market for lower-rated bonds may be thinner and less active than the market for higher-rated bonds, and the prices of lower-rated bonds may fluctuate more than the prices of higher-rated bonds, particularly in times of market stress. High yield securities frequently have redemption features that permit an issuer to repurchase the security from a Portfolio prior to maturity, which may result in the Portfolio having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates.

**Illiquid Investments Risk.** A Portfolio may invest in instruments that trade in lower volumes and may make investments that may be less liquid than other investments. Illiquid investments risk exists when particular investments made by a Portfolio are difficult to purchase or sell. A Portfolio may make investments that may become less liquid in response to market developments or geopolitical events such as sanctions, trading halts or wars, or adverse investor perceptions. If a Portfolio is forced to sell these investments to pay redemption proceeds or for other reasons, the Portfolio may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, a Portfolio may have to accept a lower price or may not be able to sell the instrument at all. It also may be the case that other market participants may be attempting to liquidate illiquid holdings at the same time as a Portfolio, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. An inability to sell a portfolio position can adversely affect a Portfolio's value or prevent the Portfolio from being able to take advantage of other investment opportunities.

**Income Risk**. A Portfolio's income may decline when prevailing interest rates fall or when a Portfolio experiences defaults on debt securities it holds. A Portfolio's distributions to shareholders may decline as a result of such decreased income.

**Index Tracking Risk.** Although a Portfolio may seek to track the performance and/or holdings and weightings of an index as closely as possible (i.e., achieve a high degree of correlation with the index), the Portfolio's return and/or holdings may not match or achieve a high degree of correlation with the returns and/or holdings of the index because of operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. A Portfolio incurs fees and expenses while its index does not incur such fees and expenses. Such expenses include the costs of buying and selling securities, such as when a Portfolio rebalances its portfolio to reflect changes in the composition of the underlying index. These expenses may be higher for a Portfolio investing in foreign securities. The performance of a Portfolio and the index may vary because of differences between the Portfolio's portfolio and the index due to legal restrictions, costs or liquidity restraints. The risk of variance between the performance of a Portfolio and the index it tracks may be heightened during periods of market volatility or other unusual market conditions. In addition, a Portfolio may not be fully invested at times, either as a result of cash flows into the Portfolio or reserves of cash held by the Portfolio to meet redemptions and to pay expenses.

**Inflation and Deflation Risk.** A Portfolio may be subject to inflation and deflation risk. Inflation risk is the risk that the value of assets or income from its investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a Portfolio's holdings could decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Portfolio's holdings. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and a Portfolio's investments may not keep pace with inflation, which may result in losses to Portfolio investors. Fiscal, economic, monetary or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

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**Interest Rate Risk**. The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and a Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of a Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Generally, the longer the maturity of a fixed income security, the greater is the decline in its value when rates increase. As a result, portfolios with longer durations and longer weighted average maturities generally have more volatile share prices than portfolios with shorter durations and shorter weighted average maturities. A Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the Subadviser(s). Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, a Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

**Investment Program Risk**. In pursuing its investment program, the Portfolio seeks to reduce volatility over a full market cycle, including by limiting Portfolio losses relative to the broader market. The Subadviser(s) may not be successful in limiting volatility and there is a risk that the Portfolio will experience losses consistent with, or greater than, the equity market during a market downturn. In addition, the Portfolio's strategy of using options to capture market upside will limit the returns of the Portfolio during periods in which the market is rising, particularly during periods of rapid appreciation, and the Portfolio may not experience investment gains comparable to the broader market. The Portfolio may not be able to enter into, or close out, options transactions at times or in quantities the Subadviser(s) believe(s) necessary to accomplish the Portfolio's investment strategy. Because the Portfolio's strategy to limit volatility involves buying and selling options on one or more broad market indexes or financial instruments that seek to replicate or approximate the return of such an index, the Portfolio will incur additional costs in the form of options premiums that an investor would not incur investing directly in the securities of an index or in a fund that tracks the index directly, which costs will reduce the Portfolio's returns. In addition, the Portfolio will forgo the opportunity to benefit fully from potential increases in value if the value of the instrument underlying an option rises above its strike price. Moreover, if the strike price of a purchased option is higher than the value of the underlying instrument at expiration, the option will expire worthless and the Portfolio will lose the premium paid for the option without a corresponding benefit.

**Investment Style Risk**. Securities of a particular investment style, such as growth or value, tend to perform differently and shift into and out of favor depending on market and economic conditions and investor sentiment, and tend to go through cycles of performing better—or worse—than other segments of the stock market or the overall stock market. As a result, a Portfolio's performance may at times be worse than the performance of other portfolios that invest in similar asset classes but employ different investment styles. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Investors often expect growth companies to increase their earnings at a certain rate. If these expectations are not met, share prices may decline significantly, even if earnings do increase. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.

There is a risk that the value investment style may be out of favor for a period of time, that the market will not recognize a security's intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. Historically, value stocks have performed best during periods of economic recovery.

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**Large Capitalization Companies Risk.** SPY invests in the securities of large capitalization companies. Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Underlying ETF's, and, in turn, the Portfolio's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing a Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges, including changes to technology or consumer tastes, and may grow more slowly than smaller companies, especially during market cycles corresponding to periods of economic expansion. Market capitalizations of companies change over time. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

**Large Shareholder and Large Scale Redemption Risk.** Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Portfolio's shares. There is no requirement that these entities maintain their investment in the Portfolio. There is a risk that such large shareholders or that the Portfolio's shareholders generally may redeem all or a substantial portion of their investments in the Portfolio in a short period of time, which could have a significant negative impact on the Portfolio's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders subject to tax on distributions from the Portfolio, such as Participating Insurance Companies, and impact the Portfolio's ability to implement its investment strategy. The Portfolio's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Portfolio may invest a larger portion of its assets in cash or cash equivalents.

**Leverage Risk.** Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value). The effect of using leverage is to amplify a Portfolio's gains and losses in comparison to the amount of a Portfolio's assets (that is, assets other than borrowed assets) at risk, thus causing the Portfolio to be more volatile and riskier than if it had not been leveraged. Certain transactions may give rise to a form of leverage. Examples of such transactions include borrowing, reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment contracts. Certain types of leveraging transactions could theoretically be subject to unlimited losses in cases where a Portfolio, for any reason, is unable to close out the transaction. A Portfolio may manage some of its derivative positions by offsetting derivative positions against one another or against other assets. To the extent offsetting positions do not behave in relation to one another as expected, a Portfolio may perform as if it were leveraged. The use of leverage may cause a Portfolio to liquidate Portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet margin requirements.

**Liquidity and Valuation Risk**. From time to time, a Portfolio may hold one or more securities for which there are no or few buyers and sellers, or where the securities are subject to limitations on transfer. In those cases, a Portfolio may have difficulty determining the values of those securities for the purpose of determining a Portfolio's net asset value. A Portfolio also may have difficulty disposing of those securities at an advantageous time or at the values determined by the Portfolio for the purpose of determining the Portfolio's net asset value, especially during periods of significant net redemptions of Portfolio shares. As a result, a Portfolio may be unable to achieve its desired level of exposure to certain issuers, asset classes or sectors. Private equity investments and private real estate-related investments are generally classified as illiquid investments and generally cannot be readily sold. As a result, private real estate-related investments owned by a Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager acting in its capacity as valuation designee under Rule 2a-5. Fair value determinations are inherently subjective and reflect good faith judgments based on available information. Accordingly, no assurance

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can be given that the fair value prices accurately reflect the price a Portfolio would receive upon the sale of the investment. A Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Portfolios with principal investment strategies that involve foreign securities, private placement investments, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity and valuation risk.

In 2022, the SEC proposed amendments to Rule 22e-4 under the 1940 Act and Rule 22c-1 under the 1940 Act, that, if adopted, would, among other things, cause more investments to be treated as illiquid, and could prevent the Portfolio from investing in securities that the Manager believes are appropriate or desirable. While the SEC has withdrawn that particular proposal, there can be no assurance that the SEC will not re-propose similar or related rulemaking in the future.

**Loan Risk**. The loans in which a Portfolio may invest are typically rated below investment grade or are unrated securities of similar quality. The loans in which a Portfolio may invest may not be (i) rated at the time of investment; (ii) registered with the SEC; or (iii) listed on a securities exchange. The amount of public information available with respect to such loans may be less extensive than that available for more widely rated, registered or exchange-listed securities. Because no active trading market may exist for some of the loans in which a Portfolio may invest, such loans may be less liquid and more difficult to value than more liquid investments for which a trading market does exist. Portfolio transactions may take up to two or three weeks to settle, and in some cases much longer. Unlike the securities markets, there is no central clearinghouse for loan trades, and the loan market has not established enforceable settlement standards or remedies for failure to settle. As a result, sale proceeds potentially will not be available to a Portfolio to make additional investments or to use proceeds to meet its current redemption obligations. A Portfolio thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Because the interest rates of floating-rate loans in which a Portfolio may invest may reset frequently, if market interest rates fall, the loans' interest rates will be reset to lower levels, potentially reducing a Portfolio's income. Loans are also subject to the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the value of the loan. In addition, the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower's obligation, and a Portfolio could become a partial owner of such collateral if a loan is foreclosed, subjecting the Portfolio to costs associated with owning and disposing of the collateral. If a Portfolio purchases a participation, it may only be able to enforce its rights through the lender and may assume the credit risk of the lender in addition to the borrower. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations. Due to their lower place in the borrower's capital structure and, in some cases, their unsecured status, junior loans involve a higher degree of overall risk than senior loans of the same borrower.

To the extent a Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loan interests may not be considered "securities," and purchasers, such as a Portfolio, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. A Portfolio may be in possession of material non-public information about a borrower or issuer as a result of its ownership of a loan or security of such borrower or issuer. Because of prohibitions on trading in securities of issuers while in possession of such information, a Portfolio may be unable to enter into a transaction in a loan or security of such a borrower or issuer when it would otherwise be advantageous to do so.

To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection with highly leveraged transactions, the availability of loans for investment may be adversely affected. Further, such legislation or regulation could depress the market value of loans. In November 2022, the SEC proposed rule amendments which, among other things, would amend the liquidity rule framework for open-end funds. If the rule

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amendments are adopted as proposed, they could have a negative impact on the market for loans as open-end funds subject to the rule exit the market. The nature and extent of the proposal's impact will not be known unless and until any final rulemaking is adopted.

**Market and Management Risk**. Market risk is the risk that the markets in which a Portfolio invests will experience market volatility and go down in value, including the possibility that a market will go down sharply and unpredictably in short periods of time. All markets go through cycles, and market risk involves being on the wrong side of a cycle. Factors affecting market risk, whether real or perceived, include political events, broad economic and social changes, and the mood of the investing public. If investor sentiment turns negative, the price of all securities may decline. Market risk also includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities (such as oil), government actions (including interest rate changes, protectionist measures, sanctions, intervention in the financial markets, or other regulation, and changes in fiscal, monetary or tax policies), political changes or diplomatic developments, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, public health emergencies (such as the spread of infectious diseases, pandemics, or epidemics), and natural/environmental disasters can all negatively impact the securities markets, which could cause a Portfolio to lose value. For example, the COVID-19 pandemic contributed to significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, global supply chain disruptions and significantly adversely impact the economy.

War, terrorism, economic uncertainty, and related geopolitical events, such as sanctions, the threat of or imposition of tariffs, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on US and world economies and markets generally. For example, the US has imposed economic sanctions, which consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Portfolios to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions. The nature and severity of sanctions or other similar measures (including counter sanctions or other retaliatory actions) may vary broadly in scope, and their impact is impossible to predict. Sanctions and other similar measures could limit or prevent the Portfolio's ability to buy and sell securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of trades, and significantly impact the Portfolio's liquidity or performance. Instability and conflict, including in Eastern Europe, the Middle East, and Asia, as well as the imposition of various economic sanctions by the US and many other countries, could also negatively impact global and regional energy and financial markets and cause significant investment losses or inability to invest in certain markets. Any or all of the foregoing could disrupt the operations of the Portfolio and its service providers, adversely affect the value and liquidity of the Portfolio's investments, and negatively impact the Portfolio's performance. The extent and duration of the military action, sanctions, and the resulting market disruptions are impossible to predict and could be substantial.

Policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of a Portfolio. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where a Portfolio invests.

During periods of severe market stress, it is possible that the market for some or all of a Portfolio's investments may become highly volatile and/or illiquid. While a Portfolio's portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. Price changes may be temporary or last for extended periods of time. In such an event, the Portfolio may find it difficult to sell some or all of its investments and, for certain assets,

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the trade settlement period may be longer than anticipated. In periods of market volatility and/or declines, a Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is no assurance a Portfolio will achieve its investment objective.

In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, a Portfolio being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, a Portfolio may rely on various third-party sources to calculate its net asset value. As a result, a Portfolio is subject to certain operational risks associated with reliance on service providers and service providers' data sources. In particular, errors or systems failures and other technological issues may adversely impact the Portfolio's calculations of its net asset value. Such net asset value calculation issues may result in inaccurately calculated net asset values, delays in net asset value calculations and/or the inability to calculate net asset values over extended periods. A Portfolio may be unable to recover any losses associated with such failures.

Management risk is the risk that the investment strategy of the Manager or a Subadviser will not work as intended. All decisions by the Manager or a Subadviser require judgment and are based on imperfect information. In addition, if a Portfolio is managed using a quantitative investment model, it is subject to the risk that the model may not perform as expected. Similarly, there can be no assurance that quantitative models or methods utilized by the Manager or a Subadviser, or related data sources, will always be available, and the loss of access to any such model(s) or data sources could have an adverse impact on a Portfolio's ability to realize its investment objective. Moreover, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause the Manager or a Subadviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Portfolio will be achieved.

**Mid-Sized Company Risk**. The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing of these securities and on a Portfolio's ability to sell the securities. Changes in the demand for these securities generally have a disproportionate effect on their market price, tending to make prices rise more in response to buying demand and fall more in response to selling pressure. Such investments also may be more volatile than investments in larger companies, as mid-sized companies generally experience higher growth and failure rates, and typically have less access to capital.

**New/Small Portfolio Risk.** A Portfolio that recently commenced operations has a limited operating history. A new and relatively small Portfolio's performance may not represent how the Portfolio is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. When a Portfolio is new, an active secondary market for the shares of the Portfolio may not develop or may not continue once developed. Shareholders holding large blocks of shares of a Portfolio, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Portfolio shares. These large shareholders may also loan or sell all or a portion of their Portfolio shares, which may result in increasing concentration of Portfolio shares in a small number of holders, and the potential for large redemptions, decreases in Portfolio assets and increased expenses for remaining shareholders.

**Non-Diversification Risk**. A Portfolio is considered "diversified" if, with respect to 75 percent of its total assets, it invests no more than 5 percent of its total assets in the securities of one issuer, and its investments in such issuer represent no more than 10 percent of that issuer's outstanding voting securities. To the extent that a Portfolio is not diversified, there is a risk that the Portfolio may be adversely affected by the performance of relatively few securities

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or the securities of a single issuer, including changes in the market value of a single issuer's securities and unfavorable market and economic developments. A non-diversified Portfolio is therefore more exposed to losses caused by a smaller group of portfolio holdings than a diversified Portfolio.

**Options Risk**. The value of a Portfolio's positions in index options will fluctuate in response to changes in the value of the underlying index. Selling index call options will tend to reduce the risk of owning stocks, but will also limit the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. A Portfolio also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of a Portfolio's option overlay strategy, and for these and other reasons a Portfolio's option overlay strategy may not reduce a Portfolio's volatility to the extent desired. From time to time, a Portfolio may reduce its holdings of put options, resulting in an increased exposure to a market decline.

**Participation Notes (P-Notes) Risk**. A Portfolio may gain exposure to securities traded in foreign markets through investments in P-notes. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to an underlying common stock or other security. An investment in a P-note involves additional risks beyond the risks normally associated with a direct investment in the underlying security. While the holder of a P-note is entitled to receive from the broker-dealer or bank any dividends paid by the underlying security, the holder is not entitled to the same rights (e.g., voting rights) as a direct owner of the underlying security. P-notes are considered general unsecured contractual obligations of the banks or broker-dealers that issue them as the counterparty. As such, a Portfolio must rely on the creditworthiness of the counterparty for its investment returns on the P-notes and would have no rights against the issuer of the underlying security. Additionally, there is no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security.

**Portfolio Turnover Risk.** A Subadviser generally does not consider the length of time a Portfolio has held a particular security in making investment decisions. In fact, a Subadviser may engage in active and frequent trading on behalf of a Portfolio—that is, frequent trading of its securities—in order to take advantage of new investment opportunities or yield differentials. A Portfolio's turnover rate may be higher than that of other mutual funds due to a Subadviser's investment strategies. Portfolio turnover generally involves some expense to a Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. A Portfolio may experience an increase in its portfolio turnover rate when the Portfolio's portfolio is modified in connection with a change in investment objective, strategies, or a Subadviser.

**Prepayment or Call Risk.** Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

**Quantitative Model Risk**. A Portfolio may use quantitative models as part of its investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. Any errors, limitations, or imperfections in the development, implementation, and maintenance of the Subadviser's quantitative analyses or models (for example, software or other technology malfunctions or programming inaccuracies), or in the data on which they are based, including the Subadviser's ability to timely update the data, could adversely affect the Subadviser's effective use of such analyses or models, which in turn could adversely affect a Portfolio's performance. A model that has been formulated on the basis of past market data may not be predictive of future price movements. There can be no assurance that these methodologies will produce the desired results or enable a Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or

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performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

**Real Estate Risk**. Investments in REITs and real estate-linked derivative instruments will subject a Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, operating expenses, overbuilding, construction delays and the supply of real estate generally, extended vacancies of properties, and the management skill and credit worthiness of the issuer. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Although interest rates have increased from 2022 levels, the prices of certain real estate-related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. This presents an increased risk of a correction or severe downturn in real estate-related asset prices, which could adversely impact the value of other investments as well (such as loans, securitized debt and other fixed income securities). Lower occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

Commercial mortgage-backed securities (CMBS) in particular are subject to many of the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMBS may be less liquid and exhibit a greater price volatility than other types of mortgage- or asset-backed securities.

An investment in a real estate-linked derivative instrument that is linked to the value of a REIT is subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to tax laws, or failure by the REIT to qualify for favorable tax treatment under the tax laws. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property and, as a result, may be more exposed to events that adversely affect such properties or areas than REITs that invest more broadly.

**Regulatory Risk**. Each Portfolio is subject to a variety of laws and regulations which govern its operations. Each Portfolio is subject to regulation by the SEC and the CFTC. Similarly, the businesses and other issuers of the securities and other instruments in which a Portfolio invests are also subject to considerable regulation. These laws and regulations are subject to change. Changes in laws and regulations may materially impact a Portfolio, a security, business, sector or market. For example, changes in laws or regulations made by the government or a regulatory body may impact the ability of a Portfolio to achieve its investment objective, may impact a Portfolio's investment policies and/or strategies, or may reduce the attractiveness of an investment.

**Reverse Repurchase Agreement Risk.** Reverse repurchase agreements involve the sale of securities with an agreement to repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing. Generally, the effect of such transactions is that a Portfolio can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while in many cases a Portfolio is able to keep some of the interest income associated with those securities. Such transactions are advantageous only if a Portfolio has an opportunity to earn a rate of interest on the cash derived from these transactions that is greater than the interest cost of obtaining the same amount of cash. Opportunities to realize earnings from the use of the proceeds equal to or greater than the interest required to be paid may not always be available and a Portfolio intends to use the reverse repurchase technique only when the Subadviser believes it will be advantageous to the Portfolio. The use of reverse repurchase agreements may exaggerate any increase or decrease in the value of Portfolio's assets. The use of reverse repurchase agreements is a form of leverage because the proceeds derived from reverse repurchase agreements may be invested in additional securities. See also "Derivatives Risk" for additional related risks.

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**Short Sale Risk**. A Portfolio that sells a security short in effect borrows and then sells the security with the expectation that it will later repurchase the security at a lower price. In contrast, when a Portfolio buys a security long, it purchases the security with cash with the expectation that it later will sell the security at a higher price. A Portfolio that enters into short sales exposes the Portfolio to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Portfolio. Theoretically, the amount of these losses can be unlimited. If a request for return of borrowed securities occurs at a time when other short sellers of the securities and/or currencies are receiving similar requests, a "short squeeze" can occur, and the Portfolio may be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds received in originally selling the securities short. In addition, the Portfolio may have difficulty purchasing securities to meet its delivery obligations in the case of less liquid securities and/or currencies sold short by the Portfolio, such as certain emerging market country securities or securities of companies with smaller market capitalizations. Although a Portfolio may try to reduce risk by holding both long and short positions at the same time, it is possible that the Portfolio's securities held long will decline in value at the same time that the value of the Portfolio's securities sold short increases, thereby increasing the potential for loss.

**Significant Holdings Risk.** Although a Portfolio may be considered "diversified" under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities. Significant investments in a relatively small number of securities increase the risk that the value of a Portfolio's shares is more sensitive to economic results of the companies issuing the securities. The value of the shares of a Portfolio may also be more volatile than a fund that allocates its investments to a larger number of smaller positions.

**Small Sized Company Risk**. Securities of small sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the price of these securities and on a Portfolio's ability to sell these securities. Changes in the demand for these securities generally have a disproportionate effect on their market price, tending to make prices rise more in response to buying demand and fall more in response to selling pressure. Such investments also may be more volatile than investments in larger companies, as smaller companies generally experience higher growth and failure rates, and typically have less diversified product lines, less experienced senior management, and less access to capital than larger companies. In the case of small sized technology companies, the risks associated with technology company stocks, which tend to be more volatile than other sectors, are magnified. Further, investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

**Target Outcome Period Risk.** Each Underlying ETF's investment strategy is designed to deliver returns that match the price return of SPY if shares are bought on the day on which the Underlying ETF enters into the FLEX Options (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to the cap. Because the Portfolio will acquire shares of the Underlying ETFs in connection with creations of new shares of the Portfolio and during each quarterly rebalance, the Portfolio typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Portfolio will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Portfolio and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event the Portfolio acquires shares of an underlying ETF after the first day of a Target Outcome Period or disposes of shares prior to the expiration of the Target Outcome Period, the value of the Portfolio's investment in Underlying ETF shares may not be buffered against a decline in the value of SPY and may not participate in a gain in the value of SPY for the Portfolio's investment period.

**Underlying ETF and SPY Risk.** The value of an investment in the Portfolio will be related, to a degree, to the investment performance of the Underlying ETFs, and, in turn, SPY. Therefore, the principal risks of investing in the Portfolio are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETFs will also expose the Portfolio to a pro rata portion of the Underlying ETFs' fees and expenses. The fluctuating value of the FLEX Options will affect the Underlying ETFs' value, and, in turn, Portfolio's value.

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The Portfolio intends to generally rebalance its portfolio to equal weight (i.e., 8 <sup>1</sup>∕3% per Underlying ETF) quarterly, in connection with the reset of each Underlying ETF. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Portfolio having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Portfolio's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures.

**US Government Securities Risk**. US Treasury obligations are backed by the "full faith and credit" of the US Government. Securities issued or guaranteed by federal agencies or authorities and US Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the US Government. These securities may be supported by the ability to borrow from the US Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the US Treasury. Further, the US Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the US Congress to increase the statutory debt ceiling. If the US Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the US Government may default on payments on certain US Government securities, including those held by a Portfolio, which could have a negative impact on the Portfolio. An increase in demand for US Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

The downgrade in the long-term US credit rating by major rating agencies has introduced greater uncertainty about the ability of the US to repay its obligations. Further credit rating downgrades or a US credit default may result in increased volatility or liquidity risk, higher interest rates, lower prices for US government securities, and increased costs for all kinds of debt. The value of a Portfolio's shares may be adversely affected by rating agency downgrades of the US government's credit rating given that the Portfolios may invest in US government securities.

**Yield Risk.** The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio's expenses could absorb all or a significant portion of the Portfolio's income. If interest rates increase, the Portfolio's yield may not increase proportionately. For example, the Portfolio's Manager may discontinue any temporary voluntary fee limitation.

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HOW THE TRUST IS MANAGED

**Board of Trustees** 

The Board of Trustees (the Board) oversees the actions of PGIM Investments LLC (PGIM Investments or the Manager), the Subadvisers and the distributor and decides on general policies. The Board also oversees the Trust's officers who conduct and supervise the daily business operations of the Trust.

**Investment Manager** 

PGIM Investments, an indirect, wholly-owned subsidiary of Prudential Financial, Inc., serves as the overall investment manager for the Trust. PGIM Investments is located at 655 Broad Street, Newark, New Jersey 07102. PGIM Investments and its predecessors have served as manager and administrator to investment companies since 1987. As of December 31, 2025, PGIM Investments served as the investment manager to all of the Prudential US and offshore investment companies, and as manager or administrator to closed-end investment companies, with aggregate assets of approximately $333.2 billion.

The Trust's Investment Management Agreement, on behalf of each Portfolio, with PGIM Investments (the Management Agreement), provides that PGIM Investments will furnish each Portfolio with investment advice and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolio. PGIM Investments must also provide, or obtain and supervise, the executive, administrative, accounting, custody, transfer agent, and shareholder servicing services that are deemed advisable by the Board.

PGIM Investments has engaged the subadvisers to conduct the investment programs of the Portfolios, including the purchase, retention and sale of portfolio securities and other financial instruments. PGIM Investments is responsible for monitoring the activities of the subadvisers and reporting on such activities to the Board. PGIM Investments and the Trust have obtained exemptive orders from the SEC that permit PGIM Investments, subject to approval by the Board, to hire or change subadvisers for a Portfolio by entering into new subadvisory agreements with affiliated and non-affiliated subadvisers, without obtaining shareholder approval of such changes. The exemptive orders (which are similar to exemptive orders granted to other investment companies that are organized in a manner similar to the Trust) are intended to facilitate the efficient supervision and management of the subadvisers by PGIM Investments and the Board. If there is more than one subadviser for a Portfolio, PGIM Investments will determine the division of the assets for that Portfolio among the applicable subadvisers under normal conditions. All daily cash inflows (that is, purchases and reinvested distributions) and outflows (that is, redemptions and expense items) will be divided among such subadvisers as PGIM Investments deems appropriate. PGIM Investments, in its sole discretion, may change the target allocation of assets among subadvisers, transfer assets between subadvisers, or change the allocation of cash inflows or cash outflows among subadvisers for any reason and at any time without notice. As a consequence, PGIM Investments may allocate assets or cash flows from a portfolio segment that has appreciated more to another portfolio segment.

A discussion regarding the basis for the Board's approval of the Trust's Management Agreement and subadvisory agreements is available in the Trust's Form N-CSRS (for agreements approved during the six-month period ended June 30), and in the Trust's Form N-CSR (for agreements approved during the six-month period ended December 31).

**MANAGEMENT FEES** 

Set forth below are the total effective annualized investment management fees paid (as a percentage of average net assets) net of waivers by each Portfolio of the Trust to PGIM Investments during 2025:

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|:---|:---|
| PSF Global Portfolio | 0.53% |

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|:---|:---|
| PSF PGIM 50/50 Balanced Portfolio | 0.55% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u> PSF PGIM Ballast Portfolio</u> <u> -#</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF PGIM Flexible Managed Portfolio | 0.60% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF PGIM Government Money Market Portfolio | 0.30% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF PGIM High Yield Bond Portfolio | 0.51% |

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|:---|:---|
| PSF PGIM Jennison Blend Portfolio | 0.44% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF PGIM Jennison Growth Portfolio | 0.59% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF PGIM Jennison Value Portfolio | 0.40% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u> PSF PGIM Laddered S&P 500 Buffer 12 Portfolio</u> <u> -#</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u> PSF PGIM Laddered S&P 500 Buffer 20 Portfolio</u> <u> -#</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF PGIM Total Return Bond Portfolio | 0.40% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF Small-Cap Stock Index Portfolio | 0.35% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| PSF Stock Index Portfolio | 0.24% |

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**Notes to Management Fees Table:**

#The management fee amount waived exceeds the management fee that would otherwise be payable due to an expense cap.

**INVESTMENT SUBADVISERS** 

Each Portfolio of the Trust has one or more subadvisers providing the day-to-day investment management of the Portfolio. PGIM Investments pays each subadviser out of the fee that PGIM Investments receives from the Trust. Descriptions of each subadviser are set out below:

**Jennison Associates LLC (Jennison)** is organized under the laws of Delaware as single member limited liability company whose sole member is PGIM, Inc., which is a direct, wholly-owned subsidiary of PGIM Holding Company LLC, which is a direct, wholly-owned subsidiary of Prudential Financial, Inc. As of December 31, 2025, Jennison managed in excess of $213.9 billion in assets for institutional, mutual fund and certain other clients. Jennison's address is 55 East 52<sup>nd</sup> Street, New York, New York 10055.

**PGIM, Inc. (PGIM)** is an indirect, wholly-owned subsidiary of Prudential Financial, Inc. PGIM was formed in June 1984 and was registered with the SEC as an investment adviser in December 1984. As of December 31, 2025, PGIM had approximately $1.47 trillion in assets under management. PGIM's address is 655 Broad Street, Newark, New Jersey 07102.

**PGIM Fixed Income**<sup>†</sup> is the primary fixed-income asset management investment group of PGIM, with $909.2 billion in assets under management as of December 31, 2025, and is the unit of PGIM that provides investment advisory services.<sup>\*</sup>

PGIM Fixed Income's investment strategies include but are not limited to the following: multi-sector, investment grade credit, securitized products, leverage finance, emerging markets and alternative strategies.

**PGIM Limited** is an indirect, wholly-owned subsidiary of PGIM. PGIM Limited is located at Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited provides investment advisory services with respect to securities in certain foreign markets. As of December 31, 2025, PGIM Limited managed approximately $68.1 billion in assets.

<sup>\*</sup>PGIM Fixed Income's assets under management includes the assets under management of PGIM Limited.

<sup>†</sup>PGIM Fixed Income is now known as PGIM Credit.

**PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions)** a registered investment adviser, is a wholly-owned and independently-operated subsidiary of PGIM, the global investment management businesses of Prudential. The firm was founded in 1975 as the quantitative equity and multi-asset business of PGIM, Inc. As of December 31, 2025, PGIM Quantitative Solutions managed approximately $110.9 billion in quantitative equity and multi-asset for a global client base of pension funds, endowments, foundations, sovereign wealth funds and subadvisory accounts. With offices in Newark, San Francisco\* and London, PGIM Quantitative Solutions' primary address is 655 Broad Street, Newark, New Jersey 07102.

\*PGIM Quantitative Solutions does not conduct investment advisory activities from this location.

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**Portfolio Managers** 

Information about the portfolio managers responsible for the day-to-day management of the Portfolios is set forth below.

In addition to the information set forth below, the SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of shares of the Trust's Portfolios.

**PSF Global Portfolio** 

*PGIM Investments*.*** Brian Ahrens, Andrei Marinich, CFA, Todd L. Kerin and Saleem Z. Banatwala are jointly and primarily responsible for the Portfolio's asset allocations.

Brian Ahrens is a Managing Director and Head of the Strategic Investment Research Group (SIRG) of PGIM Investments. He focuses on portfolio risk oversight, manager fulfillment, and the allocation of assets among managers. Mr. Ahrens oversees a staff of 17 investment professionals who focus on investment consulting, portfolio construction, and risk oversight activities. Mr. Ahrens has been with Prudential for over 15 years. Mr. Ahrens earned his MBA in Finance from the Stern School of Business at New York University. He graduated from James Madison University with a double major in Finance and German. He is series 7, series 24 and series 63 certified, and CIMA certified.

Andrei O. Marinich is an Executive Director and serves as the Head of Portfolio Construction and Investment Strategy for PGIM Investments' Strategic Investment Research Group. This team is responsible for the discretionary management and risk oversight of multi-asset, multi-manager investment solutions. Prior to joining Prudential in 2000, Andrei worked for PaineWebber, Inc. (UBS) and its subsidiaries as an investment manager research analyst and prior as a senior portfolio analyst at Mitchell Hutchins Asset Management. Andrei began his investment career with Merrill Lynch in 1991. A member of the CFA Society New York and the CFA Institute, Andrei is a graduate of Rutgers University with a degree in Economics and holds the Chartered Financial Analyst (CFA) designation and the Certified Investment Management Analyst (CIMA) designation from the Wharton School of the University of Pennsylvania and the Investments &Wealth Institute.

Todd L. Kerin is a Senior Director and member of the Strategic Investment Research Group's (SIRG) Portfolio Construction team. He focuses on the discretionary management of multi-manager investment solutions including risk budgeting and manager allocation within both traditional and alternative asset classes. Mr. Kerin joined PGIM Investments and SIRG in October 2006 as an investment manager research analyst. Prior to joining SIRG, he spent 12 years with Standard and Poor's working in various capacities. Most recently, he worked as a senior fixed income mutual fund analyst in S&P's Credit Market Services Group. Mr. Kerin received his M.B.A. in Finance from Saint Thomas Aquinas College and a B.A. in English Literature from Western New England University.

Saleem Z. Banatwala is a Director and member of the Strategic Investment Research Group's (SIRG) Portfolio Construction team. He currently serves as a portfolio manager on several of the firm's asset allocation portfolios. Mr. Banatwala joined PGIM Investments in February 2013 as a research analyst. Prior to joining SIRG, Mr. Banatwala worked as an analyst for a pension consulting firm, and was responsible for the development of strategic investment policy for various foundations, endowments, and corporate pension plans. In addition to this, he conducted due diligence on various target date fund offerings for corporate defined contribution plans. Mr. Banatwala received his B.B.A. from Texas A&M University in College Station, TX. He is a CFA charter holder and a member of the CFA Society New York.

*PGIM Quantitative Solutions.* PGIM Quantitative Solutions typically follows a team approach in the management of the Portfolio. George N. Patterson, PhD, CFA, CFP, Stacie Mintz, CFA, and Wen Jin, PhD, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio.

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George N. Patterson, PhD, CFA, CFP, is a Managing Director and the Chief Investment Officer for PGIM Quantitative Solutions. In this capacity, he oversees all portfolio management and research efforts for both the Quantitative Equity and Multi-Asset teams. Prior to his current role, George was the Co-Head of PGIM Quantitative Solutions' Quantitative Equity team, overseeing portfolio management, investment research and new product development. Before joining PGIM Quantitative Solutions, George was a Managing Director, Corporate Strategy, at Axioma, Inc., focusing on identifying buy-side trends and market opportunities. Previously, he was the Chief Investment Officer for Quantitative Investments at Bank of Montreal Global Asset Management, with responsibilities across global equities and multi-asset strategies spanning stand-alone asset allocation funds, FX overlays, retail fund of funds and ETF-based multi-asset solutions. In addition, George was a Co-Founder and Managing Partner at Menta Capital LLC, a California-based quantitative equity hedge fund, and a Senior Portfolio Manager in equity market neutral strategies at Barclays Global Investors. He began his career at NASA's Jet Propulsion Laboratory. George earned a BS in physics from the Massachusetts Institute of Technology and a PhD in physics from Boston University.

Stacie L. Mintz, CFA, is a Managing Director and Head of Quantitative Equity for PGIM Quantitative Solutions. She leads the portfolio managers on the Quantitative Equity team and is responsible for enhancements to the Quantitative Equity models and portfolio analytic tools. Prior to her current role, she served as the Head of Equity Portfolio Management for PGIM Quantitative Solutions. Stacie has over two decades of portfolio management experience, focusing on long-only and long-short equity investing for more than 15 years at PGIM. Prior to that, she managed strategic and tactical asset allocation for several institutional and retail funds at PGIM. During that time, she was also responsible for managing the overall asset allocation for the Prudential Pension Plan. She earned a BA in economics from Rutgers University and an MBA in finance from the New York University Stern School of Business.

Wen Jin, PhD, CFA, is a Managing Director and Portfolio Manager for PGIM Quantitative Solutions working within the Quantitative Equity team. He is responsible for portfolio management, analysis and research. Prior to joining PGIM Quantitative Solutions, Wen was a Portfolio Manager and the Head of Quantitative Strategy and Trading at Aristeia Capital Management, where he oversaw derivatives valuation, quantitative trading strategy development and portfolio management. Previously, Wen was a Senior Quantitative Strategist in the options trading group at Citadel Investment Group, where he was responsible for the development of equity option arbitrage and volatility arbitrage strategies. Wen's articles have appeared in the Journal of Accounting Research and Wall Street Horizon, among other leading publications. He earned a BS in physics from University of Sciences and Technology of China, and an MA and PhD in physics from Columbia University.

**PSF PGIM 50/50 Balanced Portfolio** 

*Equity Segment.* PGIM Quantitative Solutions typically follows a team approach in the management of its portfolios. PGIM Quantitative Solutions uses a disciplined investment process based on fundamental data, driven by its quantitative investment models. PGIM Quantitative Solutions incorporates into its investment process insights gained from its original research and the seasoned judgment of its portfolio manager and analysts.

Marco Aiolfi, PhD, George N. Patterson, PhD, CFA, CFP, Rory Cummings, CFA, and Stacie Mintz, CFA are the members of PGIM Quantitative Solutions' portfolio management team jointly and primarily responsible for the day-to-day management of the equity portion and asset allocation of the Portfolio.

Marco Aiolfi, PhD, is a Managing Director and Head of PGIM Quantitative Solutions' Multi-Asset team. He spearheads the group's strategic initiatives and is responsible for portfolio management, research, product development of the multi-asset platform. Prior to his current role, Marco was the Head of Systematic Multi-Asset Strategies, overseeing research, development and portfolio management of systematic total and absolute return investment solutions. Before joining PGIM Quantitative Solutions, Marco was a Lead Portfolio Manager and Researcher for GTAA and volatility strategies for the Quantitative Investment Strategies team at Goldman Sachs Asset Management, and a Principal at Platinum Grove Asset Management. Previously, Marco was a research scholar at the University of California, San Diego, and a visiting scholar at the International Monetary Fund. Marco's articles have appeared in several journals including the Journal of Econometrics, Journal of Financial Econometrics, Journal of Development Economics, Journal of Forecasting, Journal of Investment Management and the Journal of Portfolio Management. He earned a BA in economics and a PhD in economics from Bocconi University in Italy.

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George N. Patterson, PhD, CFA, CFP, is a Managing Director and the Chief Investment Officer for PGIM Quantitative Solutions. In this capacity, he oversees all portfolio management and research efforts for both the Quantitative Equity and Multi-Asset teams. Prior to his current role, George was the Co-Head of PGIM Quantitative Solutions' Quantitative Equity team, overseeing portfolio management, investment research and new product development. Before joining PGIM Quantitative Solutions, George was a Managing Director, Corporate Strategy, at Axioma, Inc., focusing on identifying buy-side trends and market opportunities. Previously, he was the Chief Investment Officer for Quantitative Investments at Bank of Montreal Global Asset Management, with responsibilities across global equities and multi-asset strategies spanning stand-alone asset allocation funds, FX overlays, retail fund of funds and ETF-based multi-asset solutions. In addition, George was a Co-Founder and Managing Partner at Menta Capital LLC, a California-based quantitative equity hedge fund, and a Senior Portfolio Manager in equity market neutral strategies at Barclays Global Investors. He began his career at NASA's Jet Propulsion Laboratory. George earned a BS in physics from the Massachusetts Institute of Technology and a PhD in physics from Boston University.

Rory Cummings, CFA, is a Managing Director and Portfolio Manager for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management, investment strategy, portfolio design, and multi-asset research. Prior to his current role, Rory served as a Client Relations Specialist covering a variety of institutional clients. He earned a BA in finance from Seton Hall University and an MBA in financial markets and corporate finance from the New York University Stern School of Business.

Stacie L. Mintz, CFA, is a Managing Director and Head of Quantitative Equity for PGIM Quantitative Solutions. She leads the portfolio managers on the Quantitative Equity team and is responsible for enhancements to the Quantitative Equity models and portfolio analytic tools. Prior to her current role, she served as the Head of Equity Portfolio Management for PGIM Quantitative Solutions. Stacie has over two decades of portfolio management experience, focusing on long-only and long-short equity investing for more than 15 years at PGIM. Prior to that, she managed strategic and tactical asset allocation for several institutional and retail funds at PGIM. During that time, she was also responsible for managing the overall asset allocation for the Prudential Pension Plan. She earned a BA in economics from Rutgers University and an MBA in finance from the New York University Stern School of Business.

*Fixed Income Segment.* Richard Piccirillo, Gregory Peters, Matthew Angelucci, CFA, and Tyler Thorn of PGIM Fixed Income are jointly and primarily responsible for the day-to-day management of the fixed income segments of the Portfolios.

Richard Piccirillo is a Managing Director and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Mr. Piccirillo had specialized in mortgage-and asset-backed securities since joining the Firm in 1993. Before joining the Firm, Mr. Piccirillo was a fixed income analyst with Fischer Francis Trees & Watts. Mr. Piccirillo started his career as a financial analyst at Smith Barney. He received a BBA in Finance from George Washington University and an MBA in Finance and International Business from New York University. Mr. Piccirillo was named a 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.

Gregory Peters is Co-Chief Investment Officer of PGIM Fixed Income. Mr. Peters is one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Prior to joining the Firm in 2014, Mr. Peters was Morgan Stanley's Global Director of Fixed Income & Economic Research and Chief Global Cross Asset Strategist, responsible for the Firm's macro research and asset allocation strategy. Earlier, he worked at Salomon Smith Barney and the Department of U.S. Treasury. He received a BA in Finance from The College of New Jersey and an MBA from Fordham University. Mr. Peters serves as a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury. He is also a member of Chatham House, The Institute of International & European Affairs (IIEA), Fixed Income Analyst Society and the Bretton Woods Committee. Mr. Peters was named a 2018 and 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.

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Matthew Angelucci, CFA is a Managing Director and senior portfolio manager on PGIM's Multi-Sector Team responsible for Global Bond Strategies. Mr. Angelucci specializes in global interest rates, country and sector allocation, ETFs and derivatives. Prior to assuming his current position, he was an analyst in the Portfolio Analysis Group. Mr. Angelucci joined the Firm in 2005. He received a BS in Corporate Finance and Accounting from Bentley University. Mr. Angelucci holds the Chartered Financial Analyst (CFA) designation.

Tyler Thorn is a Managing Director and a portfolio manager on PGIM's Multi-Sector Team. Mr. Thorn joined the Firm in 2015 and previously was an analyst in the Portfolio Analysis Group. He has also worked on the Quantitative Modeling and Strategies team. Mr. Thorn received a BS in business administration with concentrations in finance, economics, and computer science from Boston College.

**PSF PGIM Ballast Portfolio** 

Devang Gambhirwala, Lorne Johnson, PhD, and Edward J. Tostanoski III, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio.

Devang Gambhirwala is a Managing Director and Portfolio Manager for PGIM Quantitative Solutions working within the Quantitative Equity and Multi-Asset teams. He is responsible for portfolio management and research. Prior to joining PGIM Quantitative Solutions, Devang worked as a Quantitative Research Analyst and Assistant Portfolio Manager for PGIM, Inc. He earned a BS in computer and information sciences from the New Jersey Institute of Technology and an MBA from Rutgers University.

Lorne Johnson, PhD, is a Managing Director and Portfolio Manager working within the Multi-Asset team. As Head of Multi-Asset Portfolio Design, he manages multiple aspects of the firm's product and affiliate relationship efforts, serves as a subject matter expert, and performs research and analysis for multi-asset portfolios. Prior to joining PGIM Quantitative Solutions, Lorne was a Senior Portfolio Manager at State Street Global Advisors' Investment Solutions Group with a focus on managing tactical asset allocation portfolios. Previously, Lorne was a Portfolio Manager at CalPERS and Numeric Investors, a Senior Portfolio Manager at ABP Investments, and an Economist at Caxton Associates. He earned a BA in both public administration and history at California State University, an MA in applied economics at San Jose State University and an MA and PhD in economics at the University of Washington.

Edward J. Tostanoski III, CFA is a Managing Director and Portfolio Manager for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management, investment strategy, portfolio design, and multi-asset research. Prior to joining PGIM Quantitative Solutions, Ed was a Portfolio Manager and Researcher for Global Macro strategies, including strategic asset allocation and tactical models for trading within and across asset classes, at Goldman Sachs Asset Management, on their Quantitative Investment Strategies and Global Portfolio Solutions teams. He earned a BSE in operations research and financial engineering from Princeton University.

**PSF PGIM Flexible Managed Portfolio** 

*PGIM Quantitative Solutions Segment.* Marco Aiolfi, PhD, George N. Patterson, PhD, CFA, CFP, Rory Cummings, CFA, and Stacie L. Mintz, CFA are jointly and primarily responsible for the day-to-day management of the portion of the Portfolio advised by PGIM Quantitative Solutions.

Marco Aiolfi, PhD, is a Managing Director and Head of PGIM Quantitative Solutions' Multi-Asset team. He spearheads the group's strategic initiatives and is responsible for portfolio management, research, product development of the multi-asset platform. Prior to his current role, Marco was the Head of Systematic Multi-Asset Strategies, overseeing research, development and portfolio management of systematic total and absolute return investment solutions. Before joining PGIM Quantitative Solutions, Marco was a Lead Portfolio Manager and Researcher for GTAA and volatility strategies for the Quantitative Investment Strategies team at Goldman Sachs Asset Management, and a Principal at Platinum Grove Asset Management. Previously, Marco was a research scholar at the University of California, San Diego, and a visiting scholar at the International Monetary Fund. Marco's articles have

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appeared in several journals including the Journal of Econometrics, Journal of Financial Econometrics, Journal of Development Economics, Journal of Forecasting, Journal of Investment Management and the Journal of Portfolio Management. He earned a BA in economics and a PhD in economics from Bocconi University in Italy.

George N. Patterson, PhD, CFA, CFP, is a Managing Director and the Chief Investment Officer for PGIM Quantitative Solutions. In this capacity, he oversees all portfolio management and research efforts for both the Quantitative Equity and Multi-Asset teams. Prior to his current role, George was the Co-Head of PGIM Quantitative Solutions' Quantitative Equity team, overseeing portfolio management, investment research and new product development. Before joining PGIM Quantitative Solutions, George was a Managing Director, Corporate Strategy, at Axioma, Inc., focusing on identifying buy-side trends and market opportunities. Previously, he was the Chief Investment Officer for Quantitative Investments at Bank of Montreal Global Asset Management, with responsibilities across global equities and multi-asset strategies spanning stand-alone asset allocation funds, FX overlays, retail fund of funds and ETF-based multi-asset solutions. In addition, George was a Co-Founder and Managing Partner at Menta Capital LLC, a California-based quantitative equity hedge fund, and a Senior Portfolio Manager in equity market neutral strategies at Barclays Global Investors. He began his career at NASA's Jet Propulsion Laboratory. George earned a BS in physics from the Massachusetts Institute of Technology and a PhD in physics from Boston University.

Rory Cummings, CFA, is a Managing Director and Portfolio Manager for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management, investment strategy, portfolio design, and multi-asset research. Prior to his current role, Rory served as a Client Relations Specialist covering a variety of institutional clients. He earned a BA in finance from Seton Hall University and an MBA in financial markets and corporate finance from the New York University Stern School of Business.

Stacie L. Mintz, CFA, is a Managing Director and Head of Quantitative Equity for PGIM Quantitative Solutions. She leads the portfolio managers on the Quantitative Equity team and is responsible for enhancements to the Quantitative Equity models and portfolio analytic tools. Prior to her current role, she served as the Head of Equity Portfolio Management for PGIM Quantitative Solutions. Stacie has over two decades of portfolio management experience, focusing on long-only and long-short equity investing for more than 15 years at PGIM. Prior to that, she managed strategic and tactical asset allocation for several institutional and retail funds at PGIM. During that time, she was also responsible for managing the overall asset allocation for the Prudential Pension Plan. She earned a BA in economics from Rutgers University and an MBA in finance from the New York University Stern School of Business.

*Fixed Income Segment.* Richard Piccirillo, Gregory Peters, Matthew Angelucci, CFA, and Tyler Thorn of PGIM Fixed Income are jointly and primarily responsible for the day-to-day management of the fixed income segment of the Portfolio.

Richard Piccirillo is a Managing Director and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Mr. Piccirillo had specialized in mortgage-and asset-backed securities since joining the Firm in 1993. Before joining the Firm, Mr. Piccirillo was a fixed income analyst with Fischer Francis Trees & Watts. Mr. Piccirillo started his career as a financial analyst at Smith Barney. He received a BBA in Finance from George Washington University and an MBA in Finance and International Business from New York University. Mr. Piccirillo was named a 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.

Gregory Peters is Co-Chief Investment Officer of PGIM Fixed Income. Mr. Peters is one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Prior to joining the Firm in 2014, Mr. Peters was Morgan Stanley's Global Director of Fixed Income & Economic Research and Chief Global Cross Asset Strategist, responsible for the Firm's macro research and asset allocation strategy. Earlier, he worked at Salomon Smith Barney and the Department of U.S. Treasury. He received a BA in Finance from The College of New Jersey and an MBA from Fordham University. Mr. Peters serves as a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury. He is also a member of Chatham House, The Institute of International & European Affairs (IIEA), Fixed Income Analyst Society and the Bretton Woods Committee. Mr. Peters was named a 2018 and 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.

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Matthew Angelucci, CFA is a Managing Director and senior portfolio manager on PGIM's Multi-Sector Team responsible for Global Bond Strategies. Mr. Angelucci specializes in global interest rates, country and sector allocation, ETFs and derivatives. Prior to assuming his current position, he was an analyst in the Portfolio Analysis Group. Mr. Angelucci joined the Firm in 2005. He received a BS in Corporate Finance and Accounting from Bentley University. Mr. Angelucci holds the Chartered Financial Analyst (CFA) designation.

Tyler Thorn is a Managing Director and a portfolio manager on PGIM's Multi-Sector Team. Mr. Thorn joined the Firm in 2015 and previously was an analyst in the Portfolio Analysis Group. He has also worked on the Quantitative Modeling and Strategies team. Mr. Thorn received a BS in business administration with concentrations in finance, economics, and computer science from Boston College.

**PSF PGIM High Yield Bond Portfolio** 

The Portfolio is managed by the High Yield Team at PGIM Fixed Income. The Team is headed by Robert Cignarella, CFA and also includes portfolio managers Robert Spano, CFA, CPA, Brian Clapp, CFA, Michael Gormally and Brian Lalli who are jointly and primarily responsible for the day-to-day management of the Portfolio.

Robert Cignarella, CFA, is a Managing Director and Head of US High Yield for PGIM Fixed Income. Mr. Cignarella is also the co-Head of the Global High Yield Strategy. Prior to joining the Firm in 2014, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, and a bachelor's degree in operations research and industrial engineering from Cornell University. He holds the Chartered Financial Analyst (CFA) designation.

Robert Spano, CFA, CPA, is a Managing Director and a high yield portfolio manager for PGIM Fixed Income's US High Yield Bond Team. Prior to assuming his current position in 2007, Mr. Spano was a high yield credit analyst for 10 years in the Credit Research Group, covering the health, lodging, consumer, gaming, restaurants, and chemical industries. Earlier, he worked as an investment analyst in the Project Finance Unit of the Firm's private placement group. Mr. Spano also held positions in the internal audit and risk management units of Prudential Securities. He received a BS in Accounting from the University of Delaware and an MBA from New York University. Mr. Spano holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.

Brian Clapp, CFA, is an Executive Director and a high yield portfolio manager for PGIM Fixed Income's US High Yield Team. Mr. Clapp was previously a senior high yield credit analyst on the Credit Research team. He joined the Firm in 2006 from Muzinich & Co. While there, Mr. Clapp held several positions, including portfolio manager for a high yield bond-based hedge fund, hedge fund credit analyst, and credit analyst covering the chemical, industrial, and transportation sectors. Earlier at Triton Partners, an institutional high yield fund manager, Mr. Clapp was a credit analyst covering the metals and mining, healthcare, homebuilding, building products and transportation sectors. He received a BS in Finance from Bryant College, an MS in Computational Finance, and an MBA from Carnegie Mellon. Mr. Clapp holds the Chartered Financial Analyst (CFA) designation.

Michael Gormally is an Executive Director, and portfolio manager and trader for PGIM Fixed Income's US High Yield Bond Team. Previously, he was an Analyst in the Portfolio Analysis Group, where he managed a team of portfolio analysts dedicated to High Yield. He was responsible for the monitoring of daily risk and positioning, along with the implementation of portfolio management trading tools and performance attribution models. Before joining the Firm in 2014, Mr. Gormally was a credit analyst at BNY Mellon. Mr. Gormally received a BA in Economics from Johns Hopkins University and an MBA from the University of Notre Dame.

Brian Lalli is an Executive Director and portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team. Previously, Mr. Lalli was a credit analyst for PGIM Fixed Income's U.S. Leveraged Finance Credit Research team. Prior to joining the Firm in 2020, Mr. Lalli was a Director at Barclays, covering several high yield and investment grades sectors as a senior credit analyst since 2010. Mr. Lalli received a BS in Business and Technology and a minor in Economics from Stevens Institute of Technology.

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**PSF PGIM Jennison Blend Portfolio** 

Jason T. McManus, Adam L. Friedman, Brian A. Porpora are jointly and primarily responsible for the day-to-day management of the Portfolio.

Jason T. McManus is a Managing Director, the Head of Custom Solutions, and a custom solutions portfolio manager. He joined Jennison in 1997. Mr. McManus began managing quantitative portfolios and custom solutions for clients in August 2006. From 2003 to 2006, he was part of Jennison's Applied Research team focusing on quantitative research projects and portfolio analytics. Prior to that, he was a research associate on the International Equity team. Mr. McManus received a BS in economics and computer science from the University at Albany, State University of New York, and an MBA in quantitative finance from New York University's Stern School of Business.

Adam L. Friedman is a Managing Director, a custom solutions portfolio manager and an investment solutions analyst. He joined Jennison in 2007. Prior to joining the Custom Solutions Group in 2011, he was an investment analyst on the firm's alternative investments team. Mr. Friedman earned a BS in financial economics from Binghamton University.

Brian A. Porpora is a Managing Director, a custom solutions portfolio manager and an investment solutions analyst. He joined Jennison in 2004. Prior to joining the Custom Solutions Group in 2008, he was an investment analyst on the firm's alternative investments team. Mr. Porpora earned a BS in applied economics and business management from Cornell University.

The portfolio managers for the Portfolio are supported by other Jennison portfolio managers, research analysts and investment professionals. Team members conduct research, make securities recommendations and support the portfolio managers in all activities. Members of the team may change from time to time.

**PSF PGIM Jennison Growth Portfolio** 

Michael A. Del Balso, Blair A. Boyer, Natasha Kuhlkin, CFA and Owuraka Koney, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio.

Michael A. Del Balso is a Managing Director, and a large cap growth equity portfolio manager. He joined Jennison in May 1972 as a research analyst and became a portfolio manager in 1999. Prior to joining Jennison, Mr. Del Balso was a vice president and portfolio manager for four years at White, Weld & Company. Mr. Del Balso earned a BS in industrial administration from Yale University and an MBA from Columbia University.

Blair A. Boyer is a Managing Director, Co-Head of Growth Equity and a large cap growth equity portfolio manager. He joined Jennison in March 1993 as an international equity analyst and joined the large cap growth team as a portfolio manager in 2003. Prior to joining Jennison, he managed international equity portfolios at Arnhold and S. Bleichroeder for five years. Prior to that, he was a research analyst and then a senior portfolio manager at Verus Capital. Mr. Boyer earned a BA in economics from Bucknell University and an MBA from The New York University Stern School of Business.

Natasha Kuhlkin, CFA, is a Managing Director, Co-Head of Growth Equity and a large cap growth equity portfolio manager. She joined Jennison in May 2004. Prior to joining Jennison, Ms. Kuhlkin was an equity research analyst at Evergreen Investment Management and Palisade Capital Management. Ms. Kuhlkin earned a BS, magna cum laude, in accounting from Binghamton University and she holds the Chartered Financial Analyst (CFA) designation.

Owuraka Koney, CFA, is a Managing Director, large cap growth portfolio manager and an equity research analyst covering industrials, consumer internet, and media companies. Before joining Jennison in 2007, Mr. Koney was an equity research associate covering the aerospace & defense and small cap media sectors at UBS. Mr. Koney received a BA in economics and political science from Williams College and holds the Chartered Financial Analyst (CFA) designation.

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The portfolio managers for the Portfolio are supported by other Jennison portfolio managers, research analysts and investment professionals. Team members conduct research, make securities recommendations and support the portfolio managers in all activities. Members of the team may change from time to time.

**PSF PGIM Jennison Value Portfolio** 

Warren N. Koontz, Jr., CFA, and Joseph C. Esposito, CFA, are jointly and primarily responsible for the day-to-day management of the Portfolio.

Warren N. Koontz, Jr., CFA, is a Managing Director, the Head of Value Equity, and a large cap value portfolio manager. He joined Jennison in September 2014. Prior to joining Jennison, Mr. Koontz was a portfolio manager at Loomis, Sayles & Company for nineteen years where he managed diversified and concentrated value strategies. Prior to that, he was a senior portfolio manager at Comerica Bank and also worked for three years as chief investment officer for The Jeffrey Company, a private investment firm and the Public Employees' Retirement System of Ohio. Mr. Koontz earned a BS in finance and an MBA from The Ohio State University and he holds the Chartered Financial Analyst (CFA) designation.

Joseph C. Esposito, CFA, is a Managing Director and a large cap value portfolio manager. He joined Jennison in September 2014. Mr. Esposito was previously a senior equity analyst at Loomis, Sayles & Company for seven years. Prior to that, he was a business systems analyst at AXA Financial. Mr. Esposito earned a BA from the College of New Jersey, an MBA from Columbia Business School and he holds the Chartered Financial Analyst (CFA) designation.

The portfolio managers for the Portfolio are supported by other Jennison portfolio managers, research analysts and investment professionals. Team members conduct research, make securities recommendations and support the portfolio managers in all activities. Members of the team may change from time to time.

**PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** 

Marco Aiolfi, PhD, Lorne Johnson, PhD, and John Hall, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio.

Marco Aiolfi, PhD, is a Managing Director and Head of PGIM Quantitative Solutions' Multi-Asset team. He spearheads the group's strategic initiatives and is responsible for portfolio management, research, product development of the multi-asset platform. Prior to his current role, Marco was the Head of Systematic Multi-Asset Strategies, overseeing research, development and portfolio management of systematic total and absolute return investment solutions. Before joining PGIM Quantitative Solutions, Marco was a Lead Portfolio Manager and Researcher for GTAA and volatility strategies for the Quantitative Investment Strategies team at Goldman Sachs Asset Management, and a Principal at Platinum Grove Asset Management. Previously, Marco was a research scholar at the University of California, San Diego, and a visiting scholar at the International Monetary Fund. Marco's articles have appeared in several journals including the Journal of Econometrics, Journal of Financial Econometrics, Journal of Development Economics, Journal of Forecasting, Journal of Investment Management and the Journal of Portfolio Management. He earned a BA in economics and a PhD in economics from Bocconi University in Italy.

John Hall, CFA, is a Principal for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management, investment strategy, portfolio design, and multi-asset research. Prior to his current role, John was a Director with PGIM Global Partners, where he held portfolio management responsibilities. He earned a BS in economics (honors) with minors in mathematics, management, and political science from Purdue University. John also holds an MA in economics from New York University.

Lorne Johnson, PhD, is a Managing Director and Portfolio Manager working within the Multi-Asset team. As Head of Multi-Asset Portfolio Design, he manages multiple aspects of the firm's product and affiliate relationship efforts, serves as a subject matter expert, and performs research and analysis for multi-asset portfolios. Prior to joining PGIM Quantitative Solutions, Lorne was a Senior Portfolio Manager at State Street Global Advisors' Investment Solutions Group with a focus on managing tactical asset allocation portfolios. Previously, Lorne was a Portfolio Manager at

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CalPERS and Numeric Investors, a Senior Portfolio Manager at ABP Investments, and an Economist at Caxton Associates. He earned a BA in both public administration and history at California State University, an MA in applied economics at San Jose State University and an MA and PhD in economics at the University of Washington.

**PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** 

Marco Aiolfi, PhD, Lorne Johnson, PhD, and John Hall, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio.

Marco Aiolfi, PhD, is a Managing Director and Head of PGIM Quantitative Solutions' Multi-Asset team. He spearheads the group's strategic initiatives and is responsible for portfolio management, research, product development of the multi-asset platform. Prior to his current role, Marco was the Head of Systematic Multi-Asset Strategies, overseeing research, development and portfolio management of systematic total and absolute return investment solutions. Before joining PGIM Quantitative Solutions, Marco was a Lead Portfolio Manager and Researcher for GTAA and volatility strategies for the Quantitative Investment Strategies team at Goldman Sachs Asset Management, and a Principal at Platinum Grove Asset Management. Previously, Marco was a research scholar at the University of California, San Diego, and a visiting scholar at the International Monetary Fund. Marco's articles have appeared in several journals including the Journal of Econometrics, Journal of Financial Econometrics, Journal of Development Economics, Journal of Forecasting, Journal of Investment Management and the Journal of Portfolio Management. He earned a BA in economics and a PhD in economics from Bocconi University in Italy.

John Hall, CFA, is a Principal for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management, investment strategy, portfolio design, and multi-asset research. Prior to his current role, John was a Director with PGIM Global Partners, where he held portfolio management responsibilities. He earned a BS in economics (honors) with minors in mathematics, management, and political science from Purdue University. John also holds an MA in economics from New York University.

Lorne Johnson, PhD, is a Managing Director and Portfolio Manager working within the Multi-Asset team. As Head of Multi-Asset Portfolio Design, he manages multiple aspects of the firm's product and affiliate relationship efforts, serves as a subject matter expert, and performs research and analysis for multi-asset portfolios. Prior to joining PGIM Quantitative Solutions, Lorne was a Senior Portfolio Manager at State Street Global Advisors' Investment Solutions Group with a focus on managing tactical asset allocation portfolios. Previously, Lorne was a Portfolio Manager at CalPERS and Numeric Investors, a Senior Portfolio Manager at ABP Investments, and an Economist at Caxton Associates. He earned a BA in both public administration and history at California State University, an MA in applied economics at San Jose State University and an MA and PhD in economics at the University of Washington.

**PSF PGIM Total Return Bond Portfolio** 

Gregory Peters, Richard Piccirillo, Robert Tipp, CFA, Matthew Angelucci, CFA, and Tyler Thorn of PGIM Fixed Income are jointly and primarily responsible for the day-to-day management of the Portfolio.

Gregory Peters is Co-Chief Investment Officer of PGIM Fixed Income. Mr. Peters is one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Prior to joining the Firm in 2014, Mr. Peters was Morgan Stanley's Global Director of Fixed Income & Economic Research and Chief Global Cross Asset Strategist, responsible for the Firm's macro research and asset allocation strategy. Earlier, he worked at Salomon Smith Barney and the Department of U.S. Treasury. He received a BA in Finance from The College of New Jersey and an MBA from Fordham University. Mr. Peters serves as a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury. He is also a member of Chatham House, The Institute of International & European Affairs (IIEA), Fixed Income Analyst Society and the Bretton Woods Committee. Mr. Peters was named a 2018 and 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.

Richard Piccirillo is a Managing Director and one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Mr. Piccirillo had specialized in mortgage-and asset-backed securities since joining the Firm in 1993. Before joining the Firm, Mr. Piccirillo was a fixed income analyst with Fischer Francis Trees & Watts. Mr. Piccirillo started his career

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as a financial analyst at Smith Barney. He received a BBA in Finance from George Washington University and an MBA in Finance and International Business from New York University. Mr. Piccirillo was named a 2019 winner of the Pension and Investment Provider Award for Global Multi-Asset Credit.

Robert Tipp, CFA, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds at PGIM Fixed Income. Mr. Tipp is also one of the co-heads on the Multi-Sector Team at PGIM Fixed Income. Mr. Tipp has worked at the Firm since 1991, where he has held a variety of senior investment manager and strategist roles. Prior to joining the firm, he was a Director in the Portfolio Strategies Group at the First Boston Corporation, where he developed, marketed, and implemented strategic portfolio products for money managers. Before that, Mr. Tipp was a Senior Staff Analyst at the Allstate Research & Planning Center, and managed fixed income and equity derivative strategies at Wells Fargo Investment Advisors. He received a BS in Business Administration and an MBA from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst (CFA) designation.

Matthew Angelucci, CFA is a Managing Director and senior portfolio manager on PGIM's Multi-Sector Team responsible for Global Bond Strategies. Mr. Angelucci specializes in global interest rates, country and sector allocation, ETFs and derivatives. Prior to assuming his current position, he was an analyst in the Portfolio Analysis Group. Mr. Angelucci joined the Firm in 2005. He received a BS in Corporate Finance and Accounting from Bentley University. Mr. Angelucci holds the Chartered Financial Analyst (CFA) designation.

Tyler Thorn is a Managing Director and a portfolio manager on PGIM's Multi-Sector Team. Mr. Thorn joined the Firm in 2015 and previously was an analyst in the Portfolio Analysis Group. He has also worked on the Quantitative Modeling and Strategies team. Mr. Thorn received a BS in business administration with concentrations in finance, economics, and computer science from Boston College.

**PSF Small-Cap Stock Index Portfolio** 

PGIM Quantitative Solutions typically follows a team approach in the management of the Portfolio. George N. Patterson, PhD, CFA, CFP, Edward J. Lithgow, CFA, and Stacie L. Mintz, CFA, are jointly and primarily responsible for the day-to-day management of the Portfolio.

George N. Patterson, PhD, CFA, CFP, is a Managing Director and the Chief Investment Officer for PGIM Quantitative Solutions. In this capacity, he oversees all portfolio management and research efforts for both the Quantitative Equity and Multi-Asset teams. Prior to his current role, George was the Co-Head of PGIM Quantitative Solutions' Quantitative Equity team, overseeing portfolio management, investment research and new product development. Before joining PGIM Quantitative Solutions, George was a Managing Director, Corporate Strategy, at Axioma, Inc., focusing on identifying buy-side trends and market opportunities. Previously, he was the Chief Investment Officer for Quantitative Investments at Bank of Montreal Global Asset Management, with responsibilities across global equities and multi-asset strategies spanning stand-alone asset allocation funds, FX overlays, retail fund of funds and ETF-based multi-asset solutions. In addition, George was a Co-Founder and Managing Partner at Menta Capital LLC, a California-based quantitative equity hedge fund, and a Senior Portfolio Manager in equity market neutral strategies at Barclays Global Investors. He began his career at NASA's Jet Propulsion Laboratory. George earned a BS in physics from the Massachusetts Institute of Technology and a PhD in physics from Boston University.

Edward J. Lithgow, CFA, is a Principal and Portfolio Manager for PGIM Quantitative Solutions working within the Quantitative Equity team. He is responsible for portfolio management, analysis and research. Prior to his current role, Ed was a Quantitative Analyst for the Quantitative Equity and Equity Indexing teams responsible for optimizing portfolios, monitoring cash flows and conducting performance attribution and risk analysis. He also traded equities, currencies and futures for the Equity Indexing funds. Ed earned a BS in business administration from Seton Hall University and an MBA in finance from St. Joseph's University.

Stacie L. Mintz, CFA, is a Managing Director and Head of Quantitative Equity for PGIM Quantitative Solutions. She leads the portfolio managers on the Quantitative Equity team and is responsible for enhancements to the Quantitative Equity models and portfolio analytic tools. Prior to her current role, she served as the Head of Equity Portfolio Management for PGIM Quantitative Solutions. Stacie has over two decades of portfolio management experience,

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focusing on long-only and long-short equity investing for more than 15 years at PGIM. Prior to that, she managed strategic and tactical asset allocation for several institutional and retail funds at PGIM. During that time, she was also responsible for managing the overall asset allocation for the Prudential Pension Plan. She earned a BA in economics from Rutgers University and an MBA in finance from the New York University Stern School of Business.

**PSF Stock Index Portfolio** 

PGIM Quantitative Solutions typically follows a team approach in the management of the Portfolio. George N. Patterson, PhD, CFA, CFP, Edward J. Lithgow, CFA, and Stacie Mintz, CFA are jointly and primarily responsible for the day-to-day management of the Portfolio.

George N. Patterson, PhD, CFA, CFP, is a Managing Director and the Chief Investment Officer for PGIM Quantitative Solutions. In this capacity, he oversees all portfolio management and research efforts for both the Quantitative Equity and Multi-Asset teams. Prior to his current role, George was the Co-Head of PGIM Quantitative Solutions' Quantitative Equity team, overseeing portfolio management, investment research and new product development. Before joining PGIM Quantitative Solutions, George was a Managing Director, Corporate Strategy, at Axioma, Inc., focusing on identifying buy-side trends and market opportunities. Previously, he was the Chief Investment Officer for Quantitative Investments at Bank of Montreal Global Asset Management, with responsibilities across global equities and multi-asset strategies spanning stand-alone asset allocation funds, FX overlays, retail fund of funds and ETF-based multi-asset solutions. In addition, George was a Co-Founder and Managing Partner at Menta Capital LLC, a California-based quantitative equity hedge fund, and a Senior Portfolio Manager in equity market neutral strategies at Barclays Global Investors. He began his career at NASA's Jet Propulsion Laboratory. George earned a BS in physics from the Massachusetts Institute of Technology and a PhD in physics from Boston University.

Edward J. Lithgow, CFA, is a Principal and Portfolio Manager for PGIM Quantitative Solutions working within the Quantitative Equity team. He is responsible for portfolio management, analysis and research. Prior to his current role, Ed was a Quantitative Analyst for the Quantitative Equity and Equity Indexing teams responsible for optimizing portfolios, monitoring cash flows and conducting performance attribution and risk analysis. He also traded equities, currencies and futures for the Equity Indexing funds. Ed earned a BS in business administration from Seton Hall University and an MBA in finance from St. Joseph's University.

Stacie L. Mintz, CFA, is a Managing Director and Head of Quantitative Equity for PGIM Quantitative Solutions. She leads the portfolio managers on the Quantitative Equity team and is responsible for enhancements to the Quantitative Equity models and portfolio analytic tools. Prior to her current role, she served as the Head of Equity Portfolio Management for PGIM Quantitative Solutions. Stacie has over two decades of portfolio management experience, focusing on long-only and long-short equity investing for more than 15 years at PGIM. Prior to that, she managed strategic and tactical asset allocation for several institutional and retail funds at PGIM. During that time, she was also responsible for managing the overall asset allocation for the Prudential Pension Plan. She earned a BA in economics from Rutgers University and an MBA in finance from the New York University Stern School of Business.

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HOW TO BUY AND SELL SHARES OF THE PORTFOLIOS

**PURCHASING and redeeming PORTFOLIO shares** 

With the exception of the PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio and the PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio, each Portfolio of the Trust offers Class I shares and certain Portfolios of the Trust also offer Class II shares and/or Class III shares. As of the date of the Prospectus, the PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio and the PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio solely offer the Class III share class. Class I shares of the PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio and the PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio are not currently available for purchase and may be offered at a later date. In addition, as of the date of the Prospectus, the PSF PGIM Ballast Portfolio solely offers the Class I share class. Class III shares of the PSF PGIM Ballast Portfolio are not currently available for purchase and may be offered at a later date.

Each Class participates in the same investments within a given Portfolio, but the Classes differ in terms of their charges. Class I and Class III shares are sold to separate accounts of Prudential as investment options under certain Contracts. Class I shares may also be sold to separate accounts of insurance companies not affiliated with Prudential Financial. Class II is offered only to separate accounts of non-Prudential insurance companies as investment options under certain of their Contracts. Please refer to the accompanying Contract prospectus to see which Portfolios are available through your Contract.

Investments in a Portfolio are made through certain variable life insurance and variable annuity contracts. Together with this Prospectus, you should have received a prospectus for such a Contract. You should refer to that prospectus for further information on investing in the Portfolios. Class I, Class II and Class III shares of a Portfolio are sold without any sales charge at the net asset value of the Portfolio. Class II and Class III shares, however, are subject to an annual distribution or "12b-1" fee of 0.25% of the average daily net assets of the applicable Class. The Trust does not provide investment advice. You should contact your financial advisor for advice regarding selection of Portfolios and Classes.

Each Portfolio typically expects to pay redemption proceeds within three days after receipt of a proper notice of the redemption request. Such procedures for providing proper notice of a redemption request is described in further detail in the prospectus for the applicable Contract. However, it may take a Portfolio up to seven days to pay redemption proceeds. There is no redemption charge. We may suspend the right to redeem shares or receive payment when the New York Stock Exchange (NYSE) is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Under normal circumstances, each Portfolio typically expects to meet redemption requests by using cash or cash equivalents or proceeds from the sale of portfolio securities (or a combination of these methods). Each Portfolio reserves the right to use borrowing arrangements that may be available from time to time. The use of borrowings in order to meet redemption requests is typically expected to be used only during stressed or abnormal market conditions, when an increased portion of a Portfolio's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances. The Portfolios' use of redemptions in-kind is discussed below.

**Redemption in-Kind** 

The Trust may pay the redemption price to shareholders of record (generally, the Participating Insurance Company separate accounts holding Trust shares) in whole or in part by a distribution in-kind of securities from the relevant investment portfolio of the Trust, in lieu of cash, in conformity with applicable rules of the SEC and procedures adopted by the Board. Securities will be readily marketable and will be valued in the same manner as in a regular redemption.

If shares are redeemed in-kind, the recipient will incur transaction costs in converting such assets into cash. These procedures govern the redemption by the shareholder of record, generally a Participating Insurance Company separate account. The procedures do not affect payments by a Participating Insurance Company to a contract owner under a variable contract.

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**Frequent Purchases or Redemptions of Portfolio Shares** 

The Trust is part of the group of investment companies advised by PGIM Investments (the PGIM Investment funds), which seek to prevent patterns of frequent purchases and redemptions of shares by its investors. Frequent purchases and redemptions may adversely affect the investment performance and interests of long-term investors in the Portfolios. When an investor engages in frequent or short-term trading, the PGIM Investment funds may have to sell portfolio securities to have the cash necessary to pay the redemption amounts. This may cause the PGIM Investment funds to sell Portfolio securities at inopportune times, hurting their investment performance. When large dollar amounts are involved, frequent trading can also make it difficult for the PGIM Investment funds to use long-term investment strategies because they cannot predict how much cash they will have to invest. In addition, if a PGIM Investment fund is forced to liquidate investments due to short-term trading activity, it may incur increased transaction and tax costs.

Similarly, the PGIM Investment funds may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of short-term trading. Moreover, frequent or short-term trading by certain investors may cause dilution in the value of PGIM Investment fund shares held by other investors. To the extent a Portfolio invests in foreign securities, a Portfolio may be particularly susceptible to frequent trading, because time zone differences among international stock markets can allow an investor engaging in short-term trading to exploit fund share prices that may be based on closing prices of foreign securities established some time before the fund calculates its own share price. To the extent a Portfolio invests in certain fixed income securities, such as high yield bonds or certain asset-backed securities, a Portfolio may also constitute an effective vehicle for an investor's frequent trading strategies.

The Boards of Directors/Trustees of the PGIM Investment funds, including the Trust, have adopted policies and procedures designed to discourage or prevent frequent trading by investors. The policies and procedures for the Trust are limited, however, because the Trust does not sell its shares directly to the public. Instead, Portfolio shares are sold only to Participating Insurance Company separate accounts that fund variable annuity contracts and variable life insurance policies. Therefore, Participating Insurance Companies, not the Trust, maintain the individual contract owner account records. Each Participating Insurance Company submits to the Trust's transfer agent daily aggregate orders combining the transactions of many contract owners. Therefore, the Trust and its transfer agent do not monitor trading by individual contract owners.

Under the Trust's policies and procedures, the Trust has notified each Participating Insurance Company that the Trust expects the Participating Insurance Company to impose restrictions on transfers by contract owners. The current Participating Insurance Companies are Prudential and three insurance companies not affiliated with Prudential. The Trust may add additional Participating Insurance Companies in the future. The Trust receives reports on the trading restrictions imposed by Prudential on variable contract owners investing in the Portfolios, and the Trust monitors the aggregate cash flows received from unaffiliated insurance companies. In addition, the Trust has entered shareholder information agreements with Participating Insurance Companies as required by Rule 22c-2 under the 1940 Act. Under these agreements, the Participating Insurance Companies have agreed to: (i) provide certain information regarding contract owners who engage in transactions involving Portfolio shares; and (ii) execute any instructions from the Trust to restrict or prohibit further purchases or exchanges of Portfolio shares by contract owners who have been identified by the Trust as having engaged in transactions in Portfolio shares that violate the Trust's frequent trading policies and procedures. The Trust and its transfer agent each reserve the right, in its sole discretion, to reject all or a portion of a purchase order from a Participating Insurance Company for any reason or no reason. If a purchase order is rejected, the purchase amount will be returned to the Participating Insurance Company.

The Trust also employs fair value pricing procedures to deter frequent trading. Those procedures are described in more detail under "Net Asset Value," below.

**Net Asset Value** 

Any purchase or sale of Portfolio shares is made at the net asset value, or NAV, of such shares. The price at which a purchase or redemption is made is typically based on the next calculation of the NAV after the order is received in good order. The NAV of each Portfolio is typically determined on each day the NYSE is open for trading as of the

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close of the exchange's regular trading session (which is generally 4:00 p.m. Eastern time). The Trust will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE and will price its shares as of 4:00 p.m. if the particular disruption directly affects only the NYSE. The NYSE is closed on most national holidays and Good Friday. The Trust does not price, and shareholders will not be able to purchase or redeem, the Trust's shares on days when the NYSE is closed but the primary markets for the Trust's foreign securities are open, even though the value of these securities may have changed. Conversely, the Trust will ordinarily price its shares, and shareholders may purchase and redeem shares, on days that the NYSE is open but foreign securities markets are closed. The securities held by each of the Trust's Portfolios are valued based upon market quotations or, if market quotations are not readily available, at fair value as determined in good faith under policies and procedures adopted and implemented by the Manager. The Trust may use fair value pricing if it determines that a market quotation for a security is not reliable based, among other things, on events or market conditions that occur after the quotation is derived or after the closing of the primary market on which the security is traded, but before the time that the NAV is determined. This use of fair value pricing commonly occurs with securities that are primarily traded outside of the US, because such securities present time-zone arbitrage opportunities when events or conditions affecting the prices of specific securities or the prices of securities traded in such markets generally occur after the close of the foreign markets but prior to the time that a Portfolio determines its NAV.

With respect to any portion of a Portfolio's assets that are invested in one or more open-end management investment companies, a Portfolio's NAV is calculated based upon the NAV of the registered open-end management investment companies in which the Portfolio invests. The prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. The Trust may also use fair value pricing with respect to US traded securities if, for example, trading in a particular security is halted and does not resume before a Portfolio calculates its NAV or the exchange on which a security is traded closes early. In addition, fair value pricing is used for securities where the pricing agent or principal market maker does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of PGIM Investments (or Subadviser) does not represent fair value. Different valuation methods may result in differing values for the same security. The fair value of a portfolio security that a Portfolio uses to determine its NAV may differ from the security's published or quoted price. If a Portfolio needs to implement fair value pricing after the NAV publishing deadline but before shares of the Portfolio are processed, the NAV you receive or pay may differ from the published NAV price. For purposes of computing the Trust's NAV, we will value the Trust's futures contracts 15 minutes after the close of regular trading on the NYSE. Except when we fair value securities, we normally value each foreign security held by the Trust as of the close of the security's primary market.

Fair value pricing procedures are designed to result in prices for a Portfolio's securities and its NAV that are reasonable in light of the circumstances that make or have made market quotations unavailable or unreliable, and to reduce arbitrage opportunities available to short-term traders. There is no assurance, however, that fair value pricing will more accurately reflect the market value of a security than the market price of such security on that day or that it will prevent dilution of a Portfolio's NAV by short-term traders.

The NAV for each of the Portfolios other than the PSF PGIM Government Money Market Portfolio is determined by a simple calculation. It's the total value of a Portfolio (assets minus liabilities) divided by the total number of shares outstanding. The NAV for the PSF PGIM Government Money Market Portfolio will ordinarily remain at $10.00 per share (The price of each share remains the same but you will have more shares when dividends are declared). Each business day, each Portfolio's current NAV per share is transmitted electronically to Participating Insurance Companies that use the Portfolios as underlying investment options for Contracts.

With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies, the Portfolio's NAV is calculated based upon the NAV of the registered open-end management investment companies in which the Portfolio invests. The prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

To determine a Portfolio's NAV, its holdings are valued as follows:

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**Equity Securities** for which the primary market is on an exchange (whether domestic or foreign) shall be valued at the last sale price on such exchange or market on the day of valuation or, if there was no sale on such day, at the mean between the last bid and asked prices on such day or at the last bid price on such day in the absence of an asked price. Securities included within the NASDAQ market shall be valued at the NASDAQ official closing price (NOCP) on the day of valuation, or if there was no NOCP issued, at the last sale price on such day. Securities included within the NASDAQ market for which there is no NOCP and no last sale price on the day of valuation shall be valued at the mean between the last bid and asked prices on such day or at the last bid price on such day in the absence of an asked price. Equity securities that are not sold on an exchange or NASDAQ are generally valued by an independent pricing agent or principal market maker.

A Portfolio may own securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Portfolios do not price their shares. Therefore, the value of a Portfolio's assets may change on days when shareholders cannot purchase or redeem Portfolio shares.

**Convertible debt securities** that are traded in the over-the-counter market, including listed convertible debt securities for which the primary market is believed by PGIM Investments or a Subadviser, as available, to be over-the-counter, shall be valued on the day of valuation at an evaluated bid price provided by an independent pricing agent or, in the absence of a valuation provided by an independent pricing agent, at the bid price provided by a principal market maker or primary market dealer.

**Other debt securities**—those that are not valued on an amortized cost basis—are valued using an independent pricing service.

**Options on stock and stock indexes** that are traded on a national securities exchange are valued at the last sale price on such exchange on the day of valuation or, if there was no such sale on such day, at the mean between the most recently quoted bid and asked prices on such exchange.

**Futures contracts and options on futures contracts** are valued at the last sale price at the close of the commodities exchange or board of trade on which they are traded. If there has been no sale that day, the securities will be valued at the mean between the most recently quoted bid and asked prices on that exchange or board of trade.

**Forward currency exchange contracts** are valued at the cost of covering or offsetting such contracts calculated on the day of valuation. Securities that are valued in accordance herewith in a currency other than US dollars shall be converted to US dollar equivalents at a rate obtained from a recognized bank, dealer or independent service on the day of valuation.

**Over-the-counter (OTC) options** are valued at the mean between bid and asked prices provided by a dealer (which may be the counterparty). A subadviser will monitor the market prices of the securities underlying the OTC options with a view to determining the necessity of obtaining additional bid and ask quotations from other dealers to assess the validity of the prices received from the primary pricing dealer.

**Short-term debt securities** held by the Portfolios, including bonds, notes, debentures and other debt securities, and money market instruments, such as certificates of deposit, commercial paper, bankers' acceptances, and obligations of domestic and foreign banks for which market quotations are readily available, are valued by an independent pricing agent or principal market maker (if available, otherwise a primary market dealer).

**Short-term debt securities** held by the PSF PGIM Government Money Market Portfolio are valued at amortized cost. Short-term debt securities with remaining maturities of 12 months or less held by the PSF PGIM 50/50 Balanced Portfolio and PSF PGIM Flexible Managed Portfolio are valued on an amortized cost basis. The amortized cost valuation method is widely used by mutual funds. It means that the security is valued initially at its purchase price and then decreases in value by equal amounts each day until the security matures. It almost always results in a value

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that is extremely close to the actual market value. The Board has established procedures to monitor whether any material deviation between valuation and market value occurs and if so, will promptly consider what action, if any, should be taken to prevent unfair results to Contract owners.

For each Portfolio other than the PSF PGIM Government Money Market Portfolio, and except as discussed above for the PSF PGIM 50/50 Balanced Portfolio and PSF PGIM Flexible Managed Portfolio, short-term debt securities, including bonds, notes, debentures and other debt securities, and money market instruments, such as certificates of deposit, commercial paper, bankers' acceptances, and obligations of domestic and foreign banks for which market quotations are readily available, are valued by an independent pricing agent or principal market maker (if available, otherwise a primary market dealer).

**DISTRIBUTOR & DISTRIBUTION ARRANGEMENTS.** Prudential Investment Management Services LLC (PIMS) serves as the distributor for the shares of each Portfolio under a Distribution Agreement with the Trust. PIMS is an affiliate of PGIM Investments. PIMS is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. PIMS' principal business address is 655 Broad Street, Newark, New Jersey 07102.

The Trust has adopted a Distribution Plan Pursuant to Rule 12b-1 under the 1940 Act for the Class II and Class III shares of each Portfolio (the 12b-1 Plan). Under the 12b-1 plan, Class II and Class III of each Portfolio pay to PIMS a distribution (12b-1) fee at the annual rate of 0.25% of the average daily net assets of the applicable Class. This fee pays for distribution services for Class II shares and Class III shares as applicable. Because these fees are paid out of the Portfolio's assets on an ongoing basis, over time these fees will increase the cost of your investment in Class II or Class III shares and may cost you more than paying other types of sales charges. Class II shares are also subject to an administration fee of 0.15% of the average daily net assets of Class II. Class I shares do not have a distribution fee. Class I and Class III shares do not have an administration fee.

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OTHER INFORMATION

**US Federal Income Taxes** 

Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the Code). If a Portfolio were not to qualify for such treatment, it could be subject to US federal income tax at the Portfolio level, which generally would reduce the value of an investment in the Portfolio. As a result of each Portfolio's treatment as a partnership that is not a publicly traded partnership, each Portfolio is generally not itself subject to US federal income tax. Instead, each Portfolio's income, gains, losses, deductions, credits and other tax items are "passed through" pro rata directly to the shareholders of the Portfolio, generally the Participating Insurance Companies (without regard to whether such corresponding amounts are distributed from the Portfolio) and retain the same character for US federal income tax purposes. Distributions may be made to the various separate accounts of the Participating Insurance Companies in the form of additional shares (not in cash).

The shares of each Portfolio are owned by separate accounts of Participating Insurance Companies, and may be owned by qualified pension and retirement plans, and certain other eligible persons or plans permitted to hold shares of the Portfolio pursuant to the applicable US Treasury regulations without impairing the ability of the separate accounts of the Participating Insurance Companies to satisfy the diversification requirements of Section 817(h) of the Code.

Each Portfolio intends to comply with the diversification requirements currently imposed by the Code and US Treasury regulations thereunder on separate accounts of insurance companies as a condition of maintaining the favorable tax status of the Contracts issued by separate accounts of Participating Insurance Companies. If a Portfolio does not meet such diversification requirements, the Contracts could lose their favorable tax treatment, and thus income and gain allocable to the Contracts could be taxable currently to shareholders of the Portfolio. This could also occur if Contract holders are found to have an impermissible level of control over the investments underlying their Contracts. Furthermore, if any underlying portfolio fails to comply with the diversification requirements for any taxable year, such failure could cause a separate account of a Participating Insurance Company indirectly invested in such an underlying portfolio through a Portfolio to fail to satisfy the separate diversification requirements, with the result that the Contracts supported by that account would no longer be eligible for tax deferral.

Owners of Contracts should consult the applicable prospectus or description of the plan for a discussion and information on the tax consequences of the Contract, policy or plan. In addition, Contract owners may wish to consult with their own tax advisors as to the tax consequences of investing in a Portfolio, including the application of US federal, state and local and non-US taxes.

**Monitoring for Possible Conflicts** 

The Trust sells its shares to fund variable life insurance contracts and variable annuity contracts and is authorized to offer its shares to qualified retirement plans. Because of differences in tax treatment and other considerations, it is possible that the interest of variable life insurance contract owners, variable annuity contract owners and participants in qualified retirement plans could conflict. The Trust will monitor the situation and, in the event that a material conflict does develop, the Trust would determine what action, if any, to take in response.

**Disclosure of Portfolio Holdings** 

A description of the Trust's policies and procedures with respect to the disclosure of each Portfolio's portfolio securities is included in the SAI and on the Trust's website at www.prudential.com/variableinsuranceportfolios.

**Payments to Affiliates** 

PGIM Investments and its affiliates, including a Subadviser or PIMS, may compensate affiliates of PGIM Investments, including the insurance companies issuing variable annuity or variable life contracts by providing reimbursement, defraying the costs of, or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with the variable annuity and/or variable life contracts that offer the Portfolios as investment options. These services may include, but are not limited to: sponsoring or co-sponsoring

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various promotional, educational or marketing meetings and seminars attended by distributors, wholesalers, and/or broker dealer firms' registered representatives, and creating marketing materials that discuss the contracts, available options, and the Portfolios.

The amounts paid depend on the nature of the meetings, the number of meetings attended by PGIM Investments, the Subadviser, or PIMS, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of PGIM Investments', the Subadviser's or PIMS' participation. These payments or reimbursements may not be offered by the Subadviser or PIMS, and the amounts of such payments may vary between and among PGIM Investments, the Subadviser and PIMS depending on their respective participation.

With respect to variable annuity contracts, the amounts paid under these arrangements to Prudential-affiliated insurers are set forth in the prospectuses for the variable annuity contracts that offer the Portfolios as investment options.

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FINANCIAL HIGHLIGHTS

**INTRODUCTION** 

The financial highlights that follow will help you evaluate the financial performance of each Portfolio available under your Contract for the past five years. The total return in each chart represents the rate that a shareholder earned on an investment in that share class of the Portfolio, assuming reinvestment of all dividends and other distributions. The charts do not reflect any charges under any variable contract. Because Contract charges are not included, the actual return that you will receive will be lower than the total return in each chart. The information is for Class I shares, Class II and Class III shares as applicable for the periods indicated.

The financial highlights were derived from each Portfolio's financial statements, which were audited by PricewaterhouseCoopers LLP, the Trust's independent registered public accounting firm, for such fiscal year, whose reports thereon were unqualified. The Trust's financial statements are included in the Trust's filings on Form N-CSR and are available upon request.

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| | |
|:---|:---|
| **PSF PGIM Ballast Portfolio Class I** |  |
|  | **June 18,** <br> **2025**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2025** |
|  | **June 18,** <br> **2025**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2025** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $10.00 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.13 |
| Net realized and unrealized gain (loss) on investment transactions | 0.87 |
| Total from investment operations | 1.00 |
| Net Asset Value, end of period | $11.00 |
| **Total Return**<sup>(c)</sup> <br>| 10.00% |
| **Ratios/Supplemental Data:** |  |
| Net assets, end of period (in millions) | $6 |
| Average net assets (in millions) | $5 |
| Ratios to average net assets<sup>(d)</sup>: |  |
| Expenses after waivers and/or expense reimbursement | 0.70%<sup>(e)</sup> <br>|
| Expenses before waivers and/or expense reimbursement | 5.09%<sup>(e)</sup> <br>|
| Net investment income (loss) | 2.26%<sup>(e)</sup> <br>|
| Portfolio turnover rate<sup>(f)</sup> | 0% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM 50/50 Balanced Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $44.16 | $39.07 | $33.84 | $39.67 | $34.99 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 1.05 | 1.04 | 0.92 | 0.57 | 0.40 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 4.32 | 4.05 | 4.31 | (6.40) | 4.28 |
| Total from investment operations | 5.37 | 5.09 | 5.23 | (5.83) | 4.68 |
| Net Asset Value, end of year | $49.53 | $44.16 | $39.07 | $33.84 | $39.67 |
| **Total Return**<sup>(b)</sup> | 12.16% | 13.03% | 15.45% | (14.70)% | 13.38% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $2826 | $2673 | $2526 | $2332 | $2896 |
| Average net assets (in millions) | $2718 | $2624 | $2411 | $2513 | $2800 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.57% | 0.57% |
| Expenses before waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.57% | 0.57% |
| Net investment income (loss) | 2.27% | 2.47% | 2.54% | 1.62% | 1.06% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 54% | 60% | 86% | 96% | 69% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM 50/50 Balanced Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $43.75 | $38.81 | $33.70 | $39.60 | $36.75 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.93 | 0.92 | 0.83 | 0.52 | 0.21 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 4.27 | 4.02 | 4.28 | (6.42) | 2.64 |
| Total from investment operations | 5.20 | 4.94 | 5.11 | (5.90) | 2.85 |
| Net Asset Value, end of period | $48.95 | $43.75 | $38.81 | $33.70 | $39.60 |
| **Total Return**<sup>(c)</sup> | 11.89% | 12.73% | 15.16% | (14.90)% | 7.76% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $12 | $10 | $8 | $7 | $3 |
| Average net assets (in millions) | $10 | $8 | $7 | $5 | $1 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.83% | 0.83% | 0.82% | 0.82% | 0.81%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.83% | 0.83% | 0.82% | 0.82% | 0.81%<sup>(e)</sup> |
| Net investment income (loss) | 2.02% | 2.21% | 2.29% | 1.48% | 0.76%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)(g)</sup> | 54% | 60% | 86% | 96% | 69% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Total Return Bond Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $14.74 | $14.31 | $13.33 | $15.66 | $15.78 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.75 | 0.73 | 0.64 | 0.45 | 0.40 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 0.40 | (0.30) | 0.34 | (2.78) | (0.52) |
| Total from investment operations | 1.15 | 0.43 | 0.98 | (2.33) | (0.12) |
| Net Asset Value, end of year | $15.89 | $14.74 | $14.31 | $13.33 | $15.66 |
| **Total Return**<sup>(b)</sup> | 7.80% | 3.00% | 7.27% | (14.81)% | (0.76)% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $2432 | $2252 | $1398 | $1085 | $1298 |
| Average net assets (in millions) | $2388 | $1690 | $1279 | $1155 | $1292 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.43% | 0.43% | 0.43% | 0.43% | 0.42% |
| Expenses before waivers and/or expense reimbursement | 0.43% | 0.43% | 0.43% | 0.43% | 0.42% |
| Net investment income (loss) | 4.90% | 5.02% | 4.68% | 3.25% | 2.55% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 96% | 111% | 224% | 182% | 49% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) The Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Total Return Bond Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $14.60 | $14.22 | $13.28 | $15.64 | $15.35 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.71 | 0.69 | 0.60 | 0.43 | 0.24 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 0.39 | (0.31) | 0.34 | (2.79) | 0.05<br> <sup>(c)</sup><br>|
| Total from investment operations | 1.10 | 0.38 | 0.94 | (2.36) | 0.29 |
| Net Asset Value, end of period | $15.70 | $14.60 | $14.22 | $13.28 | $15.64 |
| **Total Return**<sup>(d)</sup> | 7.53% | 2.67% | 7.08% | (15.09)% | 1.89% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $29 | $19 | $13 | $9 | $5 |
| Average net assets (in millions) | $24 | $16 | $11 | $8 | $2 |
| Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.68% | 0.68% | 0.68% | 0.68% | 0.66%<sup>(f)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.68% | 0.68% | 0.68% | 0.68% | 0.66%<sup>(f)</sup> |
| Net investment income (loss) | 4.64% | 4.76% | 4.43% | 3.08% | 2.24%<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)(h)</sup> | 96% | 111% | 224% | 182% | 49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Portfolio invests.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(h) The Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Blend Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $122.98 | $97.36 | $73.47 | $98.09 | $81.50 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.98 | 0.87 | 0.77 | 0.76 | 0.40 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 21.80 | 24.75 | 23.12 | (25.38) | 16.19 |
| Total from investment operations | 22.78 | 25.62 | 23.89 | (24.62) | 16.59 |
| Net Asset Value, end of year | $145.76 | $122.98 | $97.36 | $73.47 | $98.09 |
| **Total Return**<sup>(c)</sup> | 18.52% | 26.32% | 32.52% | (25.10)% | 20.36% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $7839.0 | $6684.1 | $5644.6 | $4482.9 | $6379.2 |
| Average net assets (in millions) | $7206.9 | $6310.9 | $5012.2 | $5044.7 | $6084.1 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
| Expenses before waivers and/or expense reimbursement | 0.47% | 0.46% | 0.46% | 0.46% | 0.46% |
| Net investment income (loss) | 0.75% | 0.77% | 0.90% | 0.95% | 0.45% |
| Portfolio turnover rate<sup>(e)</sup> | 95% | 102% | 77% | 22% | 29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Blend Portfolio Class II** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $118.47 | $94.17 | $71.35 | $95.64 | $79.78 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.43 | 0.40 | (0.01)<sup>(b)</sup> | 0.43 | 0.04 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 20.95 | 23.90 | 22.83 | (24.72) | 15.82 |
| Total from investment operations | 21.38 | 24.30 | 22.82 | (24.29) | 15.86 |
| Net Asset Value, end of year | $139.85 | $118.47 | $94.17 | $71.35 | $95.64 |
| **Total Return**<sup>(c)</sup> | 18.05% | 25.80% | 31.98% | (25.40)% | 19.88% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $59.3 | $44.6 | $39.1 | $1.6 | $2.3 |
| Average net assets (in millions) | $55.4 | $43.3 | $4.1 | $1.8 | $2.2 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.86% | 0.86% | 0.85% | 0.86% | 0.86% |
| Expenses before waivers and/or expense reimbursement | 0.87% | 0.86% | 0.85% | 0.86% | 0.86% |
| Net investment income (loss) | 0.34% | 0.37% | (0.01)% | 0.55% | 0.04% |
| Portfolio turnover rate<sup>(e)</sup> | 95% | 102% | 77% | 22% | 29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Blend Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $121.85 | $96.71 | $73.16 | $97.92 | $87.74 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.59 | 0.59 | 0.52 | 0.58 | 0.12 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 21.62 | 24.55 | 23.03 | (25.34) | 10.06 |
| Total from investment operations | 22.21 | 25.14 | 23.55 | (24.76) | 10.18 |
| Net Asset Value, end of period | $144.06 | $121.85 | $96.71 | $73.16 | $97.92 |
| **Total Return**<sup>(c)</sup> | 18.23% | 26.00% | 32.19% | (25.29)% | 11.60% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $26.2 | $3.6 | $2.7 | $0.9 | $0.6 |
| Average net assets (in millions) | $19.1 | $3.4 | $1.4 | $0.8 | $0.2 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.71% | 0.71% | 0.71% | 0.71% | 0.70%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.72% | 0.71% | 0.71% | 0.71% | 0.70%<sup>(e)</sup> |
| Net investment income (loss) | 0.44% | 0.52% | 0.61% | 0.74% | 0.18%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 95% | 102% | 77% | 22% | 29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Flexible Managed Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $51.29 | $44.40 | $37.65 | $44.14 | $37.61 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 1.06 | 1.02 | 0.90 | 0.62 | 0.49 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 5.69 | 5.87 | 5.85 | (7.11) | 6.04 |
| Total from investment operations | 6.75 | 6.89 | 6.75 | (6.49) | 6.53 |
| Net Asset Value, end of year | $58.04 | $51.29 | $44.40 | $37.65 | $44.14 |
| **Total Return**<sup>(b)</sup> | 13.16% | 15.52% | 17.93% | (14.70)% | 17.36% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $5093 | $4797 | $4428 | $3994 | $4968 |
| Average net assets (in millions) | $4856 | $4688 | $4175 | $4335 | $4766 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.62% | 0.62% | 0.61% | 0.62% | 0.61% |
| Expenses before waivers and/or expense reimbursement | 0.62% | 0.63% | 0.62% | 0.62% | 0.61% |
| Net investment income (loss) | 1.98% | 2.10% | 2.21% | 1.55% | 1.18% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 117% | 114% | 149% | 139% | 119% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Flexible Managed Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $50.83 | $44.11 | $37.49 | $44.06 | $40.73 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.92 | 0.89 | 0.81 | 0.55 | 0.26 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 5.62 | 5.83 | 5.81 | (7.12) | 3.07 |
| Total from investment operations | 6.54 | 6.72 | 6.62 | (6.57) | 3.33 |
| Net Asset Value, end of period | $57.37 | $50.83 | $44.11 | $37.49 | $44.06 |
| **Total Return**<sup>(c)</sup> | 12.87% | 15.23% | 17.66% | (14.91)% | 8.18% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $177 | $207 | $219 | $4 | $2 |
| Average net assets (in millions) | $187 | $217 | $188 | $3 | $1 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.87% | 0.87% | 0.86% | 0.87% | 0.86%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.87% | 0.88% | 0.87% | 0.87% | 0.86%<sup>(e)</sup> |
| Net investment income (loss) | 1.73% | 1.85% | 1.98% | 1.39% | 0.86%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)(g)</sup> | 117% | 114% | 149% | 139% | 119% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Global Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $63.54 | $55.18 | $46.14 | $56.82 | $48.06 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.72 | 0.68 | 0.74 | 0.63 | 0.46 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 13.28 | 7.68 | 8.30 | (11.31) | 8.30 |
| Total from investment operations | 14.00 | 8.36 | 9.04 | (10.68) | 8.76 |
| Net Asset Value, end of year | $77.54 | $63.54 | $55.18 | $46.14 | $56.82 |
| **Total Return**<sup>(b)</sup> | 22.03% | 15.15% | 19.59% | (18.80)% | 18.23% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $1066.5 | $924.2 | $1078.9 | $1186.9 | $1518.5 |
| Average net assets (in millions) | $974.6 | $978.8 | $1072.5 | $1262.8 | $1472.2 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.59% | 0.76% | 0.78% | 0.75% | 0.74% |
| Expenses before waivers and/or expense reimbursement | 0.81% | 0.85% | 0.83% | 0.79% | 0.78% |
| Net investment income (loss) | 1.04% | 1.12% | 1.48% | 1.30% | 0.86% |
| Portfolio turnover rate<sup>(d)</sup> | 123% | 35% | 41% | 52% | 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Global Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $62.95 | $54.80 | $45.94 | $56.72 | $53.13 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.53 | 0.53 | 0.58 | 0.54 | 0.15 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 13.15 | 7.62 | 8.28 | (11.32) | 3.44 |
| Total from investment operations | 13.68 | 8.15 | 8.86 | (10.78) | 3.59 |
| Net Asset Value, end of period | $76.63 | $62.95 | $54.80 | $45.94 | $56.72 |
| **Total Return**<sup>(c)</sup> | 21.73% | 14.87% | 19.29% | (19.01)% | 6.76% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $1.9 | $1.3 | $1.1 | $0.6 | $0.2 |
| Average net assets (in millions) | $1.7 | $1.3 | $0.8 | $0.5 | $0.1 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.83% | 1.01% | 1.03% | 1.00% | 0.99%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 1.06% | 1.10% | 1.08% | 1.04% | 1.03%<sup>(e)</sup> |
| Net investment income (loss) | 0.77% | 0.86% | 1.15% | 1.14% | 0.40%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 123% | 35% | 41% | 52% | 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Government Money Market Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) and realized gains (losses) | 0.40 | 0.49 | 0.48 | 0.14 | —<sup>(b)</sup> |
| **Less Dividends and Distributions** | (0.40) | (0.49) | (0.48) | (0.14) | (—)<sup>(b)</sup> |
| Net Asset Value, end of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
| **Total Return**<sup>(c)</sup> | 4.05% | 5.02% | 4.87% | 1.39% | 0.04% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $1037 | $1044 | $931 | $803 | $725 |
| Average net assets (in millions) | $1090 | $981 | $910 | $780 | $748 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.32% | 0.33% | 0.33% | 0.27% | 0.06% |
| Expenses before waivers and/or expense reimbursement | 0.32% | 0.33% | 0.33% | 0.32% | 0.32% |
| Net investment income (loss) | 3.96% | 4.88% | 4.78% | 1.37% | —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the year.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, 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 returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Government Money Market Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | <br>**2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) and realized gains (losses) | 0.37 | 0.46 | 0.45 | 0.12 | —<sup>(b)</sup> |
| **Less Dividends and Distributions:** | (0.37) | (0.46) | (0.45) | (0.12) | (—)<sup>(b)</sup> |
| Net Asset Value, end of year | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 |
| **Total Return**<sup>(c)</sup> | 3.79% | 4.75% | 4.61% | 1.22% | 0.04% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $404 | $331 | $237 | $143 | $144 |
| Average net assets (in millions) | $361 | $309 | $182 | $137 | $118 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.57% | 0.58% | 0.58% | 0.44% | 0.06% |
| Expenses before waivers and/or expense reimbursement | 0.57% | 0.58% | 0.58% | 0.58% | 0.58% |
| Net investment income (loss) | 3.70% | 4.62% | 4.57% | 1.23% | —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the year.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, 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 returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM High Yield Bond Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $7.19 | $6.62 | $5.92 | $6.67 | $6.18 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.49 | 0.47 | 0.41 | 0.36 | 0.33 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 0.15 | 0.10 | 0.29 | (1.11) | 0.16 |
| Total from investment operations | 0.64 | 0.57 | 0.70 | (0.75) | 0.49 |
| Net Asset Value, end of year | $7.83 | $7.19 | $6.62 | $5.92 | $6.67 |
| **Total Return**<sup>(b)</sup> | 8.90% | 8.61% | 11.82% | (11.24)% | 7.93% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $668 | $701 | $513 | $476 | $562 |
| Average net assets (in millions) | $701 | $536 | $486 | $502 | $550 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Expenses before waivers and/or expense reimbursement | 0.61% | 0.61% | 0.61% | 0.60% | 0.59% |
| Net investment income (loss) | 6.59% | 6.80% | 6.66% | 5.93% | 5.11% |
| Portfolio turnover rate<sup>(d)</sup> | 77% | 37% | 26% | 33% | 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM High Yield Bond Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $7.12 | $6.58 | $5.90 | $6.66 | $6.41 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.47 | 0.45 | 0.39 | 0.35 | 0.22 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 0.15 | 0.09 | 0.29 | (1.11) | 0.03 |
| Total from investment operations | 0.62 | 0.54 | 0.68 | (0.76) | 0.25 |
| Net Asset Value, end of period | $7.74 | $7.12 | $6.58 | $5.90 | $6.66 |
| **Total Return**<sup>(c)</sup> | 8.71% | 8.21% | 11.53% | (11.41)% | 3.90% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $17 | $15 | $12 | $9 | $6 |
| Average net assets (in millions) | $16 | $13 | $11 | $8 | $2 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.82% | 0.82% | 0.82% | 0.82% | 0.80%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.86% | 0.86% | 0.86% | 0.85% | 0.82%<sup>(e)</sup> |
| Net investment income (loss) | 6.35% | 6.53% | 6.41% | 5.76% | 4.72%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 77% | 37% | 26% | 33% | 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Growth Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $185.41 | $141.67 | $92.29 | $147.90 | $127.49 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.28) | (0.21) | 0.05 | (0.01) | (0.45) |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 26.73 | 43.95 | 49.33 | (55.60) | 20.86 |
| Total from investment operations | 26.45 | 43.74 | 49.38 | (55.61) | 20.41 |
| Net Asset Value, end of year | $211.86 | $185.41 | $141.67 | $92.29 | $147.90 |
| **Total Return**<sup>(c)</sup> | 14.27% | 30.88% | 53.51% | (37.60)% | 16.01% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $4631 | $3778 | $3065 | $2111 | $3566 |
| Average net assets (in millions) | $4239 | $3499 | $2635 | $2537 | $3435 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.61% | 0.62% | 0.62% | 0.62% | 0.61% |
| Expenses before waivers and/or expense reimbursement | 0.62% | 0.62% | 0.62% | 0.62% | 0.61% |
| Net investment income (loss) | (0.14)% | (0.13)% | 0.04% | (0.01)% | (0.32)% |
| Portfolio turnover rate<sup>(e)</sup> | 34% | 31% | 32% | 32% | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Growth Portfolio Class II** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $173.55 | $133.14 | $87.07 | $140.11 | $121.26 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.98) | (0.82) | (0.37)<sup>(b)</sup> | (0.43) | (0.95) |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 24.94 | 41.23 | 46.44 | (52.61) | 19.80 |
| Total from investment operations | 23.96 | 40.41 | 46.07 | (53.04) | 18.85 |
| Net Asset Value, end of year | $197.51 | $173.55 | $133.14 | $87.07 | $140.11 |
| **Total Return**<sup>(c)</sup> | 13.81% | 30.35% | 52.89% | (37.85)% | 15.55% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $14 | $14 | $12 | $43 | $82 |
| Average net assets (in millions) | $14 | $13 | $36 | $55 | $85 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 1.01% | 1.02% | 1.02% | 1.02% | 1.01% |
| Expenses before waivers and/or expense reimbursement | 1.02% | 1.02% | 1.02% | 1.02% | 1.01% |
| Net investment income (loss) | (0.54)% | (0.53)% | (0.35)% | (0.42)% | (0.72)% |
| Portfolio turnover rate<sup>(e)</sup> | 34% | 31% | 32% | 32% | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Growth Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $183.70 | $140.72 | $91.90 | $147.64 | $132.99 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.77) | (0.62) | (0.25)<sup>(c)</sup> | (0.24) | (0.59) |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 26.45 | 43.60 | 49.07 | (55.50) | 15.24 |
| Total from investment operations | 25.68 | 42.98 | 48.82 | (55.74) | 14.65 |
| Net Asset Value, end of period | $209.38 | $183.70 | $140.72 | $91.90 | $147.64 |
| **Total Return**<sup>(d)</sup> | 13.98% | 30.54% | 53.12% | (37.75)% | 11.02% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $22 | $16 | $12 | $6 | $5 |
| Average net assets (in millions) | $19 | $14 | $9 | $6 | $2 |
| Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.86% | 0.87% | 0.87% | 0.86% | 0.86%<sup>(f)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.87% | 0.87% | 0.87% | 0.86% | 0.86%<sup>(f)</sup> |
| Net investment income (loss) | (0.40)% | (0.38)% | (0.21)% | (0.23)% | (0.58)%<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 34% | 31% | 32% | 32% | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(d) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Portfolio invests.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| **PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio Class III** |  |
|  | **June 18,** <br> **2025**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2025** |
|  | **June 18,** <br> **2025**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2025** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $10.00 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.04) |
| Net realized and unrealized gain (loss) on investment transactions | 0.96 |
| Total from investment operations | 0.92 |
| Net Asset Value, end of period | $10.92 |
| **Total Return**<sup>(c)</sup> | 9.20% |
| **Ratios/Supplemental Data:** |  |
| Net assets, end of period (in millions) | $0.5 |
| Average net assets (in millions) | $0.4 |
| Ratios to average net assets<sup>(d)</sup>: |  |
| Expenses after waivers and/or expense reimbursement | 0.85%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 65.68%<sup>(e)</sup> |
| Net investment income (loss) | (0.74)%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| **PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio Class III** |  |
|  | **June 18,** <br> **2025**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2025** |
|  | **June 18,** <br> **2025**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2025** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $10.00 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.04) |
| Net realized and unrealized gain (loss) on investment transactions | 0.72 |
| Total from investment operations | 0.68 |
| Net Asset Value, end of period | $10.68 |
| **Total Return**<sup>(c)</sup> | 6.80% |
| **Ratios/Supplemental Data:** |  |
| Net assets, end of period (in millions) | $0.6 |
| Average net assets (in millions) | $0.4 |
| Ratios to average net assets<sup>(d)</sup>: |  |
| Expenses after waivers and/or expense reimbursement | 0.85%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 68.40%<sup>(e)</sup> |
| Net investment income (loss) | (0.71)%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Small-Cap Stock Index Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $63.28 | $58.40 | $50.46 | $60.34 | $47.76 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.67 | 0.73 | 0.75 | 0.59 | 0.51 |
| Net realized and unrealized gain (loss) on investment transactions | 2.93 | 4.15 | 7.19 | (10.47) | 12.07 |
| Total from investment operations | 3.60 | 4.88 | 7.94 | (9.88) | 12.58 |
| Net Asset Value, end of year | $66.88 | $63.28 | $58.40 | $50.46 | $60.34 |
| **Total Return**<sup>(b)</sup> | 5.69% | 8.36% | 15.74% | (16.37)% | 26.34% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $1295 | $1258 | $1217 | $806 | $1024 |
| Average net assets (in millions) | $1221 | $1225 | $979 | $870 | $1002 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| Expenses before waivers and/or expense reimbursement | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| Net investment income (loss) | 1.08% | 1.20% | 1.43% | 1.11% | 0.89% |
| Portfolio turnover rate<sup>(d)</sup> | 28% | 23% | 31% | 17% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Small-Cap Stock Index Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $62.70 | $58.01 | $50.25 | $60.24 | $57.73 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.51 | 0.57 | 0.61 | 0.47 | 0.31 |
| Net realized and unrealized gain (loss) on investment transactions | 2.89 | 4.12 | 7.15 | (10.46) | 2.20 |
| Total from investment operations | 3.40 | 4.69 | 7.76 | (9.99) | 2.51 |
| Net Asset Value, end of period | $66.10 | $62.70 | $58.01 | $50.25 | $60.24 |
| **Total Return**<sup>(c)</sup> | 5.42% | 8.08% | 15.44% | (16.58)% | 4.35% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $16 | $13 | $11 | $9 | $6 |
| Average net assets (in millions) | $14 | $12 | $10 | $8 | $3 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.63% | 0.63% | 0.63% | 0.63% | 0.62%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.63% | 0.63% | 0.63% | 0.63% | 0.62%<sup>(e)</sup> |
| Net investment income (loss) | 0.83% | 0.95% | 1.18% | 0.90% | 0.76%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 28% | 23% | 31% | 17% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Stock Index Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $144.12 | $115.63 | $91.83 | $112.45 | $87.66 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 1.61 | 1.54 | 1.44 | 1.29 | 1.06 |
| Net realized and unrealized gain (loss) on investment transactions | 23.71 | 26.95 | 22.36 | (21.91) | 23.73 |
| Total from investment operations | 25.32 | 28.49 | 23.80 | (20.62) | 24.79 |
| Net Asset Value, end of year | $169.44 | $144.12 | $115.63 | $91.83 | $112.45 |
| **Total Return**<sup>(b)</sup> | 17.56% | 24.65% | 25.92% | (18.34)% | 28.28% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $10205 | $8708 | $7372 | $5880 | $7244 |
| Average net assets (in millions) | $9191 | $8378 | $6589 | $6252 | $6427 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.25% | 0.27% | 0.29% | 0.29% | 0.29% |
| Expenses before waivers and/or expense reimbursement | 0.28% | 0.29% | 0.29% | 0.29% | 0.29% |
| Net investment income (loss) | 1.05% | 1.17% | 1.40% | 1.32% | 1.06% |
| Portfolio turnover rate<sup>(d)</sup> | 2% | 3% | 3% | 3% | 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Stock Index Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $142.80 | $114.86 | $91.45 | $112.26 | $97.90 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 1.22 | 1.20 | 1.18 | 1.06 | 0.54 |
| Net realized and unrealized gain (loss) on investment transactions | 23.45 | 26.74 | 22.23 | (21.87) | 13.82 |
| Total from investment operations | 24.67 | 27.94 | 23.41 | (20.81) | 14.36 |
| Net Asset Value, end of period | $167.47 | $142.80 | $114.86 | $91.45 | $112.26 |
| **Total Return**<sup>(c)</sup> | 17.27% | 24.33% | 25.60% | (18.54)% | 14.67% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $77 | $57 | $40 | $25 | $17 |
| Average net assets (in millions) | $65 | $49 | $32 | $21 | $7 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.50% | 0.52% | 0.54% | 0.54% | 0.54%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.53% | 0.54% | 0.54% | 0.54% | 0.54%<sup>(e)</sup> |
| Net investment income (loss) | 0.80% | 0.91% | 1.15% | 1.09% | 0.74%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 2% | 3% | 3% | 3% | 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Value Portfolio Class I** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $61.15 | $50.55 | $43.88 | $47.64 | $37.28 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 1.06 | 1.03 | 0.85 | 0.74 | 0.61 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 9.26 | 9.57 | 5.82 | (4.50) | 9.75 |
| Total from investment operations | 10.32 | 10.60 | 6.67 | (3.76) | 10.36 |
| Net Asset Value, end of year | $71.47 | $61.15 | $50.55 | $43.88 | $47.64 |
| **Total Return**<sup>(b)</sup> | 16.88% | 20.97% | 15.20% | (7.89)% | 27.79% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $2031.8 | $1774.0 | $1553.8 | $1431.5 | $1646.0 |
| Average net assets (in millions) | $1875.3 | $1693.3 | $1451.0 | $1479.3 | $1543.8 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.43% | 0.42% | 0.42% | 0.42% | 0.42% |
| Expenses before waivers and/or expense reimbursement | 0.43% | 0.42% | 0.42% | 0.42% | 0.42% |
| Net investment income (loss) | 1.64% | 1.80% | 1.85% | 1.68% | 1.40% |
| Portfolio turnover rate<sup>(d)</sup> | 38% | 23% | 33% | 23% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Value Portfolio Class II** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** | **Per Share Operating Performance**<sup>(a)</sup>**:** |
| Net Asset Value, beginning of year | $58.70 | $48.72 | $42.46 | $46.28 | $36.36 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.77 | 0.77 | 0.64 | 0.55 | 0.42 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 8.86 | 9.21 | 5.62 | (4.37) | 9.50 |
| Total from investment operations | 9.63 | 9.98 | 6.26 | (3.82) | 9.92 |
| Net Asset Value, end of year | $68.33 | $58.70 | $48.72 | $42.46 | $46.28 |
| **Total Return**<sup>(b)</sup> | 16.41% | 20.48% | 14.74% | (8.25)% | 27.28% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of year (in millions) | $12.3 | $11.7 | $10.0 | $9.2 | $10.7 |
| Average net assets (in millions) | $11.7 | $11.1 | $9.4 | $9.5 | $10.1 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.83% | 0.82% | 0.82% | 0.82% | 0.82% |
| Expenses before waivers and/or expense reimbursement | 0.83% | 0.82% | 0.82% | 0.82% | 0.82% |
| Net investment income (loss) | 1.24% | 1.40% | 1.45% | 1.28% | 1.00% |
| Portfolio turnover rate<sup>(d)</sup> | 38% | 23% | 33% | 23% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based on average shares outstanding during the period.

(b) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Value Portfolio Class III** |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
|  | <br>**2025** | <br>**2024** | <br>**2023** | <br>**2022** | **April 26, 2021** <br> **(a)** <br>**through** <br>**December 31,**<br>**2021** |
| **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** | **Per Share Operating Performance**<sup>(b)</sup>**:** |
| Net Asset Value, beginning of period | $60.59 | $50.22 | $43.70 | $47.56 | $42.77 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | 0.88 | 0.87 | 0.72 | 0.62 | 0.29 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 9.17 | 9.50 | 5.80 | (4.48) | 4.50 |
| Total from investment operations | 10.05 | 10.37 | 6.52 | (3.86) | 4.79 |
| Net Asset Value, end of period | $70.64 | $60.59 | $50.22 | $43.70 | $47.56 |
| **Total Return**<sup>(c)</sup> | 16.59% | 20.65% | 14.92% | (8.12)% | 11.20% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net assets, end of period (in millions) | $8.5 | $5.4 | $3.4 | $2.6 | $1.0 |
| Average net assets (in millions) | $6.9 | $4.1 | $2.6 | $1.7 | $0.4 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.68% | 0.67% | 0.67% | 0.67% | 0.66%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.68% | 0.67% | 0.67% | 0.67% | 0.66%<sup>(e)</sup> |
| Net investment income (loss) | 1.37% | 1.53% | 1.58% | 1.41% | 0.92%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 38% | 23% | 33% | 23% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) 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 dividends and distributions, if any, 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 returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of 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 GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

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GLOSSARY: PORTFOLIO INDEXES

**Bloomberg US Aggregate Bond Index.** The Bloomberg US Aggregate Bond Index is an unmanaged, market-value weighted index comprised of taxable US investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed, and mortgage-backed securities between one and 10 years. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**Bloomberg US Corporate High Yield 1% Issuer Capped Index.** The Bloomberg US Corporate High Yield 1% Issuer Capped Index covers the universe of US dollar denominated, non-convertible, fixed rate, non-investment grade debt. Issuers are capped at 1% of the Index. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**Bloomberg US Government Bond Index.** The Bloomberg US Government Bond Index comprised of the US Treasury and US Agency Indices. The index includes US dollar denominated, fixed-rate, nominal US Treasuries and US agency debentures (securities issued by US government owned or government sponsored entities, and debt explicitly guaranteed by the US government).

**FTSE 3-Month US Treasury Bill Index.** The FTSE 3-Month US Treasury Bill Index is derived from secondary market Treasury bill rates published by the Federal Reserve Bank. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**MSCI World Index (GD).** The MSCI World Index is a weighted index comprised of approximately 1,500 companies listed on the stock exchanges of the US, Europe, Australasia and the Far East hedged back to the US Dollar. The GD (gross dividends) version of the MSCI World Index does not reflect the impact of withholding taxes on reinvested dividends and generally reflects higher returns. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**Russell 1000 Index.** The Russell 1000 Index is an unmanaged index that consists of the 1,000 largest securities in the Russell 3000 Index. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**Russell 1000 Value Index.** The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**Russell 1000 Growth Index.** The Russell 1000 Growth Index contains those securities in the Russell 1000 Index with an above-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth rates. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**S&P 500 Index\*.** The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**S&P SmallCap 600 Index\*.** The Standard & Poor's SmallCap 600 Index is an unmanaged capital-weighted index of 600 smaller company US common stocks that cover all industry sectors—gives a broad look at how US small-cap stock prices have performed. These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

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**PSF PGIM 50/50 Balanced Portfolio Custom Blended Index.** The Blended Index consists of the S&P 500 Index (50%), Bloomberg US Aggregate Bond Index (40%), an unmanaged index comprised of more than 5,000 government and corporate bonds, and FTSE 3-Month US Treasury Bill Index (10%). These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

**PSF PGIM Flexible Managed Portfolio Custom Blended Index.** The Blended Index consists of the S&P 500 Index (60%), Bloomberg US Aggregate Bond Index (35%) and FTSE 3-Month US Treasury Bill Index (5%). These returns do not include the effect of any operating expenses of a mutual fund or taxes payable by investors and would be lower if they included these effects.

\* Each of the S&P 500 Index and S&P SmallCap 600 Index (collectively, the Index) is a product of S&P Dow Jones Indices LLC (SPDJI), and has been licensed for use by PGIM Quantitative Solutions LLC, Prudential Trust Company, The Prudential Insurance Company of America, Prudential Retirement Insurance and Annuity Company, PGIM, Inc., PGIM Limited and/or their affiliates (collectively, Licensee). Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Licensee. Licensee's product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, S&P Dow Jones Indices). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Licensee's product(s) or any member of the public regarding the advisability of investing in securities generally or in Licensee's product(s) particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices' only relationship to Licensee with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Licensee or the Licensee's product(s). S&P Dow Jones Indices have no obligation to take the needs of Licensee or the owners of Licensee's product(s) into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of Licensee's product(s) or the timing of the issuance or sale of Licensee's product(s) or in the determination or calculation of the equation by which Licensee's product(s) is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of Licensee's product(s). There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to Licensee's product(s) currently being issued by Licensee, but which may be similar to and competitive with Licensee's product(s). In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Index.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE LICENSEE'S PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE

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POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LICENSEE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**INVESTOR INFORMATION SERVICES:** 

Shareholder inquiries should be made by calling 1-800-346-3778 or by writing to The Prudential Series Fund at 655 Broad Street, Newark, New Jersey 07102. Additional information about the Portfolios is included in a Statement of Additional Information, which is incorporated by reference into this Prospectus. Additional information about the Portfolios' investments is available in the annual and semi-annual reports to holders of variable annuity contracts and variable life insurance policies and in Form N-CSR. In the annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected each Portfolio's performance during its last fiscal year. In Form N-CSR you will find the Portfolio's annual and semi-annual financial statements. The Statement of Additional Information, financial statements, and additional copies of the annual and semi-annual reports are available without charge by calling the above number. The Statement of Additional Information, financial statements, and the annual and semi-annual reports are also available without charge on the Trust's website at www.prudential.com/variableinsuranceportfolios.

**Delivery of Prospectus and Other Documents to Households.** To lower costs and eliminate duplicate documents sent to your address, the Trust, in accordance with applicable laws and regulations, may begin mailing only one copy of the Trust 's prospectus, prospectus supplements, annual and semi-annual reports, proxy statements and information statements, or any other required documents to your address even if more than one shareholder lives there. If you have previously consented to have any of these documents delivered to multiple investors at a shared address, as required by law, and you wish to revoke this consent or would otherwise prefer to continue to receive your own copy, you should call the number above, or write to the Trust at the above address. The Trust will begin sending individual copies to you within thirty days of revocation.

The information in the Trust's filings with the SEC (including the Statement of Additional Information) is available from the Commission. Copies of this information may be obtained, upon payment of duplicating fees, by electronic request to publicinfo@sec.gov, by calling the SEC at 1-202-551-8090 or by writing the Public Reference Section of the Commission, Washington, DC 20549-0102. Finally, information about the Trust is available on the EDGAR database on the Commission's internet site at www.sec.gov.

Investment Company File Act No. 811-03623

PSFFUNDPROS

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![](imgfbac8b6e1.gif)

**THE PRUDENTIAL SERIES FUND** 

**STATEMENT OF ADDITIONAL INFORMATION • MAY 1, 2026**

This Statement of Additional Information (SAI) of The Prudential Series Fund (the Trust) is not a prospectus and should be read in conjunction with the Prospectus of the Trust dated May 1, 2026. This SAI has been incorporated by reference into the Trust's Prospectus.

The Trust's audited financial statements are incorporated into this SAI by reference to the Trust's 2025 annual Form N-CSR. The Trust's prospectus, annual and semi-annual reports to shareholders, and other information, including the Trust's financial statements included in Form N-CSR are available, without charge, upon request, by calling 1-800-346-3778, writing to the Trust at 655 Broad Street, Newark, New Jersey 07102, visiting our website at www.prudential.com/variableinsuranceportfolios, or visiting the SEC website at sec.gov. The portfolios of the Trust which are discussed in this SAI are noted on this front cover (each, a Portfolio and together, the Portfolios).

**PSF Global Portfolio (Class I & Class III Shares)** 

**PSF PGIM 50/50 Balanced Portfolio (Class I & Class III Shares)** 

**PSF PGIM Ballast Portfolio (Class I & III Shares)\*** 

**PSF PGIM Flexible Managed Portfolio (Class I & Class III Shares)** 

**PSF PGIM Government Money Market Portfolio (Class I & Class III Shares)** 

**PSF PGIM High Yield Bond Portfolio (Class I & Class III Shares)** 

**PSF PGIM Jennison Blend Portfolio (Class I, Class II & Class III Shares)** 

**PSF PGIM Jennison Growth Portfolio (Class I, Class II & Class III Shares)** 

**PSF PGIM Jennison Value Portfolio (Class I, Class II & Class III Shares)** 

**PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio (Class I & Class III Shares)\*\*** 

**PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio (Class I & Class III Shares)\*\*** 

**PSF PGIM Total Return Bond Portfolio (Class I & Class III Shares)** 

**PSF Small-Cap Stock Index Portfolio (Class I & Class III Shares)** 

**PSF Stock Index Portfolio (Class I & Class III Shares)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* As of the date of this SAI, only Class I shares are being offered. Class III shares are not currently available for purchase but may be offered at a later date.

\*\* As of the date of this SAI, only Class III shares are being offered. Class I shares are not currently available for purchase but may be offered at a later date.

![](imgc37e3cf42.gif)

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**Table of Contents**

---

| | |
|:---|:---|
| **3** | **[PART I](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_1)** |
| 3 | [INTRODUCTION](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_1) |
| 4 | [Trust PORTFOLIOS, INVESTMENT POLICIES & STRATEGIES](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_2) |
| 5 | [INVESTMENT RESTRICTIONS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_3) |
| 9 | [INFORMATION ABOUT BOARD MEMBERS AND OFFICERS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_7) |
| 18 | [MANAGEMENT AND ADVISORY ARRANGEMENTS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_16) |
| 25 | [PORTFOLIO MANAGERS: OTHER ACCOUNTS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_23) |
| 28 | [PORTFOLIO MANAGERS: COMPENSATION & CONFLICTS POLICIES](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_26) |
| 42 | [OTHER SERVICE PROVIDERS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_40) |
| 43 | [INFORMATIOn ON DISTRIBUTION ARRANGEMENTS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_41) |
| 44 | [PORTFOLIO TRANSACTIONS & BROKERAGE](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_42) |
| 47 | [ADDITIONAL INFORMATION](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_45) |
| 49 | [PRINCIPAL SHAREHOLDERS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_47) |
| 56 | [FINANCIAL STATEMENTS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_54) |
| **57** | **[PART II](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_55)** |
| 57 | [INVESTMENT RISKS & CONSIDERATIONS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_55) |
| 94 | [NET ASSET VALUES](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_92) |
| 96 | [TAXATION](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_94) |
| 98 | [DISCLOSURE OF PORTFOLIO HOLDINGS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_96) |
| 100 | [PROXY VOTING](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_98) |
| 100 | [CODES OF ETHICS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_98) |
| 100 | [LICENSES & MISCELLANEOUS INFORMATION](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_98) |
| 101 | [APPENDIX I: DESCRIPTIONS OF SECURITY RATINGS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_99) |
| 106 | [APPENDIX II: PROXY VOTING POLICIES OF THE SUBADVISERS](#xx_cc08354b-ced7-4c0f-ac8c-06d09760a642_104) |

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------

PART I

**INTRODUCTION**

This SAI sets forth information about The Prudential Series Fund (the Trust). Part I provides additional information about the Trust's Board of Trustees, certain investment restrictions that apply to the Trust's Portfolios, the advisory services provided to and the management fees paid by the Trust, and information about other fees paid by and services provided to the Trust. Part II provides additional information and explanations about certain investments and investment strategies which may be used by the Trust's Portfolios, and should be read in conjunction with Part I.

Before reading the SAI, you should consult the Glossary below, which defines certain of the terms used in the SAI:

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| | |
|:---|:---|
| **Glossary** |  |
| Term | Definition |
| 1933 Act | Securities Act of 1933, as amended |
| 1934 Act | Securities Exchange Act of 1934, as amended |
| 1940 Act | Investment Company Act of 1940, as amended |
| ADR | American Depositary Receipt |
| ADS | American Depositary Share |
| ASTIS | AST Investment Services, Inc. |
| Board | Trust's Board of Directors or Trustees |
| Board Member | A Trustee or Director of the Trust's Board |
| CEA | Commodity Exchange Act |
| CFTC | Commodity Futures Trading Commission |
| Code | Internal Revenue Code of 1986, as amended |
| EDR | European Depositary Receipt |
| ETF | Exchange-Traded Fund |
| Fannie Mae or FNMA | Federal National Mortgage Association |
| FHFA | Federal Housing Finance Agency |
| Fitch | Fitch Ratings, Inc. |
| Freddie Mac or FHLMC | The Federal Home Loan Mortgage Corporation |
| GDR | Global Depositary Receipt |
| Ginnie Mae | Government National Mortgage Association |
| IPO | Initial Public Offering |
| IRS | Internal Revenue Service |
| LIBOR | London Interbank Offered Rate |
| Moody's | Moody's Investor Services, Inc. |
| NASDAQ | National Association of Securities Dealers Automated Quotations System |
| NAV | Net Asset Value |
| NYSE | New York Stock Exchange |
| OTC | Over the Counter |
| PGIM Investments, the Manager, or the Investment <br> Manager<br>| PGIM Investments LLC |
| PMFS | Prudential Mutual Fund Services LLC |
| REIT | Real Estate Investment Trust |
| RIC | Regulated Investment Company, as the term is used in the Code |
| S&P | S&P Global Ratings |
| SEC | US Securities & Exchange Commission |
| SIRG | Strategic Investment Research Group of PGIM Investments |
| SOFR | Secured Overnight Financing Rate  |

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**3**

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| | |
|:---|:---|
| **Glossary** |  |
| SPA | Stock Purchase Agreements |
| World Bank | International Bank for Reconstruction and Development |

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**Trust PORTFOLIOS, INVESTMENT POLICIES & STRATEGIES**

The Trust is an open-end management investment company (commonly known as a mutual fund) that is intended to provide a range of investment alternatives through its separate Portfolio's, each of which is, for investment purposes, in effect a separate fund (the Portfolios). The Portfolios currently offered by the Trust are set forth below:

■

PSF Global Portfolio (Class I & Class III Shares)

■

PSF PGIM 50/50 Balanced Portfolio (Class I & Class III Shares)

■

PSF PGIM Ballast Portfolio (Class I & III Shares)

■

PSF PGIM Flexible Managed Portfolio (Class I & Class III Shares)

■

PSF PGIM Government Money Market Portfolio (Class I & Class III Shares)

■

PSF PGIM High Yield Bond Portfolio (Class I & Class III Shares)

■

PSF PGIM Jennison Blend Portfolio (Class I, Class II & Class III Shares)

■

PSF PGIM Jennison Growth Portfolio (Class I, Class II & Class III Shares)

■

PSF PGIM Jennison Value Portfolio (Class I, Class II & Class III Shares)

■

PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio (Class I & Class III Shares)

■

PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio (Class I & Class III Shares)

■

PSF PGIM Total Return Bond Portfolio (Class I & Class III Shares)

■

PSF Small-Cap Stock Index Portfolio (Class I & Class III Shares)

■

PSF Stock Index Portfolio (Class I & Class III Shares)

Each Portfolio except the PSF PGIM Ballast Portfolio is a diversified investment company as defined by the 1940 Act. The PSF PGIM Ballast Portfolio is a non-diversified investment company as defined by the 1940 Act.

PSF Stock Index Portfolio may operate as a "non-diversified company," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Shareholder approval will not be sought if PSF Stock Index Portfolio becomes non-diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

With the exception of the PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio and the PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio, each Portfolio of the Trust offers Class I shares and certain Portfolios of the Trust also offer Class II shares and/or Class III shares. **As of the date of this SAI, only Class III shares of the PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio and PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio are being offered. Class I shares are not currently available for purchase and may be offered at a later date. In addition, as of the date of this SAI, only Class I shares of the PSF PGIM Ballast Portfolio are being offered. Class III shares are not currently available for purchase and may be offered at a later date.** 

Class I and Class III shares are sold to separate accounts of insurance companies affiliated with Prudential Financial, Inc., including but not limited to The Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey (collectively, Prudential) as investment options under variable life insurance and variable annuity contracts (the Contracts). Class I shares may also be sold to separate accounts of insurance companies not affiliated with Prudential Financial, Inc. Class II shares are offered only to separate accounts of non-Prudential insurance companies for the same types of Contracts. The Prudential insurance companies, and insurance companies not affiliated with Prudential Financial, Inc., identified above are referred to herein as the Participating Insurance Companies. The separate accounts invest in shares of the Trust through subaccounts that correspond to the Portfolios. The separate accounts will redeem shares of the Trust to the extent necessary to provide benefits under the Contracts or for such other purposes as may be consistent with the Contracts.

**Not every Portfolio is available under each Contract. The prospectus for each Contract lists the Portfolios currently available under that particular Contract.** 

In order to sell shares to both Prudential and non-Prudential insurance companies, the Trust has obtained an exemptive order (the Order) from the SEC. The Trust and its Portfolios are managed in compliance with the terms and conditions of that Order.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4**

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The Portfolios are managed by PGIM Investments (the Investment Manager) as discussed in the Trust's Prospectus. Each of the Portfolios has a different investment objective and principal investment strategies. For this reason, each Portfolio will have different investment results and be subject to different financial and market risks. As discussed in the Prospectus, several of the Portfolios may invest in money market instruments and comparable securities as part of assuming a temporary defensive position. The investment objective and principal investment strategies of each Portfolio are discussed in the Prospectus.

The Prospectus and SAI do not purport to create any contractual obligations between the Trust or any Portfolio and its shareholders. In addition, shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Portfolios, including contracts with the Investment Manager or other parties who provide services to the Portfolios.

**INVESTMENT RESTRICTIONS**

Set forth below are certain investment restrictions applicable to the Portfolios. Fundamental restrictions may not be changed without a majority vote of shareholders as required by the 1940 Act. Non-fundamental restrictions may be changed by the Board without shareholder approval.

Restrictions 1, 4, 7, 8 and 9 are fundamental. Restrictions 2, 3, 5, 6 and 10 are not fundamental.

**FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

■

**PSF Global Portfolio** 

■

**PSF PGIM 50/50 Balanced Portfolio** 

■

**PSF PGIM Flexible Managed Portfolio** 

■

**PSF PGIM Government Money Market Portfolio** 

■

**PSF PGIM High Yield Bond Portfolio** 

■

**PSF PGIM Jennison Blend Portfolio** 

■

**PSF PGIM Jennison Growth Portfolio** 

■

**PSF PGIM Jennison Value Portfolio** 

■

**PSF PGIM Total Return Bond Portfolio** 

■

**PSF Small-Cap Stock Index Portfolio** 

■

**PSF Stock Index Portfolio** 

With respect to each Portfolio, none of the Portfolios will:

1. Buy or sell real estate, except that investments in securities of issuers that invest in real estate and investments in mortgage-backed securities, mortgage participations or other instruments supported or secured by interests in real estate are not subject to this limitation, and except that the Portfolios may exercise rights relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner. None of the Portfolios will buy or sell commodities or commodity contracts, except that a Portfolio may, consistent with its investment style, purchase and sell financial futures contracts and options thereon. For purposes of this restriction, futures contracts on currencies and on securities indices and forward foreign currency exchange contracts are not deemed to be commodities or commodity contracts.

2. No Portfolio will, except as part of a merger, consolidation, acquisition, or reorganization, invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company. Provided, however, that any Portfolio may invest in the securities of one or more investment companies to the extent permitted by the 1940 Act and rules thereunder, or by exemptive order, SEC release, no-action letter or similar relief or interpretations.

3. Make short sales of securities or maintain a short position, except that PSF PGIM Total Return Bond Portfolio, PSF PGIM High Yield Bond Portfolio, PSF PGIM 50/50 Balanced Portfolio, and PSF PGIM Flexible Managed Portfolio may sell securities short up to 25% of their net assets (the PSF Small-Cap Stock Index Portfolio and PSF Stock Index Portfolio may sell securities short up to 5% of their total assets) and except that the Portfolios (other than the PSF PGIM Government Money Market Portfolio) may make short sales against-the-box. Collateral arrangements entered into with respect to options, futures contracts, forward contracts and swap agreements are not deemed to be short sales.

4. Purchase securities on margin (but a Portfolio may obtain such short-term credits as may be necessary for the clearance of transactions); provided that the deposit or payment by a Portfolio of initial or maintenance margin in connection with otherwise permissible futures or options is not considered the purchase of a security on margin. None of the Portfolios will issue senior securities, borrow money or pledge assets, except as permitted by the 1940 Act and rules thereunder, or by exemptive order, SEC release,

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**5**

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no-action letter, or similar relief or interpretations. For purposes of this restriction, the purchase or sale of securities on a when-issued or delayed-delivery basis, reverse repurchase agreements, short sales, derivative and hedging transactions and collateral arrangements with respect thereto, and obligations of the Trust to Trustees pursuant to deferred compensation agreements are not deemed to be a pledge of assets or the issuance of a senior security.

5. Enter into reverse repurchase agreements if, as a result, the Portfolio's obligations with respect to reverse repurchase agreements would exceed 10% of the Portfolio's net assets (defined to mean total assets at market value less liabilities other than reverse repurchase agreements); except that the PSF PGIM Total Return Bond Portfolio, and PSF PGIM High Yield Bond Portfolio, as well as the fixed income portions of the PSF PGIM 50/50 Balanced Portfolio and the PSF PGIM Flexible Managed Portfolio, may enter into reverse repurchase agreements and dollar rolls provided that the Portfolio's obligations with respect to those instruments do not exceed 30% of the Portfolio's net assets (defined to mean total assets at market value less liabilities other than reverse repurchase agreements and dollar rolls).

6. Pledge or mortgage assets, except that no more than 10% of the value of any Portfolio may be pledged (taken at the time the pledge is made) to secure authorized borrowing and except that a Portfolio may enter into reverse repurchase agreements. Collateral arrangements entered into with respect to futures and forward contracts and the writing of options are not deemed to be the pledge of assets. Collateral arrangements entered into with respect to interest rate swap agreements are not deemed to be the pledge of assets.

7. Make loans, except through loans of assets of a Portfolio, repurchase agreements, trade claims, loan participations or similar investments, or as permitted by the 1940 Act and rules thereunder, or by exemptive order, SEC release, no-action letter or similar relief or interpretations. Provided that for purposes of this limitation, the acquisition of bonds, debentures, other debt securities or instruments, or participations or other interests therein and investments in government obligations, commercial paper, certificates of deposit, bankers' acceptances or instruments similar to any of the foregoing will not be considered the making of a loan.

8. Act as underwriter except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under certain federal securities laws.

9. Purchase securities of a company in any industry if, as a result of the purchase, a Portfolio's holdings of securities issued by companies in that industry would exceed 25% of the value of the Portfolio, except that this restriction does not apply to purchases of obligations issued or guaranteed by the US Government, its agencies and instrumentalities or issued by domestic banks. For purposes of this restriction, neither finance companies as a group nor utility companies as a group are considered to be a single industry and will be grouped instead according to their services; for example, gas, electric, and telephone utilities will each be considered a separate industry. For purposes of this exception, domestic banks shall include all banks which are organized under the laws of the United States or a state (as defined in the 1940 Act), US branches of foreign banks that are subject to the same regulations as US banks and foreign branches of domestic banks (as permitted by the SEC). For purposes of this limitation, investments in other investment companies shall not be considered an investment in any particular industry.

10. Invest more than 15% of its net assets in illiquid securities. (The PSF PGIM Government Money Market Portfolio will not invest more than 5% of its net assets in illiquid securities.) For purposes of this restriction, illiquid securities are those deemed illiquid pursuant to SEC regulations and guidelines, as they may be revised from time to time.

Consistent with item 4 above, the Trust has entered into a joint revolving credit facility with other Prudential mutual funds to facilitate redemptions, if necessary.

Whenever any fundamental investment policy or restriction states a maximum percentage of a Portfolio's assets, it is intended that if the percentage limitation is set at the time the investment is made, a later change in percentage resulting from changing total or NAVs will not be considered a violation of such policy.

**ADDITIONAL NON-FUNDAMENTAL INVESTMENT POLICIES.** Certain additional non-fundamental investment policies are applicable only to certain Portfolios, as noted below:

**PSF PGIM Government Money Market Portfolio.** The PSF PGIM Government Money Market Portfolio will not:

1. Invest in oil and gas interests, common stock, preferred stock, warrants or other equity securities.

2. Write or purchase any put or call option or combination of them, except that it may purchase putable or callable securities.

3. Invest in any security with a remaining maturity in excess of 397 days.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6**

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For purposes of item 3 above, with respect to floating rate and variable rate securities with maturities longer than 397 calendar days but which afford the holder the right to demand payment at dates earlier than the final maturity date, such floating rate and variable rate securities will be treated as having maturities equal to the demand date or the period of adjustment of the interest rate, whichever is longer, and as consistent with the requirements of Rule 2a-7 under the 1940 Act.

**PSF PGIM High Yield Bond Portfolio.** The PSF PGIM High Yield Bond Portfolio will not:

1. Invest in any non-fixed income equity securities, including warrants, except when attached to or included in a unit with fixed income securities, but not including preferred stock.

2. Invest more than 30% of the market or other fair value of its total assets in United States currency denominated issues of foreign governments and other foreign issuers; or invest more than 10% of the market or other fair value of its total assets in securities which are payable in currencies other than United States dollars.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

■

**PSF PGIM Ballast Portfolio** 

■

**PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** 

■

**PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** 

1. The Portfolio may borrow money to the extent not prohibited by the 1940 Act.

2. The Portfolio may engage in the business of underwriting the securities of other issuers to the extent not prohibited by the 1940 Act.

3. The Portfolio may lend money or other assets to the extent not prohibited by the 1940 Act.

4. The Portfolio may issue senior securities to the extent not prohibited by the 1940 Act.

5. The Portfolio may purchase or sell real estate to the extent not prohibited by the 1940 Act.

6. The Portfolio may purchase or sell commodities or contracts related to commodities to the extent not prohibited by the 1940 Act.

7. The Portfolio will not invest more than 25% of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry, except as permitted by the 1940 Act, any exemptive order, SEC release, no-action letter or similar relief or interpretations (collectively, the 1940 Act Laws, Interpretations and Exemptions).

**Other Information Regarding Investment Restrictions** 

Fundamental Investment Restrictions Nos. (1) through (7), as numbered above, limit the Portfolio's ability to engage in certain investment practices and purchase securities or other instruments to the extent limited by applicable law, as that law changes from time to time. Applicable law includes the 1940 Act, the rules or regulations thereunder and applicable orders of the SEC as are currently in place. In addition, interpretations and guidance provided by the SEC staff may be taken into account, where deemed appropriate by the Portfolio, to determine if an investment practice or the purchase of securities or other instruments is permitted by applicable law. As such, the effects of these limitations will change as the statute, rules, regulations or orders (or, if applicable, interpretations) change. The additional information set forth below regarding the Portfolio's investment restrictions are not deemed to be part of the Portfolio's investment restrictions and are not fundamental policies of the Portfolio. No shareholder vote will be required or sought if the information below is changed or when changes in statute, rules, regulations or orders (or if applicable, interpretations) change and such changes permit or require a resulting change in practice.

With respect to Fundamental Investment Restriction No. 1, the Portfolio may borrow money in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings) or in connection with engaging in transactions considered by the SEC to constitute a form of borrowing under the 1940 Act and its regulations (e.g., reverse repurchase agreements) to the extent permitted by the Portfolio's investment objectives and policies.

With respect to Fundamental Investment Restriction No. 2, this restriction would permit the underwriting of securities to the extent permitted under the 1940 Act.

With respect to Fundamental Investment Restriction No. 3, under the 1940 Act, the Portfolio may make loans if permitted by the 1940 Act and the Portfolio's investment policies. As set forth in the Portfolio's Principal Investment Strategies, the Portfolio is permitted to make loans.

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**7**

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With respect to Fundamental Investment Restriction No. 4, "senior securities" are defined as Portfolio obligations that have a priority over the Portfolio's shares with respect to the payment of dividends or the distribution of Portfolio assets. The 1940 Act prohibits the Portfolio from issuing senior securities except that the Portfolio may borrow money in amounts of up to one-third of the Portfolio's total assets from banks for any purpose. The Portfolio may also borrow up to an additional 5% of the Portfolio's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. Certain trading practices and investments, such as derivatives transactions, may be treated as senior securities under the 1940 Act. Rule 18f-4 under the 1940 Act provides an exemption from certain limitations on the issuance of senior securities for transactions in derivatives instruments where a Portfolio complies with the requirements of the rule. The policy in (4) above will be interpreted not to prevent investments in derivatives or any collateral arrangements associated therewith.

With respect to Fundamental Investment Restriction No. 5, this restriction would permit the purchase, sale, or holding of real estate to the extent permitted under the 1940 Act. Real estate-related instruments include real estate investment trusts, commercial and residential mortgage-backed securities, and real estate financings.

With respect to Fundamental Investment Restriction No. 6, this restriction would permit investment in commodities to the extent permitted under the 1940 Act. Commodities may be deemed to include any commodities contracts (including those with underlying bulk goods, such as grains, metals and foodstuffs), futures contracts and related options, options, and forward contracts. The 1940 Act does not directly limit the Portfolio's ability to invest directly in physical commodities. However, the Portfolio's direct and indirect investments in physical commodities may be limited by the Portfolio's intention to qualify as a regulated investment company, the Portfolio's investment strategy, and other regulatory requirements. While the Portfolio does not intend to invest in commodities, the Portfolio may invest in certain derivatives that are regulated by the CFTC for the purpose of hedging currency or interest rate risk.

For the purposes of applying Fundamental Investment Restriction No. 7 above, (i) asset-backed and mortgage-backed securities that are issued or guaranteed by the U.S. Government, its agencies or instrumentalities, do not represent interests in any particular industry, and (ii) the Portfolio will associate, to the extent practicable, each privately issued asset-backed security and mortgage-backed security held by the Portfolio with a particular industry associated with the type(s) of assets that collateralize the asset-backed security or mortgage-backed security, as determined by the Investment Manager.

Whenever any fundamental investment policy or restriction states a maximum percentage of a Portfolio's assets, it is intended that if the percentage limitation is set at the time the investment is made, a later change in percentage resulting from changing total or NAVs will not be considered a violation of such policy.

**NON-FUNDAMENTAL INVESTMENT POLICIES APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

■

**PSF PGIM Ballast Portfolio** 

■

**PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** 

■

**PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** 

Non-fundamental restrictions may be changed by the Board without shareholder approval. Each Portfolio's non-fundamental investment policies are as follows:

Each Portfolio's investment objective is not a fundamental policy and may be changed without prior approval of shareholders.

Each Portfolio, except PSF PGIM Ballast Portfolio, will provide 60 days' prior written notice to shareholders of a change in the Portfolio's non-fundamental policy of investing at least 80% of its net assets in ETFs that provide exposure to securities included in the S&P 500 Index.

**DIVERSIFICATION** 

Each Portfolio except the PSF PGIM Ballast Portfolio is a diversified investment company as defined by the 1940 Act. The PSF PGIM Ballast Portfolio is a non-diversified investment company as defined by the 1940 Act. In general, this means that such diversified Portfolio may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities or securities of other investment companies) if, with respect to 75% of its total assets, (a) more than 5% of each Portfolio's total assets would be invested in securities of that issuer or (b) each Portfolio would hold more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total assets, a diversified Portfolio can invest more than 5% of its assets in one issuer. Under the 1940 Act, a diversified Portfolio cannot change its classification from diversified to non-diversified without shareholder approval, except as described below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8**

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The PSF PGIM Ballast Portfolio is currently classified as a "non-diversified company", as defined under the 1940 Act. In general, that means the PSF PGIM Ballast Portfolio may invests a significant portion of its assets in a single issuer. Under the 1940 Act, the PSF PGIM Ballast Portfolio can change its classification from non-diversified to diversified without shareholder approval.

PSF Stock Index Portfolio may operate as a "non-diversified company," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. Shareholder approval will not be sought if PSF Stock Index Portfolio becomes non-diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500 Index.

**INFORMATION ABOUT BOARD MEMBERS AND OFFICERS**

Information about the Board Members and the officers of the Trust is set forth below. Board members who are not deemed to be "interested persons" of the Trust, as defined in the 1940 Act, are referred to as "Independent Board Members." Board Members who are deemed to be "interested persons" of the Trust are referred to as "Interested Board Members." The Board Members oversee the operations of the Trust and appoint officers who are responsible for day-to-day business decisions based on policies set by the Board.

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| | | | |
|:---|:---|:---|:---|
| **Independent Board** <br> **Members**<br>|  |  |  |
| **Name**<br> **Year of Birth**<br> **No. of Portfolios** <br> **Overseen**<br>| &nbsp;&nbsp; **Principal Occupation(s) During Past Five** <br> **Years**<br>| **Other Directorships Held** | **Length of Board Service** |
| Susan Davenport Austin<br> 1967<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Chief Operating Officer of Grace Church School <br> (since July 2023) and Chief Financial Officer of <br> Grace Church School (since September 2019); <br> President, Candide Business Advisors, Inc. <br> (since 2011); formerly Senior Managing Director <br> of Brock Capital (2014-2019); formerly Vice <br> Chairman (2013-2017), Senior Vice President <br> and Chief Financial Officer (2007-2012) and <br> Vice President of Strategic Planning and <br> Treasurer (2002-2007) of Sheridan <br> Broadcasting Corporation; formerly President of <br> Sheridan Gospel Network (2004-2014).<br>| &nbsp;&nbsp; Director of NextEra Energy Partners, LP (NYSE: <br> NEP) (since February 2015); Member of the <br> Board of Directors, Hubbard Broadcasting, Inc. <br> (Since 2026); formerly Member of the Board of <br> Directors, Hubbard Radio, LLC (2011-2026); <br> formerly Chairman (2011-2014), formerly <br> Presiding Director (2014-2017) and formerly <br> Member of the Board of Directors, Broadcast <br> Music, Inc. (2007-2024); formerly Member of <br> the Board of Directors, The MacDowell Colony <br> (2010-2021).<br>| Since February 2011 |
| Jessica M. Bibliowicz<br> 1959<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Chairman of the Board of Fellows of Weill <br> Cornell Medicine (since 2014); Director of Apollo <br> Global Management, Inc. (since 2022); formerly <br> Chief Executive Officer (1999-2013) of National <br> Financial Partners (independent distributor of <br> financial services products).<br>| &nbsp;&nbsp; Formerly Director of the Asia-Pacific Fund, Inc. <br> (2006-2019); formerly Director of Sotheby's <br> (2014-2019) auction house and art-related <br> finance.<br>| Since September 2014 |
| Kay Ryan Booth<br> 1950<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Trinity Investors (since September 2014); <br> formerly, Managing Director of Cappello <br> Waterfield & Co. LLC (2011-2014); formerly Vice <br> Chair, Global Research, J.P. Morgan (financial <br> services and investment banking institution) <br> (June 2008-January 2009); formerly Global <br> Director of Equity Research, Bear Stearns & Co., <br> Inc. (financial services and investment banking <br> institution) (1995-2008); formerly Associate <br> Director of Equity Research, Bear Stearns & Co., <br> Inc. (1987-1995).<br>| None. | Since January 2013 |
| Stephen M. Chipman<br> 1961<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Formerly Group Managing Director, International <br> Expansion and Regional Managing Director, <br> Americas of Vistra (June 2018-June 2019); <br> formerly Chief Executive Officer and Director of <br> Radius (2016-2018); formerly Senior Vice <br> Chairman (January 2015-October 2015) and <br> Chief Executive Officer (January 2010-December <br> 2014) of Grant Thornton LLP.<br>| &nbsp;&nbsp; Board Advisor of DM Acquisition Holdings, LLC <br> (since January 1, 2025); Board of Directors of <br> Willis Towers Watson Public Limited Company <br> (WTW) (since April 1, 2023); Non-Executive <br> Director of Stout (since January 2020); formerly <br> Chairman of the Board of Auxadi Holdco, S.L. <br> (February 2022 – November 2024); formerly <br> Non-Executive Director of Auxadi Holdco, S.L <br> (November 2020 – November 2024); formerly <br> Non-Executive Director of Clyde & Co. (January <br> 2020 - June 2021); formerly Non-Executive <br> Chairman of Litera Microsystems (September <br> 2019 – January 2021)<br>| Since January 2018  |

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**9**

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| | | | |
|:---|:---|:---|:---|
| **Independent Board** <br> **Members**<br>|  |  |  |
| **Name**<br> **Year of Birth**<br> **No. of Portfolios** <br> **Overseen**<br>| &nbsp;&nbsp; **Principal Occupation(s) During Past Five** <br> **Years**<br>| **Other Directorships Held** | **Length of Board Service** |
| Robert F. Gunia<br> 1946<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Director of ICI Mutual Insurance Company (June <br> 2024 – Present; June 2020-June 2023; June <br> 2016-2019; June 2012-June 2015)<br>| None. | Since July 2003 |
| Thomas M. O'Brien<br> 1950<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Formerly Chairman, Chief Executive Officer and <br> President of Sterling Bancorp, Inc. (NASDAQ: <br> SBT) (June 2020 - April 2025); Formerly <br> Chairman, Chief Executive Officer and President <br> of Sterling Bank and Trust, F.S.B.; formerly Vice <br> Chairman of Emigrant Bank and President of its <br> Naples Commercial Finance Division (October <br> 2018-March 2020); formerly Director, President <br> and CEO Sun Bancorp, Inc. N.A. (NASDAQ: <br> SNBC) and Sun National Bank (July <br> 2014-February 2018); formerly Consultant, <br> Valley National Bancorp, Inc. and Valley <br> National Bank (January 2012-June 2012); <br> formerly President and COO (November <br> 2006-April 2017) and CEO (April <br> 2007-December 2011) of State Bancorp, Inc. <br> and State Bank; formerly Vice Chairman <br> (January 1997-April 2000) of North Fork Bank; <br> formerly President and Chief Executive Officer <br> (December 1984-December 1996) of North Side <br> Savings Bank; formerly President and Chief <br> Executive Officer (May 2000-June 2006) Atlantic <br> Bank of New York.<br>| &nbsp;&nbsp; Director, Sterling Hold Co. (In Liquidation); <br> Formerly Director, Sun Bancorp, Inc. N.A. <br> (NASDAQ: SNBC) and Sun National Bank (July <br> 2014-February 2018); formerly Director, <br> BankUnited, Inc. and BankUnited N.A. (NYSE: <br> BKU) (May 2012-April 2014); formerly Director <br> (April 2008-January 2012) of Federal Home Loan <br> Bank of New York; formerly Director (December <br> 1996-May 2000) of North Fork Bancorporation, <br> Inc.; formerly Director (May 2000-April 2006) of <br> Atlantic Bank of New York; Director (November <br> 2006-January 2012) of State Bancorp, Inc. <br> (NASDAQ: STBC) and State Bank of Long Island.<br>| Since July 2003 |

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| | | | |
|:---|:---|:---|:---|
| **Interested Board** <br> **Members**<br>|  |  |  |
| Timothy S. Cronin<br> 1965<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Formerly Vice President of Prudential Strategies <br> Group (May 2003 – April 2025); formerly Senior <br> Vice President of PGIM Investments LLC (May <br> 2009 – April 2025); formerly Chief Investment <br> Officer and Strategist of Prudential Annuities <br> (January 2004 – April 2025); formerly Director of <br> Investment & Research Strategy (February 1998 <br> – April 2025); formerly President of AST <br> Investment Services, Inc. (March 2006 – April <br> 2025).<br>| None. | Since October 2009 |
| Kenneth Allen<br> 1969<br> President<br> No. of Portfolios <br> Overseen: 49<br>| &nbsp;&nbsp; Chief Investment Officer and President of <br> Prudential Annuities Investment Management <br> (since May 2025); formerly Vice President of <br> Prudential Annuities Investment Management <br> (December 2009 – April 2025); President of AST <br> Investment Services, Inc. (since May 1, 2025); <br> formerly Vice President of AST Investment <br> Services, Inc. (June 2019 – April 2025); Vice <br> President of PGIM Investments LLC (since June <br> 2019).<br>| None. | Since May 2025 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10**

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| | | |
|:---|:---|:---|
| **Officers**<sup>(a)</sup> <br>|  |  |
| **Name**<br> **Year of Birth**<br> **Position**<br>| **Principal Occupation(s) During the Past Five Years** | **Length of Service as Officer** |
| Claudia DiGiacomo<br> 1974<br> Chief Legal Officer and Assistant Secretary<br>| &nbsp;&nbsp; Chief Legal Officer, Executive Vice President and Secretary (since <br> August 2020) of PGIM Investments LLC; Chief Legal Officer (since <br> January 2024) of PGIM DC Solutions LLC, (since July 2022) of the <br> PGIM Alternatives Funds and (since August 2020) of the PGIM <br> Retail Funds, Prudential Annuities Funds, Prudential Mutual <br> Fund Services LLC, and PIFM Holdco, LLC; Vice President and <br> Corporate Counsel (since January 2005) of Prudential; and <br> Corporate Counsel (since August 2020) of AST Investment <br> Services, Inc.; formerly Vice President and Assistant Secretary of <br> PGIM Investments LLC (2005-2020); formerly Associate at Sidley <br> Austin Brown & Wood LLP (1999-2004).<br>| Since December 2005 |
| Andrew R. French<br> 1962<br> Secretary<br>| &nbsp;&nbsp; Vice President and Assistant Secretary (since January 2007) of <br> PGIM Investments LLC; Secretary (since March 2022) of the PGIM <br> Alternatives Funds and (since December 2018) of the PGIM Retail <br> Funds and Prudential Annuities Funds; Vice President and <br> Assistant Secretary (since January 2007) of Prudential Mutual <br> Fund Services LLC; formerly Vice President and Corporate <br> Counsel (2010-2018) of Prudential; formerly Director and <br> Corporate Counsel (2006-2010) of Prudential.<br>| Since October 2006 |
| Melissa Gonzalez<br> 1980<br> Assistant Secretary<br>| &nbsp;&nbsp; Vice President and Corporate Counsel (since September 2018) of <br> Prudential; Vice President and Assistant Secretary of DC <br> Solutions (since August 2025); Vice President and Assistant <br> Secretary (since August 2020) of PGIM Investments LLC; Vice <br> President and Assistant Secretary (since June 2025) of AST <br> Investment Services, Inc.; Assistant Secretary (since March 2022) <br> of the PGIM Alternatives Funds, (since March 2020) of the PGIM <br> Retail Funds and (since March 2019) of the Prudential Annuities <br> Funds; formerly Director and Corporate Counsel (March <br> 2014-September 2018) of Prudential.<br>| Since March 2019 |
| Patrick E. McGuinness<br> 1986<br> Assistant Secretary<br>| &nbsp;&nbsp; Vice President and Corporate Counsel (since March 2026) of <br> Prudential; formerly Director and Corporate Counsel (February <br> 2017 – March 2026) of Prudential; Vice President and Assistant <br> Secretary (since August 2020) of PGIM Investments LLC; <br> Assistant Secretary (since March 2022) of the PGIM Alternatives <br> Funds and (since June 2020) of the PGIM Retail Funds and <br> Prudential Annuities Funds.<br>| Since June 2020 |
| Debra Rubano<br> 1975<br> Assistant Secretary<br>| &nbsp;&nbsp; Vice President and Corporate Counsel (since November 2020) of <br> Prudential; Assistant Secretary of the PGIM Alternatives Funds <br> (since March 2022) and of the PGIM Retail Funds (since <br> December 2020) and of the Prudential Annuities Funds (since <br> November 2020); formerly Director and Senior Counsel of Allianz <br> Global Investors U.S. Holdings LLC (2010-2020) and Assistant <br> Secretary of numerous funds in the Allianz fund complex <br> (2015-2020).<br>| Since March 2021 |
| George Hoyt<br> 1965<br> Assistant Secretary<br>| &nbsp;&nbsp; Vice President and Corporate Counsel (since September 2023) of <br> Prudential; Assistant Secretary (since March 2024) of the <br> Prudential Annuities Funds, (since December 2023) of the PGIM <br> Retail Funds, and (since September 2023) of the PGIM <br> Alternatives Funds; formerly Associate General Counsel of <br> Franklin Templeton and Secretary and Chief Legal Officer of <br> certain funds in the Franklin Templeton complex (2020-2023) <br> and Managing Director (2016-2020) and Associate General <br> Counsel for Legg Mason, Inc. and its predecessors (2004-2020).<br>| Since March 2024  |

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**11**

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| | | |
|:---|:---|:---|
| **Officers**<sup>(a)</sup> |  |  |
| **Name**<br> **Year of Birth**<br> **Position**<br>| **Principal Occupation(s) During the Past Five Years** | **Length of Service as Officer** |
| Devan Goolsby<br> 1991<br> Assistant Secretary<br>| &nbsp;&nbsp; Vice President and Corporate Counsel (since May 2023) of <br> Prudential; Assistant Secretary (since March 2024) of the <br> Prudential Annuities Funds, (since December 2023) of the PGIM <br> Retail Funds and (since September 2023) of the PGIM <br> Alternatives Funds; formerly Associate at Eversheds Sutherland <br> (US) LLP (2021-2023); Compliance Officer at Bloomberg LP <br> (2019-2021); and an Examiner at the Financial Industry <br> Regulatory Authority (2015-2019).<br>| Since March 2024 |
| Armando Capasso <br> 1974<br> Chief Compliance Officer<br>| &nbsp;&nbsp; Vice President (since June 2024) of PGIM Investments LLC; Chief <br> Compliance Officer (since July 2024) of the PGIM Retail Funds, <br> Prudential Annuities Funds and PGIM Alternatives Funds; <br> formerly Chief Compliance Officer and Vice President (May 2022 <br> - May 2024) of T. Rowe Price Associates, Inc., T. Rowe Price <br> Investment Management, Inc., and the T. Rowe Price mutual fund <br> complex; formerly Chief Compliance Officer (September 2019 - <br> April 2022) of PGIM Investments LLC and AST Investment <br> Services, Inc. (ASTIS); formerly Chief Compliance Officer (July <br> 2019 – April 2022) of the PGIM Retail Funds and Prudential <br> Annuities Funds and (March 2022 – April 2022) of PGIM Private <br> Real Estate Fund, Inc.; formerly Vice President and Deputy Chief <br> Compliance Officer (June 2017 - September 2019) of PGIM <br> Investments LLC and ASTIS.<br>| Since June 2024 |
| Kelly Florio<br> 1978<br> Anti-Money Laundering Compliance Officer<br>| &nbsp;&nbsp; Vice President, Corporate Compliance, Global Compliance <br> Programs and Compliance Risk Management (since December <br> 2021) of Prudential; formerly Head of Fraud Risk Management <br> (October 2019-December 2021) at New York Life Insurance <br> Company; formerly Head of Key Risk Area Operations (November <br> 2018-October 2019), Director of the US Anti-Money Laundering <br> Compliance Unit (2009-2018) and Bank Loss Prevention <br> Associate (2006-2009) at MetLife.<br>| Since June 2022 |
| Christian J. Kelly<br> 1975<br> Chief Financial Officer<br>| &nbsp;&nbsp; Managing Director, Head of Registered Products Fund Operations <br> (since March 2026); Chief Financial Officer (since March 2023) <br> of the PGIM Retail Funds and Prudential Annuities Funds and <br> (since July 2022) of the PGIM Alternatives Funds; formerly Vice <br> President, Global Head of Investment Operations (2018 -2026) of <br> PGIM Investments LLC; formerly Treasurer and Principal Financial <br> Officer (January 2019 - March 2023) of the PGIM Retail Funds <br> and Prudential Annuities Funds; formerly Treasurer and Principal <br> Financial Officer (March 2022 – July 2022) of the PGIM Private <br> Real Estate Fund, Inc.<br>| Since January 2019 |
| Elyse M. McLaughlin<br> 1974<br> Treasurer and Principal Accounting Officer<br>| &nbsp;&nbsp; Executive Director, RIC Fund Administration (since March 2026); <br> Treasurer and Principal Accounting Officer (since September <br> 2023) of the PGIM Rock ETF Trust, (since March 2023) of the <br> Prudential Annuities Funds, and (since September 2022) of the <br> PGIM Private Credit Fund; Assistant Treasurer (since September <br> 2023) of the PGIM Credit Income Fund, (since March 2022) of the <br> PGIM Private Real Estate Fund, Inc., and (since October 2019) of <br> the PGIM Retail Funds; formerly Vice President (2017-2026) <br> within PGIM Investments Fund Administration.<br>| Since October 2019 |
| Lana Lomuti<br> 1967<br> Assistant Treasurer<br>| &nbsp;&nbsp; Senior Director, RIC Fund Administration (since March 2026); <br> Assistant Secretary (since April 2014) of the PGIM Retail Funds <br> and Prudential Annuities Funds; formerly Vice President <br> (2007-2026) within PGIM Investments Fund Administration.<br>| Since April 2014  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12**

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| | | |
|:---|:---|:---|
| **Officers**<sup>(a)</sup> |  |  |
| **Name**<br> **Year of Birth**<br> **Position**<br>| **Principal Occupation(s) During the Past Five Years** | **Length of Service as Officer** |
| Russ Shupak<br> 1973<br> Assistant Treasurer<br>| &nbsp;&nbsp; Executive Director, RIC Fund Administration (since March 2026); <br> Treasurer and Principal Accounting Officer (since September <br> 2023) of the PGIM Credit Income Fund, (since March 2023) of the <br> PGIM Retail Funds, and (since July 2022) of the PGIM Private <br> Real Estate Fund, Inc.; Assistant Treasurer (since September <br> 2023) of the PGIM Rock ETF Trust, (since September 2022) of the <br> PGIM Private Credit Fund and (since October 2019) of the <br> Prudential Annuities Funds; formerly Vice President (2017-2026) <br> within PGIM Investments Fund Administration; formerly Assistant <br> Treasurer (March 2022 – July 2022) of the PGIM Private Real <br> Estate Fund, Inc.<br>| Since October 2019 |
| Deborah Conway<br> 1969<br> Assistant Treasurer<br>| &nbsp;&nbsp; Senior Director, RIC Tax (since March 2026); Assistant Secretary <br> (since October 2019) of the PGIM Retail Funds and Prudential <br> Annuities Funds; formerly Vice President (2017-2026) within <br> PGIM Investments Fund Administration.<br>| Since October 2019 |
| Robert W. McCormack<br> 1973<br> Assistant Treasurer<br>| &nbsp;&nbsp; Senior Director, RIC Fund Administration (since March 2026); <br> Assistant Treasurer (since March 2023) of the PGIM Retail Funds <br> and Prudential Annuities Funds and (since March 2022) of the <br> PGIM Alternatives Funds; formerly Vice President (2019-2026) <br> within PGIM Investments Fund Administration.<br>| Since March 2023 |
| Alina Srodecka, CPA<br> 1966<br> Assistant Treasurer<br>| &nbsp;&nbsp; Vice President of Tax at Prudential Financial, Inc. (Since August <br> 2007); formerly Director of Tax at MetLife (January 2003 – May <br> 2006); formerly Tax Manager at Deloitte & Touché (October 1997 <br> – January 2003); formerly Staff Accountant at Marsh & <br> McLennan (May 1994 – May 1997).<br>| Since June 2017 |

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<sup>(a)</sup> Excludes Mr. Allen, an Interested Board Member who also serves as President and Principal Executive Officer of the Trust.

**Explanatory Notes to Tables:** 

■

Timothy Cronin is formerly an officer of the Portfolios and formerly an officer of the Manager. Due to his prior employment, he is considered to be an "interested person" under the 1940 Act. Mr. Cronin is a Non-Management Interested Board Member.

■

Kenneth Allen is an interested Board Member because he is an officer of the Portfolios and an officer of the Manager.

■

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments, 655 Broad Street, 6th floor, Newark, New Jersey 07102.

■

There is no set term of office for Board Members or Officers. The Independent Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 78, provided that the Board may extend the retirement age on a year-by-year basis for a Board Member.

■

"Other Directorships Held" includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, "public companies") or other investment companies registered under the 1940 Act.

■

"No. of Portfolios Overseen" includes all investment companies managed by PGIM Investments and/or ASTIS that are overseen by the Board Member. The investment companies for which PGIM Investments and/or ASTIS serves as Manager include:

■

The "PGIM Retail Funds" (currently consisting of the PGIM Retail Mutual Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc. and PGIM Short Duration High Yield Opportunities Fund);

■

The "Prudential Annuities Funds" (currently consisting of The Prudential Series Fund, Prudential's Gibraltar Fund, Inc. and the Advanced Series Trust); and

■

The "PGIM Alternatives Funds" (currently consisting of PGIM Rock ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, and PGIM Credit Income Fund).

■

As used in the Officer's table, "Prudential" means The Prudential Insurance Company of America.

**COMPENSATION OF BOARD MEMBERS AND OFFICERS.** Pursuant to a Management Agreement with the Trust (the Management Agreement), the Investment Manager pays all compensation of Board Members, officers and employees of the Trust, other than the fees and expenses of Board Members who are not affiliated persons of the Investment Manager or any Subadviser (Independent Board Members). The Trust pays each of its Independent Board Members annual compensation in addition to certain out-of-pocket expenses. Board Members who serve on Board Committees may receive additional compensation.

Independent Board Members may defer receipt of their compensation pursuant to a deferred fee agreement with the Trust. Under the terms of the agreement, the Trust accrues deferred Board Members' compensation daily which, in turn, accrue interest at a rate equivalent to the prevailing rate to 90-day US Treasury Bills at the beginning of each calendar quarter or, at the daily rate of return of one

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**13**

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or more funds managed by the Investment Manager chosen by the Trustee. Payment of the interest so accrued is also deferred and becomes payable at the option of the Trustee. The Trust's obligation to make payments of deferred Board Members' compensation, together with interest thereon, is a general obligation of the Trust. The Trust does not have a retirement or pension plan for its Board Members.

The following table sets forth the aggregate compensation paid by the Trust for the Trust's most recently completed fiscal year to the Independent Board Members for service on the Trust's Board, and the Board of any other investment company in the Fund Complex (as defined below) for the most recently completed calendar year. Board Members and officers who are "interested persons" of the Trust (as defined in the 1940 Act) do not receive compensation from the Fund Complex.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name | &nbsp;&nbsp; Aggregate Compensation <br> from the Trust<br>| &nbsp;&nbsp; Pension or Retirement Benefits <br> Accrued as Part of Fund Expenses<br>| &nbsp;&nbsp; Estimated Annual Benefits <br> Upon Retirement<br>| &nbsp;&nbsp; Total Compensation from Trust<br> and Fund Complex\*<sup>(1)</sup> <br>|
| **Compensation Received by Independent Board Members** | **Compensation Received by Independent Board Members** | **Compensation Received by Independent Board Members** | **Compensation Received by Independent Board Members** | **Compensation Received by Independent Board Members** |
| Susan Davenport Austin | $112340 |  |  | $470,000 (3/49)\*\* |
| Jessica M. Bibliowicz | $112340 |  |  | $470,000 (3/49)\*\* |
| Kay Ryan Booth | $112340 |  |  | $470,000 (3/49)\*\* |
| Stephen M. Chipman\*\*\* | $112340 |  |  | $470,000 (3/49)\*\* |
| Timothy S. Cronin<sup>†</sup> | $52240 |  |  | $210,000 (3/49)\*\* |
| Robert F. Gunia\*\*\* | $112340 |  |  | $470,000 (3/49)\*\* |
| Thomas M. O'Brien | $141570 |  |  | $595,000 (3/49)\*\* |

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**Explanatory Notes to Compensation Table**

<sup>(1)</sup> Compensation relates to portfolios that were in existence and having investment operations during 2025.

† Timothy S. Cronin serves as a Non-Management Interested Director, and receives compensation from the Portfolios for his service as a Board Member.

\* "Fund Complex" includes the Prudential Annuities Funds, the PGIM Retail Mutual Funds, the PGIM Alternatives Funds, and any other funds that are managed by PGIM Investments and /or ASTIS.

\*\* No. of Portfolios Overseen represent those in existence as of December 31, 2025, and excludes funds/portfolios that have merged or liquidated during the year. Additionally, the number of funds/portfolios includes those which are approved as of December 31, 2025, however, may commence operations after that date. No compensation is paid out from such funds/portfolios.

\*\*\* Under the deferred fee agreement for the PGIM Investments-managed funds, certain Board Members have elected to defer all or part of their total compensation. The amount of compensation deferred during the calendar year ended December 31, 2025 amounted to $200,000 for Mr. Gunia. Under the deferred fee arrangement, this amount is deposited into a trust held for the benefit of the participating Board Member and is not a continuing obligation of the Portfolios.

**BOARD COMMITTEES.** The Board has established four standing committees in connection with governance of the Trust—Audit, Compliance, Governance, and Investment Review and Risk. Information on the membership of each standing committee and its functions is set forth below.

**Audit Committee.** The Board has determined that each member of the Audit Committee is not an "interested person" as defined in the 1940 Act. The responsibilities of the Audit Committee are to assist the Board in overseeing the Trust's independent registered public accounting firm, accounting policies and procedures, and other areas relating to the Trust's auditing processes. The Audit Committee is responsible for pre-approving all audit services and any permitted non-audit services to be provided by the independent registered public accounting firm directly to the Trust. The Audit Committee is also responsible for pre-approving permitted non-audit services to be provided by the independent registered public accounting firm to (1) the Investment Manager and (2) any entity in a control relationship with the Investment Manager that provides ongoing services to the Trust, provided that the engagement of the independent registered public accounting firm relates directly to the operation and financial reporting of the Trust. The scope of the Audit Committee's responsibilities is oversight. It is management's responsibility to maintain appropriate systems for accounting and internal control and the independent registered public accounting firm's responsibility to plan and carry out an audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). The Audit Committee Charter is available at <u>www.prudential.com/variableinsuranceportfolios</u>. The number of Audit Committee meetings held during the Trust's most recently completed fiscal year is set forth in the table below.

The membership of the Audit Committee is set forth below:

Stephen M. Chipman (Chair)

Susan Davenport Austin

Robert F. Gunia

Thomas M. O'Brien (ex officio)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14**

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**Compliance Committee.** The Compliance Committee serves as a liaison between the Board and the Trust's Chief Compliance Officer (CCO). The Compliance Committee is responsible for considering, in consultation with the Board's Chair and outside counsel, any material compliance matters that are identified and reported by the CCO to the Compliance Committee between Board meetings. The Compliance Committee is also responsible for considering, when requested by the CCO, the CCO's recommendations regarding the materiality of compliance matters to be reported to the Board. The Compliance Committee reviews compliance matters that it determines warrant review between Board meetings. Further, when the CCO wishes to engage an independent third party to perform compliance-related work at the Trust's expense, the Compliance Committee and CCO will evaluate which third party to recommend to the Board as well as the appropriate scope of the work. The number of Compliance Committee meetings held during the Trust's most recently completed fiscal year is set forth in the table below. The Compliance Committee Charter is available on the Trust's website at <u>www.prudential.com/variableinsuranceportfolios</u>.

The membership of the Compliance Committee is set forth below:

Robert F. Gunia (Vice-Chair)

Jessica M. Bibliowicz

Kay Ryan Booth (Chair)

Timothy S. Cronin<sup>1</sup>

Thomas M. O'Brien (ex officio)

**Governance Committee.** The Governance Committee of the Board is responsible for nominating Trustees and making recommendations to the Board concerning Board composition, committee structure and governance, director compensation and expenses, director education, and governance practices. The Board has determined that each member of the Governance Committee is not an "interested person" as defined in the 1940 Act. The number of Governance Committee meetings held during the Trust's most recently completed fiscal year is set forth in the table below. The Governance Committee Charter is available on the Trust's website at <u>www.prudential.com/variableinsuranceportfolios</u>.

The membership of the Governance Committee is set forth below:

Susan Davenport Austin (Chair)

Jessica M. Bibliowicz

Kay Ryan Booth

Stephen M. Chipman

Thomas M. O'Brien (ex officio)

**Investment Review and Risk Committee (IRRC).** The IRRC consists of all members of the Board and is chaired by Ms. Bibliowicz. The Board created the IRRC to help the Board in reviewing certain types of risk, especially those risks related to portfolio investments, the subadvisers for the Portfolios and other related risks. The responsibilities of the IRRC include, but are not limited to: reviewing written materials and reports pertaining to Portfolio performance, investments and risk from subadvisers, SIRG, and others; considering presentations from subadvisers, the Investment Manager, SIRG or other service providers on matters relating to Portfolio performance, investments and risk; and periodically reviewing management's evaluation of various types of risks to the Portfolios. The number of IRRC meetings held during the Trust's most recently completed fiscal year is set forth in the table below.

<sup>1</sup>Timothy S. Cronin joined the Compliance Committee in September of 2025.

**LEADERSHIP STRUCTURE AND QUALIFICATIONS OF THE BOARD OF TRUSTEES.** The Board is responsible for oversight of the Trust. The Trust has engaged the Investment Manager to manage the Trust on a day-to-day basis. The Board oversees the Investment Manager and certain other principal service providers in the operations of the Trust. The Board is currently composed of seven members, six of whom are Independent Trustees. Under normal circumstances, the Board meets at regularly scheduled meetings ten times throughout the year. In addition, the Board Members may meet at special meetings. As described above, the Board has established four standing committees—Audit, Compliance, Governance, and Investment Review and Risk—and may establish ad hoc committees or working groups from time to time, to assist the Board in fulfilling its oversight responsibilities. The Independent Trustees have also engaged independent legal counsel to assist them in fulfilling their responsibilities.

The Board is chaired by an Independent Trustee. As Chair, this Independent Trustee leads the Board in its activities. Also, the Chair acts as a member or an ex-officio member of each standing committee and any ad hoc committee of the Board. The Trustees have determined that the Board's leadership and committee structure is appropriate because the Board believes it sets the proper tone to the relationships between the Trust, on the one hand, and the Investment Manager, the subadviser(s) and certain other principal service providers, on the other, and facilitates the exercise of the Board's independent judgment in evaluating and managing the relationships. In addition, the structure efficiently allocates responsibility among committees.

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**15**

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The Board has concluded that, based on each Trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees, each Trustee should serve as a Trustee. Among other attributes common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the various service providers to the Trust, and to exercise reasonable business judgment in the performance of their duties as Trustees. In addition, the Board has taken into account the actual service and commitment of the Trustees during their tenure in concluding that each should continue to serve. A Trustee's ability to perform his or her duties effectively may have been attained through a Trustee's educational background or professional training; business, consulting, public service or academic positions; experience from service as a Trustee of the Trust, other funds in the Fund Complex, public companies, or non-profit entities or other organizations; or other experiences. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each Trustee that led the Board to conclude that he or she should serve as a Trustee.

*Susan Davenport Austin.* Ms. Austin currently serves as Chief Operating Officer and Chief Financial Officer of Grace Church School. In addition to her experience in senior leadership positions with private companies, Ms. Austin has more than 10 years of experience in the investment banking industry, and has experience serving on boards of other public companies, private companies and non-profit entities.

*Jessica M. Bibliowicz.* Ms. Bibliowicz has more than 25 years of experience in senior leadership positions in the financial services and investment management industries. In addition, Ms. Bibliowicz also has experience in serving on the boards of other public companies, investment companies, and non-profit organizations.

*Kay Ryan Booth.* Ms. Booth has more than 35 years of experience in senior leadership positions in the investment management and investment banking industries. Ms. Booth is currently an Advisory Partner of Trinity Investors. In addition to her experience in senior leadership positions with private companies, Ms. Booth has experience serving on the boards of other entities.

*Stephen M. Chipman.* Mr. Chipman has more than 34 years of experience with a public accounting firm, serving in various senior leadership positions in Europe, North America and Asia. Mr. Chipman also has experience serving on boards of other entities.

*Robert F. Gunia.* Mr. Gunia has served for more than 10 years as a Trustee of mutual funds advised by the Investment Manager or its predecessors. In addition, Mr. Gunia served in senior leadership positions for more than 28 years with the Investment Manager and its affiliates and predecessors.

*Thomas M. O'Brien.* Mr. O'Brien has served for more than 10 years as a Trustee of mutual funds advised by the Investment Manager or its predecessors, including some or all of the following funds: Advanced Series Trust, The Prudential Series Fund, Prudential's Gibraltar Fund, Inc., and/or other mutual funds advised by the Investment Manager or its predecessors. Mr. O'Brien has more than 25 years of experience in senior leadership positions in the banking industry, and has experience serving on the boards of other entities.

*Timothy S. Cronin.* Mr. Cronin, a Non-Management Interested Trustee of the Trust and other funds advised by the Investment Manager since 2009, served as Vice President of the Trust and other funds advised by the Investment Manager from 2009 to 2015, as President of the Trust and other funds advised by the Investment Manager from 2015 to May 1, 2025, and has held senior positions with Prudential Financial (and American Skandia, which was purchased by Prudential Financial) since 1998.

*Kenneth Allen.* Mr. Allen, an Interested Trustee of the Trust and other funds advised by the Investment Manager since May 1, 2025, serves as President of the of AST Investment Services, Inc., the Trust, and other funds advised by the Investment Manager since May 1, 2025; Vice President of PGIM Investments LLC since June 2019; and Chief Investment Officer and President of Prudential Annuities Investment Management since May 1, 2025. Mr. Allen served as Vice President of the Trust and other funds advised by the Investment Manager from 2019 to 2025; Vice President of AST Investment Services, Inc. from 2019 to 2025; and Vice President of Prudential Annuities Investment Management from 2009 to 2025; and held senior positions with The Hartford Life Insurance, Inc. from 1991-2009.

Specific details about each Trustee's professional experience is set forth in the professional biography tables, above.

**Risk Oversight.** Investing in general and the operation of a mutual fund involve a variety of risks, such as investment risk, liquidity risk, compliance risk, and operational risk, among others. The Board oversees risk as part of its oversight of the Trust. Risk oversight is addressed as part of various regular Board and committee activities. The Board, directly or through its committees, reviews reports from among others, the Investment Manager, the administrator to the Trust's Liquidity Risk Management Program, sub-advisers, the Trust's Chief Compliance Officer, the Trust's independent registered public accounting firm, counsel, and internal auditors of the Investment Manager or its affiliates, as appropriate, regarding risks faced by the Trust and the risk management programs of the Investment Manager and certain service providers. The actual day-to-day risk management with respect to the Trust resides with the Investment Manager and other service providers to the Trust, including pursuant to the Board-approved Liquidity Risk Management Program for the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16**

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Trust. Although the risk management policies of the Investment Manager and the service providers are designed to be effective, those policies and their implementation vary among service providers and over time, and there is no guarantee that they will be effective. Not all risks that may affect the Trust can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are simply beyond any control of the Trust or the Investment Manager, its affiliates, or other service providers.

**Selection of Trustee Nominees.** The Governance Committee is responsible for considering Trustee nominees for Trustees at such times as it considers electing new members to the Board. The Governance Committee may consider recommendations by business and personal contacts of current Board members, and by executive search firms which the Committee may engage from time to time and will also consider shareholder recommendations. The Governance Committee has not established specific, minimum qualifications that it believes must be met by a nominee. In evaluating nominees, the Governance Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the 1940 Act; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Governance Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the diversity of the Board. There are no differences in the manner in which the Governance Committee evaluates nominees for the Board based on whether the nominee is recommended by a shareholder.

A shareholder who wishes to recommend a director for nomination should submit his or her recommendation in writing to the Chair of the Board (Thomas M. O'Brien) or the Chair of the Governance Committee (Susan Davenport Austin), in either case in care of the Trust, at 655 Broad Street, 6<sup>th</sup> Floor, Newark, New Jersey 07102. At a minimum, the recommendation should include: the name, address, and business, educational, and/or other pertinent background of the person being recommended; a statement concerning whether the person is an "interested person" as defined in the 1940 Act; any other information that the Trust would be required to include in a proxy statement concerning the person if he or she was nominated; and the name and address of the person submitting the recommendation, together with the number of shares held by such person and the period for which the shares have been held. The recommendation also can include any additional information which the person submitting it believes would assist the Governance Committee in evaluating the recommendation.

Shareholders should note that a person who owns securities issued by Prudential Financial, Inc. (the parent company of the Trust's Investment Manager) would be deemed an "interested person" under the 1940 Act. In addition, certain other relationships with Prudential Financial, Inc. or its subsidiaries, with registered broker-dealers, or with the Trust's outside legal counsel may cause a person to be deemed an "interested person." Before the Governance Committee decides to nominate an individual to the Board, Committee members and other Board members customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving on the board of a registered investment company.

**Shareholder Communications with the Board of Trustees.** Shareholders of the Trust can communicate directly with the Board by writing to the Chair of the Board, c/o the Trust, 1 Corporate Drive, Shelton, Connecticut 06484. Shareholders can communicate directly with an individual Trustee by writing to that Trustee, c/o the Trust, 1 Corporate Drive, Shelton, Connecticut 06484. Such communications to the Board or individual Trustees are not screened before being delivered to the addressee.

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| | | | |
|:---|:---|:---|:---|
| **Board Committee Meetings (for most recently completed fiscal year)** | **Board Committee Meetings (for most recently completed fiscal year)** | **Board Committee Meetings (for most recently completed fiscal year)** | **Board Committee Meetings (for most recently completed fiscal year)** |
| **Audit Committee** | **Governance Committee** | **Compliance Committee** | **Investment Review and Risk Committee** |
| 3 | 3 | 4 | 4 |

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**Share Ownership.** Information relating to each Trustee's share ownership in the Trust, other funds that are overseen by the respective Trustee as well as any other funds that are managed by the Investment Manager as of the most recently completed calendar year is set forth in the chart below.

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Dollar Range of Equity** <br> **Securities in the Trust**<br>| &nbsp;&nbsp; **Aggregate Dollar Range of** <br> **Equity Securities Owned** <br> **by Trustee in All** <br> **Registered Investment** <br> **Companies in Fund Complex\***<br>|
| **Trustee Share Ownership** |  |  |
| Susan Davenport Austin |  | Over $100,000 |
| Jessica M. Bibliowicz |  | Over $100,000 |
| Kay Ryan Booth |  | Over $100,000  |

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Dollar Range of Equity** <br> **Securities in the Trust**<br>| &nbsp;&nbsp; **Aggregate Dollar Range of** <br> **Equity Securities Owned** <br> **by Trustee in All** <br> **Registered Investment** <br> **Companies in Fund Complex\***<br>|
| Stephen M. Chipman |  | Over $100,000 |
| Timothy S. Cronin |  | $10001-$50000 |
| Robert F. Gunia | Over $100,000 | Over $100,000 |
| Thomas M. O'Brien |  | Over $100,000 |
| Kenneth Allen\*\* |  |  |

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\*"Fund Complex" includes the Prudential Annuities Funds, the PGIM Retail Mutual Funds, the PGIM Alternatives Funds, and any other funds that are managed by PGIM Investments and /or ASTIS. The above share ownership information relates to Portfolios and other registered investment companies in the Fund Complex that were in existence during 2025.

\*\*Kenneth Allen was named a Trustee of the Trust as of May 1, 2025.

Because the Portfolios of the Trust serve as investment options for variable annuity and life insurance contracts, US federal tax law prohibits the sale of Portfolio shares directly to individuals, including the Trustees. Individuals, including a Trustee, may, however, have an interest in a Portfolio if he or she purchases a variable contract and selects the Portfolio as an investment option.

Other than as set forth in the following paragraph, none of the Independent Trustees, or any member of his/her immediate family, owned beneficially or of record any securities in an investment adviser or principal underwriter of the Trust, or a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of a Portfolio as of the most recently completed calendar year.

**MANAGEMENT AND ADVISORY ARRANGEMENTS**

**TRUST MANAGEMENT**. PGIM Investments, 655 Broad Street, 6<sup>th</sup> Floor, Newark, New Jersey 07102-4077, serves as the investment manager of the Portfolios. As of December 31, 2025, PGIM Investments served as the investment manager to all of the Prudential US and offshore open-end investment companies, and as administrator to Prudential's closed-end investment companies, with aggregate assets of approximately $333.2 billion. PGIM Investments is a wholly-owned subsidiary of PIFM Holdco, LLC, which is a wholly-owned subsidiary of PGIM Holding Company LLC, which is a wholly-owned subsidiary of Prudential Financial, Inc. (Prudential). PGIM Investments has been in the business of providing investment advisory services since 1996.

*Services Provided by the Investment Manager*. Pursuant to Management Agreement with the Trust (the Management Agreement), the Investment Manager, subject to the oversight of the Trust's Board and in conformity with the stated policies of the Portfolios, manages both the investment operations and composition of each Portfolio, including the purchase, retention, disposition and loan of securities and other assets. In connection therewith, the Investment Manager is obligated to keep certain books and records of the Portfolios. The Investment Manager is authorized to enter into subadvisory agreements for investment advisory services in connection with the management of the Portfolios. The Investment Manager continues to have the ultimate responsibility for all investment advisory services performed pursuant to any such subadvisory agreements.

The Investment Manager is specifically responsible for supervising and managing the Portfolios and the subadvisers. In this capacity, the Investment Manager reviews the performance of the Portfolios and the subadvisers and makes recommendations to the Board with respect to the retention of investment subadvisers, the renewal of contracts, and the reorganization and merger of Portfolios, and other legal and compliance matters. The Investment Manager takes on the entrepreneurial and other risks associated with the launch of each new Portfolio and its ongoing operations. The Investment Manager utilizes SIRG to assist the Investment Manager in regularly evaluating and supervising the Portfolios and the subadvisers, including with respect to investment performance. SIRG is a centralized research department of PGIM Investments that is comprised of a group of highly experienced analysts. SIRG utilizes proprietary processes to analyze large quantities of industry data, both on a qualitative and quantitative level, in order to effectively manage the Portfolios and the subadvisers. The Investment Manager utilizes this data in directly supervising the Portfolios and the subadvisers. SIRG provides reports to the Board and presents to the Board at special and regularly scheduled Board meetings. The Investment Manager bears the cost of the oversight program maintained by SIRG.

In addition, the Investment Manager provides or supervises all of the administrative functions necessary for the organization, operation and management of the Trust and its Portfolios. The Investment Manager administers the Trust's corporate affairs and, in connection therewith, furnishes the Trust with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by, the Trust's custodian (the Custodian), and the Trust's transfer agent. The Investment Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Trust. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various

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service providers to the Trust, including, but not limited to, the custodian, transfer agent, and accounting agent. The management services of the Investment Manager to the Trust are not exclusive under the terms of the Management Agreement and the Investment Manager is free to, and does, render management services to others.

The primary administrative services furnished by the Investment Manager are more specifically detailed below:

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furnishing of office facilities;

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paying salaries of all officers and other employees of the Investment Manager who are responsible for managing the Trust and the Portfolios;

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monitoring financial and shareholder accounting services provided by the Trust's custodian and transfer agent;

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providing assistance to the service providers of the Trust and the Portfolios, including, but not limited to, the custodian, transfer agent, and accounting agent;

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monitoring, together with each subadviser, each Portfolio's compliance with its investment policies, restrictions, and with US federal and state laws and regulations, including US federal and state securities laws, the Code and other relevant US federal and state laws and regulations;

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preparing and filing all required US federal, state and local tax returns for the Trust and the Portfolios;

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preparing and filing with the SEC on Form N-CSR the Trust's annual and semi-annual reports to shareholders, including supervising financial printers who provide related support services;

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preparing and filing with the SEC required monthly reports of portfolio holdings on Form N-PORT;

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preparing and filing the Trust's registration statement with the SEC on Form N-1A, as well as preparing and filing with the SEC supplements and other documents, as applicable;

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preparing compliance, operations and other reports required to be received by the Trust's Board and/or its committees in support of the Board's oversight of the Trust; and

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organizing the regular and any special meetings of the Board of the Trust, including the preparing Board materials and agendas, preparing minutes, and related functions.

*Expenses Borne by the Investment Manager.* In connection with its management of the corporate affairs of the Trust, the Investment Manager bears certain expenses, including, but not limited to:

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the salaries and expenses of all of its and the Trust's personnel except the fees and expenses of Trustees who are not affiliated persons of the Investment Manager or any subadviser;

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all expenses incurred by the Investment Manager or the Trust in connection with managing the ordinary course of a Trust's business, other than those assumed by the Trust as described below;

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the fees, costs and expenses payable to any investment subadvisers pursuant to Subadvisory Agreements between the Investment Manager and such investment subadvisers; and

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with respect to the compliance services provided by the Investment Manager, the cost of the Trust's Chief Compliance Officer, the Trust's Deputy Chief Compliance Officer, and all personnel who provide compliance services for the Trust, and all of the other costs associated with the Trust's compliance program, which includes the management and operation of the compliance program responsible for compliance oversight of the Portfolios and the subadvisers.

*Expenses Borne by the Trust.* Under the terms of the Management Agreement, the Trust is responsible for the payment of Trust expenses not paid by the Investment Manager, including:

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the fees and expenses incurred by the Trust in connection with the management of the investment and reinvestment of the Trust's assets payable to the Investment Manager;

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the fees and expenses of Trustees who are not affiliated persons of the Investment Manager or any subadviser;

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the fees and certain expenses of the custodian and transfer and dividend disbursing agent, including the cost of providing records to the Investment Manager in connection with their obligation of maintaining required records of the Trust and of pricing the Trust's shares;

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the charges and expenses of the Trust's legal counsel and independent auditors;

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brokerage commissions and any issue or transfer taxes chargeable to the Trust in connection with its securities (and futures, if applicable) transactions;

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all taxes and corporate fees payable by the Trust to governmental agencies;

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the fees of any trade associations of which the Trust may be a member;

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the cost of share certificates representing and/or non-negotiable share deposit receipts evidencing shares of the Trust;

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the cost of fidelity, directors and officers and errors and omissions insurance;

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the fees and expenses involved in registering and maintaining registration of the Trust and of its shares with the SEC and paying notice filing fees under state securities laws, including the preparation and printing of the Trust's registration statements and prospectuses for such purposes;

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allocable communications expenses with respect to investor services and all expenses of shareholders' and Trustees' meetings and of preparing, printing and mailing reports and notices to shareholders; and

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litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Trust's business and distribution and service (12b-1) fees.

*Terms of the Management Agreement*. The Management Agreement provides that the Investment Manager will not be liable for any error of judgment by PGIM Investments or for any loss suffered by the Trust in connection with the matters to which the Management Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or loss resulting from willful misfeasance, bad faith or gross negligence or reckless disregard of duties. The Management Agreement provides that it will terminate automatically, if assigned (as defined in the 1940 Act), and that it may be terminated without penalty by either the Investment Manager or the Trust by the Board or vote of a majority of the outstanding voting securities of the Trust, (as defined in the 1940 Act) upon not more than 60 days nor less than 30 days written notice. The Management Agreement will continue in effect for a period of more than two years from the date of execution only so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act.

Fees payable under the Management Agreement are computed daily and paid monthly. The Investment Manager may from time to time waive all or a portion of its management fee and subsidize all or a portion of the operating expenses of a Portfolio. Management fee waivers and subsidies will increase a Portfolio's total return. These voluntary waivers may be terminated at any time without notice.

*SEC Manager-of-Managers Order.* The manager-of-managers structure operates under exemptive orders issued by the SEC. The orders permit the Investment Manager to hire subadvisers or amend subadvisory agreements, without shareholder approval.

The most recent order imposes the following conditions:

1. Before a Portfolio may rely on the order requested in the application, the operation of the Portfolio in the manner described in the application, including the hiring of wholly-owned subadvisers, will be, or has been, approved by a majority of the Portfolio's outstanding voting securities as defined in the 1940 Act, which in the case of a master fund will include voting instructions provided by shareholders of the feeder funds investing in such master fund or other voting arrangements that comply with section 12(d)(1)(E)(iii)(aa) of the 1940 Act (or, in the case of an insurance-related Portfolio, pursuant to the voting instructions provided by contract owners with assets allocated to any registered separate account for which the Portfolio serves as a funding medium), or, in the case of a new Portfolio whose public shareholders purchase shares on the basis of a prospectus containing the disclosure contemplated by condition 2 below, by the sole initial shareholder before offering the Portfolio's shares to the public.

2. The prospectus for each Portfolio, and in the case of a master fund relying on the requested relief, the prospectus for each feeder fund investing in such master fund, will disclose the existence, substance and effect of any order granted pursuant to the application. Each Portfolio (and any such feeder fund) will hold itself out to the public as employing the Multi-Manager Structure described in the application. Each prospectus will prominently disclose that the Investment Manager has the ultimate responsibility, subject to oversight by the Board, to oversee the subadvisers and recommend their hiring, termination, and replacement.

3. The Investment Manager will provide general management services to a Portfolio, including overall supervisory responsibility for the general management and investment of the Portfolio's assets. Subject to review and approval of the Board, the Investment Manager will (a) set a Portfolio's overall investment strategies, (b) evaluate, select, and recommend subadvisers to manage all or a portion of a Portfolio's assets, and (c) implement procedures reasonably designed to ensure that subadvisers comply with a Portfolio's investment objective, policies and restrictions. Subject to review by the Board, the Investment Manager will (a) when appropriate, allocate and reallocate a Portfolio's assets among subadvisers; and (b) monitor and evaluate the performance of subadvisers.

4. A Portfolio will not make any ineligible subadviser changes without the approval of the shareholders of the applicable Portfolio, which in the case of a master fund will include voting instructions provided by shareholders of the feeder fund investing in such master fund or other voting arrangements that comply with section 12(d)(1)(E)(iii)(aa) of the 1940 Act.

5. A Portfolio will inform shareholders, and if the Portfolio is a master fund, shareholders of any feeder funds, of the hiring of a new subadviser within 90 days after the hiring of the new subadviser pursuant to the Modified Notice and Access Procedures.

6. At all times, at least a majority of the Board will be Independent Trustees, and the selection and nomination of new or additional Independent Trustees will be placed within the discretion of the then-existing Independent Trustees.

7. Independent legal counsel, as defined in rule 0-1(a)(6) under the 1940 Act, will be engaged to represent the Independent Trustees. The selection of such counsel will be within the discretion of the then-existing Independent Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. The Investment Manager will provide the Board, no less frequently than quarterly, information about the profitability of the Investment Manager on a per Portfolio basis. The information will reflect the impact on profitability of the hiring or termination of any subadviser during the applicable quarter.

9. Whenever a subadviser is hired or terminated, the Investment Manager will provide the Board with information showing the expected impact on the profitability of the Investment Manager.

10. Whenever a subadviser change is proposed for a Portfolio with an affiliated subadviser or a wholly-owned subadviser, the Board, including a majority of the Independent Trustees, will make a separate finding, reflected in the Board minutes, that such change is in the best interests of the Portfolio and its shareholders, and if the Portfolio is a master fund, the best interests of any applicable feeder funds and their respective shareholders, and does not involve a conflict of interest from which the Investment Manager or the affiliated subadviser or wholly-owned subadviser derives an inappropriate advantage.

11. No Board member or officer of a Prudential investment company, a Portfolio, or a feeder fund that invests in a Portfolio that is a master fund, or director, manager or officer of the Investment Manager, will own directly or indirectly (other than through a pooled investment vehicle that is not controlled by such person) any interest in a subadviser except for (a) ownership of interests in the Investment Manager or any entity, other than a wholly-owned subadviser, that controls, is controlled by, or is under common control with the Investment Manager, or (b) ownership of less than 1% of the outstanding securities of any class of equity or debt of any publicly traded company that is either a subadviser or an entity that controls, is controlled by, or is under common control with, a subadviser.

12. Each Portfolio and any feeder fund that invests in a Portfolio that is a master fund will disclose an aggregate fee disclosure in its registration statement.

13. In the event the SEC adopts a rule under the 1940 Act providing substantially similar relief to that requested in the application, the requested order will expire on the effective date of that rule.

14. Any new subadvisory agreement or any amendment to a Portfolio's existing Investment Management Agreement or subadvisory agreement that directly or indirectly results in an increase in the aggregate advisory fee rate payable by the Portfolio will be submitted to the Portfolio's shareholders for approval.

*Potential Conflicts.* Under the manager-of-managers structure, the Investment Manager recommends the hiring and firing of subadvisers, determines the allocation of Portfolio assets among subadvisers for Portfolios with more than one subadviser, and reports to the Board regarding subadviser performance. The Investment Manager also directly manages the assets for certain Portfolio sleeves or segments.

The Investment Manager may face potential conflicts inherent in serving as a manager-of-managers including, but not limited to: (i) an incentive to recommend that a Portfolio retain an affiliated subadviser; (ii) an incentive to recommend that a Portfolio retain a subadviser because the subadviser may provide distribution support or other services that benefit the Investment Manager or its affiliates or because of other relationships between the subadviser or its affiliates and the Investment Manager or its affiliates; (iii) an incentive to recommend that the Investment Manager provide direct management of assets for certain sleeves or segments; and (iv) an incentive to allocate assets among subadvisers of a single Portfolio based on profitability or other benefit to the Investment Manager or their affiliates.

To mitigate potential conflicts presented by these issues, the Investment Manager utilizes the services of SIRG, a unit of PGIM Investments, which provides investment manager oversight, analysis and recommendations. SIRG provides its input to both the Investment Manager and the Board. SIRG representatives meet with the Board in connection with its quarterly meetings and any special meetings at which subadviser recommendations are made, and the Board makes the decision as to the retention of any subadviser. For recommendations involving a new subadviser or a replacement subadviser for a single asset class Portfolio or sleeve, SIRG conducts a search of qualified subadvisers and provides a recommendation. SIRG reviews with the Board the search process, finalists and the reasons for the recommendation. SIRG's investment analysis process is applied in the same manner to both affiliated and unaffiliated subadvisers. The Board makes the final decision with respect to the retention of a new or replacement subadviser. For some Portfolios, the Investment Manager makes a recommendation for a subadviser based on the design of a Portfolio, such as a Portfolio designed in consultation with a specific subadviser. In those cases, SIRG reviews the proposed subadviser and reports to the Board regarding its assessment of the subadviser.

To the extent a subadviser's affiliation or other business relationship with Prudential is a factor in any subadviser recommendation, the Investment Manager discusses the relevant factors with the Board, which makes the final decision on any new or replacement subadviser. SIRG personnel are not involved in subadvisory fee negotiations.

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*Management Fees.* The tables below set forth the applicable contractual management fee rate and the management fees received by the Investment Manager from the Trust for each Portfolio for the indicated fiscal years. Any subadvisory fees for a Portfolio are paid out of the management fees received by the Investment Manager, and therefore the management fees set forth below reflect the aggregate management fees paid to the Investment Manager and any subadvisers.

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| | |
|:---|:---|
| **Management Fee Rates** |  |
| **Portfolio** | **Fee Rate** |
| PSF Global Portfolio | 0.75% of average daily net assets |
| PSF PGIM 50/50 Balanced Portfolio | 0.55% of average daily net assets |
| PSF PGIM Ballast Portfolio | 0.60% of average daily net assets |
| PSF PGIM Flexible Managed Portfolio | 0.60% of average daily net assets |
| PSF PGIM Government Money Market Portfolio | 0.30% of average daily net assets |
| PSF PGIM High Yield Bond Portfolio | 0.55% of average daily net assets |
| PSF PGIM Jennison Blend Portfolio | 0.45% of average daily net assets |
| PSF PGIM Jennison Growth Portfolio | 0.60% of average daily net assets |
| PSF PGIM Jennison Value Portfolio | 0.40% of average daily net assets |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | 0.50% of average daily net assets |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | 0.50% of average daily net assets |
| PSF PGIM Total Return Bond Portfolio | 0.40% of average daily net assets |
| PSF Small-Cap Stock Index Portfolio | 0.35% of average daily net assets |
| PSF Stock Index Portfolio | &nbsp;&nbsp; 0.30% of average daily net assets up to $4 billion; <br> 0.25% of average daily net assets over $4 billion<br>|

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| | | | |
|:---|:---|:---|:---|
| **Management Fees Paid by the Trust** |  |  |  |
| **Portfolio** | **2025** | **2024** | **2023** |
| PSF Global Portfolio | $5177112 | $6508779 | $7550924 |
| PSF PGIM 50/50 Balanced Portfolio | $14980771 | $14478367 | $13302228 |
| PSF PGIM Ballast Portfolio | -# | N/A | N/A |
| PSF PGIM Flexible Managed Portfolio | $30222762 | $29181634 | $25877687 |
| PSF PGIM Government Money Market Portfolio | $4350676 | $3870509 | $3269661 |
| PSF PGIM High Yield Bond Portfolio | $3684522 | $2798798 | $2540856 |
| PSF PGIM Jennison Blend Portfolio | $32112759 | $28609163 | $22579464 |
| PSF PGIM Jennison Growth Portfolio | $25148316 | $21155494 | $16079351 |
| PSF PGIM Jennison Value Portfolio | $7575141 | $6834073 | $5851877 |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | -# | N/A | N/A |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | -# | N/A | N/A |
| PSF PGIM Total Return Bond Portfolio | $9606239 | $6823995 | $5158075 |
| PSF Small-Cap Stock Index Portfolio | $4322190 | $4327867 | $3458958 |
| PSF Stock Index Portfolio | $22364441 | $21727770 | $18552661 |

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# The management fee amount waived exceeded the management fee that would otherwise have been payable due to an expense cap.

**FEE WAIVERS/SUBSIDIES.** PGIM Investments may from time to time waive all or a portion of its management fee and subsidize all or a portion of the operating expenses of the Trust. Fee waivers and expense subsidies will increase the Trust's total return. These voluntary waivers may be terminated at any time without notice. To the extent that PGIM Investments agrees to waive its fee or subsidize the Trust's expenses, it may enter into a relationship agreement with the subadviser to share the economic impact of the fee waiver or expense subsidy.

PGIM Investments has voluntarily agreed to waive a portion of its management fee and/or limit total expenses (expressed as a percentage of average daily net assets) for certain Portfolios of the Trust, as set forth in the table below. These expense limitations do not include the administration fee applicable to Class II shares or the Rule 12b-1 fee applicable to Class II and Class III shares. Voluntary expense limitations may be discontinued or otherwise modified at any time. PGIM Investments has also contractually agreed to waive a portion of its management fee and/or limit total expenses (expressed as a percentage of average daily net assets) for certain Portfolios of

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the Trust, as set forth in the table below. These expense limitations do not include the administration fee applicable to Class II shares or the Rule 12b-1 fee applicable to Class II and Class III shares. Contractual expense limitations may not be terminated or modified prior to their contractual expiration date, without the prior approval of the Trust's Board of Trustees, but may be discontinued or modified thereafter.

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| | |
|:---|:---|
| **Fee Waivers & Expense Limitations** | **Fee Waivers & Expense Limitations** |
| **Portfolio** | **Fee Waiver and/or Expense Limitation** |
| PSF Global Portfolio | &nbsp;&nbsp; The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution <br> fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the <br> Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its <br> investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus <br> other expenses (exclusive, in all cases of distribution and/or service (12b-1) fees, interest, brokerage, taxes (such as income and <br> foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Portfolio expenses such as <br> dividend and interest expense and broker charges on short sales) do not exceed 0.705% of the Portfolio's average daily net assets <br> through June 30, 2026. In addition, the Manager has contractually agreed to waive a portion of its investment management fee and/or <br> reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all <br> cases of distribution and/or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty <br> and deferred tax expenses), extraordinary expenses, and certain other Portfolio expenses such as dividend and interest expense and <br> broker charges on short sales) do not exceed 0.73% of the Portfolio's average daily net assets through June 30, 2027. Where <br> applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it <br> waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the <br> expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such <br> waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) <br> the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the <br> time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.<br>|
| PSF PGIM Ballast Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the <br> Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all cases of distribution and/or service <br> (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), <br> extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense <br> and broker charges on short sales) do not exceed 0.70% of the Portfolio's average daily net assets through June 30, 2027. Where <br> applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent it <br> waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the <br> expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such <br> waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) <br> the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the <br> time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.<br>|
| PSF PGIM Government Money Market <br> Portfolio<br>| &nbsp;&nbsp; In order to support the income yield, PGIM Investments has voluntarily agreed to limit the management fees of the Portfolio such that <br> the 1-day annualized yield of the Portfolio (excluding capital gain or loss) does not fall below 0.00%. The waiver is voluntary and may <br> be modified or terminated by PGIM Investments at any time without notice.<br>|
| PSF PGIM High Yield Bond Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the <br> Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive in all cases of distribution and/or service <br> (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), <br> extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense <br> and broker charges on short sales) do not exceed 0.57% of the Portfolio's average daily net assets through June 30, 2027. Where <br> applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it <br> waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the <br> expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such <br> waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) <br> the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the <br> time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.<br>|
| PSF PGIM Jennison Blend Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.012% of its investment management fee through June 30, 2027. This arrangement <br> may not be terminated or modified without the prior approval of the Trust's Board.<br>|
| PSF PGIM Jennison Growth Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.015% of its investment management fee through June 30, 2027. This arrangement <br> may not be terminated or modified without the prior approval of the Trust's Board. <br>|

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| | |
|:---|:---|
| **Fee Waivers & Expense Limitations** | **Fee Waivers & Expense Limitations** |
| **Portfolio** | **Fee Waiver and/or Expense Limitation** |
| PSF PGIM Laddered Allocation S&P 500 <br> Buffer 12 Portfolio<br>| &nbsp;&nbsp; The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution <br> fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the <br> Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its <br> investment management fee equal to the amount of acquired expenses as a result of investment in the affiliated Underlying ETFs. The <br> Manager has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the <br> Portfolio so that the Portfolio's investment management fee (after management fee waiver) and other expenses (exclusive, in all cases <br> of distribution and /or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and <br> deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend <br> and interest expense and broker charges on short sales) do not exceed 0.60% of the Portfolio's average daily net assets through June <br> 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the <br> same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of <br> preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in <br> which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be <br> recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense <br> limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the <br> Trust's Board.<br>|
| PSF PGIM Laddered Allocation S&P 500 <br> Buffer 20 Portfolio<br>| &nbsp;&nbsp; The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution <br> fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the <br> Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its <br> investment management fee equal to the amount of acquired expenses as a result of investment in the affiliated Underlying ETFs. The <br> Manager has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the <br> Portfolio so that the Portfolio's investment management fee (after management fee waiver) and other expenses (exclusive, in all cases <br> of distribution and/or service (12b-1)fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and <br> deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend <br> and interest expense and broker charges on short sales) do not exceed 0.60% of the Portfolio's average daily net assets through June <br> 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the <br> same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of <br> preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in <br> which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be <br> recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense <br> limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the <br> Trust's Board.<br>|
| PSF Stock Index Portfolio | &nbsp;&nbsp; The Manager has voluntarily agreed to waive 0.03% of its investment management fee. The waiver is voluntary and may be modified or <br> terminated by the Manager at any time without notice.<br>|

---

**SUBADVISERS.** The Investment Manager has entered into subadvisory agreements with each of the subadvisers named in the Prospectus. The subadvisory agreements provide that the subadvisers will furnish investment advisory services in connection with the management of each Portfolio. In connection therewith, each subadviser is obligated to keep certain books and records of the Trust. Under each subadvisory agreement, each subadviser, subject to the supervision of the Investment Manager, is responsible for managing the assets of a Portfolio in accordance with the Portfolio's investment objectives, investment program and policies. The subadvisers determine what securities and other instruments are purchased and sold for each Portfolio and are responsible for obtaining and evaluating financial data relevant to the Portfolio. The Investment Manager continues to have the ultimate responsibility for all investment advisory services pursuant to the Management Agreement and supervises the subadvisers' performance of such services. Pursuant to each subadvisory agreement, the Investment Manager pays each subadviser a fee out of the management fees received by the Investment Manager from the Trust for the applicable Portfolio.

As discussed in the Prospectus, the Investment Manager employs each subadviser under a "manager of managers" structure that allows the Investment Manager to replace the subadvisers or amend a subadvisory agreement without seeking shareholder approval. The Investment Manager is authorized to select (with approval of the Board's independent trustees) one or more subadvisers to handle the actual day-to-day investment management of each Portfolio. The Investment Manager monitors each subadviser's performance through quantitative and qualitative analysis and periodically reports to the Board as to whether each subadviser's agreement should be renewed, terminated or modified. It is possible that the Investment Manager will continue to be satisfied with the performance record of the existing subadvisers and not recommend any additional subadvisers. The Investment Manager is also responsible for allocating assets among the subadvisers if a Portfolio has more than one subadviser. In those circumstances, the allocation for each subadviser can range from 0% to 100% of the Portfolio's assets, and the Investment Manager can change the allocations without Board or shareholder approval. The Investment Manager will review the allocations periodically and may adjust them without prior notice. The annual update to the Trust's prospectus will reflect these adjustments. Shareholders will be notified of any new subadvisers or materially amended subadvisory agreements. The "manager of managers" structure also provides relief from certain disclosure obligations with

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24**

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regard to subadvisory fees. With this relief, each Portfolio may elect to disclose the aggregate fees payable to the Investment Manager and wholly-owned subadvisers and the aggregate fees payable to unaffiliated subadvisers and subadvisers affiliated with the Investment Manager, other than wholly-owned subadvisers.

**PORTFOLIO MANAGERS: OTHER ACCOUNTS**

**ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS**—**Other Accounts and Portfolio Ownership.** The following tables set forth information about each Portfolio and accounts other than the Portfolio for which each Portfolio's portfolio managers (the Portfolio Managers) are primarily responsible for day-to-day portfolio management as of the Trust's most recently completed fiscal year. The table shows, for each portfolio manager, the number of accounts managed and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets in the accounts whose fees are based on performance is indicated in italics typeface. The tables also set forth the dollar range of equity securities of each Portfolio of the Trust beneficially owned by the Portfolio Managers as of the Trust's most recently completed fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Global Portfolio** | **PSF Global Portfolio** | **PSF Global Portfolio** | **PSF Global Portfolio** | **PSF Global Portfolio** | **PSF Global Portfolio** |
| **Subadvisers** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment**<br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Investments | Brian Ahrens | 8/$66,335,213,277.72 | 0/$0 | 0/$0 |  |
|  | Andrei O. Marinich, CFA | 8/$66,335,213,277.72 | 0/$0 | 0/$0 |  |
|  | Todd L. Kerin | 7/$59,720,070,984.56 | 0/$0 | 0/$0 |  |
|  | Saleem Z. Banatwala | 7/$59,720,070,984.56 | 0/$0 | 0/$0 |  |
| PGIM Quantitative <br> Solutions\*<br>| George N. Patterson, PhD, CFA, CFP | 122/$86,840,298,588.65 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Stacie L. Mintz, CFA | 30/$40,000,607,664.35 | 15/$3,822,939,756.76 | &nbsp;&nbsp; 62/$15,559,180,594.34<br> *8/$2,773,188,888.95*<br>|  |
|  | Wen Jin, PhD, CFA | 37/$6,607,974,198.51 | 7/$654,591,326.04 | &nbsp;&nbsp; 10/$4,348,861,606.42<br> *4/$2,203,853,658.42*<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM 50/50 Balanced Portfolio** | **PSF PGIM 50/50 Balanced Portfolio** | **PSF PGIM 50/50 Balanced Portfolio** | **PSF PGIM 50/50 Balanced Portfolio** | **PSF PGIM 50/50 Balanced Portfolio** | **PSF PGIM 50/50 Balanced Portfolio** |
| **Subadvisers** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment**<br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Fixed Income<sup>(1),\*</sup>, <br> PGIM Limited<br>| Richard Piccirillo | 47/$115,390,907,951 | &nbsp;&nbsp; 24/$47,928,173,692<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 155/$122,269,541,867<br> *8/$6,477,548,415*<br>|  |
|  | Gregory Peters | 47/$115,390,907,951 | &nbsp;&nbsp; 24/$47,928,173,692<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 155/$122,269,541,867<br> *8/$6,477,548,415*<br>|  |
|  | Matthew Angelucci, CFA | 47/$113,254,371,808 | &nbsp;&nbsp; 26/$39,130,981,040<br> *4/$1,564,236,075*<br>| &nbsp;&nbsp; 203/$155,643,434,783<br> *12/$12,343,839,152*<br>|  |
|  | Tyler Thorn | 39/$106,836,082,094 | &nbsp;&nbsp; 21/$34,825,492,149<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 85/$55,049,260,568<br> *3/$1,625,029,764*<br>|  |
| PGIM Quantitative <br> Solutions\*<br>| Marco Aiolfi, PhD | 82/$45,495,362,139.57 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | George N. Patterson, PhD, CFA, CFP | 122/$84,622,977,393.36 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Rory Cummings, CFA | 22/$43,066,679,753.66 | 0/$0 | 9/$757,558,014.17 |  |
|  | Stacie Mintz, CFA | 40/$39,127,615,253.79 | 15/$3,822,939,756.76 | &nbsp;&nbsp; 62/$15,559,180,594.34<br> *8/$2,773,188,888.95*<br>|  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Ballast Portfolio** | **PSF PGIM Ballast Portfolio** | **PSF PGIM Ballast Portfolio** | **PSF PGIM Ballast Portfolio** | **PSF PGIM Ballast Portfolio** | **PSF PGIM Ballast Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Quantitative Solutions\* | Devang Gambhirwala | 66/$19,819,252,626.42 | 3/$407,948,194.98 | &nbsp;&nbsp; 44/$6,407,193,834.20<br> 4/$569,335,230.53<br>|  |
|  | Lorne Johnson, PhD | 52/$1,981,539,027.91 | 1/$82,614,028.23 |  |  |
|  | Edward J. Tostanoski III, CFA | 38/$46,251,326,604.78 | 2/$127,039,838.98 | 1/$159,266,460.44 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**25**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Flexible Managed Portfolio** | **PSF PGIM Flexible Managed Portfolio** | **PSF PGIM Flexible Managed Portfolio** | **PSF PGIM Flexible Managed Portfolio** | **PSF PGIM Flexible Managed Portfolio** | **PSF PGIM Flexible Managed Portfolio** |
| **Subadvisers** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Fixed Income<sup>(1),\*</sup> | Richard Piccirillo | 47/$114,750,609,074 | &nbsp;&nbsp; 24/$47,928,173,692<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 155/$122,269,541,867<br> *8/$6,477,548,415*<br>|  |
|  | Gregory Peters | 47/$114,750,609,074 | &nbsp;&nbsp; 24/$47,928,173,692<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 155/$122,269,541,867<br> *8/$6,477,548,415*<br>|  |
|  | Matthew Angelucci, CFA | 47/$112,614,072,931 | &nbsp;&nbsp; 26/$39,130,981,040<br> *4/$1,564,236,075*<br>| &nbsp;&nbsp; 203/$155,643,434,783<br> *12/$12,343,839,152*<br>|  |
|  | Tyler Thorn | 39/$106,195,783,216 | &nbsp;&nbsp; 21/$34,825,492,149<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 85/$55,049,260,568<br> *3/$1,625,029,764*<br>|  |
| PGIM Quantitative <br> Solutions\*<br>| Marco Aiolfi, PhD | 82/$44,874,692,924.09 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | George N. Patterson, PhD, CFA, CFP | 122/$82,184,387,900.22 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Rory Cummings, CFA | 22/$42,446,010,538.18 | 0/$0 | 9/$757,558,014.17 |  |
|  | Stacie Mintz, CFA | 40/$37,309,694,976.13 | 15/$3,822,939,756.76 | &nbsp;&nbsp; 62/$15,559,180,594.34<br> 8/$2,773,188,888.95<br>|  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM High Yield Bond Portfolio** | **PSF PGIM High Yield Bond Portfolio** | **PSF PGIM High Yield Bond Portfolio** | **PSF PGIM High Yield Bond Portfolio** | **PSF PGIM High Yield Bond Portfolio** | **PSF PGIM High Yield Bond Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Fixed Income<sup>(1),\*</sup> | Robert Cignarella, CFA | 11/$31,941,364,792 | &nbsp;&nbsp; 8/$8,416,117,423<br> *1/$442,417,663*<br>| &nbsp;&nbsp; 42/$17,410,362,790<br> *4/$1,577,520,401*<br>|  |
|  | Robert Spano, CFA, CPA | 10/$29,720,022,487 | &nbsp;&nbsp; 8/$8,416,117,423<br> *1/$442,417,663*<br>| &nbsp;&nbsp; 42/$17,410,362,790<br> *4/$1,577,520,401*<br>|  |
|  | Brian Clapp, CFA | 10/$29,720,022,487 | &nbsp;&nbsp; 8/$8,416,117,423<br> *1/$442,417,663*<br>| &nbsp;&nbsp; 42/$17,410,362,790<br> *4/$1,577,520,401*<br>|  |
|  | Michael Gormally | 10/$29,720,022,487 | &nbsp;&nbsp; 8/$8,416,117,423<br> *1/$442,417,663*<br>| &nbsp;&nbsp; 42/$17,410,362,790<br> *4/$1,577,520,401*<br>|  |
|  | Brian Lalli | 10/$29,720,022,487 | &nbsp;&nbsp; 8/$8,416,117,423<br> *1/$442,417,663*<br>| &nbsp;&nbsp; 42/$17,410,362,790<br> *4/$1,577,520,401*<br>|  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Blend Portfolio** | **PSF PGIM Jennison Blend Portfolio** | **PSF PGIM Jennison Blend Portfolio** | **PSF PGIM Jennison Blend Portfolio** | **PSF PGIM Jennison Blend Portfolio** | **PSF PGIM Jennison Blend Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment**<br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio** <br> **Securities**<br>|
| Jennison\* | Jason T. McManus | 15/$4,699,475,016\*\* | 5/$1,558,266,994\*\* | &nbsp;&nbsp; 5/$142,893,690\*\*<br> *1/$-17,810,850\*\*\**<br>|  |
|  | Adam L. Freidman | 4/$1,724,805,622 | 1/$540,339,238 | &nbsp;&nbsp; 2/$-15,822,360\*\*<br> *1/$-17,810,850\*\*\**<br>|  |
|  | Brian A. Porpora | 4/$1,724,805,622 | 1/$540,339,238 | &nbsp;&nbsp; 3/$81,295,319\*\*<br> *1/$-17,810,850\*\*\**<br>|  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Growth Portfolio** | **PSF PGIM Jennison Growth Portfolio** | **PSF PGIM Jennison Growth Portfolio** | **PSF PGIM Jennison Growth Portfolio** | **PSF PGIM Jennison Growth Portfolio** | **PSF PGIM Jennison Growth Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| Jennison\* | Michael A. Del Balso | 5/$13,902,743,886 | 6/$5,693,680,015 | 3/$785,742,268 |  |
|  | Blair A. Boyer | &nbsp;&nbsp; 12/$63,718,211,781<br> *1/$14,502,392,921*<br>| 10/$22,794,967,401 | 33/$13,588,272,124 |  |
|  | Natasha Kuhlkin, CFA | &nbsp;&nbsp; 12/$63,718,211,781<br> *1/$14,502,392,921*<br>| 10/$22,523,048,554 | 21/$2,966,447,296 |  |
|  | Owuraka Koney, CFA | 11/$49,215,818,860 | 9/$21,956,507,337 | 9/$791,148,877 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Jennison Value Portfolio** | **PSF PGIM Jennison Value Portfolio** | **PSF PGIM Jennison Value Portfolio** | **PSF PGIM Jennison Value Portfolio** | **PSF PGIM Jennison Value Portfolio** | **PSF PGIM Jennison Value Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio** <br> **Securities**<br>|
| Jennison\* | Warren N. Koontz, Jr., CFA | 8/$2,598,872,493 | 1/$235,747,924 | 1/$3,219,861 |  |
|  | Joseph C. Esposito, CFA | 7/$1,845,258,905 | 1/$235,747,924 | 1/$3,219,861 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Quantitative Solutions\* | Marco Aiolfi, PhD | 83/$46,839,191,670.3 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | John Hall, CFA | 44/$582,306,977.46 | 0/$0 | 0/$0 |  |
|  | Lorne Johnson, PhD | 52/$1,986,597,861.97 | 1/$82,614,028.23 | 0/$0 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** | **PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Quantitative Solutions\* | Marco Aiolfi, PhD | 83/$46,839,108,700.3 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | John Hall, CFA | 44/582,224,007.46 | 0/$0 | 0/$0 |  |
|  | Lorne Johnson, PhD | 52/$1,986,514,891.97 | 1/$82,614,028.23 | 0/$0 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF PGIM Total Return Bond Portfolio** | **PSF PGIM Total Return Bond Portfolio** | **PSF PGIM Total Return Bond Portfolio** | **PSF PGIM Total Return Bond Portfolio** | **PSF PGIM Total Return Bond Portfolio** | **PSF PGIM Total Return Bond Portfolio** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment**<br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Fixed Income<sup>(1),\*</sup> | Robert Tipp, CFA | 45/$110,629,980,389 | 24/$46,839,994,153 | &nbsp;&nbsp; 161/$125,700,021,674<br> *8/$6,477,548,415*<br>|  |
|  | Richard Piccirillo | 47/$113,989,156,965 | &nbsp;&nbsp; 24/$47,928,173,692<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 155/$122,269,541,867<br> *8/$6,477,548,415*<br>|  |
|  | Gregory Peters | 47/$113,989,156,965 | &nbsp;&nbsp; 24/$47,928,173,692<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 155/$122,269,541,867<br> *8/$6,477,548,415*<br>|  |
|  | Matthew Angelucci, CFA | 47/$111,852,620,823 | &nbsp;&nbsp; 26/$39,130,981,040<br> *4/$1,564,236,075*<br>| &nbsp;&nbsp; 203/$155,643,434,783<br> *12/$12,343,839,152*<br>|  |
|  | Tyler Thorn | 39/$105,434,331,108 | &nbsp;&nbsp; 21/$34,825,492,149<br> *1/$51,743,466*<br>| &nbsp;&nbsp; 85/$55,049,260,568<br> *3/$1,625,029,764*<br>|  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Small-Cap Stock Index Portfolio** | **PSF Small-Cap Stock Index Portfolio** | **PSF Small-Cap Stock Index Portfolio** | **PSF Small-Cap Stock Index Portfolio** | **PSF Small-Cap Stock Index Portfolio** | **PSF Small-Cap Stock Index Portfolio** |
| **Subadviser** | **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio** <br> **Securities**<br>|
| PGIM Quantitative <br> Solutions\*<br>| George N. Patterson, PhD, CFA, CFP | 125/$86,146,130,559.82 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Edward J. Lithgow, CFA | 22/$31,291,052,623.02 | 8/$3,168,348,430.72 | &nbsp;&nbsp; 51/$11,168,329,777.67<br> *4/$569,335,230.53*<br>|  |
|  | Stacie Mintz, CFA | 41/$39,306,439,635.52 | 15/$3,822,939,756.76 | &nbsp;&nbsp; 62/$15,559,180,594.34<br> *8/$2,773,188,888.95*<br>|  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PSF Stock Index Portfolio** | **PSF Stock Index Portfolio** | **PSF Stock Index Portfolio** | **PSF Stock Index Portfolio** | **PSF Stock Index Portfolio** | **PSF Stock Index Portfolio** |
| **Subadviser** | **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Portfolio**<br> **Securities**<br>|
| PGIM Quantitative <br> Solutions\*<br>| George N. Patterson, PhD, CFA, CFP | 125/$77,173,535,850.04 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Edward J. Lithgow, CFA | 22/$22,318,457,913.24 | 8/$3,168,348,430.72 | &nbsp;&nbsp; 51/$11,168,329,777.67<br> *4/$569,335,230.53*<br>|  |
|  | Stacie Mintz, CFA | 41/$30,333,844,925.74 | 15/$3,822,939,756.76 | &nbsp;&nbsp; 62/$15,559,180,594.34<br> *8/$2,773,188,888.95*<br>|  |

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**Notes to Portfolio Manager Other Account Tables:** 

<sup>(1)</sup> PGIM Fixed Income, an investment group of PGIM, Inc. is now known as PGIM Credit. PGIM Limited, an indirect wholly-owned subsidiary of PGIM, Inc., serves as a subadviser to the Portfolio.

**Jennison** 

\*Other Accounts excludes the assets and number of accounts that are managed using model portfolios.

\*\* Within the accounts the Portfolio Managers manage long and short positions that are netted within this value.

\*\*\* The Portfolio Managers manage a short sleeve of this account.

**PGIM Quantitative Solutions** 

\*Accounts are managed on a team basis. If a portfolio manager is a member of a team, any account managed by that team is included in the number of accounts and total assets for such portfolio manager (even if such portfolio manager is not primarily involved in the day-to-day management of the account). "PGIM Quantitative Solutions Registered Investment Companies" includes mutual fund accounts and exchanged traded fund accounts. PGIM Quantitative Solutions may manage multiple accounts for a single Registered Investment Company. Each such

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account is included in the number of "Registered Investment Companies" noted above. "PGIM Quantitative Solutions Other Pooled Investment Vehicles" includes commingled insurance company separate accounts, commingled trust funds and other commingled investment vehicles. "PGIM Quantitative Solutions Other Accounts" includes single client accounts, managed accounts (which are counted as one account per managed account platform), asset allocation clients, and accounts of affiliates.

**PGIM Fixed Income** 

\*"Other Pooled Investment Vehicles" includes commingled insurance company separate accounts, commingled trust funds, non-US mutual funds, and collateralized debt obligation vehicles. For PGIM Fixed Income, "Other Accounts" includes single client accounts, managed accounts, and non-commingled, affiliated insurance accounts.

—Accounts are managed on a team basis. If a portfolio manager is a member of a team, any account managed by that team is included in the number of accounts and total assets for such portfolio manager (even if such portfolio manager is not primarily involved in the day-to-day management of the account).

**PORTFOLIO MANAGERS: COMPENSATION & CONFLICTS POLICIES**

**ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS—COMPENSATION AND CONFLICTS OF INTEREST.** Set forth below, for each portfolio manager, is an explanation of the structure of and method(s) used by each subadviser to determine, portfolio manager compensation. Also set forth below, for each portfolio manager, is an explanation of any material conflicts of interest that may arise between a portfolio manager's management of a Portfolio's investments and investments in other accounts.

**Jennison Associates LLC (Jennison)**

*COMPENSATION*. Jennison seeks to maintain a highly competitive compensation program designed to attract and retain outstanding investment professionals, which include portfolio managers and research analysts, and to align the interests of its investment professionals with those of its clients and overall firm results. Jennison recognizes individuals for their achievements and contributions and continues to promote those who exemplify the same values and level of commitment that are hallmarks of the organization.

Jennison sponsors a profit sharing retirement plan for all eligible employees. The contribution to the profit sharing retirement plan for portfolio managers is based on a percentage of the portfolio manager's total compensation, subject to a maximum determined by applicable law. In addition to eligibility to participate in retirement and welfare plans, senior investment professionals, including portfolio managers and senior research analysts, are eligible to participate in a voluntary deferred compensation program where all or a portion of the cash bonus can be deferred. Participants in the deferred compensation plan are permitted to allocate the deferred amounts among various options that track the gross-of-fee pre-tax performance of accounts or composites of accounts managed by Jennison.

Investment professionals are compensated with a combination of base salary and cash bonus. Overall firm profitability determines the size of the investment professional compensation pool. In general, the cash bonus represents the majority of an investment professional's compensation.

Investment professionals' total compensation is determined through a process that evaluates numerous qualitative and quantitative factors. Not all factors are applicable to every investment professional, and there is no particular weighting or formula for considering the factors.

The factors reviewed for the portfolio managers are listed below.

The quantitative factors reviewed for the portfolio managers may include:

■

One-, three-, five-year and longer term pre-tax investment performance for groupings of accounts managed in the same strategy (composite) relative to market conditions, pre-determined passive indices and industry peer group data for the product strategy (e.g., large cap growth, large cap value). Some portfolio managers may manage or contribute ideas to more than one product strategy, and the performance of the other product strategies is also considered in determining the portfolio manager's overall compensation.

■

The investment professional's contribution to client portfolio's pre-tax one-, three-, five-year and longer-term performance from the investment professional's recommended stocks relative to market conditions, the strategy's passive benchmarks, and the investment professional's respective coverage universes.

■

Market benchmarks.

■

Financial performance of product strategies.

The qualitative factors reviewed for the portfolio managers may include:

■

The quality of the portfolio manager's investment ideas and consistency of the portfolio manager's judgment;

■

Individual factors such as years of experience and responsibilities specific to the individual's role such as being a team leader or supervisor are also factored into the determination of an investment professional's total compensation; and

■

Long-term business potential of the product strategies.

*POTENTIAL CONFLICTS OF INTEREST.* Jennison manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management creates an incentive for Jennison and its investment professionals to favor one account over another. Specifically, Jennison has the incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

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Other types of side-by-side management of multiple accounts create incentives for Jennison to favor one account over another. Examples are detailed below, followed by a discussion of how Jennison addresses these conflicts.

■

*<u>Long only accounts/long-short accounts</u>*: Jennison manages accounts in strategies that hold only long securities positions as well as accounts in strategies that are permitted to sell securities short. As a result, Jennison would hold a long position in a security in some client accounts while selling the same security short in other client accounts. For example, Jennison permits quantitatively hedged strategies to short securities that are held long in other strategies. Jennison also permits securities that are held long by one fundamental portfolio manager to be held short by another fundamental portfolio manager. Additionally, Jennison permits securities that are held long in quantitatively derived strategies to be shorted by other strategies. The strategies that short a security that is held long by another strategy could lower the price for the security held long. Similarly, if a strategy is purchasing a security that is held short in other strategies, the strategies purchasing the security could increase the price of the security held short. By the same token, sales in a long only account can increase the value of a short position while shorting could create an opportunity to purchase a long position at a lower price. As a result, Jennison has conflicts of interest in determining the timing and direction of investments.

■

*<u>Multiple strategies</u>*: Jennison buys or sells, or directs or recommends that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, sometimes at different prices. At any time, Jennison executes trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client intructions. Different strategies that involve trading in the same securities or types of securities appear as inconsistencies in Jennison's management of multiple accounts side-by-side.

■

*<u>Investments at different levels of an issuer's capital structure:</u>* To the extent different clients invest across multiple strategies or asset classes, it is possible for Jennison to may invest their assets in the same issuer, but at different levels in the capital structure. As a result, these positions could be inconsistent or in potential or actual conflict with each other.

■

*<u>Affiliated and proprietary accounts</u>*: Jennison manages accounts for its affiliates and accounts in which it has an interest alongside unaffiliated accounts. This creates an incentive to favor its affiliated accounts over unaffiliated accounts. Additionally, Jennison's affiliated investment advisers could allocate their asset allocation clients' assets to Jennison, which creates an incentive for Jennison to favor accounts used by its affiliate for their asset allocation clients to receive more assets from the affiliate. Additionally, at times Jennison's affiliates provide initial funding or otherwise invest in vehicles managed by Jennison. When an affiliate provides "seed capital" or other capital for a fund or account, the affiliates reserve the right to redeem all or part of its interest at a particular future point in time or when it deems that sufficient additional capital has been invested in that fund or account. Jennison typically requests seed capital to start a track record for a new strategy or product. Managing "seeded" accounts alongside "non-seeded" accounts create an incentive to favor the "seeded" accounts to establish a track record for a new strategy or product.

■

*<u>Non-discretionary accounts or models</u>*: Jennison provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. Recommendations for some non-discretionary models that are derived from discretionary portfolios are communicated after the discretionary portfolio has traded. The non-discretionary clients could be disadvantaged if Jennison delivers the model investment portfolio to them after Jennison initiates trading for the discretionary clients. Discretionary clients could be disadvantaged if the non-discretionary clients receive their model investment portfolio and start trading before Jennison has started trading for the discretionary clients.

■

*<u>Higher fee paying accounts or products or strategies</u>*: In general, Jennison receives more revenues from (1) larger accounts or client relationships than smaller accounts or client relationships and from (2) managing discretionary accounts than advising non-discretionary models and from (3) non-wrap fee accounts than from wrap fee accounts and from (4) charging higher fees for some strategies than others. The differences in revenue that Jennison receives could create an incentive for Jennison to favor the higher fee paying or higher revenue generating account or product or strategy over another.

■

*<u>Personal interests</u>*: The performance of one or more accounts managed by Jennison's investment professionals is taken into consideration in determining their compensation. Jennison also manages accounts that are investment options in its employee benefit plans such as its defined contribution plans or deferred compensation arrangements and where its employees have personally invested alongside other accounts where there is no personal interest. These factors could create an incentive for Jennison to favor the accounts where it has a personal interest over accounts where Jennison does not have a personal interest.

■

*<u>Side Letters</u>*: Jennison has entered into side letters with respect to certain of the funds that Jennison manages, and will likely do so with respect to funds that Jennison manages in the future. Such side letters are agreements with investors in the funds (including affiliated investors) that grant such investors terms and conditions more advantageous than those granted to other investors. For example, some investors have side letters granting reduced fees or expenses, or access to more frequent or detailed information regarding the fund's investments to the extent permitted by applicable law. For certain investors in commingled funds managed by Jennison, Jennison rebates a portion of the management fee paid to it. The rebate is either reinvested into the fund on behalf of the investors or is paid to the investor in, as agreed with the investor. In some instances, Jennison could have multiple side letters with respect to a single fund, each with a different investor.

*How Jennison Addresses These Conflicts of Interest* 

The conflicts of interest described above create incentives for Jennison to favor one or more accounts or types of accounts over others in the allocation of investment opportunities, aggregation and timing of investments. Portfolios in a particular strategy with similar objectives are managed similarly to the extent possible. Accordingly, portfolio holdings and industry and sector exposure tend to be similar across a

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group of accounts in a strategy that have similar objectives, which tends to minimize the potential for conflicts of interest among accounts within a product strategy. While these accounts have many similarities, the investment performance of each account will be different primarily due to differences in guidelines, individual portfolio manager's decisions, timing of investments, fees, expenses and cash flows.

Additionally, Jennison has developed policies and procedures that seek to address, mitigate and assess these conflicts of interest.

■

Jennison has adopted trade aggregation and allocation procedures that seek to treat all clients (including affiliated accounts) fairly over time. These policies and procedures address the allocation of limited investment opportunities, such as IPOs and new issues, and the allocation of transactions across multiple accounts.

■

Jennison has policies that limit the ability to short securities in portfolios that primarily rely on its fundamental research and investment processes (fundamental portfolios) if the security is held long by the same portfolio manager.

■

Jennison has adopted procedures to review allocations or performance dispersion between accounts with performance fees and non-performance fee based accounts and to review overlapping long and short positions among long accounts and long-short accounts.

■

Jennison has adopted a code of ethics and policies relating to personal trading.

■

Jennison has adopted a conflicts of interest policy and procedures.

■

Jennison provides disclosure of these conflicts as described in its Form ADV brochure.

**PGIM, Inc. (PGIM)** 

***COMPENSATION.*** The base salary of an investment professional in the PGIM Credit investment group within PGIM is primarily based on market data relative to similar positions as well as the past performance, years of experience and scope of responsibility of the individual. PGIM Credit is allocated an overall incentive pool based on the investment and financial performance of the business. Incentive compensation for investment professionals, including the annual cash bonus, long term equity awards, and grants under PGIM's long term incentive plans, is based on such person's contribution to PGIM's goal of providing investment performance to clients consistent with portfolio objectives, guidelines, risk parameters, and its compliance risk management and other policies, and is determined through a holistic, discretionary assessment of multiple quantitative and qualitative factors, as well as market-based data such as compensation trends and levels of overall compensation for similar positions in the asset management industry. In addition, an investment professional's qualitative contributions to the organization and its commercial success are considered in determining incentive compensation. Incentive compensation is not determined solely or predominantly based on the performance of, or value of assets in, any single account or group of client accounts.

PGIM Limited has adopted a remuneration policy in relation to activities conducted through the entities authorized and regulated by the FCA in the United Kingdom. The remuneration policy is intended to be compliant with the United Kingdom's Investment Firms Prudential Regime ("IFPR") and governs the remuneration of PGIM Limited staff and "material risk takers" (including those that are based outside the United Kingdom) of PGIM Fixed Income investment sub group of PGIM Limited.

An investment professional's annual cash bonus is awarded after consideration of both corporate and individual performance and paid from an annual incentive pool. The pool is determined based on the overall financial performance of PGIM and allocated to investment groups by reference to their contribution to PGIM's financial performance, investment performance, and success against key strategic initiatives.

Long term compensation consists of Prudential Financial, Inc. ("Prudential Financial") restricted stock, and if applicable, grants under the long term incentive plan, grants under the targeted long term incentive plan, and, in connection with certain private funds, participation in carried interest or other performance based remuneration. The long term incentive plan is intended to align compensation with investment performance. The targeted long term incentive plan is intended to align the interests of certain of PGIM's investment professionals with the performance of the particular alternative investment strategies or commingled investment vehicles they manage. Grants under the long term incentive plan and targeted long term incentive plan are participation interests in notional accounts with a beginning value of a specified dollar amount. For the long term incentive plan, the value attributed to these notional accounts increases or decreases over a defined period of time based on the performance of investment composites representing a number of PGIM's investment strategies. With respect to targeted long term incentive awards, the value attributed to the notional accounts increases or decreases over a defined period of time based, as applicable, on the performance of either a composite of particular alternative investment strategies or a commingled investment vehicle. An investment composite is an aggregation of accounts with similar investment strategies. In addition, certain investment professionals receive carried interest or other performance based remuneration in connection with specific private funds or mandates, the terms of which are governed by the applicable fund or vehicle documentation. Select senior investment professionals also receive awards of Prudential Financial common stock, including through

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restricted stock awards or performance based equity awards, designed to align their interests with the long term financial performance of Prudential Financial. Each of the restricted stock awards, grants under the long term incentive plans, performance based equity awards, and carried interest arrangements is subject to applicable vesting, forfeiture, and other conditions.

***CONFLICTS OF INTEREST.*** Like other investment advisers, PGIM is subject to various conflicts of interest in the ordinary course of its business. PGIM strives to identify potential risks, including conflicts of interest, that are inherent in its business, and PGIM conducts annual conflict of interest reviews. However, it is not possible to identify every potential conflict that can arise. When actual or potential conflicts of interest are identified, PGIM seeks to address such conflicts through one or more of the following methods:

elimination of the conflict;

disclosure of the conflict; or

management of the conflict through the adoption of appropriate policies, procedures or other mitigants.

PGIM follows the policies of Prudential Financial on business ethics, personal securities trading, and information barriers. PGIM has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PGIM cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict arises or could potentially arise.

*Side-by-Side Management of Accounts and Related Conflicts of Interest.* PGIM's side-by-side management of multiple accounts gives rise to other conflicts of interest. The following conflicts of interest apply, directly and/or indirectly, to PGIM Credit in connection with side-by-side management.

*Performance Fees* – PGIM manages accounts with asset-based fees alongside accounts with performance-based fees. This side by side management creates an incentive for PGIM and its investment professionals to favor one account over another. Specifically, PGIM has an incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. Additionally, for new accounts or those "ramping up" where fees are not charged until the account reaches a certain size, PGIM has an incentive to allocate investments to increase and accelerate its fees.

*Affiliated Accounts* – PGIM manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM could be considered to have a financial incentive to prefer accounts of affiliates over others. Additionally, at times, PGIM's affiliates provide initial funding or otherwise invest in vehicles managed by it, for example by providing "seed capital" for a fund or account. Managing "seeded" accounts alongside "non-seeded" accounts creates an incentive to favor the "seeded" accounts to establish a track record for a new strategy or product and possibly earn a higher return for PGIM's affiliate. In addition, PGIM's affiliated investment advisers from time to time allocate their asset allocation clients' assets to PGIM. PGIM has an incentive to favor accounts used by its affiliates for their asset allocation clients to receive more assets from its affiliates. Furthermore, affiliated clients and certain other clients request and receive greater transparency, operational support, training, or other resources, in each case as permitted under applicable law. For example, representatives of Prudential Financial, the general account of The Prudential Insurance Company of America ("PICA") and accounts of other affiliates that are responsible for assessing Prudential Financial's enterprise investment risk have access to information about PGIM's assets under management, including for third parties, that is not made available to unaffiliated clients unless required by applicable law. This information does not include specific unaffiliated client identifying information or portfolio information for clients that have prohibited PGIM from sharing such information with affiliates.

*Larger Accounts/Higher Fee Strategies* - Larger account clients typically generate more revenue than do smaller accounts or clients and certain of PGIM's strategies have higher fees than others. As a result, a portfolio manager could have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM (or which it believes would generate more revenue in the future).

*Long Only and Long/Short Accounts* - PGIM manages accounts that only allow it to hold securities long as well as accounts that permit short selling. As a result, there are times when PGIM sells a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. Conversely, purchases for long only accounts could have a negative impact on the short positions in long/short accounts. Consequently, PGIM has conflicts of interest in determining the timing and direction of investments.

*Securities of the Same Kind or Class* - PGIM sometimes buys or sells, or directs or recommends that a client buy or sell, securities of the same kind or class that are purchased or sold for another client at prices that could be different. Although such pricing differences could appear as preferences for one client over another, PGIM's trade execution in each case is driven by its consideration of a variety of factors consistent with its duty to seek best execution. There are times when PGIM executes trades in securities of the same kind or

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class in one direction for an account and in the opposite direction for another account, or it determines not to trade securities in one or more accounts while trading for others. While such trades (or a decision not to trade) could appear inconsistent in how PGIM views or treats a security for one client versus another, they generally result from differences in investment strategy, portfolio composition or client direction.

*Investment at Different Levels of an Issuer's Capital Structure* - There are times when PGIM invests client assets in the same issuer, but at different levels in the issuer's capital structure. This could occur, for instance, when a client holds private securities or loans of an issuer and other clients hold publicly traded securities of the same issuer or where investors receive substitute securities in a reorganization or corporate action. This could also occur where different clients invest in different parts of a corporate structure (such as an issuer and its parent or subsidiary), in obligations secured by different collateral, or in separate investments made at different times in the same issuer. Additionally, PGIM could invest certain client assets in a class or tranche of securities of a securitized finance vehicle (such as a collateralized loan obligation, asset-backed security or mortgage-backed security) while simultaneously investing one or more clients in different classes or tranches of securities within the same vehicle. These different securities can have varying voting rights, dividend or repayment priorities, rights in bankruptcy, or other features that conflict with one another. In some cases - particularly with private securitized products and asset-based finance investments where clients own all or a significant portion of the outstanding securities or obligations - PGIM has input regarding the characteristics and the relative rights and priorities of the various classes or tranches.

When PGIM invests client assets in different levels of an issuer's capital structure, it is permitted to take actions with respect to the assets held by one client (including affiliated clients) that are potentially adverse to other clients, for example, by foreclosing on loans or by putting an issuer into default or involuntary bankruptcy proceedings. Conflicts can arise both at the time an investment is made and over the life of the investment, including where PGIM makes follow-on or additional investments in an issuer, or structures a new investment, with awareness of existing investments held by other clients or affiliated accounts. In negotiating the terms and conditions of an investment, or any subsequent amendments, actions, or waivers, PGIM could find that the interests of a client and the interests of one or more other clients (including affiliated clients) could conflict, including where an investment is structured and the proceeds are used, in whole or in part, to pay down or refinance existing positions in the same issuer held by other clients or affiliated accounts. In addition, decisions over consent solicitation, corporate reorganizations, how to exit an investment, bankruptcy matters (including, for example, whether to trigger an event of default, involuntary bankruptcy proceedings, or the terms of any workout) or other actions or inactions can result in conflicts of interest. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interest (including potential conflicts over proposed waivers and amendments to debt covenants). For example, a senior bond holder or lender might prefer a liquidation of the issuer in which it could be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders or junior bond holders.

There will be times when PGIM refrains from taking certain actions (including participating in workouts and restructurings) or making investments on behalf of certain clients or where PGIM determines to sell investments for certain clients, in each case in order to mitigate conflicts of interest or legal, regulatory or other risks to PGIM. This could potentially disadvantage the clients on whose behalf the actions are not taken, investments are not made, or investments are sold. Conversely, in other cases, PGIM will not refrain from taking such actions or making investments on behalf of some clients (including affiliated clients), which could potentially disadvantage other clients. Any of the foregoing (or similar) conflicts of interest will be resolved or managed on a case-by-case basis (including, where determined to be required, by escalating matters to, and seeking direction and guidance from, senior management). Any such resolution will take into consideration the interests of the relevant clients, the circumstances giving rise to the conflict and applicable laws.

*Financial Interests of Investment Professionals* - PGIM investment professionals from time to time invest in certain investment vehicles that it manages, including exchange-traded funds ("ETFs"), mutual funds, private funds and (through a retirement plan) collective investment trusts. Certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial. In addition, the value of grants under PGIM's long-term incentive plan and targeted long-term incentive plan are affected by the performance of certain client accounts. As a result, PGIM investment professionals have financial interests in accounts managed by PGIM and/or that are related to the performance of certain client accounts.

*Firm-Provided Financing and Forgivable Loan Arrangements:* From time to time, PGIM provides financing to certain investment professionals to facilitate their participation in private funds that PGIM manages, including through forgivable loan arrangements that constitute additional compensation. These arrangements could reduce the personal capital at risk for such professionals and therefore incentivize them to accept greater investment risk or to favor these funds in investment or product recommendations. Any credit, repayment, or loss risk associated with such financings is borne by PGIM and does not impact the assets, performance, or returns of any client account or fund.

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*Non-Discretionary/Limited Discretion Accounts* - PGIM provides non-discretionary and limited discretion investment advice to some clients and manages others on a fully discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients can be disadvantaged if PGIM delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa. Furthermore, a non-discretionary/limited discretion client might not be able to participate in trades if there is a delay in receiving such client's direction or consent. In some cases, when such a client requests additional information prior to giving its direction or consent, PGIM is prohibited from sharing information because, for example, the information is non-public.

*Co-Investments* - From time to time, PGIM offers certain entities ("Co-Investors") co-investment opportunities, in which these Co-Investors will be offered the opportunity to participate directly in certain investments that PGIM is making for its clients (including funds that it manages). Co-investment opportunities may be offered to current clients, investors in PGIM funds or other third parties. Except to the extent a client or investor has entered into an agreement pursuant to which PGIM has granted such client or investor a right with respect to co-investment opportunities, clients and investors should be aware that they have no such right and should not expect that they will be offered any co-investment opportunities.

Generally, PGIM's decision to grant co-investment rights will be based on the expectation of a commercial benefit to PGIM from a potential Co-Investor, such as increased management fees or other compensation resulting from a continued, increased or future investment in funds or accounts PGIM manages by such potential Co-Investor. Other factors PGIM considers in deciding whether or not to grant co-investment rights include: (i) whether a potential Co-Investor has demonstrated, or has the potential to demonstrate, a long-term and/or continuing commitment to the potential success of PGIM or its products; (ii) their assessment of a potential Co-Investor's ability to timely execute and fund co-investment opportunities; (iii) whether a potential Co-Investor has a history of successfully participating in co-investment programs; and (iv) the overall strategic value to PGIM of offering a co-investment opportunity to such potential Co-Investor.

PGIM has the ability to grant co-investment opportunities to Co-Investors on terms and conditions that are more favorable than those offered to its other clients and investors. For example, such terms could include:

Management fees and/or incentive compensation (including carried interest) that are reduced or waived;

Rights to participate in follow-on investments; and

With respect to investments held by Co-investors, rights to be notified of sales of the same or similar investments by their other clients and rights to participate alongside such clients in the sale of investments held by Co-investors.

Co-investment opportunities will be offered to Co-Investors irrespective of whether the available investment opportunity exceeds the aggregate appetite of PGIM's other client accounts for such investment. Accordingly, the participation of a Co-Investor will, under some circumstances, reduce the amount of the investment opportunity available to PGIM's other clients. This presents a conflict of interest in allocating investment opportunities because PGIM can be considered to have the incentive to allocate a greater portion of an investment opportunity to a Co-Investor than it otherwise would because of the potential commercial benefit to them from the co-investment relationship.

*Transactions Involving Affiliates* - Certain client accounts, from time to time, engage in transactions with PGIM's affiliates. These transactions include purchasing investments from or through affiliated entities, investing alongside affiliates in certain investments (such as co-lending transactions), or investing in entities in which affiliates hold interests. In all such cases, PGIM will comply with applicable fiduciary and legal requirements, including, where applicable, making a good-faith determination that such transactions are conducted on terms and conditions consistent with those available from an unaffiliated third party in an arm's-length transaction.

For certain transactions, such as participations in promissory notes held by Prudential Financial affiliates (including the general account of insurance company affiliates), the terms will be established in a manner designed to ensure that the investor is treated fairly, taking into account all relevant facts and circumstances and the commercial understanding of the parties.

*Reliance on Affiliates for Critical Information* - For certain accounts and/or funds, PGIM relies on affiliated entities for important information, including asset valuations, accounting information, and risk metrics. Differences in methodologies, judgments, or opinions among PGIM, its affiliates, and its clients could affect portfolio management decisions and reporting and give rise to potential conflicts of interest.

*Side Letters* - PGIM has entered into side letters with respect to certain of the private funds that it manages, and might do so with respect to funds that it manages in the future. Such side letters grant such investors (including affiliated accounts) terms and conditions more advantageous than those granted to other investors. For example, some investors have side letters with "most favored nation"

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(MFN) provisions granting reduced fees or expenses, or access to more frequent or detailed information regarding the fund's investments. PGIM could have multiple side letters with respect to a single fund, each with a different investor. PGIM, in its sole discretion, shall determine whether a client meets the necessary criteria and characterization to elect terms or rights under any such MFN provision. Except as otherwise agreed with a client, PGIM is not required to disclose the terms of its side letters with other investors or clients.

*Hedging* – PGIM sometimes hedges a portion of the investments it manages for one client while not hedging a similar investment in the same issuer for another client. Consequently, the two similar investments (inclusive of the hedge) might have different economic values as a result of the hedge which could influence PGIM's management of the investments, including the timing of the disposition of the investments.

*How PGIM Addresses These Conflicts of Interest.*

PGIM has established policies and procedures to address conflicts of interest that can arise from managing different types of client accounts. PGIM's approach includes regular oversight, trade allocation reviews, and compliance monitoring to detect and manage potential conflicts. As part of this process, PGIM's compliance group periodically conducts supervisory reviews of new issue allocations and related documentation to confirm adherence to PGIM policies. Additionally, PGIM utilizes committees or independent reviewers for certain funds to help resolve issues transparently and in the best interests of all clients. PGIM's primary objective is to act in good faith and fulfill its fiduciary duties, making investment decisions independently and for the benefit of each client.

*Conflicts Related to PGIM's Affiliations.* As an indirect wholly-owned subsidiary of Prudential Financial, PGIM, Inc. and PGIM Limited are part of a diversified, global financial services organization. PGIM is affiliated with many types of U.S. and non-U.S. financial service providers, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. In addition, certain PGIM employees are officers of and/or provide services to some of these affiliates.

*Conflicts Related to Investment of Client Assets in Affiliated Funds*. PGIM invests client assets in funds and other products that it or its affiliates manage or sub-advise, which, if applicable, include collateralized loan obligations ("CLOs") or similar vehicles. In these situations, PGIM could be considered to have a financial incentive to favor affiliated funds or products over those managed by unaffiliated parties. Investments in such affiliated vehicles can benefit PGIM and/or its affiliates by increasing assets under management and fees PGIM or its affiliates receive. Additionally, PGIM or its affiliates, in certain instances, have authority to take actions on behalf of client accounts that could result in additional fees being paid to PGIM or its affiliates. For example, actions taken with respect to CLOs—including decisions regarding restructuring or resetting such vehicles—create circumstances where fees are earned for an extended period. In some cases, clients hold significant interests in these vehicles, which could provide PGIM or its affiliates with the ability to influence decisions that could result in additional fees. While PGIM may offset, rebate, or otherwise reduce its fees for investments in affiliated funds or products, these measures do not always eliminate the conflict, as PGIM still has incentives to favor affiliated options. Further, if PGIM's affiliates provide initial funding to or otherwise invest in affiliated funds, PGIM could have an incentive to allocate client assets to such funds to facilitate the redemption of its affiliates' interests. From time to time, PGIM also invests cash collateral from securities lending in some affiliated vehicles.

*Conflicts Related to Referral Fees to Affiliates*. From time to time, PGIM has arrangements where PGIM compensates affiliated parties for client referrals. PGIM also has arrangements with an affiliated entity or person which provide for payments to an affiliate if certain investments by others are made in certain of PGIM's products or if PGIM establishes certain other advisory relationships. These investments benefit both PGIM and its affiliates through increasing assets under management and fees.

*Conflicts Related to Co-investment by Affiliates*. PGIM affiliates provide initial funding to or otherwise invest in certain vehicles it manages. When certain of its affiliates provide "seed capital" or other capital for a fund, they generally do so with the intention of redeeming all or part of their interest at a future point in time or when they deem that sufficient additional capital has been invested in that fund.

The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund could be more liquid at the time of the affiliate's redemption than it is at times when other investors wish to withdraw all or part of their interests.

In addition, a consequence of any withdrawal of a significant amount, including by an affiliate, is that investors remaining in the fund will bear a proportionately higher share of fund expenses following the redemption.

PGIM could also face a conflict if the interests of an affiliated investor in a fund it manages diverge from those of the fund or other investors. For example, PGIM affiliates, from time to time, hedge some or all of the risks associated with their investments in certain funds PGIM manages. In certain instances, PGIM provides assistance in connection with this hedging activity.

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*Insurance Affiliate General Accounts*. Because of the substantial size of the general accounts of PGIM's affiliated insurance companies (the "Insurance Affiliates"), trading by these general accounts, including PGIM's trades on behalf of the accounts, may affect the market prices or limit the availability of the securities or instruments transacted. Although PGIM does not expect that the general accounts of affiliated insurers will execute transactions that will move a market frequently, and generally only in response to unusual market or issuer events, the execution of these transactions could have an adverse effect on transactions for or positions held by other clients.

*Conflicts Related to Financial Interests and the Financial Interests of Affiliates* 

Prudential Financial, the general accounts of the Insurance Affiliates, PGIM and other affiliates of PGIM at times have financial interests in, or with, companies whose securities or related instruments PGIM holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM or to the Prudential Financial enterprise. At any time, these interests and relationships could be inconsistent or in conflict with positions held or actions taken by PGIM on behalf of its client accounts. For example:

PGIM invests in the securities of one or more clients for the accounts of other clients.

PGIM's affiliates sell various products and/or services to certain companies whose securities PGIM purchases and sells for its clients.

PGIM invests in the debt securities of companies whose equity is held by affiliates.

PGIM's affiliates hold public and private debt and equity securities of a large number of issuers. PGIM invests in some of the same issuers for its client accounts. For example:

Affiliated accounts have held and can in the future hold the senior debt of an issuer whose subordinated debt is held by PGIM's clients or hold secured debt of an issuer whose public unsecured debt is held in client accounts. See "Investment at Different Levels of an Issuer's Capital Structure" above for additional information regarding conflicts of interest resulting from investment at different levels of an issuer's capital structure.

To the extent permitted by applicable law, PGIM can also invest client assets in offerings of securities the proceeds of which are used to repay debt obligations held in affiliated accounts or other client accounts. PGIM's interest in having the debt repaid creates a conflict of interest. PGIM has adopted a refinancing policy to address this conflict.

Certain of PGIM's affiliates' directors or officers are directors or officers of issuers in which PGIM invests from time to time. These issuers could also be service providers to PGIM or its affiliates.

In addition, PGIM can invest client assets in securities backed by commercial mortgage loans that were originated or are serviced by an affiliate.

In general, conflicts related to the financial interests described above are addressed by the fact that PGIM makes investment decisions for each client independently considering the best economic interests of such client, under the circumstances.

*Conflicts Arising Out of Legal and Regulatory Restrictions.* 

At times, PGIM is restricted by law, regulation, executive order, contract or other constraints as to how much, if any, of a particular security it can purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of its relationship with Prudential Financial and other affiliates. For example, PGIM does not purchase securities issued by Prudential Financial for client accounts.

In certain instances, PGIM's ability to buy or sell or transact for one or more client accounts will be constrained as a result of its voluntary or involuntary receipt of material non-public information ("MNPI"), various insider trading laws and related legal requirements. For example, PGIM would generally be unable to invest in, divest securities of or share investment analyses regarding companies or other securities issuers for which it possesses MNPI, and such inability (which could last for an uncertain period of time until the information is no longer deemed material or non-public) can result in it being unable to buy, sell or transact for one or more client accounts or to take other actions that would otherwise be to the benefit of one or more clients.

PGIM faces conflicts of interest in determining whether to accept MNPI. For example, PGIM has sought with respect to the management of investments in certain loans for clients, to retain the ability to purchase and sell other securities in the borrower's capital structure by remaining "public" on the loan. In such cases, PGIM will seek to avoid receiving MNPI about the borrowers to which an account can or expects to lend or has lent (through assignments, participations or otherwise), which could place an account at an information disadvantage relative to other accounts and lenders. Conversely, PGIM has chosen to receive MNPI about certain borrowers/issuers for its clients that invest in bank loans, securities, or private debt instruments, which has restricted its ability to trade in other securities of

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the borrowers/issuers for its clients that invest in corporate bonds or other public securities. In addition, as a result of PGIM's integrated business structure and its work with affiliated entities, including interactions among investment groups within PGIM, it might from time to time become exposed to MNPI in connection with advisory or related activities conducted for or alongside affiliates.

PGIM's holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. These aggregated holdings are centrally tracked and PGIM or Prudential Financial can choose to restrict purchases, sell existing positions, or otherwise restrict, forgo, or limit the exercise of rights to avoid crossing such thresholds because of the potential consequences to PGIM or Prudential Financial if such thresholds are exceeded. In some cases, these restrictions or sales could have an adverse impact on client account performance or PGIM's ability to exercise certain rights typically associated with an investment.

Legal and regulatory constraints could limit certain client accounts from participating in specific investment transactions with others. Consequently, PGIM might allocate these opportunities in a manner that excludes some accounts, even if they could benefit.

PGIM advises a range of clients, including closed-end management investment companies registered under the Investment Company Act of 1940 or regulated as business development companies ("PGIM Regulated Funds"). When PGIM identifies an investment opportunity that aligns with the objectives of multiple clients—including PGIM Regulated Funds and other PGIM Credit clients—it may seek to have these clients invest together. However, the Investment Company Act and related SEC rules place strict limitations on "joint transactions"—that is, situations where two or more affiliated entities invest together and negotiate terms beyond price—which are generally prohibited unless the SEC grants an exemptive order. PGIM has obtained such an exemptive order from the SEC (the "Co-Investment Order"). This order allows PGIM to coordinate co-investments among certain PGIM Regulated Funds and other clients under specific conditions. Despite this exemption, regulatory requirements can still limit PGIM's flexibility. For example, PGIM cannot always allocate investments in different parts of a company's capital structure among all interested clients, and certain clients may be excluded from specific investments. Compliance with the Co-Investment Order can also reduce individual allocations or delay investment execution. PGIM has established policies and controls to address these regulatory requirements, but it cannot eliminate all limitations or conflicts. The Co-Investment Order does not guarantee that every client will be able to participate in each opportunity or that investments will always be successful. In practice, allocating opportunities among a broader group of clients may reduce individual allocations and slow the investment process.

*Conflicts Related to Investment Consultants.* Many of PGIM's clients and prospective clients retain investment consultants (including discretionary investment managers and OCIO providers) to advise them on the selection and review of investment managers (including with respect to the selection of investment funds). PGIM has dealings with these investment consultants in their roles as discretionary managers or non-discretionary advisers to their clients. PGIM also has independent business relationships with investment consultants.

PGIM provides investment consultants with information about accounts that it manages for the consultant's clients (and similarly, PGIM provides information about funds in which such clients are invested), in each case pursuant to authorization from the clients. PGIM also provides information regarding its investment strategies to investment consultants, who use that information in connection with searches that they conduct for their clients. PGIM often responds to requests for proposals in connection with those searches.

Other interactions PGIM has with investment consultants include the following:

it provides advisory services to the proprietary accounts of investment consultants and/or their affiliates, and advisory services to funds offered by investment consultants and/or their affiliates;

it invites investment consultants to events or other entertainment hosted by PGIM;

it purchases software applications, market data, access to databases, technology services and other products or services from certain investment consultants; and

it sometimes pays for the opportunity to participate in conferences organized by investment consultants.

PGIM will provide clients with information about its relationship with the client's investment consultant upon request. In general, PGIM relies on the investment consultant to make the appropriate disclosure to its clients of any conflict that the investment consultant believes to exist due to its business relationships with PGIM.

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A client's relationship with an investment consultant could result in restrictions in the eligible securities or trading counterparties for the client's account. For example, accounts of certain clients (including clients that are subject to ERISA) can be restricted from investing in securities issued by the client's consultant or its affiliates and from trading with, or participating in transactions involving, counterparties that are affiliated with the investment consultant. In some cases, these restrictions could have a material impact on account performance.

*Conflicts Related to Service Providers.* PGIM retains third party advisors and other service providers to provide various services for PGIM as well as for funds that PGIM manages or sub-advises. Some service providers provide services to PGIM Credit or one of its funds while also providing services to other PGIM or PGIM Limited units, other PGIM or PGIM Limited advised funds, or affiliates of PGIM or PGIM Limited, and negotiate rates in the context of the overall relationship. PGIM can benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM will be able to obtain or maintain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that PGIM will know of such negotiated fee rates.

*Conflicts Related to Valuation and Fees.* 

When client accounts hold illiquid or difficult to value investments, PGIM faces a conflict of interest when it makes recommendations regarding the value of such investments since its fees are generally based on the value of assets under management. PGIM could be viewed as having an incentive to provide higher valuations. PGIM has valuation policies and procedures that it believes mitigate this conflict effectively and enable it to value client assets fairly and in a manner that is consistent with the client's best interests. This conflict generally does not exist and is further mitigated or eliminated in circumstances where fees are calculated from custodian and/or administrator pricing and not PGIM's internal valuations.

*Conflicts Related to Securities Lending and Reverse Repurchase Fees.* 

In certain cases, when PGIM manages a client account and serves as securities lending agent and/or engage in reverse repurchase transactions for the account, PGIM is compensated for its securities lending and reverse repurchase services by receiving a portion of the proceeds generated from the securities lending and reverse repurchase activities of the account. In cases where PGIM is compensated in this manner, it could be considered to have an incentive to invest in securities that would generate higher securities lending and reverse repurchase returns, even if these investments were not otherwise in the best interest of the client account. In addition, if PGIM is acting as securities lending agent and providing reverse repurchase services for the same client, PGIM has an incentive to select the option that generates higher proceeds for itself.

*Conflicts Related to Long Term Compensation.* As a result of the long term incentive plan, targeted long term incentive plan, carried interest arrangements, and equity based compensation awards, PGIM's portfolio managers and other investment professionals from time to time have financial interests related to the investment performance of some, but not all, of the accounts or investment vehicles they manage. For example, the performance of some client accounts is not reflected in the calculation of changes in the value of participation interests under PGIM's long term incentive plan. This may be because the composite representing the strategy in which the account is managed is not one of the composites included in the calculation or because the account is excluded from a specified composite due to guideline restrictions or other factors. In addition, the performance of only a limited number of its investment strategies is covered under PGIM's targeted long term incentive plan. Further, for certain PGIM investment professionals, participation interests in the targeted long term incentive plan or carried interest arrangements can constitute a significant percentage of their total long term compensation. These compensation arrangements could create potential conflicts of interest by providing investment professionals with an economic incentive to favor certain strategies, investment vehicles, or accounts over others. To address these potential conflicts, PGIM has procedures, including trade allocation procedures, designed to confirm that each of its client accounts is managed in a manner that is consistent with PGIM's fiduciary obligations, as well as with the account's investment objectives, investment strategies, and restrictions.

*Conflicts Related to the Offer and Sale of Securities.* Certain of PGIM's employees offer and sell securities of, and interests in, commingled funds that it manages. Employees offer and sell securities in connection with their roles as registered representatives of an affiliated broker-dealer, officers of an affiliated trust company, agents of the Insurance Affiliates, approved persons of an affiliated investment adviser or other roles related to such commingled funds. There could be an incentive for PGIM's employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to it. In addition, such sales could result in increased compensation to the employee.

*Conflicts Related to Employee/Investment Professional Trading.* Personal trading by PGIM employees creates a conflict when they are trading the same securities or types of securities as PGIM trades on behalf of its clients. This conflict is mitigated by PGIM's personal trading standards and procedures.

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*Conflicts Related to Outside Business Activity*. From time to time, certain of PGIM employees or officers engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM's personal conflicts of interest and outside business activities policy, and may be restricted or denied if conflicts cannot be managed. Actual and potential conflicts of interest are analyzed during such approval process. PGIM could be restricted from trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activities, obtains material, non-public information regarding an issuer.

**PGIM Investments LLC (PGIM Investments)**

*PORTFOLIO MANAGER COMPENSATION.* Prudential provides compensation opportunities to eligible employees to motivate and reward the achievement of outstanding results by providing market-based programs that:

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Attract and reward highly qualified employees

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Align with critical business goals and objectives

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Link to the performance results relevant to the business segment and Prudential

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Retain top performers

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Pay for results and differentiate levels of performance

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Foster behaviors and contributions that promote Prudential's success

The components of compensation for a Vice President in PGIM Investments consists of base salary, annual incentive compensation and long term incentive compensation.

*Base Pay Overview:* The Prudential compensation structure is organized in grades, each with its own minimum and maximum base pay (i.e., salary). The grades reflect pay patterns in the market. Each job in the plan—from CEO through an entry-level job—is included in one of the grades. The main determinant of placement in the base pay structure is market data. On an annual basis, Corporate Compensation collects and analyzes market data to determine if any change to the placement of job in the structure is necessary to maintain market competitiveness. If necessary, structural compensation changes (e.g., increases to base pay minimum and maximums) will be effective on the plan's effective date for base pay increases.

*Annual Incentive Compensation Overview:* The plan provides an opportunity for all participants to share in the annual results of Prudential, as well as the results of their division or profit center. Results are reviewed and incentive payments are made as early as practicable after the close of the plan year. Incentive payments are awarded based on organizational performance—which determines the available dollar amounts—and individual performance. Individual performance will be evaluated on the basis of contributions relative to others in the organization. Incentive payments are granted from a budgeted amount of money that is made available by the Company. Initial budgets are developed by determining the competitive market rates for incentives as compared to our comparator companies. Each organization's budget pool may be increased or decreased based on organizational performance. Organizational performance is determined by a review of performance relative to our comparator group, as well as key measures indicated in our business plan, such as Return on Required Equity (RORE), earnings and revenue growth.

*Long Term Incentive Compensation Overview:* In addition, executives at the Vice President level and above are eligible to participate in a long term incentive program to provide an ownership stake in Prudential Financial. Long-Term incentives currently consist of restricted stock and stock options. The stock options vest <sup>1</sup>∕3 per year over 3 years and the restricted stock vests 100% at the end of 3 years.

*CONFLICTS OF INTEREST.* PGIM Investments follows Prudential Financial's policies on business ethics, personal securities trading by investment personnel, and information barriers and has adopted a code of ethics, allocation policies, supervisory procedures and conflicts of interest policies, among other policies and procedures, which are designed to ensure that clients are not harmed by these potential or actual conflicts of interests; however, there is no guarantee that such policies and procedures will detect and ensure avoidance, disclosure or mitigation of each and every situation in which a conflict may arise.

**PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions)**

*COMPENSATION.* PGIM Quantitative Solutions' investment professionals are compensated through a combination of base salary, a performance-based annual cash incentive bonus and an annual long-term incentive grant. PGIM Quantitative Solutions regularly utilizes third party surveys to compare its compensation program against leading asset management firms to monitor competitiveness.

An investment professional's incentive compensation, including both the annual cash bonus and long-term incentive grant, is largely driven by a person's contribution to PGIM Quantitative Solutions' goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters, as well as such person's qualitative contributions to the organization. An investment professional's long-term incentive grant is currently divided into two components: (i) 80% of the value of the grant is based on the performance of certain PGIM Quantitative Solutions strategies, and (ii) 20% of the value of the grant consists of restricted stock of Prudential Financial, Inc. (PGIM Quantitative Solutions' ultimate parent company). Both such values are subject to increase or decrease.

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The long-term incentive grants are subject to vesting requirements. The incentive compensation of each investment professional is not based solely or directly on the performance of the Portfolio (or any other individual account managed by PGIM Quantitative Solutions) or the value of the assets of the Portfolio (or any other individual account managed by PGIM Quantitative Solutions). The annual cash bonus pool is determined by business results as measured by PGIM Quantitative Solutions' pretax income.

*CONFLICTS OF INTEREST*. Like other investment advisers, PGIM Quantitative Solutions is subject to various conflicts of interest in the ordinary course of its business. PGIM Quantitative Solutions strives to identify potential risks, including conflicts of interest, that are inherent in its business, and conducts annual conflict of interest reviews. When actual or potential conflicts of interest are identified, PGIM Quantitative Solutions seeks to address such conflicts through one or more of the following methods:

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Elimination of the conflict;

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Disclosure of the conflict; or

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Management of the conflict through the adoption of appropriate policies and procedures.

PGIM Quantitative Solutions follows Prudential Financial's policies on business ethics, personal securities trading, and information barriers. PGIM Quantitative Solutions has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PGIM Quantitative Solutions cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict can arise.

*Side-by-Side Management of Accounts and Related Conflicts of Interest.* Side-by-side management of multiple accounts could create incentives for PGIM Quantitative Solutions to favor one account over another. Examples are detailed below, followed by a discussion of how PGIM Quantitative Solutions addresses these conflicts.

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*Asset-Based Fees vs. Performance-Based Fees; Other Fee Considerations*. PGIM Quantitative Solutions manages accounts with asset-based fees alongside accounts with performance-based fees. Asset-based fees are calculated based on the value of a client's portfolio at periodic measurement dates or over specified periods of time. Performance-based fees are generally based on a share of the total return of a portfolio, and could offer greater upside potential to PGIM Quantitative Solutions than asset-based fees, depending on how the fees are structured. This side-by-side management could create an incentive for PGIM Quantitative Solutions to favor one account over another. Specifically, PGIM Quantitative Solutions could have the incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. In addition, since fees are negotiable, one client may be paying a higher fee than another client with similar investment objectives or goals. In negotiating fees, PGIM Quantitative Solutions takes into account a number of factors including, but not limited to, the investment strategy, the size of a portfolio being managed, the relationship with the client, and the required level of service. Fees may also differ based on account type. For example, fees for commingled vehicles, including those that PGIM Quantitative Solutions subadvises, may differ from fees charged for single client accounts.

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*Long Only/Long-Short Accounts.* PGIM Quantitative Solutions manages accounts that only allow it to hold securities long as well as accounts that permit short selling. PGIM Quantitative Solutions may, therefore, sell a security short in some client accounts while holding the same security long in other client accounts, creating the possibility that PGIM Quantitative Solutions is taking inconsistent positions with respect to a particular security in different client accounts.

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*Compensation/Benefit Plan Accounts/Other Investments by Investment Professionals*. PGIM Quantitative Solutions manages certain funds and strategies whose performance is considered in determining long-term incentive plan benefits for certain investment professionals. Investment professionals involved in the management of those accounts in these strategies have an incentive to favor them over other accounts they manage in order to increase their compensation. Additionally, PGIM Quantitative Solutions' investment professionals could have an interest in funds in those strategies if the funds are chosen as options in their 401(k) or deferred compensation plans offered by Prudential or if they otherwise invest in those funds directly.

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*Affiliated Accounts.* PGIM Quantitative Solutions manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Quantitative Solutions could have an incentive to favor accounts of affiliates over others.

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*Non-Discretionary Accounts or Model Portfolios.* PGIM Quantitative Solutions provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. When PGIM Quantitative Solutions manages accounts on a non-discretionary basis, the investment team will typically deliver a model portfolio to a non-discretionary client at or around the same time as executive discretionary trades in the same strategy. The non-discretionary clients could be disadvantaged if PGIM Quantitative Solutions delivers the model investment portfolio to them after it initiates trading for the discretionary clients, or vice versa.

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*Large Accounts/Higher Fee Strategies*. Large accounts typically generate more revenue than do smaller accounts and certain strategies have higher fees than others. As a result, a portfolio manager has an incentive when allocating investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Quantitative Solutions.

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*Securities of the Same Kind or Class.* PGIM Quantitative Solutions sometimes buys or sells or directs or recommends that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that are different. Although such pricing differences could appear as preferences for one client over another, PGIM Quantitative Solutions' trade execution in each case is driven by its consideration of a variety of factors as we seek the most advantageous terms reasonably attainable in the

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circumstances. PGIM Quantitative Solutions could also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, or not trade in any other account. Opposite way trades are generally due to differences in investment strategy, portfolio composition, or client direction.

*How PGIM Quantitative Solutions Addresses These Conflicts of Interest.* The conflicts of interest described above with respect to different types of side-by-side management could influence PGIM Quantitative Solutions' allocation of investment opportunities as well as its timing, aggregation and allocation of trades. PGIM Quantitative Solutions has developed policies and procedures designed to address these conflicts of interest. PGIM Quantitative Solutions' Conflicts of Interest and related policies stress that investment decisions are to be made in accordance with the fiduciary duties owed to each account without giving consideration to PGIM Quantitative Solutions or PGIM Quantitative Solutions personnel's pecuniary, investment or other financial interests.

In keeping with its fiduciary obligations, PGIM Quantitative Solutions' policies with respect to allocation and aggregation are to treat all of its accounts fairly and equitably over time. PGIM Quantitative Solutions' investment strategies generally require that PGIM Quantitative Solutions invest its clients' assets in securities that are publicly traded. PGIM Quantitative Solutions generally does not participate in IPOs. PGIM Quantitative Solutions' investment strategies are team managed, reducing the likelihood that one portfolio would be favored over other portfolios managed by the team. These factors reduce the risk that PGIM Quantitative Solutions could favor one client over another in the allocation of investment opportunities.

Our investment teams, portfolio managers, and Chief Investment Officer (CIO) review account trading and performance attribution on a regular basis to verify that all accounts are managed fairly and consistently with expectations for each strategy. The teams also review plans for upcoming trading activity for each strategy and group of client accounts. The investment teams also review monthly performance of all accounts, as independently prepared by PGIM Quantitative Solutions Operations, to consider any deviations between accounts and benchmarks or between similarly managed accounts. Additionally, a review of trade costs is prepared by the head of trading and the CIO and presented to the Trade Management Oversight Committee during their semi-annual meeting.

With respect to PGIM Quantitative Solutions' management of long-short and long only accounts, the security weightings (positive or negative) in each account are always determined by a quantitative algorithm.

*PGIM Quantitative Solutions' Relationships with Affiliates and Related Conflicts of Interest.* As an indirect wholly-owned subsidiary of Prudential Financial, PGIM Quantitative Solutions is part of a diversified, global financial services organization. It is affiliated with many types of US and non-US financial service providers, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. Some of its employees are officers of and/or provide services to some of these affiliates.

*Conflicts Related to PGIM Quantitative Solutions' Affiliations.* 

*Conflicts Arising Out of Legal Restrictions.* PGIM Quantitative Solutions may be restricted by law, regulation or contract as to how much, if any, of a particular security it can purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of PGIM Quantitative Solutions' relationship with Prudential Financial and its other affiliates. For example, PGIM Quantitative Solutions holdings of a security on behalf of its clients are required under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting thresholds. Prudential tracks these aggregate holdings and PGIM Quantitative Solutions may restrict purchases, sell existing investments, or otherwise restrict, forego or limit the exercise of rights to avoid crossing such thresholds because of the potential consequences to PGIM Quantitative Solutions, Prudential or PGIM Quantitative Solutions' clients if such thresholds are exceeded. In addition, PGIM Quantitative Solutions could receive material, non-public information with respect to a particular issuer from an affiliate and, as a result, be unable to execute purchase or sale transactions in securities of that issuer for its clients. PGIM Quantitative Solutions is generally able to avoid receiving material, non-public information from its affiliates by maintaining information barriers to prevent the transfer of information between affiliates. PGIM Quantitative Solutions' trading of Prudential Financial common stock for its clients' portfolios also presents a conflict of interest and, consequently, PGIM Quantitative Solutions does so only when permitted by its clients.

The Portfolio may be prohibited from engaging in transactions with its affiliates even when such transactions may be beneficial for the Portfolio. Certain affiliated transactions are permitted in accordance with procedures adopted by the Portfolio and reviewed by the independent board members of the Portfolio.

*Conflicts Related to PGIM Quantitative Solutions Multi-Asset Class Services.* PGIM Quantitative Solutions performs asset allocation services as subadviser for affiliated mutual funds managed or co-managed by the Investment Manager. Where, in these arrangements, PGIM Quantitative Solutions also manages underlying funds or accounts within asset classes included in the mutual fund guidelines, PGIM Quantitative Solutions will allocate assets to such underlying funds, vehicles, or accounts. In these circumstances, PGIM

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Quantitative Solutions receives both an asset allocation fee and a management fee. As a result, PGIM Quantitative Solutions has an incentive to allocate assets to an asset class or vehicle that it manages in order to increase its fees. To help mitigate this conflict, the compliance group reviews the asset allocation to determine that the investments were made within the established guidelines for each asset class or fund.

PGIM Quantitative Solutions' affiliates can have an incentive to seek to influence PGIM Quantitative Solutions' asset allocation decisions, for example to facilitate hedging or improve profit margins. Through training and the establishment of communication barriers, however, PGIM Quantitative Solutions seeks to avoid any influence by its affiliates and implements its asset allocation decisions solely in what PGIM Quantitative Solutions believes to be the best interests of the funds and in compliance with applicable guidelines. PGIM Quantitative Solutions also believes that it makes such allocations in a manner consistent with its fiduciary obligations.

In certain arrangements PGIM Quantitative Solutions subadvises mutual funds for the Investment Manager through a program where they have selected PGIM Quantitative Solutions as a manager, resulting in PGIM Quantitative Solutions' collection of subadvisory fees from them. The Investment Manager also selects managers for some of PGIM Quantitative Solutions' asset allocation products and, in certain cases, is compensated by PGIM Quantitative Solutions for these services under service agreements. The Investment Manager and PGIM Quantitative Solutions may have a mutual incentive to continue these types of arrangements that benefit both companies. These and other types of conflicts of interest are reviewed to verify that appropriate oversight is performed.

*Conflicts Related to PGIM Quantitative Solutions Financial Interests and the Financial Interests of PGIM Quantitative Solutions' Affiliates.* PGIM Quantitative Solutions, Prudential Financial, Inc., The Prudential Insurance Company of America (PICA) and other affiliates of PGIM Quantitative Solutions at times have financial interests in, or relationships with, companies whose securities PGIM Quantitative Solutions holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Quantitative Solutions or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PGIM Quantitative Solutions on behalf of its client accounts. For example, PGIM Quantitative Solutions invests in the securities of one or more clients for the accounts of other clients. PGIM Quantitative Solutions' affiliates sell various products and/or services to certain companies whose securities PGIM Quantitative Solutions purchases and sells for its clients. PGIM Quantitative Solutions' affiliates hold public and private debt and equity securities of a large number of issuers. PGIM Quantitative Solutions invests in some of the same issuers for its client accounts but at different levels in the capital structure. For instance, PGIM Quantitative Solutions may invest client assets in the equity of companies whose debt is held by an affiliate. Certain of PGIM Quantitative Solutions' affiliates (as well as directors of PGIM Quantitative Solutions' affiliates) are officers or directors of issuers in which PGIM Quantitative Solutions invests from time to time. These issuers may also be service providers to PGIM Quantitative Solutions or its affiliates. In general, conflicts related to the financial interests described above are addressed by the fact that PGIM Quantitative Solutions makes investment decisions for each client independently considering the best economic interests of such client.

Certain of PGIM Quantitative Solutions' employees may offer and sell securities of, and units in, commingled funds that PGIM Quantitative Solutions manages or subadvises. Employees may offer and sell securities in connection with their roles as registered representatives of Prudential Investment Management Services LLC (a broker-dealer affiliate), or as officers, agents, or approved persons of other affiliates. There is an incentive for PGIM Quantitative Solutions' employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to PGIM Quantitative Solutions. In addition, although sales commissions are not paid for such activities, such sales could result in increased compensation to the employee.

*Conflicts Related to Long-Term Compensation.* A portion of the long-term incentive grant of some of PGIM Quantitative Solutions' investment professionals will increase or decrease based on the annual performance of several of PGIM Quantitative Solutions' strategies over defined time periods. Consequently, some of PGIM Quantitative Solutions' portfolio managers from time to time have financial interests in the accounts they advise. To address potential conflicts related to these financial interests, PGIM Quantitative Solutions has procedures, including supervisory review procedures, designed to verify that each of its accounts is managed in a manner that is consistent with PGIM Quantitative Solutions' fiduciary obligations, as well as with the account's investment objectives, investment strategies and restrictions. Specifically, PGIM Quantitative Solutions' chief investment officer will perform a comparison of trading costs between the advised accounts whose performance is considered in connection with the long-term incentive grant and other accounts, to verify that such costs are consistent with each other or otherwise in line with expectations.

*Conflicts Related to Service Providers.* PGIM Quantitative Solutions retains third party advisors and other service providers to provide various services for PGIM Quantitative Solutions as well as for funds that PGIM Quantitative Solutions manages or subadvises. A service provider may provide services to PGIM Quantitative Solutions or one of its funds while also providing services to PGIM, Inc. (PGIM) other PGIM-advised funds, or affiliates of PGIM, and may negotiate rates in the context of the overall relationship. PGIM Quantitative Solutions

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may benefit from negotiated fee rates offered to its funds and vice-versa. There is no assurance, however, that PGIM Quantitative Solutions will be able to obtain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that it will know of such negotiated fee rates.

*Conflicts of Interest in the Voting Process.* Occasionally, a conflict of interest may arise in connection with proxy voting. For example, the issuer of the securities being voted can also be a client or affiliate of PGIM Quantitative Solutions. When PGIM Quantitative Solutions identifies an actual or potential conflict of interest between PGIM Quantitative Solutions and its clients or affiliates, PGIM Quantitative Solutions votes in accordance with the policy of its proxy voting advisor rather than its own policy. In that manner, PGIM Quantitative Solutions seeks to maintain the independence and objectivity of the vote.

**OTHER SERVICE PROVIDERS**

**CUSTODIAN.** The Bank of New York Mellon Corp. (BNY), 240 Greenwich St, New York, New York 10007 serves as Custodian for the Trust's portfolio securities and cash, and in that capacity, maintains certain financial accounting books and records pursuant to an agreement with the Trust. Subcustodians provide custodial services for any foreign assets held outside the United States.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.** PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017-6204 serves as the Trust's independent registered public accounting firm for the fiscal year ended December 31, 2025, and in that capacity will audit the annual financial statements for the Trust's next fiscal year.

**TRANSFER AGENT.** The transfer agent for the Trust is PMFS, 655 Broad Street, Newark, New Jersey 07102. PMFS is an affiliate of PGIM Investments. PMFS provides customary transfer agency services to the Trust, including the handling of shareholder communications, the processing of shareholder transactions, the maintenance of shareholder account records, the payment of dividends and distributions, and related functions. For these services, PMFS receives compensation from the Trust and is reimbursed for its transfer agent expenses which include an annual fee and certain out-of-pocket expenses including, but not limited to, postage, stationery, printing, allocable communication expenses and other costs.

BNY Mellon Asset Servicing (U.S.) Inc. (BNYAS) serves as sub-transfer agent to the Trust. PMFS has contracted with BNYAS, 301 Bellevue Parkway, Wilmington, Delaware 19809, to provide certain administrative functions to the Transfer Agent. PMFS compensates BNYAS for such services.

**SECURITIES LENDING ACTIVITIES**. Goldman Sachs Bank USA, d/b/a Goldman Sachs Agency Lending (GSAL), serves as the securities lending agent for the Trust, and in that role administers the Portfolios' securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Trust on behalf of each Portfolio and GSAL.

As securities lending agent, GSAL is responsible for marketing to approved borrowers available securities from each Portfolio's holdings. GSAL is responsible for the administration and management of each Portfolio's securities lending program, including the preparation and execution of a participant agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented with the Portfolio's custodian, ensuring that loaned securities are daily valued and that the corresponding required cash collateral is delivered by the borrower(s), and arranging for the investment of cash collateral received from borrowers in accordance with each Portfolio's investment guidelines.

GSAL receives as compensation for its services a portion of the amount earned by each Portfolio for lending securities.

The table below sets forth, for each Portfolio's most recently completed fiscal year, the Portfolio's gross income received from securities lending activities, the fees and/or other compensation paid by the Portfolio for securities lending activities, and the net income earned by the Portfolio for securities lending activities. The table below also discloses any other fees or payments incurred by each Portfolio resulting from lending securities.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** |
|  | **PSF Global**<br> **Portfolio**<br>| **PSF PGIM**<br> **50/50 Balanced**<br> **Portfolio**<br>| **PSF PGIM**<br> **Flexible**<br> **Managed**<br> **Portfolio**<br>| **PSF PGIM**<br> **High Yield Bond**<br> **Portfolio**<br>| **PSF PGIM**<br> **Jennison Blend**<br> **Portfolio**<br>| **PSF PGIM**<br> **Jennison Growth**<br> **Portfolio**<br>| **PSF PGIM**<br> **Jennison Value**<br> **Portfolio**<br>|
| Gross Income from securities lending activities | &nbsp;&nbsp; $1085114 | &nbsp;&nbsp; $1691221 | &nbsp;&nbsp; $3172769 | &nbsp;&nbsp; $1577145 | &nbsp;&nbsp; $5826004 | &nbsp;&nbsp; $1358115 | &nbsp;&nbsp; $2496658 |
| Fees and/or compensation for securities lending <br> activities and related services<br>|  |  |  |  |  |  |  |
| Fees paid to securities lending agent from <br> a revenue split<br>| &nbsp;&nbsp; $(4793) | &nbsp;&nbsp; $(7049) | &nbsp;&nbsp; $(9409) | &nbsp;&nbsp; $(7587) | &nbsp;&nbsp; $(19965) | &nbsp;&nbsp; $(6511) | &nbsp;&nbsp; $(15441)  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** |
|  | **PSF Global**<br> **Portfolio**<br>| **PSF PGIM**<br> **50/50 Balanced**<br> **Portfolio**<br>| **PSF PGIM**<br> **Flexible**<br> **Managed**<br> **Portfolio**<br>| **PSF PGIM**<br> **High Yield Bond**<br> **Portfolio**<br>| **PSF PGIM**<br> **Jennison Blend**<br> **Portfolio**<br>| **PSF PGIM**<br> **Jennison Growth**<br> **Portfolio**<br>| **PSF PGIM**<br> **Jennison Value**<br> **Portfolio**<br>|
| Fees paid for any cash collateral <br> management service <br> (including fees deducted from a pooled <br> cash collateral investment vehicle)<br>| &nbsp;&nbsp; $(18215) | &nbsp;&nbsp; $(28377) | &nbsp;&nbsp; $(54042) | &nbsp;&nbsp; $(26510) | &nbsp;&nbsp; $(100080) | &nbsp;&nbsp; $(23065) | &nbsp;&nbsp; $(42588) |
| Administrative fees not included in <br> revenue split<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Indemnification fee not included in <br> revenue split<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $(1018127) | &nbsp;&nbsp; $(1581930) | &nbsp;&nbsp; $(3011180) | &nbsp;&nbsp; $(1466417) | &nbsp;&nbsp; $(5492743) | &nbsp;&nbsp; $(1264565) | &nbsp;&nbsp; $(2277222) |
| Other fees not included in revenue split <br> (specify)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Aggregate fees/compensation for securities <br> lending activities<br>| &nbsp;&nbsp; $(1041135) | &nbsp;&nbsp; $(1617356) | &nbsp;&nbsp; $(3074631) | &nbsp;&nbsp; $(1500514) | &nbsp;&nbsp; $(5612788) | &nbsp;&nbsp; $(1294141) | &nbsp;&nbsp; $(2335251) |
| Net Income from securities lending activities | &nbsp;&nbsp; $43979 | &nbsp;&nbsp; $73865 | &nbsp;&nbsp; $98138 | &nbsp;&nbsp; $76631 | &nbsp;&nbsp; $213216 | &nbsp;&nbsp; $63974 | &nbsp;&nbsp; $161407 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** |
|  | **PSF PGIM Total**<br> **Return Bond**<br> **Portfolio**<br>| **PSF Small-Cap**<br> **Stock Index**<br> **Portfolio**<br>| **PSF Stock**<br> **Index**<br> **Portfolio**<br>|
| Gross Income from securities lending activities | &nbsp;&nbsp; $1008485 | &nbsp;&nbsp; $13210734 | &nbsp;&nbsp; $12158528 |
| Fees and/or compensation for securities lending activities and related services |  |  |  |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $(4541) | &nbsp;&nbsp; $(52233) | &nbsp;&nbsp; $(47112) |
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash collateral investment vehicle)<br>| &nbsp;&nbsp; $(17030) | &nbsp;&nbsp; $(224795) | &nbsp;&nbsp; $(204293) |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Indemnification fee not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $(942150) | &nbsp;&nbsp; $(12401020) | &nbsp;&nbsp; $(11412990) |
| Other fees not included in revenue split (specify) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $(963721) | &nbsp;&nbsp; $(12678048) | &nbsp;&nbsp; $(11664395) |
| Net Income from securities lending activities | &nbsp;&nbsp; $44764 | &nbsp;&nbsp; $532686 | &nbsp;&nbsp; $494133 |

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**INFORMATIOn ON DISTRIBUTION ARRANGEMENTS**

**DISTRIBUTOR.** Prudential Investment Management Services LLC (PIMS) distributes the Trust's shares under a Distribution Agreement with the Trust. PIMS' principal business address is 655 Broad Street, Newark, New Jersey 07102.

The Trust has adopted a distribution plan under Rule 12b-1 of the 1940 Act covering Class II and Class III shares (each a Plan, and together, the Plans). These 12b-1 fees do not apply to Class I shares. The expenses incurred under the Plan include commissions and account servicing fees paid to, or on account of, insurers or their agents who sell Class II and Class III shares, advertising expenses, indirect and overhead costs of the Trust's underwriter associated with the sale of the applicable Class. Under the Plans, the Trust pays PIMS 0.25% of the average net assets of the applicable Class.

The Class II Plan and the Class III Plan will continue in effect from year to year, upon annual approval by a vote of the Trust's Board, including a majority vote of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any agreement related to the Plans (the 12b-1 Trustees). Each Plan may be terminated at any time, without penalty, by the vote of a majority of the 12b-1 Trustees or by the vote of the holders of a majority of the outstanding shares of the applicable Class. Each Plan may not be amended to materially increase the amounts payable thereunder without shareholder approval.

The chart below shows, for the last fiscal year, the amounts received by PIMS in distributing Class II and Class III shares of the Portfolios. PIMS spent all of the amounts received in the form of account servicing fees or other fees paid to, or on account of, insurers or their agents who sell Class II and/or Class III shares.

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| | |
|:---|:---|
| **Amounts Received by PIMS** |  |
| **Portfolio** | **$ Amount** |
| PSF Global Portfolio | $4275 |
| PSF PGIM 50/50 Balanced Portfolio | $25621 |
| PSF PGIM Ballast Portfolio | N/A |
| PSF PGIM Flexible Managed Portfolio | $466924 |
| PSF PGIM Government Money Market Portfolio | $901276 |
| PSF PGIM High Yield Bond Portfolio | $41066 |
| PSF PGIM Jennison Blend Portfolio | $186080 |
| PSF PGIM Jennison Growth Portfolio | $83129 |
| PSF PGIM Jennison Value Portfolio | $46300 |
| PSF PGIM Laddered Allocation S&P 50 Buffer 12 Portfolio | $487 |
| PSF PGIM Laddered Allocation S&P 50 Buffer 20 Portfolio | $470 |
| PSF PGIM Total Return Bond Portfolio | $60866 |
| PSF Small-Cap Stock Index Portfolio | $34699 |
| PSF Stock Index Portfolio | $162866 |

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**ADMINISTRATION AGREEMENT**. The Trust has entered into an administration agreement with PGIM Investments with respect to Class II shares of each Portfolio. Pursuant to the agreement PGIM Investments is responsible for establishing and maintaining compliance procedures for multiple classes, the negotiation of participation agreements with participating insurers, establishing procedures and monitoring compliance with the mixed and shared funding order issued by the SEC, and performing other related services as specified in the agreement. In consideration of the services rendered by PGIM Investments under the agreement, the Trust pays PGIM Investments a fee at an annual rate of 0.15% of the average daily net assets of Class II shares of each Portfolio. The chart below sets forth the amount of administration fees paid by each Portfolio for the last three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **Administration Fees Paid by the Trust** |  |  |  |
|  | **2025** | **2024** | **2023** |
| PSF PGIM Jennison Blend Portfolio | $83025 | $64891 | $6103 |
| PSF PGIM Jennison Growth Portfolio | $20761 | $19146 | $54243 |
| PSF PGIM Jennison Value Portfolio | $17487 | $16639 | $14082 |

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**PORTFOLIO TRANSACTIONS & BROKERAGE**

The Trust has adopted a policy pursuant to which the Trust and its Investment Manager, subadvisers, and principal underwriter are prohibited from directly or indirectly compensating a broker-dealer for promoting or selling Trust shares by directing brokerage transactions to that broker. The Trust has adopted procedures for the purpose of deterring and detecting any violations of the policy. The policy permits the Trust, the Investment Manager, and the subadvisers to use selling brokers to execute transactions in portfolio securities so long as the selection of such selling brokers is the result of a decision that executing such transactions is in the best interest of the Trust and is not influenced by considerations about the sale of the Trust's shares.

The Investment Manager is responsible for decisions to buy and sell securities, futures contracts and options on such securities and futures for the Trust, the selection of brokers, dealers and futures commission merchants to effect the transactions and the negotiation of brokerage commissions, if any. On a national securities exchange, broker-dealers may receive negotiated brokerage commissions on Trust portfolio transactions, including options, futures, and options on futures transactions and the purchase and sale of underlying securities upon the exercise of options. On a foreign securities exchange, commissions may be fixed. For purposes of this section, the term "Investment Manager" includes the investment subadvisers. Orders may be directed to any broker or futures commission merchant including, to the extent and in the manner permitted by applicable laws, affiliates of the Investment Manager and/or subadvisers (an affiliated broker). Brokerage commissions on US securities, options and futures exchanges or boards of trade are subject to negotiation between the Investment Manager and the broker or futures commission merchant.

In the over-the-counter market, securities are generally traded on a "net" basis with dealers acting as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price which includes an amount of compensation to the underwriter, generally referred to as the underwriter's

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concession or discount. On occasion, certain money market instruments and US government agency securities may be purchased directly from the issuer, in which case no commissions or discounts are paid. The Trust will not deal with an affiliated broker in any transaction in which an affiliated broker acts as principal except in accordance with the rules of the SEC.

In placing orders for portfolio securities of the Trust, the Investment Manager's overriding objective is to obtain the best possible combination of favorable price and efficient execution. The Investment Manager seeks to effect such transaction at a price and commission that provides the most favorable total cost of proceeds reasonably attainable in the circumstances. The factors that the Investment Manager may consider in selecting a particular broker, dealer or futures commission merchant (firms) are the Investment Manager's knowledge of negotiated commission rates currently available and other current transaction costs; the nature of the portfolio transaction; the size of the transaction; the desired timing of the trade; the activity existing and expected in the market for the particular transaction; confidentiality; the execution, clearance and settlement capabilities of the firms; the availability of research and research related services provided through such firms; the Investment Manager's knowledge of the financial stability of the firms; the Investment Manager's knowledge of actual or apparent operational problems of firms; and the amount of capital, if any, that would be contributed by firms executing the transaction. Given these factors, the Trust may pay transaction costs in excess of that which another firm might have charged for effecting the same transaction.

Unless prohibited by applicable law, such as the European Union's Markets in Financial Instruments Directive (MiFID II) as described below, when the Investment Manager selects a firm that executes orders or is a party to portfolio transactions, relevant factors taken into consideration are whether that firm has furnished research and research-related products and/or services, such as research reports, research compilations, statistical and economic data, computer databases, quotation equipment and services, research-oriented computer software, hardware and services, reports concerning the performance of accounts, valuations of securities, investment related periodicals, investment seminars and other economic services and consultations. Such services are used in connection with some or all of the Investment Manager's investment activities; some of such services, obtained in connection with the execution of transactions for one investment account, may be used in managing other accounts, and not all of these services may be used in connection with the Trust. The Investment Manager maintains an internal allocation procedure to identify those firms who have provided it with research and research-related products and/or services, and the amount that was provided, and to endeavor to direct sufficient commissions to them to ensure the continued receipt of those services that the Investment Manager believes provide a benefit to the Trust and its other clients. The Investment Manager makes a good faith determination that the research and/or service is reasonable in light of the type of service provided and the price and execution of the related portfolio transactions.

Under MiFID II, which became effective January 3, 2018, investment managers that are regulated under MiFID II, including certain investment managers, are no longer able to use soft dollars to pay for research from brokers. Investment managers that are regulated under MiFID II are required to either pay for research out of their own resources or agree with clients to have research costs paid by clients through "research payment accounts" that are funded out of execution commissions or by a specific client research charge, provided that the payments for research are unbundled from the payments for execution. MiFID II limits the ability of certain investment managers to pay for research using soft dollars in various circumstances. MiFID II's research requirements present various compliance and operational considerations for investment managers and broker-dealers serving clients in both the United States and the European Union, and the investment managers have adopted a variety of approaches to complying with the MiFID II requirements.

When the Investment Manager deems the purchase or sale of equities to be in the best interests of the Trust or its other clients, including Prudential, the Investment Manager may, but is under no obligation to, aggregate the transactions in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the transactions, as well as the expenses incurred in the transaction, will be made by the Investment Manager in the manner it considers to be most equitable and consistent with its fiduciary obligations to its clients. The allocation of orders among firms and the commission rates paid are reviewed periodically by the Trust's Board Members. Portfolio securities may not be purchased from any underwriting or selling syndicate of which any affiliated broker, during the existence of the syndicate, is a principal underwriter (as defined in the 1940 Act), except in accordance with rules of the SEC. This limitation, in the opinion of the Trust, will not significantly affect the Trust's ability to pursue its present investment objective. However, in the future, in other circumstances, the Trust may be at a disadvantage because of this limitation in comparison to other funds with similar objectives but not subject to such limitations.

Subject to the above considerations, an affiliated broker may act as a broker or futures commission merchant for the Trust. In order for an affiliated broker to effect any portfolio transactions for the Trust, the commissions, fees or other remuneration received by the affiliated broker must be reasonable and fair compared to the commissions, fees or other remuneration paid to other firms in connection with comparable transactions involving similar securities or futures being purchased or sold on an exchange or board of trade during a comparable period of time. This standard would allow the affiliated broker to receive no more than the remuneration which would be expected to be received by an unaffiliated firm in a commensurate arm's-length transaction. Furthermore, the Board Members of the Trust, including a majority of the non-interested Board Members, have adopted procedures which are reasonably designed to provide that any commissions, fees or other remuneration paid to the affiliated broker (or any affiliate) are consistent with the foregoing standard.

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In accordance with Section 11-(a) of the 1934 Act, an affiliated broker may not retain compensation for effecting transactions on a national securities exchange for a Portfolio unless the Portfolio or the Trust has expressly authorized the retention of such compensation. The affiliated broker must furnish to the Trust at least annually a statement setting forth the total amount of all compensation retained by it from transactions effected for the Trust during the applicable period. Brokerage transactions with an affiliated broker are also subject to such fiduciary standards as may be imposed upon the broker by applicable law. Transactions in options by the Trust will be subject to limitations established by each of the exchanges governing the maximum number of options which may be written or held by a single investor or group of investors acting in concert, regardless of whether the options are written or held on the same or different exchanges or are written or held in one or more accounts or through one or more brokers. Thus, the number of options which the Trust may write, or hold may be affected by options written or held by the Investment Manager and other investment advisory clients of the Investment Manager. An exchange may order the liquidation of positions found to be in excess of these limits, and it may impose certain other sanctions.

Each Portfolio of the Trust participates in a voluntary commission recapture program available through Capital Institutional Services, Inc. (CAPIS). Subadvisers that choose to participate in the program retain the responsibility to seek best execution and are under no obligation to place any specific trades with a broker available through the program (each, a designated broker). A portion of commissions on trades executed through designated brokers is rebated to a Portfolio as a credit that can be used by the Portfolio to pay expenses of the Portfolio.

The tables below set forth information concerning the payment of brokerage commissions by the Portfolios, including the amount of brokerage commissions paid to any affiliated broker for the three most recently completed fiscal years as applicable:

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| | | | |
|:---|:---|:---|:---|
| **Total Brokerage Commissions Paid by the Portfolios** |  |  |  |
|  | **2025** | **2024** | **2023** |
| PSF Global Portfolio | $340329 | $237091 | $262952 |
| PSF PGIM 50/50 Balanced Portfolio | $50010 | $29098 | $42071 |
| PSF PGIM Ballast Portfolio | $156 | N/A | N/A |
| PSF PGIM Flexible Managed Portfolio | $244111 | $215951 | $250718 |
| PSF PGIM Government Money Market Portfolio | N/A | N/A | N/A |
| PSF PGIM High Yield Bond Portfolio | $8946 | $8189 | $7774 |
| PSF PGIM Jennison Blend Portfolio | $583320 | $548296 | $1319249 |
| PSF PGIM Jennison Growth Portfolio | $505713 | $559601 | $403373 |
| PSF PGIM Jennison Value Portfolio | $380183 | $234370 | $401317 |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | $92 | N/A | N/A |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | $112 | N/A | N/A |
| PSF PGIM Total Return Bond Portfolio | $108374 | $60788 | $53492 |
| PSF Small-Cap Stock Index Portfolio | $10537 | $13645 | $13394 |
| PSF Stock Index Portfolio | $15283 | $21102 | $17420 |

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The material change in certain Portfolios' brokerage commission is due to the following:

■

PSF Global Portfolio: In May 2025, the Portfolio was repositioned, including subadviser replacements.

■

PSF PGIM Jennison Blend Portfolio: In December 2023, the Portfolio was repositioned and was the acquiring portfolio in a merger.

■

PSF PGIM Jennison Value Portfolio: The brokerage commissions increased from 2024 to 2025 due to more trades.

■

PSF PGIM Total Return Bond Portfolio: In April 2025, the Portfolio was repositioned and was the acquiring portfolio in a merger.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2025** |
|  | **Affiliated Broker** | **Commissions Paid** | **% of Commissions Paid** | &nbsp;&nbsp; **% of Dollar Amount of Transactions** <br> **Effected Through Affiliated Broker**<br>|
| PSF Global Portfolio | William Blair | $37 | 0.01% | 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2024** |
|  | **Affiliated Broker** | **Commissions Paid** | **% of Commissions Paid** | &nbsp;&nbsp; **% of Dollar Amount of Transactions** <br> **Effected Through Affiliated Broker**<br>|
| PSF Global Portfolio | William Blair | $13 | 0.01% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46**

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| | | | |
|:---|:---|:---|:---|
| **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2023** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2023** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2023** | **Brokerage Commissions Paid to Other Affiliated Brokers: Fiscal Year 2023** |
| **Affiliated Broker** | **Commissions Paid** | **% of Commissions Paid** | &nbsp;&nbsp; **% of Dollar Amount of Transactions** <br> **Effected Through Affiliated Broker**<br>|

---

The below table shows the Portfolio's portfolio turnover rates over the two most recently completed fiscal years:

---

| | | |
|:---|:---|:---|
| **Portfolio Turnover Rate** |  |  |
| **Portfolio Name** | **2025** | **2024** |
| PSF Global Portfolio | 123% | 35% |
| PSF PGIM 50/50 Balanced Portfolio | 54% | 60% |
| PSF PGIM Ballast Portfolio | 0% | N/A |
| PSF PGIM Flexible Managed Portfolio | 117% | 114% |
| PSF PGIM Government Money Market Portfolio | N/A | N/A |
| PSF PGIM High Yield Bond Portfolio | 77% | 37% |
| PSF PGIM Jennison Blend Portfolio | 95% | 102% |
| PSF PGIM Jennison Growth Portfolio | 34% | 31% |
| PSF PGIM Jennison Value Portfolio | 38% | 23% |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | 20% | N/A |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | 32% | N/A |
| PSF PGIM Total Return Bond Portfolio | 96% | 111% |
| PSF Small-Cap Stock Index Portfolio | 28% | 23% |
| PSF Stock Index Portfolio | 2% | 3% |

---

The significant variation in certain Portfolios' portfolio turnover rate is due to the following:

■

PSF Global Portfolio: In May 2025, the Portfolio was repositioned, including subadviser replacement.

■

PSF PGIM High Yield Bond Portfolio: The portfolio turnover went up from 2024 to 2025 due to more trades.

**ADDITIONAL INFORMATION**

**TRUST HISTORY.** The Trust is a managed, open-end investment company organized as a Delaware statutory trust under Delaware law. The Trust was incorporated under Maryland law on November 15, 1982, and then was reorganized into a Delaware statutory trust as of January 2, 2006.

---

| | |
|:---|:---|
| **Portfolio** | **Approximate Date of First Offering or Commencement of Operations** |
| PSF Global Portfolio (Class I and Class III Shares) | September 19, 1988 |
| PSF PGIM 50/50 Balanced Portfolio (Class I and Class III Shares) | May 13, 1983 |
| PSF PGIM Ballast Portfolio (Class I) | June 18, 2025 |
| PSF PGIM Flexible Managed Portfolio (Class I and Class III Shares) | May 13, 1983 |
| PSF PGIM Government Money Market Portfolio (Class I and Class III Shares) | May 13, 1983 |
| PSF PGIM High Yield Bond Portfolio (Class I and Class III Shares) | February 23, 1987 |
| PSF PGIM Jennison Blend Portfolio (Class I, Class II, and Class III Shares) | May 13, 1983 |
| PSF PGIM Jennison Growth Portfolio (Class I, Class II, and Class III Shares) | April 25, 1995 |
| PSF PGIM Jennison Value Portfolio (Class I, Class II, and Class III Shares) | February 19, 1988 |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio (Class III Shares) | June 18, 2025 |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio (Class III Shares) | June 18, 2025 |
| PSF PGIM Total Return Bond Portfolio (Class I and Class III Shares) | May 13, 1983 |
| PSF Small-Cap Stock Index Portfolio (Class I and Class III Shares) | April 25, 1995 |
| PSF Stock Index Portfolio (Class I and Class III Shares) | October 19, 1987 |

---

Note: Although each Portfolio of the Trust may offer Class I, Class II, and/or Class III shares, at present only certain Portfolios of the Trust offer Class I, Class II shares and Class III shares, as identified in the Trust's Prospectus.

The following Portfolios have changed their name within the past five years:

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**47**

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---

| | | |
|:---|:---|:---|
| **Portfolio** | **Approximate Effective Date of Name Change** | **Previous Portfolio Name** |
| PSF Global Portfolio | April 26, 2021 | Global Portfolio |
| PSF PGIM 50/50 Balanced Portfolio | April 26, 2021 | Conservative Balanced Portfolio |
| PSF PGIM Flexible Managed Portfolio | April 26, 2021 | Flexible Managed Portfolio |
| PSF PGIM Government Money Market Portfolio | April 26, 2021 | Government Money Market Portfolio |
| PSF PGIM High Yield Bond Portfolio | April 26, 2021 | High Yield Bond Portfolio |
| PSF PGIM Jennison Blend Portfolio | April 26, 2021 | Equity Portfolio |
| PSF PGIM Jennison Growth Portfolio | April 26, 2021 | Jennison Portfolio |
| PSF PGIM Jennison Value Portfolio | April 26, 2021 | Value Portfolio |
| PSF PGIM Total Return Bond Portfolio | April 26, 2021 | Diversified Bond Portfolio |
| PSF Small-Cap Stock Index Portfolio | April 26, 2021 | Small Capitalization Stock Portfolio |
| PSF Stock Index Portfolio | April 26, 2021 | Stock Index Portfolio |

---

The following reorganizations or liquidations occurred within the past five years:

---

| | | |
|:---|:---|:---|
| **Target Portfolio or Liquidated Portfolio** | **Approximate Effective Date** | **Acquiring Portfolio** |
| AST Prudential Flexible Multi-Strategy Portfolio\* | February 27, 2023 | PSF Flexible Managed Portfolio |
| AST T. Rowe Price Diversified Real Growth Portfolio\* | February 27, 2023 | PSF Flexible Managed Portfolio |
| PSF International Growth Portfolio | March 13, 2023 | AST International Equity Portfolio*\** |
| PSF Small-Cap Value Portfolio | June 12, 2023 | PSF Small-Cap Stock Index Portfolio |
| PSF PGIM Jennison Focused Blend Portfolio | December 11, 2023 | PSF PGIM Jennison Blend Portfolio |
| PSF Natural Resources Portfolio | April 14, 2025 | PSF PGIM Jennison Blend Portfolio |
| PSF Mid-Cap Growth Portfolio | April 14, 2025 | PSF PGIM Jennison Growth Portfolio |
| PSF PGIM Government Income Portfolio | April 28, 2025 | PSF PGIM Total Return Bond Portfolio |

---

\* The Portfolio is a series of the Advanced Series Trust.

**DESCRIPTION OF SHARES AND ORGANIZATION.** 

The Trust's Agreement and Declaration of Trust, which governs certain Trust matters, permits the Trust's Board of Trustees to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest. Each class of shares of beneficial interest of each Portfolio represents an interest in the same assets of the Portfolio and is identical in all respects except that: (1) Class I shares are not subject to distribution fees or administration fees; (2) Class II shares are subject to distribution fees and administration fees; (3) Class III shares are subject to distribution fees; (4) each share class has exclusive voting rights on any matter submitted to shareholders that relates solely to its arrangement and has separate voting rights on any matter submitted to shareholders in which the interest of one class differs from the interests of any class; and (5) each share class is offered to a limited group of investors.

The shares of beneficial interest of each class, when issued, will be fully paid and non-assessable, will have no conversion or similar rights, and will be freely transferable. Each share of beneficial interest of each class is equal as to earnings, assets, and voting privileges. Class II bears the expenses related to the distribution and administration of its shares. In the event of liquidation, each share of a Portfolio is entitled to its portion of all of the Portfolio's assets after all debts and expenses of the Portfolio have been paid. Since Class II shares bear distribution and administration expenses, the liquidation proceeds to Class II shareholders will be lower than the liquidation proceeds to Class I shareholders, whose shares are not subject to any distribution fees or administration fees. Class III bears the expenses related to the distribution of its shares. Since Class III shares bear distribution expenses, the liquidation proceeds to Class III shareholders will be lower than the liquidation proceeds to Class I shareholders, whose shares are not subject to any distribution fees.

From time to time, Prudential and/or its insurance company affiliates have purchased shares of the Trust to provide initial capital and to enable the Portfolios to avoid unrealistically poor investment performance that might otherwise result because the amounts available for investment are too small. Prudential will not redeem any of its shares until a Portfolio is large enough so that redemption will not have an adverse effect upon investment performance. Prudential will vote its shares in the same manner and in the same proportion as the shares held by the separate accounts that invest in the Trust, which in turn, are generally voted in accordance with instructions from Contract owners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48**

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**PRINCIPAL SHAREHOLDERS**

To the knowledge of the Trust, as of March 23, 2026 the following persons/entities (i) owned beneficially or of record 5% or more of any class of a Portfolio's outstanding shares (ii) or owned beneficially or of record of more than 25% of the voting securities of a Portfolio. As of March 23, 2026, the Trustees and Officers of the Trust, as a group, owned less than 1% of each class of a Portfolio's outstanding shares of beneficial interest of the Trust.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name and Address** | **No. Shares** | **% of Portfolio** |
| PSF Global Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 6251035.698 | 45.41% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 5079923.306 | 36.90% |
|  | &nbsp;&nbsp; PRU ANNUITIES INC<br> PRU ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 732046.255 | 5.32% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 20701.861 | 81.64% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 4654.731 | 18.36% |
| PSF PGIM 50/50 Balanced Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 26300405.878 | 46.86% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 20670154.426 | 36.83% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 4149030.172 | 7.39% |
|  | &nbsp;&nbsp; PRU ANNUITIES INC<br> PRU ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 3248665.541 | 5.79% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 171204.594 | 72.52% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 64870.247 | 27.48%  |

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**49**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name and Address** | **No. Shares** | **% of Portfolio** |
| PSF PGIM Ballast Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> OF AMERICA<br> PLAZ ILI SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET<br> NEWARK NJ 07102<br>I | 499500.000 | 89.43% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 58490.666 | 10.47% |
| PSF PGIM Flexible Managed Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 38324637.797 | 44.34% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 33863972.069 | 39.18% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 8966012.373 | 10.37% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 2525510.349 | 85.99% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 411633.091 | 14.01% |
| PSF PGIM Government Money Market Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 71902415.945 | 70.44% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 11638713.339 | 11.40% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 7894086.056 | 7.73% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 34871664.431 | 87.86% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>III | 2924911.316 | 7.37%  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name and Address** | **No. Shares** | **% of Portfolio** |
| PSF PGIM High Yield Bond Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 34840394.995 | 43.68% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 20482442.780 | 25.68% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 7708658.735 | 9.67% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 5050726.293 | 6.33% |
|  | &nbsp;&nbsp; ADVANCED SERIES TRUST<br> AST BALANCED ASSET ALLOCATION PORTFOLIO<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>I | 4486818.460 | 5.63% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 1657539.253 | 73.16% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 608034.491 | 26.84% |
| PSF PGIM Jennison Blend Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 27231345.324 | 51.66% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 15562346.679 | 29.53% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 3821280.642 | 7.25% |
|  | &nbsp;&nbsp; PRU ANNUITIES INC<br> PRU ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 2768212.662 | 5.25% |
|  | &nbsp;&nbsp; JP MORGAN CHASE BANK NA FBO:<br> INTELLIGENT VARIABLE UNIV LIFE<br> TEACHERS INSURANCE & ANNUITY ASSOC. <br> SEPARATE ACCOUNT VA-5<br> 8500 ANDREW CARNEGIE BLVD.<br> CHARLOTTE, NC 28262-8500<br>II | 221953.279 | 53.87%  |

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**51**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name and Address** | **No. Shares** | **% of Portfolio** |
|  | &nbsp;&nbsp; GE LIFE AND ANNUITY<br> ASSURANCE COMP.<br> ATTN VARIABLE ACCOUNTING<br> 6610 W BROAD ST BLDG 3,5TH FLOOR<br> RICHMOND VA 23230-1702<br>II | 80491.369 | 19.54% |
|  | &nbsp;&nbsp; AUGUSTAR LIFE INSURANCE CO<br> FBO ITS SEPARATE ACCOUNTS<br> PO BOX 237<br> CINCINNATI OH 452010237<br>II | 37422.673 | 9.08% |
|  | &nbsp;&nbsp; JP MORGAN CHASE BANK NA FBO:<br> INTELLIGENT VARIABLE UNIV LIFE<br> TEACHERS INSURANCE & ANNUITY ASSOC. <br> SEPARATE ACCOUNT VLI-1<br> 8500 ANDREW CARNEGIE BLVD.<br> CHARLOTTE, NC 28262-8500<br>II | 24023.521 | 5.83% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 133089.598 | 77.26% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 39180.211 | 22.74% |
| PSF PGIM Jennison Growth Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 8662465.883 | 40.16% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 8586777.936 | 39.81% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 1490578.221 | 6.91% |
|  | &nbsp;&nbsp; GE LIFE AND ANNUITY<br> ASSURANCE COMP.<br> ATTN VARIABLE ACCOUNTING<br> 6610 W BROAD ST BLDG 3,5TH FLOOR<br> RICHMOND VA 23230-1702<br>II | 41873.659 | 62.79% |
|  | &nbsp;&nbsp; AUGUSTAR LIFE INSURANCE CO<br> FBO ITS SEPARATE ACCOUNTS<br> PO BOX 237<br> CINCINNATI OH 45201-0237<br>II | 10828.775 | 16.24% |
|  | &nbsp;&nbsp; TALCOTT RESOLUTION LIFE INSURANCE<br> COMPANY<br> PO BOX 5051<br> HARTFORD CT 06102-5051<br>II | 6172.434 | 9.26% |
|  | &nbsp;&nbsp; AUGUSTAR LIFE INSURANCE CO<br> FBO ITS SEPARATE ACCOUNTS<br> PO BOX 237<br> CINCINNATI OH 45201-0237<br>II | 3801.743 | 5.70%  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name and Address** | **No. Shares** | **% of Portfolio** |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 76859.508 | 74.45% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 26377.055 | 25.55% |
| PSF PGIM Jennison Value Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 13645366.455 | 48.83% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 7776576.386 | 27.83% |
|  | &nbsp;&nbsp; PRU ANNUITIES INC<br> PRU ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 1827848.114 | 6.54% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 1813518.015 | 6.49% |
|  | &nbsp;&nbsp; JP MORGAN CHASE BANK NA FBO:<br> INTELLIGENT VARIABLE UNIV LIFE<br> TEACHERS INSURANCE & ANNUITY ASSOC. <br> SEPARATE ACCOUNT VA-5<br> 8500 ANDREW CARNEGIE BLVD.<br> CHARLOTTE, NC 28262-8500<br>II | 150936.832 | 85.87% |
|  | &nbsp;&nbsp; TALCOTT RESOLUTION LIFE AND ANNUITY<br> INSURANCE COMPANY<br> PO BOX 5051<br> HARTFORD CT 06102-5051<br>II | 11317.845 | 6.44% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 95703.051 | 78.10% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 26838.683 | 21.90% |
| PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 49790.132 | 61.27% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> OF AMERICA<br> PLAZ ILI SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET<br> NEWARK NJ 07102<br>III | 12500.000 | 15.38%  |

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**53**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name and Address** | **No. Shares** | **% of Portfolio** |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> OF AMERICA<br> PLNJ ILI SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET<br> NEWARK NJ 07102<br>III | 12500.000 | 15.38% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 6469.245 | 7.96% |
| PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 22605.094 | 33.43% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 20007.664 | 29.59% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> OF AMERICA<br> PLAZ ILI SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET<br> NEWARK NJ 07102<br>III | 12500.000 | 18.49% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> OF AMERICA<br> PLNJ ILI SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET<br> NEWARK NJ 07102<br>III | 12500.000 | 18.49% |
| PSF PGIM Total Return Bond Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 50750423.228 | 33.22% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 50724358.431 | 33.20% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 40217054.337 | 26.32% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 1357997.960 | 75.15% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 449038.344 | 24.85%  |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name and Address** | **No. Shares** | **% of Portfolio** |
| PSF Small-Cap Stock Index Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 8285195.066 | 43.05% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 7099465.898 | 36.89% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 1245310.138 | 6.47% |
|  | &nbsp;&nbsp; PRU ANNUITIES INC<br> PRU ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 1071763.814 | 5.57% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 191451.773 | 78.63% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 52023.873 | 21.37% |
| PSF Stock Index Portfolio | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 29557546.382 | 49.01% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PRU LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 13849792.814 | 22.97% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ LIFE<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>I | 11117527.466 | 18.43% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 386539.756 | 81.79% |
|  | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLNJ ANNUITY<br> ATTN SEPARATE ACCOUNTS 7TH FLOOR<br> 213 WASHINGTON ST<br> NEWARK NJ 07102-0000<br>III | 86056.899 | 18.21% |

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**FINANCIAL STATEMENTS**

The financial statements of the Trust for the fiscal year ended December 31, 2025 have been incorporated into this SAI by reference to the Trust's Form N-CSR. The Trust's N-CSR was filed electronically with the SEC on [March 4, 2026 (Accession No.](https://www.sec.gov/ix?doc=/Archives/edgar/data/711175/000119312526090055/d53527dncsr.htm)[0001193125-26-090055)](https://www.sec.gov/ix?doc=/Archives/edgar/data/711175/000119312526090055/d53527dncsr.htm). Such financial statements have been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose reports thereon are included in the Trust's Form N-CSR. PricewaterhouseCoopers LLP's principal business address is 300 Madison Avenue, New York, New York 10017-6204.

The Trust's shareholder reports and Form N-CSR for the year ended December 31, 2025 can be obtained without charge by calling (800) 778-2255 or by writing to the Trust at 655 Broad Street, Newark, New Jersey 07102.

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PART II

**INVESTMENT RISKS & CONSIDERATIONS**

Set forth below are descriptions of some of the types of investments and investment strategies that a Portfolio may use, and the risks and considerations associated with those investments and investment strategies. A Portfolio may invest in the types of investments and investment strategies that are consistent with its investment objective, policies and any limitations described in the prospectus and in the SAI. For Portfolios that invest in a combination of underlying investment companies and other underlying portfolios, a Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

With respect to the PSF PGIM Total Return Bond and PSF PGIM High Yield Bond Portfolios, investments in each of credit default swaps, total return and index swaps, or options on swaps are limited to 15% of such Portfolio's total assets. For Portfolios that invest in a combination of underlying investment companies and other underlying portfolios, a Portfolio may be exposed to these risks directly through securities and other investments held directly by the Portfolio or indirectly through investments made by underlying portfolios in which the Portfolio invests.

Certain Portfolios may use up to 30% of their investable assets for reverse repurchase agreements and dollar rolls. The PSF PGIM Government Money Market Portfolio and the money market sub-portion of any balanced Portfolio may use up to 10% of its investable assets for reverse repurchase agreements.

Certain Portfolios also are permitted to invest up to 15% of their assets in credit-related asset-backed securities.

No more than 25% of any Portfolio's net assets (5% of total assets for PSF Small-Cap Stock Index Portfolio and PSF Stock Index Portfolio) will be, when added together: (1) deposited as collateral for the obligation to replace securities borrowed in connection with short sales and (2) segregated in accounts in connection with short sales.

Each Portfolio, other than the PSF PGIM Government Money Market Portfolio, may hold up to 15% of its net assets in illiquid investments. The PSF PGIM Government Money Market Portfolio may hold up to 5% of its net assets in illiquid investments.

As explained in the prospectus, the PSF Stock Index Portfolio seeks to track the performance of the S&P 500 Index and the PSF Small-Cap Stock Index Portfolio seeks to track the performance of the S&P SmallCap Index. The Portfolios will be as fully invested in the S&P Index's stocks as is feasible in light of cash flow patterns and the cash requirements for efficiently investing in a unit of the basket of stocks comprising the S&P 500 and S&P SmallCap Indexes, respectively. When the Portfolios do have short-term investments, they may purchase stock index futures contracts in an effort to have the Portfolio better follow the performance of a fully invested portfolio. When a Portfolio purchases stock index futures contracts, an amount of cash and cash equivalents, equal to either the market value or the initial margin requirement of the futures contracts, will be deposited in a segregated account with the Portfolio's custodian and/or in a margin account with a broker to collateralize the position.

As an alternative to the purchase of a stock index futures contract, a Portfolio may construct synthetic positions involving options on stock indexes and options on stock index futures that are equivalent to such a long futures position. In particular, a Portfolio may utilize "put/call combinations" as synthetic long stock index futures positions. A put/call combination is the purchase of a call and the sale of a put at the same time with the same strike price and maturity. It is equivalent to a forward position and, if it settled every day, is equivalent to a long futures position. When a Portfolio purchases stock index futures contracts, an amount equal to the initial margin requirement of the futures contracts, will be deposited in a segregated account with the Portfolios' custodian and/or in a margin account with a broker, and the remaining cash and/or cash equivalents equal to the market value of the futures will be held in other accounts.

The PSF PGIM Jennison Blend Portfolio and the PSF PGIM Jennison Growth Portfolio may only engage in short sales against-the-box.

**ARTIFICIAL INTELLIGENCE.** Artificial intelligence refers to computer systems that can perform tasks that would otherwise require human intelligence and encompasses various different forms of artificial intelligence, including machine learning models. Artificial intelligence is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. Artificial intelligence can be categorized into two types: narrow artificial intelligence, which is designed for specific tasks, and general artificial intelligence, which has the ability to perform any intellectual task that a human can do and includes generative artificial intelligence (GAI). GAI is a type of artificial intelligence technology that produces new text, images, audio, and other content based on training data that includes examples of the desired output. Typically, users enter questions, queries, or other inputs that prompt the GAI model or tool to produce output. In addition, some software uses GAI to suggest changes, summarize information, or translate text. Artificial intelligence has various applications in many fields such as healthcare, finance, transportation, and law.

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PGIM Investments or the subadvisers may use and/or expand its use of artificial intelligence in connection with its business, operating and investment activities and a fund's investments may also use such technologies. Actual usage of such artificial intelligence will vary, and while PGIM Investments or the subadvisers may from time to time adopt and adjust usage policies and procedures governing the use of artificial intelligence by its personnel, there is a risk of misuse of artificial intelligence technologies.

Artificial intelligence is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by artificial intelligence. Therefore, it is possible that the information provided through use of artificial intelligence could be insufficient, incomplete, inaccurate or biased leading to adverse effects for a fund, including, potentially, operational errors and investment losses.

Artificial intelligence and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations. Ongoing and future regulatory actions with respect to artificial intelligence generally or artificial intelligence's use in any industry in particular may alter, perhaps to a materially adverse extent, the ability of PGIM Investments or the subadvisers, a fund or its investments to utilize artificial intelligence in the manner it has to-date, and may have an adverse impact on the ability of PGIM Investments or the subadvisers, or the fund or its investments to continue to operate as intended.

**ASSET-BACKED SECURITIES.** Certain Portfolios may invest in asset-backed securities. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Payments of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution unaffiliated with the entities issuing the securities. Asset-backed securities may be classified as pass-through certificates or collateralized obligations.

Pass-through certificates are asset-backed securities which represent an undivided fractional ownership interest in an underlying pool of assets. Pass-through certificates usually provide for payments of principal and interest received to be passed through to their holders, usually after deduction for certain costs and expenses incurred in administering the pool. Because pass-through certificates represent an ownership interest in the underlying assets, the holders thereof bear directly the risk of any defaults by the obligors on the underlying assets not covered by any credit support.

Asset-backed securities issued in the form of debt instruments, also known as collateralized obligations, are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Such assets are most often trade, credit card or automobile receivables. The assets collateralizing such asset-backed securities are pledged to a trustee or custodian for the benefit of the holders thereof. Such issuers generally hold no assets other than those underlying the asset-backed securities and any credit support provided. As a result, although payments on such asset-backed securities are obligations of the issuers, in the event of defaults on the underlying assets not covered by any credit support, the issuing entities are unlikely to have sufficient assets to satisfy their obligations on the related asset-backed securities.

**Business Development Companies (BDCs).** There are certain risks inherent in investing in BDCs, whose principal business is to invest in and lend capital to privately-held companies. The 1940 Act imposes certain restraints upon the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly-traded US public companies, cash, cash equivalents, US Government securities and high-quality debt instruments that will mature in one year or less. Generally, little public information exists for private and thinly-traded companies. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may incur indebtedness only in amounts such that the BDC's asset coverage, subject to certain conditions, equals at least 150% after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital. BDCs generally invest in less-mature private companies, which involve greater risk than well-established publicly-traded companies.

Investments made by BDCs generally are subject to legal and other restrictions on resale and, otherwise, are less liquid than publicly-traded securities. The illiquidity of these investments may make it difficult to sell such investments if the need arises, and if there is a need for a BDC in which a Portfolio invests to liquidate its portfolio quickly, it may realize a loss on its investments. BDCs may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be disproportionately impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment, which tends to increase volatility and result in higher risk. Since BDCs rely on access to short-term money markets, longer-term capital markets and the bank markets as a significant source of liquidity, to the extent that BDCs are not able to access capital at competitive rates, their ability to implement certain financial strategies will be negatively impacted. Market disruptions, including a downturn in capital markets in general, or a downgrade of the credit rating of a BDC held by a Portfolio may increase the

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cost of borrowing to that company, thereby adversely impacting the Portfolio's returns. Credit downgrades also may result in requirements on a company to provide additional support in the form of letters of credit or cash or other collateral to various counterparties.

Since many of the assets of BDCs do not have readily ascertainable market values, such assets are most often recorded at fair value, in good faith, in accordance with valuation procedures adopted by such companies. Such determination requires that judgment be applied to the specific facts and circumstances. Due to the absence of a readily ascertainable market value, and because of the inherent uncertainty of fair valuation, fair value of a BDC's investments may differ significantly from the values that would be reflected if the securities were traded in an established market, potentially resulting in material differences between a BDC's NAV per share and its market value.

Investment advisers to BDCs may be entitled to compensation based on the BDC's performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Portfolio invests a portion of its assets in BDCs, a shareholder in the Portfolio not only will bear his or her proportionate share of the expenses of the Portfolio, but also will bear indirectly the expenses of the BDCs.

**Credit-Related Asset-Backed Securities.** This type of asset-backed security is collateralized by a basket of underlying corporate bonds or other securities, including junk bonds. Unlike the traditional asset-backed securities described above, these asset-backed securities often do have the benefit of a security interest or ownership interest in the related collateral. With a credit-related asset-backed security, the underlying bonds have the risk of being prepaid prior to maturity. Although generally not pre-payable at any time, some of the underlying bonds may have call options, while others may have maturity dates that are earlier than the asset-backed security itself. As with traditional asset-backed securities described above, the Portfolio bears the risk of loss of the resulting increase or decrease in yield to maturity after a prepayment of an underlying bond. However, the primary risk associated with credit-related asset-backed securities is the potential loss of principal associated with losses on the underlying bonds.

**Collateralized Loan Obligations (CLOs).** This type of asset-backed security is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, as well as loans rated below investment grade or equivalent unrated loans. The risks of an investment in a CLO depend largely on the quality of the underlying loans and may be classified by the Portfolio as illiquid investments.

For credit-related asset-backed securities and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a trust typically has higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, other tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to particular underlying assets as a class.

**BANKING INVESTMENTS.** Systemic risk events in the financial sectors and/or resulting government actions can negatively impact the Portfolios. For example, the shutdown of certain regional US banks and other financial institutions in March 2023 raised economic concerns over disruption in the US banking system, which could result in losses to the Portfolios if economic conditions persist or worsen, including through contagion to other areas of the US or global economies. These risks also may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms, and exchanges, with which the Portfolios interact. There can be no certainty that any actions taken by the US government to strengthen public confidence in the US banking system or financial markets will be effective in mitigating the effects of financial institution failures on the economy and restoring or maintaining public confidence.

**BORROWING AND LEVERAGE.** A Portfolio may borrow up to 33 <sup>1</sup>∕3% of the value of its total assets (calculated at the time of the borrowing). The Portfolio may pledge up to 33 <sup>1</sup>∕3% of its total assets to secure these borrowings. If a Portfolio's asset coverage for borrowings falls below 300%, the Portfolio will take prompt action to reduce its borrowings. If a Portfolio borrows to invest in securities, any investment gains made on the securities in excess of interest paid on the borrowing will cause the NAV of the shares to rise faster than would otherwise be the case. On the other hand, if the investment performance of the additional securities purchased fails to cover their cost (including any interest paid on the money borrowed) to the Portfolio, the NAV of the Portfolio's shares will decrease faster than would otherwise be the case. This is the speculative factor known as "leverage."

A Portfolio may borrow from time to time, at the investment subadviser's discretion, to take advantage of investment opportunities, when yields on available investments exceed interest rates and other expenses of related borrowing, or when, in the investment subadviser's opinion, unusual market conditions otherwise make it advantageous for the Portfolio to increase its investment capacity. A Portfolio will

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only borrow when there is an expectation that it will benefit a Portfolio after taking into account considerations such as interest income and possible losses upon liquidation. Borrowing by a Portfolio creates an opportunity for increased net income but, at the same time, creates risks, including risks associated with leveraging such as the risks that leverage may exaggerate changes in the NAV of Portfolio shares and in the yield on a Portfolio. A Portfolio may borrow through forward rolls, dollar rolls or reverse repurchase agreements, although no Portfolio currently has any intention of doing so. If a Portfolio elects to treat reverse repurchase agreements (and certain related financing transactions) as derivative transactions, it shall comply with the requirements of Rule 18f-4 under the 1940 Act rather than being subject to the 33 1/3% limit.

**CONVERTIBLE SECURITIES.** Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the dividend preference on a preferred stock until such time as the convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege. The characteristics of convertible securities make them appropriate investments for an investment company seeking a high total return from capital appreciation and investment income. These characteristics include the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield received from dividend or interest payments as compared to common stock dividends, and decreased risks of decline in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the case if the securities were issued in nonconvertible form.

In analyzing convertible securities, the subadviser will consider both the yield on the convertible security relative to its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other things.

Convertible securities are issued and traded in a number of securities markets. Even in cases where a substantial portion of the convertible securities held by a Portfolio are denominated in US dollars, the underlying equity securities may be quoted in the currency of the country where the issuer is domiciled. With respect to convertible securities denominated in a currency different from that of the underlying equity securities, the conversion price may be based on a fixed exchange rate established at the time the security is issued. As a result, fluctuations in the exchange rate between the currency in which the debt security is denominated and the currency in which the share price is quoted will affect the value of the convertible security. As described below, a Portfolio is authorized to enter into foreign currency hedging transactions in which it may seek to reduce the effect of such fluctuations.

Apart from currency considerations, the value of convertible securities is influenced by both the yield of nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its "investment value." To the extent interest rates change, the investment value of the convertible security typically will fluctuate. However, at the same time, the value of the convertible security will be influenced by its "conversion value," which is the market value of the underlying common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the underlying common stock. If, because of a low price of the common stock the conversion value is substantially below the investment value of the convertible security, the price of the convertible security is governed principally by its investment value.

To the extent the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the price of the convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium over the conversion value to the extent investors place value on the right to acquire the underlying common stock while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more than the securities' investment value.

Holders of convertible securities generally have a claim on the assets of the issuer prior to the common stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be subject to redemption at the option of the issuer at a price established in the charter provision, indenture or other governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Portfolio is called for redemption, the Portfolio will be required to redeem the security, convert it into the underlying common stock, or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt security under certain circumstances.

Synthetic convertible securities may be either (i) a debt security or preferred stock that may be convertible only under certain contingent circumstances or that may pay the holder a cash amount based on the value of shares of underlying common stock partly or wholly in lieu of a conversion right (a Cash-Settled Convertible), (ii) a combination of separate securities chosen by the subadviser in order to create the economic characteristics of a convertible security, i.e., a fixed income security paired with a security with equity conversion features, such as an option or warrant (a Manufactured Convertible) or (iii) a synthetic security manufactured by another party.

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A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional convertible security, which is a single security having a unitary market value, a Manufactured Convertible is comprised of two or more separate securities, each with its own market value. Therefore, the total "market value" of such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility component.

More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional convertible security. Because many corporations have not issued convertible securities, the subadviser may combine a fixed income instrument and an equity feature with respect to the stock of the issuer of the fixed income instrument to create a synthetic convertible security otherwise unavailable in the market. The subadviser may also combine a fixed income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the subadviser believes such a Manufactured Convertible would better promote a Portfolio's objective than alternate investments. For example, the subadviser may combine an equity feature with respect to an issuer's stock with a fixed income security of a different issuer in the same industry to diversify the Portfolio's credit exposure, or with a US Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two components may be purchased separately and, upon purchasing the separate securities, "combined" to create a Manufactured Convertible. For example, a Portfolio may purchase a warrant for eventual inclusion in a Manufactured Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more favorable market conditions.

The value of a Manufactured Convertible may respond differently to certain market fluctuations than would a traditional convertible security with similar characteristics. For example, in the event a Portfolio created a Manufactured Convertible by combining a short-term US Treasury instrument and a call option on a stock, the Manufactured Convertible would likely outperform a traditional convertible of similar maturity that is convertible into that stock during periods when Treasury instruments outperform corporate fixed income securities and underperform during periods when corporate fixed-income securities outperform Treasury instruments.

**CORPORATE LOANS.** Commercial banks and other financial institutions make corporate loans to companies that need capital to grow or restructure. These loans may be referred to as corporate loans, bank loans, leveraged loans, or bank floating rate loans (collectively, "corporate loans"). Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the SOFR or the prime rate of US banks. These types of loans are sometimes called "floating rate loans" because the interest rates move up or down (i.e., they "float") in response to changes in market interest rates. The interest rate payable on some floating rate loans may be subject to an upper limit (a "cap") or lower (a "floor") that prevents the relevant benchmark rate from adjusting above or below a specified level. Because of their structure, the value of corporate loan investments is generally less responsive to shifts in market interest rates. Because the trading market for corporate loans is less developed than the secondary market for bonds and notes, a Portfolio may experience difficulties from time to time in selling its corporate loans. Borrowers frequently provide collateral to secure repayment of these obligations. Leading financial institutions often act as agent for a broader group of lenders, generally referred to as a "syndicate." The syndicate's agent arranges the corporate loans, holds collateral and accepts payments of principal and interest. If the agent develops financial problems, a Portfolio may not recover its investment, or there might be a delay in the Portfolio's recovery. By investing in a corporate loan, a Portfolio becomes a member of the syndicate.

Because of their structure, the value of corporate loan investments is generally less responsive to shifts in market interest rates. Because the trading market for corporate loans is less developed than the secondary market for bonds and notes, a Portfolio may experience difficulties from time to time in selling its corporate loans. Borrowers frequently provide collateral to secure repayment of these obligations. Leading financial institutions often act as agent for a broader group of lenders, generally referred to as a "syndicate." The syndicate's agent arranges the corporate loans, holds collateral and accepts payments of principal and interest. If the agent develops financial problems, a Portfolio may not recover its investment, or there might be a delay in the Portfolio's recovery. By investing in a corporate loan, a Portfolio becomes a member of the syndicate.

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In market conditions where short-term interest rates are particularly low, certain floating rate loans may be issued with a floor that prevents the relevant benchmark rate from adjusting below a specified level. For these floating rate loans, if downward market movements of the benchmark rate would, absent this feature, cause the benchmark rate to fall below the floor, the benchmark rates of these floating rate loans become fixed at the applicable minimum floor level until short-term interest rates (and therefore the benchmark rate) rise above that level. Although this feature is intended to result in these floating rate loans yielding more than they otherwise would when short-term interest rates are low, the feature might also result in the secondary market prices of these floating rate loans becoming more sensitive to changes in interest rates should short-term interest rates rise.

As in the case of junk bonds, the corporate loans in which a Portfolio may invest can be expected to provide higher yields than higher-rated fixed income securities but may be subject to greater risk of loss of principal and income. There are, however, some significant differences between corporate loans and junk bonds. Corporate loans are frequently secured by pledges of liens and security interests in the assets of the borrower, and the holders of corporate loans are frequently the beneficiaries of debt service subordination provisions imposed on the borrower's bondholders. These arrangements are designed to give corporate loan investors preferential treatment over junk bond investors in the event of a deterioration in the credit quality of the issuer. Even when these arrangements exist, however, there can be no assurance that the principal and interest owed on the corporate loans will be repaid in full. Corporate loans generally bear interest at rates set at a margin above a generally recognized base lending rate that may fluctuate on a day-to-day basis or that may be adjusted on set dates, typically 30 days but generally not more than one year. Consequently, the value of corporate loans held by a Portfolio may be expected to fluctuate significantly less than the value of fixed rate junk bond instruments as a result of changes in the interest rate environment. On the other hand, the secondary dealer market for corporate loans is not as well developed as the secondary dealer market for junk bonds, and therefore presents increased market risk relating to liquidity and pricing concerns.

Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations. Due to their lower place in the borrower's capital structure and, in some cases, their unsecured status, junior loans involve a higher degree of overall risk than senior loans of the same borrower.

A Portfolio may acquire interests in corporate loans by means of a novation, assignment, or participation. In a novation, a Portfolio would succeed to all the rights and obligations of the assigning institution and become a contracting party under the credit agreement with respect to the debt obligation. As an alternative, a Portfolio may purchase an assignment, in which case the Portfolio may be required to rely on the assigning institution to demand payment and enforce its rights against the borrower but would otherwise typically be entitled to all of such assigning institution's rights under the credit agreement. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution selling the participation interest and not with the borrower. In purchasing a loan participation, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Portfolio may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, a Portfolio will assume the credit risk of both the borrower and the institution selling the participation to the Portfolio.

To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections. If the Portfolio is in possession of material non-public information about a borrower as a result of its investment in such borrower's loan, the Portfolio may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection with highly leveraged transactions, the availability of loans for investment may be adversely affected. Further, such legislation or regulation could depress the market value of loans. In November 2022, the SEC proposed rule amendments which, among other things, would amend the liquidity rule framework for open-end funds. If the rule amendments are adopted as proposed, they could have a negative impact on the market for loans as open-end funds subject to the rule exit the market. The nature and extent of the proposal's impact will not be known unless and until any final rulemaking is adopted.

**CREDIT DEFAULT SWAP AGREEMENTS AND SIMILAR INSTRUMENTS.** Certain Portfolios may enter into credit default swap agreements and similar agreements and may also buy credit linked securities. The credit default swap agreement or similar instrument may have as reference obligations one or more debt instruments that are not currently held by a Portfolio. The protection "buyer" in a credit default contract may be obligated to pay the protection "seller" an upfront or a periodic stream of payments over the term of the contract provided generally that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the

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buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount (which may be determined by auction), if the swap is cash settled. A Portfolio may be either the buyer or seller in the transaction.

Credit default swaps and similar instruments involve greater risks than if a Portfolio had invested in the reference obligation directly, since, in addition to general market risks, they are subject to illiquidity risk, counterparty risk and credit risks. A Portfolio will enter into credit default swap agreements and similar instruments only with counterparties who are rated investment grade quality by at least one nationally recognized statistical rating organization at the time of entering into such transaction or whose creditworthiness is believed by the subadviser to be equivalent to such rating. A buyer also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the up-front or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Portfolio. When a Portfolio acts as a seller of a credit default swap or a similar instrument, it is exposed to many of the same risks of leverage since, if a credit event occurs, the seller may be required to pay the buyer the full notional value of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations.

**CREDIT LINKED SECURITIES.** Among the income-producing securities in which a Portfolio may invest are credit linked securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain fixed income markets. For instance, a Portfolio may invest in credit linked securities as a cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more traditional income-producing securities are not available.

Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a Portfolio would receive. A Portfolio's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is also expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may be classified as illiquid investments.

**CURRENCY FUTURES.** A Portfolio may also seek to enhance returns or hedge against the decline in the value of a currency against the US dollar through use of currency futures or options thereon. Currency futures are similar to forward foreign exchange transactions except that futures are standardized, exchange-traded contracts. See "Futures" below. Currency futures involve substantial currency risk, and also involve leverage risk.

**CURRENCY OPTIONS.** A Portfolio may also seek to enhance returns or hedge against the decline in the value of a currency against the US dollar through the use of currency options. Currency options are similar to options on securities, but in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. A Portfolio may engage in transactions in options on currencies either on exchanges or OTC markets. See "Additional Risk Factors of OTC Transactions; Limitations on the Use of OTC Derivatives" below. Currency options involve substantial currency risk, and may also involve credit, leverage or liquidity risk.

**CYBERSECURITY AND OPERATIONAL RISK.** With the increasing use of technology and computer systems in general and, in particular, the Internet to conduct necessary business functions, each Portfolio and its service providers is susceptible to operational, information security and related risks. These risks, which are often collectively referred to as "cybersecurity" risks, may include deliberate or malicious attacks, as well as unintentional events and occurrences. Cybersecurity is generally defined as the technology, operations and related protocol surrounding and protecting a user's computer hardware, network, systems and applications and the data transmitted and stored therewith. These measures ensure the reliability of a user's systems, as well as the security, availability, integrity, and confidentiality of data assets.

Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access to computer systems in order to misappropriate and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service

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attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, cybersecurity risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the destruction, release or disclosure of confidential or proprietary information stored on an organization's systems.

Cybersecurity failures or breaches, whether deliberate or unintentional, arising from the Portfolios' third-party service providers (e.g., custodians, financial intermediaries, transfer agents), subadvisers, shareholder usage of unsecure systems to access personal accounts, as well as breaches suffered by the issuers of securities in which the Portfolios invest, may cause significant disruptions in the business operations of the Portfolios. Potential impacts may include, but are not limited to, potential financial losses for the Portfolios and the issuers' securities, the inability of shareholders to conduct transactions with the Portfolios, an inability of the Portfolios to calculate NAV, and disclosures of personal or confidential shareholder information.

In addition to direct impacts on Portfolio shareholders, cybersecurity failures by the Portfolios and/or their service providers and others may result in regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs to the Portfolios, and reputational damage. The Portfolios may incur reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. The Portfolios may also incur considerable expenses in enhancing and upgrading computer systems and systems security following a cybersecurity failure.

The rapid proliferation of technologies, as well as the increased sophistication and activities of organized crime, hackers, terrorists, and others continue to pose new and significant cybersecurity threats. Although the Portfolios and their service providers and subadvisers may have established business continuity plans and risk management systems to mitigate cybersecurity risks, there can be no guarantee or assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. Furthermore, the Portfolios cannot control or assure the efficacy of the cybersecurity plans and systems implemented by third-party service providers, the subadvisers, and the issuers in which the Portfolios invest.

A Portfolio's investments or its service providers may be negatively impacted due to operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third-party service providers or trading counterparties. In particular, these errors or failures as well as other technological issues may adversely affect the Portfolios' ability to calculate their NAVs in a timely manner, including over a potentially extended period. Although the Portfolios attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a Portfolio or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A Portfolio and its shareholders could be negatively impacted as a result.

**DEBT SECURITIES.** Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make timely payments of principal and interest. The degree of credit risk depends on the issuer's financial condition and on the terms of the bonds. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of a Portfolio's investment in that issuer. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. Credit risk is reduced to the extent a Portfolio limits its debt investments to US Government securities. All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities.

**DEPOSITARY RECEIPTS.** A Portfolio may invest in the securities of foreign issuers in the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. ADRs and ADSs are receipts or shares typically issued by an American bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. EDRs are receipts issued in Europe that evidence a similar ownership arrangement. GDRs are receipts issued throughout the world that evidence a similar arrangement. Generally, ADRs and ADSs, in registered form, are designed for use in the US securities markets, and EDRs, in bearer form, are designed for use in European securities markets. GDRs are tradable both in the United States and in Europe and are designed for use throughout the world. A Portfolio may invest in unsponsored Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or into or for which they may be converted or exchanged, as well as risks associated with foreign investments.

**DERIVATIVES.** A Portfolio may use instruments referred to as derivatives. Derivatives are financial instruments the value of which is derived from another underlying instrument such as, a security, a commodity (such as gold or oil), a currency or an index (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives can allow a Portfolio to increase or decrease the level of

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risk to which the Portfolio is exposed more quickly and efficiently than transactions in other types of instruments. Each Portfolio may use derivatives for hedging purposes. Certain Portfolios may also use derivatives to seek to enhance returns. The use of a derivative is speculative if the Portfolio is primarily seeking to achieve gains, rather than offset the risk of other positions. When the Portfolio invests in a derivative for speculative purposes, the Portfolio will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. No Portfolio may use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly.

The use of derivative instruments involves risks different from, and/or possibly greater than, the risks associated with investing directly in the underlying assets or references. The use of derivative instruments is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the portfolio manager is incorrect in the forecasts of security or market values, interest rates or currency exchange rates, as applicable, the investment performance of a Portfolio would be less favorable than it would have been if derivative instruments were not used. Potential losses from certain derivative instruments are unlimited. Derivative instruments can be highly volatile, illiquid, subject to counterparty risk and difficult to value. There is also the risk that changes in the value of a derivative instrument held by a Portfolio for hedging purposes may not correlate with the Portfolio's investments which are intended to be hedged, which could impact Portfolio performance. A Portfolio may choose not to invest in derivative instruments because of their cost, limited availability or other reasons.

The Portfolios are subject to Rule 18f-4 under the 1940 Act (the Derivatives Rule), which governs the use of derivatives by registered investment companies. The Derivatives Rule imposes limits on the amount of derivatives exposure a fund may take on and replaces the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, among other requirements. The Derivatives Rule also requires the Portfolios to adopt and implement a comprehensive written derivatives risk management program (called a DRMP) and to comply with a relative or absolute limit on leverage risk calculated based on value-at-risk. The DRMP is administered by a "derivatives risk manager." The derivatives risk manager is appointed by the Board and periodically reviews the DRMP and reports to the Board. The Derivatives Rule may limit the ability of a Portfolio to use derivatives, short sales, and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of a Portfolio's investments and cost of doing business, which could adversely affect the Performance of the Portfolio's investments. The Derivatives Rule provides an exception from the DRMP, value-at-risk limit, and certain other requirements if a Portfolio's "derivatives exposure" is limited to 10% of its net assets (as calculated in accordance with the Derivatives Rule) and the Portfolio adopts and implements written policies and procedures reasonably designed to manage its derivatives risks.

**DISTRESSED SECURITIES.** A Portfolio may invest in securities, including corporate loans purchased in the secondary market, which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or interest at the time of acquisition by the Portfolio or are rated in the lower rating categories (Ca or lower by Moody's and CC or lower by S&P or Fitch) or which, if unrated, are in the judgment of the Investment Manager of equivalent quality (Distressed Securities). Investment in Distressed Securities is speculative and involves significant risks. Distressed Securities frequently do not produce income while they are outstanding and may require a Portfolio to bear certain extraordinary expenses in order to protect and recover its investment.

A Portfolio will generally make such investments only when the Investment Manager believes it is reasonably likely that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the Portfolio will receive new securities. However, there can be no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which a Portfolio makes its investment in Distressed Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is unlikely that a Portfolio will receive any interest payments on the Distressed Securities, the Portfolio will be subject to significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the Portfolio may be required to bear certain extraordinary expenses to protect and recover its investment. Even if an exchange offer is made or plan of reorganization is adopted with respect to Distressed Securities held by a Portfolio, there can be no assurance that the securities or other assets received by a Portfolio in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by a Portfolio upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of a Portfolio's participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Portfolio may be restricted from disposing of such securities.

**DOLLAR ROLLS.** Certain Portfolios may enter into dollar rolls. In a dollar roll, a Portfolio sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type and coupon) securities on a specified future date from the same party. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sale price and the forward price for the future purchase (often referred to as the drop) as well as by the interest earned on the cash proceeds of the initial sale.

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Dollar rolls involve the risk that the market value of the securities retained by the Portfolio may decline below the price of the securities, the Portfolio has sold but is obligated to repurchase under the agreement. In the event the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Portfolio's use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio's obligation to repurchase the securities. Cash proceeds from dollar rolls may be invested in cash or other liquid assets.

**ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS.** Certain ESG factors may be considered by a Portfolio's subadviser(s) in making investment decisions for a Portfolio. For these Portfolios, ESG factors are only one of many considerations a subadviser may evaluate for any potential investment and the extent to which ESG factors will affect a decision to invest in an issuer, if at all, will vary and depend on the analysis and judgment of the subadviser. ESG factors, either quantitative or qualitative, may be utilized by a subadviser as a component of its investment process to implement the Portfolio's investment strategy in pursuit of its investment objective. ESG considerations may affect a Portfolio's exposure to certain issuers, industries, sectors, and factors that may impact the performance of a Portfolio. A subadviser's consideration of ESG factors may also impact a Portfolio's performance relative to similar funds that do not consider ESG factors. Because ESG factors may be used as one part of an overall investment process, a subadviser may still invest in securities of issuers that are not considered ESG-focused or that may be viewed as having a high ESG risk profile. Investors can differ in their views of what constitutes positive or negative ESG factors. As a result, a Portfolio may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG factors are expected to evolve over time and one or more factors may not be relevant or material with respect to all issuers that are eligible for investment. In considering ESG factors, a subadviser may rely on proprietary research as well as third-party research, and such research may be incorrect, based on incomplete or inaccurate information, not sufficiently available, or subjective in nature, and thus could negatively affect the fund's performance.

**EXCHANGE-TRADED FUNDS.** A Portfolio may invest in ETFs. ETFs, which may be unit investment trusts or mutual funds, typically hold portfolios of securities designed to track the performance of various broad securities indexes or sectors of such indexes. ETFs provide another means, in addition to futures and options on indexes, of including stock index exposure in these Portfolios' investment strategies. A Portfolio will indirectly bear its proportionate share of any management fees and other expenses paid by such ETF. In addition, an investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies, and policies.

Moreover, to the extent an ETF holds securities traded in markets that close at a different time from the ETF's listing exchange, liquidity in such securities may be reduced after the applicable closing times. In addition, during the time when the ETF's listing exchange is open but after the applicable market closing, fixing or settlement times, bid/ask spreads and the resulting premium or discount to the ETF's shares' NAV may widen.

**FOREIGN EXCHANGE TRANSACTIONS.** A Portfolio may engage in spot and forward foreign exchange transactions and currency swaps, purchase and sell options on currencies and purchase and sell currency futures and related options thereon (collectively, Currency Instruments) for purposes of hedging against the decline in the value of currencies in which its portfolio holdings are denominated against the US dollar or, with respect to certain Portfolios, to seek to enhance returns. Such transactions could be effected with respect to hedges on non-US dollar denominated securities owned by a Portfolio, sold by a Portfolio but not yet delivered, or committed or anticipated to be purchased by a Portfolio. As an illustration, a Portfolio may use such techniques to hedge the stated value in US dollars of an investment in a yen-denominated security. In such circumstances, for example, the Portfolio may purchase a foreign currency put option enabling it to sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring such a put option, the Portfolio may also sell a call option which, if exercised, requires it to sell a specified amount of yen for dollars at a specified price by a future date (a technique called a straddle). By selling such a call option in this illustration, the Portfolio gives up the opportunity to profit without limit from increases in the relative value of the yen to the dollar. "Straddles" of the type that may be used by a Portfolio are considered to constitute hedging transactions and are consistent with the policies described above.

**FOREIGN INVESTMENT RISKS.** Certain Portfolios may invest in foreign equity and/or debt securities. Foreign debt securities include certain foreign bank obligations and US dollar or foreign currency-denominated obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities.

**Foreign Market Risk.** Portfolios that may invest in foreign securities offer the potential for more diversification than Portfolios that invest only in the United States because securities traded on foreign markets have often (though not always) performed differently than securities in the United States. However, such investments involve special risks not present in US investments that can increase the chances that a Portfolio will lose money. In particular, a Portfolio is subject to the risk that, because there are generally fewer investors on

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foreign exchanges and a smaller number of shares traded each day, it may be difficult for the Portfolio to buy and sell securities on those exchanges. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the United States. Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US.

**Foreign Economy Risk.** The economies of certain foreign markets often do not compare favorably with that of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources, and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets, or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Any of these actions could severely affect securities prices and impair a Portfolio's ability to purchase or sell foreign securities, transfer a Portfolio's assets or income back into the United States, or otherwise adversely affect a Portfolio's operations. Other foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the United States or other foreign countries.

**Foreign Market Disruption and Geopolitical Risks.** International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the global outbreak of the novel coronavirus disease (COVID-19) or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the US and foreign financial markets and may cause further long-term economic uncertainties in the United States and worldwide generally.

**Currency Risk and Exchange Risk.** Securities in which a Portfolio invests may be denominated or quoted in currencies other than the US dollar. Changes in foreign currency exchange rates will affect the value of a Portfolio's holdings. Generally, when the US dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer US dollars. Conversely, when the US dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more US dollars. This risk, generally known as "currency risk," means that a stronger US dollar will reduce returns for US investors while a weak US dollar will increase those returns.

**Governmental Supervision and Regulation/Accounting Standards.** Many foreign governments supervise and regulate stock exchanges, brokers, and the sale of securities less than does the United States. Some countries may not have laws to protect investors comparable to the US securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company's securities based on nonpublic information about that company. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as US accounting standards, it may be harder for Portfolio management to completely and accurately determine a company's financial condition.

**Certain Risks of Holding Portfolio Assets Outside the United States.** A Portfolio generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put limits on a Portfolio's ability to recover its assets if a foreign bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive for a Portfolio to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount a Portfolio can earn on its investments and typically results in a higher operating expense ratio for the Portfolio as compared to investment companies that invest only in the United States.

**Settlement Risk.** Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of US investments. Communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions; these problems may make it difficult for a Portfolio to carry out transactions. If a Portfolio cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If a Portfolio cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Portfolio could be liable to that party for any losses incurred.

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Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, thereby reducing the amount available for distribution to shareholders.

Certain transactions in derivatives (such as futures transactions or sales of put options) involve substantial leverage risk and may expose a Portfolio to potential losses, which exceed the amount originally invested by the Portfolio. When a Portfolio engages in such a transaction, the Portfolio intends that any such transactions will be conducted in compliance with the requirements of Rule 18f-4.

**Additional Risk Factors of OTC Transactions; Limitations on the Use of OTC Derivatives.** Certain derivatives traded in OTC markets, including indexed securities, swaps and OTC options, involve substantial liquidity risk. The absence of liquidity may make it difficult or impossible for a Portfolio to sell such instruments promptly at an acceptable price. The absence of liquidity may also make it more difficult for a Portfolio to ascertain a market value for such instruments. A Portfolio will, therefore, acquire illiquid OTC instruments (i) if the agreement pursuant to which the instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Investment Manager anticipates the Portfolio can receive on each business day at least two independent bids or offers, unless a quotation from only one dealer is available, in which case that dealer's quotation may be used.

Because derivatives traded in OTC markets are not guaranteed by an exchange or clearing corporation, to the extent that a Portfolio has unrealized gains in such instruments or has deposited collateral with its counterparty the Portfolio is at increased risk that its counterparty will become bankrupt or otherwise fail to honor its obligations. A Portfolio will attempt to minimize the risk that a counterparty will become bankrupt or otherwise fail to honor its obligations by engaging in transactions in derivatives traded in OTC markets only with financial institutions that appear to have substantial capital or that have provided the Portfolio with a third-party guaranty or other credit enhancement.

**FORWARD FOREIGN EXCHANGE TRANSACTIONS.** Forward foreign exchange transactions are OTC contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and future date set at the time of the contract. Spot foreign exchange transactions are similar but require current, rather than future, settlement. A Portfolio will enter into foreign exchange transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain Portfolios, to seek to enhance returns. A Portfolio may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example, purchasing a currency needed to settle a security transaction or selling a currency in which the Portfolio has received or anticipates receiving a dividend or distribution. A Portfolio may enter into a foreign exchange transaction for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of the Portfolio is denominated or by purchasing a currency in which the Portfolio anticipates acquiring a portfolio position in the near future. A Portfolio may also hedge portfolio positions through currency swaps, which are transactions in which one currency is simultaneously bought for a second currency on a spot basis and sold for the second currency on a forward basis. Forward foreign exchange transactions involve substantial currency risk, and also involve credit and liquidity risk. Additionally, not all forward foreign exchange contracts require a counterparty to post collateral, which may expose a Portfolio to greater losses in the event of a default by a counterparty.

**FUTURES.** A Portfolio may engage in transactions in futures and options thereon. Futures are standardized, exchange-traded contracts which obligate a purchaser to buy, and a seller to sell, of a specific amount of an asset at a specified future date at a specified price. No price is paid upon entering into a futures contract. Rather, upon purchasing or selling a futures contract a Portfolio is required to deposit collateral (margin) with a futures commission merchant. This is known as "initial margin." The amount of initial margin required to be deposited is set by the exchange on which the contract is listed, subject to increase by the futures commission merchant, and is equal to a percentage, typically 3-12%, of the notional amount of the futures contract. Each day thereafter until the futures position is closed, the Portfolio will pay additional margin representing any loss experienced as a result of the futures position the prior day or be entitled to a payment representing any profit experienced as a result of the futures position the prior day. Futures involve substantial leverage risk.

The sale of a futures contract limits a Portfolio's risk of loss through a decline in the market value of portfolio holdings correlated with the futures contract prior to the futures contract's expiration date. In the event the market value of the portfolio holdings correlated with the futures contract increases rather than decreases, however, a Portfolio will realize a loss on the futures position and a lower return on the portfolio holdings than would have been realized without the sale of the futures contract.

The purchase of a futures contract may protect a Portfolio from having to pay more for securities as a consequence of increases in the market value for such securities during a period when the Portfolio was attempting to identify specific securities in which to invest in a market the Portfolio believes to be attractive. In the event that such securities decline in value or a Portfolio determines not to complete an anticipatory hedge transaction relating to a futures contract, however, the Portfolio may realize a loss relating to the futures position.

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The primary risks associated with the use of futures are: (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures; (b) possible lack of a liquid market for a futures and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures contract will default in the performance of its obligations.

The trading of futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal trading activity, which could at times make it difficult or impossible to liquidate existing positions or to recover collateral deposited or excess variation margin payments. Furthermore, exchanges may cancel trades in limited circumstances, for example, if the exchange believes that allowing such trades to stand as executed could have an adverse impact on the stability or integrity of the market. Any such cancellation may adversely affect the performance of a Portfolio.

A Portfolio is also authorized to purchase or sell call and put options on futures contracts including financial futures and stock indices in connection with its hedging activities. Generally, these strategies would be used under the same market and market sector conditions (i.e., conditions relating to specific types of investments) in which the Portfolio entered into futures transactions. A Portfolio may purchase put options or write (i.e., sell) call options on futures contracts and stock indices rather than selling the underlying futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Portfolio can purchase call options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures to hedge against the increased cost resulting from an increase in the market value of securities which the Portfolio intends to purchase. A Portfolio may also trade futures and options on futures for speculative purposes.

The Investment Manager has claimed an exclusion from the definition of "commodity pool operator" with respect to each Portfolio, under applicable rules issued by the CFTC under the CEA. Therefore, the Investment Manager is not subject to registration or regulation as a pool operator under the CEA. In order to continue to qualify for the exclusion a Portfolio is limited in its ability to use futures, options and swaps subject to regulation under the CEA. With respect to transactions subject to regulation under the CEA, either: (1) the aggregate initial margin and premiums required to establish a Portfolio's positions in such investments, determined at the time the most recent position was established, may not exceed 5% of the liquidation value of the Portfolio's assets, or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of the Portfolio's assets. In addition to meeting one of the foregoing trading limitations, a Portfolio may not market itself as a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. These limitations may restrict the Portfolio's ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses for it, and/or adversely affect its total return. In the event that the Investment Manager believes that a Portfolio may no longer be able to comply with or that it may no longer be desirable for it to comply with these limitations, the Investment Manager may register as a commodity pool operator with the CFTC with respect to the Portfolio. Any such registration may adversely affect the Portfolio's performance, for example, by subjecting it to increased costs and expenses.

**HEDGING.** Hedging is a strategy in which a derivative or security is used to offset the risks associated with other Portfolio holdings. Losses on the other investment may be substantially reduced by gains on a derivative that reacts in an opposite manner to market movements. While hedging can reduce losses, it can also reduce or eliminate gains or cause losses if the market moves in a different manner than anticipated by a Portfolio or if the cost of the derivative outweighs the benefit of the hedge. Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged as expected by a Portfolio, in which case any losses on the holdings being hedged may not be reduced or may be increased. The inability to close options and futures positions also could have an adverse impact on a Portfolio's ability to hedge effectively its portfolio. There is also a risk of loss by the Portfolio of margin deposits or collateral in the event of bankruptcy of a broker with whom the Portfolio has an open position in an option, a futures contract or a related option. There can be no assurance that a Portfolio's hedging strategies will be effective or that hedging transactions will be available to a Portfolio. No Portfolio is required to engage in hedging transactions and each Portfolio may choose not to do so.

**ILLIQUID INVESTMENTS.** Pursuant to Rule 22e-4 under the 1940 Act, a Portfolio (other than the PSF PGIM Government Money Market Portfolio) may not acquire any "illiquid investment" if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that such a Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments include repurchase agreements with a notice or demand period of more than seven days, certain over-the-counter derivative instruments, and securities and other financial instruments that are not readily marketable, unless, based upon a review of the relevant market, trading and investment-specific considerations, those investments are determined not to be illiquid. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board has approved the designation of the Investment Manager to administer the Trust's liquidity risk management program and related procedures. The PSF PGIM Government Money Market Portfolio

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may invest up to 5% of its net assets in illiquid investments. The 15% and 5% limits are applied as of the date a Portfolio purchases an illiquid investment. It is possible that a Portfolio's holding of illiquid investments could exceed the 15% limit (5% for the PSF PGIM Government Money Market Portfolio), for example as a result of market developments or redemptions. In 2022, the SEC proposed amendments to Rule 22e-4 under the 1940 Act and Rule 22c-1 under the 1940 Act, that, if adopted as proposed, would, among other things, cause more investments to be treated as illiquid, and could prevent the Portfolio from investing in securities that the Manager or subadvisers believes are appropriate or desirable. At the same time, the SEC proposed rule amendments that would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund NAV per share to pass on costs stemming from shareholder purchase or redemption activity. The proposal's impact on the Portfolios will not be known unless and until any final rulemaking is adopted.

Each Portfolio may purchase certain restricted securities that can be resold to institutional investors and which may be classified as liquid investments pursuant to the Trust's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the 1933 Act and are called Rule 144A securities. Securities classified as liquid investments under these procedures are not subject to the limits on the Portfolio's investment in illiquid investments.

Investments in illiquid investments involve more risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments. Investment of a Portfolio's assets in illiquid investments may restrict the ability of the Portfolio to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where a Portfolio's operations require cash, such as when a Portfolio has net redemptions, and could result in the Portfolio borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

Illiquid investments are often restricted securities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by the Portfolio or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by a Portfolio are required to be registered under the securities laws of one or more jurisdictions before being resold, the Portfolio may be required to bear the expenses of registration. Private placement investments may involve investments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in private placement securities, a Portfolio may obtain access to material non-public information, which may restrict the Portfolio's ability to conduct transactions in those securities.

**INDEXED AND INVERSE SECURITIES.** A Portfolio may invest in securities the potential return of which is based on an index or interest rate. As an illustration, a Portfolio may invest in a security whose value is based on changes in a specific index or that pays interest based on the current value of an interest rate index, such as the prime rate. A Portfolio may also invest in a debt security that returns principal at maturity based on the level of a securities index or a basket of securities, or based on the relative changes of two indices. In addition, certain Portfolios may invest in securities the potential return of which is based inversely on the change in an index or interest rate (that is, a security the value of which will move in the opposite direction of changes to an index or interest rate). For example, a Portfolio may invest in securities that pay a higher rate of interest when a particular index decreases and pay a lower rate of interest (or do not fully return principal) when the value of the index increases. If a Portfolio invests in such securities, it may be subject to reduced or eliminated interest payments or loss of principal in the event of an adverse movement in the relevant interest rate, index or indices. Indexed and inverse securities may involve credit risk, and certain indexed and inverse securities may involve leverage risk, liquidity risk and currency risk. A Portfolio may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for hedging purposes, indexed and inverse securities involve correlation risk. (Furthermore, where such a security includes a contingent liability, in the event of such an adverse movement, a Portfolio may be required to pay substantial additional margin to maintain the position.)

**INITIAL PUBLIC OFFERINGS.** A Portfolio may invest in IPOs. An IPO is the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately owned companies looking to become publicly traded.

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In an IPO, the issuer obtains the assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), best offering price and time to bring it to market. The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and a Portfolio may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like.

Investing in IPOs entails risks. Importantly, the prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. It is difficult to predict what the stock will do on its initial day of trading and in the near future since there is often little historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, and they are therefore subject to additional uncertainty regarding their future value.

**INVESTMENT IN EMERGING MARKETS.** Certain Portfolios may invest in the securities of issuers domiciled in various countries with emerging capital markets. The Manager and the Subadvisers have broad discretion to identify or determine those countries that they consider to qualify as emerging markets. In exercising such discretion, they generally consider a country with an emerging capital market to be, but is not necessarily limited to, (i) any country that the is considered to be emerging or developing by supranational organizations such as the United Nations or other similar entities; or (ii) included in an emerging markets index by a recognized index provider. Emerging market countries generally will include countries with low gross national product per capita and the potential for rapid economic growth and are likely to be located in Africa, Asia, the Middle East, Eastern and Central Europe and Central and South America.

Such capital markets are emerging in a dynamic political and economic environment brought about by events over recent years that have reshaped political boundaries and traditional ideologies. In such a dynamic environment, there can be no assurance that these capital markets will continue to present viable investment opportunities for a Portfolio. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a Portfolio could lose the entire value of its investments in the affected markets.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks not involved in investments in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets, (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory, high rates of inflation or unfavorable diplomatic developments, (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or US governmental laws or restrictions applicable to such investments, (iv) national policies that may limit a Portfolio's investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests, and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which US companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid and more volatile than those of mature markets, and companies may be held by a limited number of persons. This may adversely affect the timing and pricing of a Portfolio's acquisition or disposal of securities.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because a Portfolio will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Portfolio would absorb any loss resulting from such registration problems and may have no successful claim for compensation.

In December 2020, the Holding Foreign Companies Accountable Act (the HFCAA) was signed into law. The HFCAA directs the SEC to prohibit securities of a registrant from being listed on any US stock exchanges if, for three consecutive years, the Public Company Accounting Oversight Board determines it was unable to inspect the auditor of the registrant's financial statements. The HFCAA also requires a foreign registrant to provide certain disclosures if the registrant files an annual report that includes an audit report from an

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auditor that was not subject to Public Company Accounting Oversight Board inspection. In December 2021, the SEC adopted final amendments implementing the disclosure and submission requirements of the HFCAA. The potential impact of the HFCAA is unclear at this time, but it may limit the securities in which a Portfolio may invest.

**Infectious Illness Risk.** The Portfolios or the securities in which the Portfolios invest may be adversely affected by the spread of infectious illness or other public health issues like pandemics or epidemics. Such infectious illnesses or public health issues may have a greater adverse impact on emerging and less developed markets.

**INVESTMENT IN OTHER INVESTMENT COMPANIES.** Each Portfolio may invest in other investment companies, including ETFs. In accordance with the 1940 Act, a Portfolio may invest up to 10% of its total assets in securities of other investment companies. In addition, under the 1940 Act, a Portfolio may not own more than 3% of the total outstanding voting stock of any investment company and not more than 5% of the value of the Portfolio's total assets may be invested in securities of any investment company. (These limits do not restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio) or a Fund of Funds from investing primarily in underlying funds that are part of the same group of investment companies.

Notwithstanding the limits discussed above, a Portfolio may invest in other investment companies without regard to the limits set forth above, provided that the Portfolio complies with Rules 12d1-1, 12d1-3, 12d1-4 promulgated by the SEC under the 1940 Act or otherwise permitted by exemptive order, SEC releases, no-action letters or similar interpretation. As with other investments, investments in other investment companies are subject to market and selection risk. In addition, if the Portfolio acquires shares in investment companies, shareholders would bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of such investment companies (including management and advisory fees). Investments by a Portfolio in wholly-owned investment companies created under the laws of certain countries will not be deemed an investment in other investment companies. The underlying investments companies in which the Portfolio invests may not meet their investment objectives.

In October 2020, the SEC adopted a new regulatory framework, including new Rule 12d1-4 under the 1940 Act, for fund-of-funds arrangements. Rule 12d1-4 permits a registered investment company to acquire the securities of any other registered investment company or BDC in excess of the limits of the 1940 Act, provided that the registered investment company complies with several conditions imposed by Rule 12d1-4, which include: (i) limits on ownership and voting of acquired fund shares; (ii) evaluations and findings by investment advisers of funds in fund-of-funds arrangements; (iii) investment agreements between funds in fund-of-funds arrangements; and (iv) limits on complex fund-of-funds structures. In connection with new Rule 12d1-4, the SEC also rescinded Rule 12d1-2 and certain exemptive orders permitting fund-of-funds arrangements. The Board has approved procedures to comply with the new Rule. The new Rule may limit the ability of a Portfolio to invest in other funds, including private funds and ETFs*.* These regulatory changes may adversely impact the Portfolios' investment strategies and operations.

**JUNK BONDS.** Junk bonds are debt securities that are rated below investment grade by the major rating agencies or are unrated securities that the subadviser believes are of comparable quality. Although junk bonds generally pay higher rates of interest than investment grade bonds, they are high risk investments that may cause income and principal losses for a Portfolio. The major risks in junk bond investments include the following:

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Junk bonds are issued by less credit worthy companies. These securities are vulnerable to adverse changes in the issuer's industry and to general economic conditions. Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing.

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The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer's ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing.

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Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations.

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Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Portfolio before it matures. If an issuer redeems the junk bonds, a Portfolio may have to invest the proceeds in bonds with lower yields and may lose income.

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Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a greater impact on the prices of junk bonds than on other higher rated fixed income securities.

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Junk bonds may be less liquid than higher rated fixed income securities even under normal economic conditions. There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers. Because they are less liquid, judgment may play a greater role in valuing certain of a Portfolio's portfolio securities than in the case of securities trading in a more liquid market.

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A Portfolio may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

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**RISKS RELATED TO REFERENCE RATES**. A Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as European Interbank Offer Rate (EURIBOR), SOFR, Sterling Overnight Interbank Average Rate (SONIA), and other similar types of reference rates (Reference Rates). The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse impact on the market for, or value of, any securities or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Portfolio's performance and/or NAV.

For example, LIBOR was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which a Portfolio may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these alternative rates such as SOFR for USD LIBOR are continuing to develop. SOFR is an index rate calculated based on short-term repurchase agreements backed by U.S. Treasury Instruments. While LIBOR was an unsecured rate, SOFR is a secured rate. There can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, monetary policy, bank credit risk, market volatility or global or regional economic, financial, political, regulatory, judicial or other events. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of a Portfolio. If the manner in which SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on SOFR-linked floating rate instruments and the trading prices of such instruments. Additionally, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although occasional, increased daily volatility in SOFR would not necessarily lead to more volatile interest payments, the return on and value of SOFR-linked floating rate instruments may fluctuate more than floating rate instruments that are linked to less volatile rates. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly but the full impact of the transition on the fund or the financial instruments in which the fund invests cannot yet be fully determined. In addition, certain indices are subject to regulation under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation was enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Regulatory changes in respect of benchmarks can cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

**Large Shareholder Transaction Risk.** A Portfolio may be subject to the risk that shareholders will purchase or redeem large quantities of shares of the Portfolio (such purchases or redemptions, "large shareholder transactions"). Additionally, other investors from time to time may make substantial investments in the Portfolio. Such shareholders may at times be considered to control the Portfolio. In addition, a large number of shareholders collectively may purchase or redeem Portfolio shares in large amounts rapidly or unexpectedly. A number of circumstances may cause the Portfolio to experience large shareholder transactions, such as changes in the eligibility criteria for the Portfolio or share class of the Portfolio; liquidations, reorganizations, repositionings, or other announced Portfolio events; or changes in investment objectives, strategies, policies, risks, or investment personnel. Large redemptions may be more likely during times of market stress or reduced liquidity, exacerbating the potential impact on the Portfolio. Large shareholder transactions may adversely affect the Portfolio's liquidity and net assets. These transactions could adversely affect the Portfolio's performance if the Portfolio is forced to sell Portfolio securities to satisfy redemption requests or purchase securities for the Portfolio in connection with the investment of subscription proceeds when the Portfolio would otherwise not do so, and at unfavorable prices, which may increase the Portfolio's brokerage costs and accelerate the realization of taxable income and/or gains to shareholders.

**LIMITATIONS ON CURRENCY HEDGING.** Most Portfolios will not speculate in Currency Instruments although certain Portfolios may use such instruments to seek to enhance returns. Accordingly, except for portfolios managed by PGIM, a Portfolio will not hedge a currency in excess of the aggregate market value of the securities that it owns (including receivables for unsettled securities sales), or has committed to or anticipates purchasing, which are denominated in such currency. A Portfolio may, however, hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than the currency being hedged (a cross-hedge). A Portfolio will only enter into a cross-hedge if the Investment Manager believes that (i) there is a demonstrable high correlation between the currency in which the cross-hedge is denominated and the currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar hedging transaction by means of the currency being hedged.

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**LIQUIDATION OF PORTFOLIOS.** Each Portfolio reserves the right to discontinue offering shares at any time, to merge or reorganize itself, or to cease operations and liquidate at any time.

**MARKET RISK.** Market risk is the risk that the markets in which a Portfolio invests will experience market volatility and go down in value, including the possibility that a market will go down sharply and unpredictably in short periods of time. All markets go through cycles, and market risk involves being on the wrong side of a cycle. Factors affecting market risk, whether real or perceived, include political events, broad economic and social changes, and the mood of the investing public. If investor sentiment turns negative, the price of all securities may decline. Market risk also includes the risk that geopolitical and other events will disrupt the economy on a national or global level.

For instance, war, terrorism, market manipulation, government defaults, government shutdowns, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities (such as oil), government actions (including interest rate changes, protectionist measures, sanctions, intervention in the financial markets, or other regulation, and changes in fiscal, monetary or tax policies), political changes or diplomatic developments, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, public health emergencies (such as the spread of infectious diseases, pandemics, or epidemics), and natural/environmental disasters can all negatively impact the securities markets, which could cause a Portfolio to lose value. For example, the COVID-19 pandemic contributed to significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, global supply chain disruptions and significantly adversely impact the economy.

War, terrorism, economic uncertainty, and related geopolitical events, such as sanctions, the threat of or imposition of tariffs, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on US and world economies and markets generally. For example, the US has imposed economic sanctions, which consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Portfolios to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions. The nature and severity of sanctions or other similar measures (including counter sanctions or other retaliatory actions) may vary broadly in scope, and their impact is impossible to predict. Sanctions and other similar measures could limit or prevent the Portfolio's ability to buy and sell securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of trades, and significantly impact the Portfolio liquidity or performance. Instability and conflict, including in Eastern Europe, the Middle East, and Asia, as well as the imposition of various economic sanctions by the US and many other countries, could also negatively impact global and regional energy and financial markets and cause significant investment losses or inability to invest in certain markets. Any or all of the foregoing could disrupt the operations of the Portfolio and its service providers, adversely affect the value and liquidity of the Portfolio's investments, and negatively impact the Portfolio's performance. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial.

Policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of a Portfolio. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where a Portfolio invests.

During periods of severe market stress, it is possible that the market for some or all of a Portfolio's investments may become highly volatile and/or illiquid. While a Portfolio's portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. Price changes may be temporary or last for extended periods of time. In such an event, the Portfolio may find it difficult to sell some or all of its investments and, for certain assets, the trade settlement period may be longer than anticipated. In periods of market volatility and/or declines, a Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is no assurance a Portfolio will achieve its investment objective.

In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, a Portfolio being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, a Portfolio may rely on various third-party sources to calculate its net asset value. As a result, a Portfolio is subject to certain operational risks associated with reliance on service providers and service providers' data sources. In particular, errors

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or systems failures and other technological issues may adversely impact the Portfolio's calculations of its net asset value. Such net asset value calculation issues may result in inaccurately calculated net asset values, delays in net asset value calculations and/or the inability to calculate net asset values over extended periods. A Portfolio may be unable to recover any losses associated with such failures.

**MONEY MARKET INSTRUMENTS.** Certain Portfolios may invest in money market instruments. Money market instruments include cash equivalents and short-term obligations of US banks, certificates of deposit, short-term obligations issued or guaranteed by the US Government or its agencies. Money market instruments also include bankers' acceptances, commercial paper, certificates of deposit and Eurodollar obligations issued or guaranteed by bank holding companies in the US, their subsidiaries and foreign branches, by foreign banking institutions, and by the World Bank and other multinational instrumentalities, as well as commercial paper and other short-term obligations of, and variable amount master demand notes, variable rate notes and similar agreements issued by, US and foreign corporations.

**MONEY MARKET FUND REFORM**. In July 2023, the SEC adopted amendments to the rules that govern registered money market funds. The reforms impact money market funds differently depending on the types of investors permitted to invest in a fund, the types of securities in which a fund may invest, and the principal investments of a money market fund. These amendments, among other changes: (i) modified the existing liquidity fee framework for non-government money market funds; (ii) increased required weekly liquid asset and daily liquid asset minimums, effective April 2, 2024; (iii) require institutional prime and institutional tax-exempt money market funds to impose a mandatory liquidity fee when daily net redemptions exceed certain levels unless the amount of the fee determined by the fund is less than 0.01% of the value of the shares redeemed, effective October 2, 2024; and (iv) allow government money market funds and retail money market funds to engage in certain practices in order to maintain a stable NAV in a negative interest rate environment. The Manager continues to evaluate the amendments' impact on the Portfolios' operations, performance, yields, and operating expenses.

Pursuant to investment policy changes approved by the Board, effective September 12, 2016, the PSF PGIM Government Money Market Portfolio (formerly known as the Money Market Portfolio) is managed as a US government money market fund under Rule 2a-7, which means that it invests at least 99.5% or more of its assets in cash, government securities, and/or repurchase agreements that are fully collateralized with cash or other government securities. The Board has determined that the PSF PGIM Government Money Market Portfolio, as a "government money market fund", is not subject to liquidity fees. The Board has reserved the power to change this determination with respect to liquidity fees, but such change would become effective only after providing appropriate prior notice to shareholders.

**MORTGAGE-BACKED SECURITIES.** Investing in mortgage-backed securities involves certain unique risks in addition to those generally associated with investing in fixed income securities and in the real estate industry in general. These unique risks include the failure of a party to meet its commitments under the related operative documents, adverse interest rate changes and the effects of prepayments on mortgage cash flows. Mortgage-backed securities are "pass-through" securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to a Portfolio. The value of mortgage-backed securities, like that of traditional fixed income securities, typically increases when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Portfolio for its mortgage-backed securities, the yield the Portfolio expects to receive from such securities and the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover, when a Portfolio reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that was prepaid.

The liquidity of asset-backed and mortgage-backed securities may change over time. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities.

To the extent that a Portfolio purchases mortgage-backed securities at a premium, mortgage foreclosures and principal prepayments may result in a loss to the extent of the premium paid. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively change a security that was considered short or intermediate-term at the time of purchase into a long-term security. Since long-term securities generally fluctuate more widely in response to changes in interest rates than shorter-term securities, maturity extension risk could increase the inherent volatility of the Portfolio. Under certain interest rate and prepayment scenarios, a Portfolio may fail to recoup fully its investment in mortgage-backed securities notwithstanding any direct or indirect governmental or agency guarantee.

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Most mortgage-backed securities are issued by Federal government agencies such as the Ginnie Mae, or by government sponsored enterprises such as the Freddie Mac or the Fannie Mae. Principal and interest payments on mortgage-backed securities issued by the Federal government and some Federal government agencies, such as Ginnie Mae, are guaranteed by the Federal government and backed by the full faith and credit of the United States. Mortgage-backed securities issued by other government agencies or government sponsored enterprises, such as Freddie Mac or Fannie Mae, are backed only by the credit of the government agency or enterprise and are not backed by the full faith and credit of the United States. While certain mortgage-related securities receive government or private support, there is no assurance that such support will remain in place in the future. Additionally, mortgage-backed securities issued by government agencies or sponsored enterprises like Freddie Mac or Fannie Mae generally have very little credit risk, but may be subject to substantial interest rate risks. Private mortgage-backed securities are issued by private corporations rather than government agencies and are subject to credit risk and interest rate risk. Some mortgage-backed securities, including those issued by government agencies and government-sponsored enterprises, may be based on pools of loans that are originated by an affiliate of the Investment Manager.

In September 2008, the FHFA placed Fannie Mae and Freddie Mac under conservatorship and was appointed to manage their daily operations. In addition, the US Treasury entered into SPAs with Fannie Mae and Freddie Mac to provide them with capital in exchange for senior preferred stock. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae. Participation certificates representing interests in mortgages from Freddie Mac's national portfolio are guaranteed as to the timely payment of interest and principal by Freddie Mac. Private, government, or government-related entities may create mortgage loan pools offering pass-through investments in addition to those described above. The mortgages underlying these securities may be alternative mortgage instruments (that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may be shorter than customary).

Under the direction of the FHFA, FNMA and FHLMC have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (UMBS) (the "Single Security Initiative") that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented in June 2019, and the effects it may have on the market for mortgage-backed securities are uncertain.

FHFA and the White House have made public statements regarding plans to consider ending the conservatorships of FNMA and FHLMC. In the event that FNMA and FHLMC are taken out of conservatorship, it is unclear how the capital structure of FNMA and FHLMC would be constructed and what effects, if any, there may be on FNMA's and FHLMC's creditworthiness and guarantees of certain mortgage-backed securities. It is also unclear whether the US Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock Programs. Should FNMA's and FHLMC's conservatorship end, there could be an adverse impact on the value of their securities, which could cause losses to a Portfolio.

In June 2019, under the Single Security Initiative, FNMA and FHLMC started issuing UMBS in place of their current offerings of TBA-eligible securities. The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

**MUNICIPAL SECURITIES.** Certain Portfolios may, from time to time, invest in municipal bonds including general obligation and revenue bonds. General obligation bonds are secured by the issuer's pledge of its faith, credit and taxing power for the payment of principal and interest, whereas revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. A Portfolio may also invest in municipal notes including tax, revenue and bond anticipation notes which are issued to obtain Portfolios for various public purposes.

Municipal securities include notes and bonds issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies and instrumentalities and the District of Columbia, the interest on which is generally eligible for exclusion from US federal income tax and, in certain instances, applicable state or local income and personal property taxes. Such securities are traded primarily in the over-the-counter market.

The interest rates payable on certain municipal bonds and municipal notes are not fixed and may fluctuate based upon changes in market rates. Municipal bonds and notes of this type are called "variable rate" obligations. The interest rate payable on a variable rate obligation is adjusted either at predesignated intervals or whenever there is a change in the market rate of interest on which the interest rate payable is based. Other features may include the right whereby a Portfolio may demand prepayment of the principal amount of the obligation prior to its stated maturity (a demand feature) and the right of the issuer to prepay the principal amount prior to maturity. The principal benefit of a variable rate obligation is that the interest rate adjustment minimizes changes in the market value of the obligation. As a result, the purchase of variable rate obligations should enhance the ability of a Portfolio to maintain a stable NAV per share and to sell an obligation prior to maturity at a price approximating the full principal amount of the obligation.

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Variable or floating rate securities include participation interests therein and inverse floaters. Floating rate securities normally have a rate of interest that is set as a specific percentage of a designated base rate, such as the rate on Treasury Bonds or Bills. The interest rate on floating rate securities changes whenever there is a change in the designated base interest rate. Variable rate securities provide for a specific periodic adjustment in the interest rate based on prevailing market rates and generally would allow a Portfolio to demand payment of the obligation on short notice at par plus accrued interest, which amount may, at times, be more or less than the amount the Portfolio paid for them. Some floating rate and variable rate securities have maturities longer than 397 calendar days but afford the holder the right to demand payment at dates earlier than the final maturity date. Such floating rate and variable rate securities will be treated as having maturities equal to the demand date or the period of adjustment of the interest rate whichever is longer.

An inverse floater is a debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another security or the value of an index. Changes in the interest rate on the other security or index inversely affect the residual interest rate paid on the inverse floater, with the result that the inverse floater's price will be considerably more volatile than that of a fixed rate bond. Generally, income from inverse floating rate bonds will decrease when short-term interest rates increase, and will increase when short-term interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a multiple (typically two) of the rate at which fixed-rate, long-term, tax-exempt securities increase or decrease in response to such changes. As a result, the market values of such securities generally will be more volatile than the market values of fixed-rate tax-exempt securities. While inverse floaters may expose a Portfolio to leverage risk, they do not constitute borrowings for purposes of a Portfolio's restrictions on borrowings. For additional information relating to inverse floaters, please see "Indexed and Inverse Securities."

**NON-STANDARD WARRANTS**. From time to time, a Portfolio may use synthetic foreign equity securities derivatives in the form non-standard warrants, often referred to as low exercise price warrants or participatory notes or low exercise price options (LEPOs), to gain indirect exposure to issuers in certain countries, such as India. These securities are issued by banks and other financial institutions. The buyer of a low exercise price warrant effectively pays the full value of the underlying common stock at the outset. LEPOs are different from standard warrants in that they do not give their holders the right to receive a security of the issuer upon exercise. Rather, LEPOs pay the holder the difference in price of the underlying security between the date the LEPO was purchased and the date it is sold. LEPOs entail the same risks as other over-the counter derivatives. These include the risk that the counterparty or issuer of the LEPO may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Additionally, while LEPOs may be listed on an exchange, there is no guaranty that a liquid market will exist or that the counterparty or issuer of a LEPO will be willing to repurchase the LEPO when a Portfolio wishes to sell it. A discussion of the risk factors relating to derivatives is set out in the subsection entitled "Risk Factors in Derivatives."

**OPTIONS ON SECURITIES AND SECURITIES INDEXES.** A Portfolio may invest in options on individual securities, baskets of securities or particular measurements of value or rate (an index), such as an index of the price of treasury securities or an index representative of short-term interest rates. Such investments may be made on exchanges and in the over-the-counter (OTC) markets. In general, exchange-traded options have standardized exercise prices and expiration dates and require the parties to post margin against their obligations, and the performance of the parties' obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller, but generally are subject to greater credit and liquidity risk. See "Additional Risk Factors of OTC Transactions; Limitations on the Use of OTC Derivatives" below.

A Portfolio will write only "covered" options. A written option is covered if, so long as a Portfolio is obligated the option, it owns an offsetting position in the underlying security or currency.

*CALL OPTIONS.* A Portfolio may purchase call options on any of the types of securities or instruments in which it may invest. A call option held by a Portfolio gives that Portfolio the right but not the obligation to buy, and obligates the seller to sell, the underlying security at the exercise price at any time during the option period. A Portfolio also may purchase and sell call options on indices. Index options are similar to options on securities except that, rather than taking or making delivery of securities underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price of the option.

Each Portfolio may only write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in which a Portfolio either owns an offsetting position in the underlying security or currency. The principal reason for writing call options is the attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. By writing covered call options, a Portfolio gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price. In addition, a Portfolio's ability to sell the underlying security will be limited while the option is in effect unless the Portfolio enters

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into a closing purchase transaction. A closing purchase transaction cancels out a Portfolio's position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as a partial hedge to the extent of the premium received against the price of the underlying security declining.

*PUT OPTIONS.* A Portfolio may purchase put options to seek to hedge against a decline in the value of its securities or to enhance its return. By buying a put option, a Portfolio acquires a right but not an obligation to sell such underlying securities or instruments at the exercise price, thus limiting the Portfolio's risk of loss through a decline in the market value of the securities or instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or instruments will be partially offset by the amount of the premium paid for the put option and any related transaction costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on whether the amount received is more or less than the premium paid for the put option plus the related transaction costs. A closing sale transaction cancels out a Portfolio's position as the purchaser of an option by means of an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Portfolio also may purchase uncovered put options.

Each Portfolio may write (i.e., sell) put options on the types of securities or instruments that may be held by the Portfolio, provided that such put options are covered, liquid instruments. A Portfolio will receive a premium for writing a put option, which increases the Portfolio's return.

**PARTICIPATION NOTES.** Participation Notes (P-Notes) are a type of equity-linked derivative which generally are traded over-the-counter. Even though a P-Note is intended to reflect the performance of the underlying equity securities, the performance of a P-Note will not replicate exactly the performance of the issuers or markets that the P-Note seeks to replicate due to transaction costs and other expenses. Investments in P-Notes involve risks normally associated with a direct investment in the underlying securities. In addition, P-Notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the P-Notes will not fulfill its contractual obligation to complete the transaction with a Portfolio.

**POSITION LIMITS.** The CFTC, certain foreign regulators and many futures exchanges have established (and continue to evaluate and revise) speculative position limits, referred to as "position limits," on the maximum net long or net short positions which any person or entity may hold or control in particular options and futures contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether applicable position limits have been exceeded, unless an exemption applies. Thus, even if the Portfolio does not intend to exceed applicable position limits, it is possible that positions of different clients managed by the Manager, a Subadviser and its affiliates may be aggregated for this purpose. Therefore, trading decisions of the Manager or Subadviser may have to be modified and positions held by the Portfolio may have to be liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the performance of the Portfolio. A violation of position limits could also lead to regulatory action materially adverse to the Portfolio's investment strategy. The Portfolio may also be affected by other regimes, including those of the European Union and United Kingdom, and trading venues that impose position limits on commodity derivative contracts.

**PSF PGIM Government Money Market Portfolio**. The PSF PGIM Government Money Market Portfolio may choose to invest in certain government-supported asset-backed notes in reliance on no-action relief issued by the SEC that such securities may be considered as government securities for purposes of compliance with the diversification requirements under Rule 2a-7.

**PRIVATE INVESTMENT IN PUBLIC EQUITIES (PIPEs).** PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's common stock. In a PIPE transaction, a Portfolio may bear the price risk from the time of pricing until the time of closing. Equity issued in this manner is often subject to transfer restrictions and is therefore less liquid than equity issued through a registered public offering. A Portfolio may be subject to lock-up agreements that prohibit transfers for a fixed period of time. In addition, because the sale of the securities in a PIPE transaction is not registered under the 1933 Act, as amended, the securities are restricted and cannot be immediately resold into the public markets. A Portfolio may enter into a registration rights agreement with the issuer pursuant to which the issuer commits to file a resale registration statement allowing the Portfolio to publicly resell its securities. However, the ability of a Portfolio to freely transfer the shares is conditioned upon, among other things, the SEC's preparedness to declare the resale registration statement effective and the issuer's right to suspend the Portfolio's use of the resale registration statement, if the issuer is pursuing a transaction or some other material non-public event is occurring. Accordingly, PIPE securities may be subject to risks associated with illiquid investments.

**QUANTITATIVE INVESTING RISK**. The Manager or a subadviser may employ and/or rely on algorithms, models or other systems in connection with certain investment activities, including research, forecasting, selection and execution processes (together, Systems). These Systems rely heavily on the use of proprietary and nonproprietary data, software, hardware and intellectual property, including

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data, software and hardware that may be licensed or otherwise obtained from third parties. The use of such Systems has inherent limitations and risks. Although they strive to do so, there can be no assurance that the Manager/subadviser will develop and use Systems appropriately and effectively. Errors may occur in the design, writing, testing, monitoring and/or implementation of Systems, including in the manner in which Systems function together. The effectiveness of Systems may diminish over time, including as a result of market changes and changes in the behavior of market participants. The quality of the resulting analyses, investment selections, portfolio construction, asset allocations, proposed trades, risk management and trading strategies depends on a number of factors, including the accuracy and quality of data inputs into the Systems, the mathematical and analytical assumptions and underpinnings of the Systems' coding, the accuracy in translating those analytics into program code or interpreting the output of a System by another System in order to facilitate a transaction, changes in market conditions, the successful integration of the various Systems into the portfolio selection and trading process, and whether actual market events correspond to one or more assumptions underlying the Systems. Accordingly, Systems are subject to errors and/or mistakes (System Incidents) that may adversely impact a Portfolio. For example, System Incidents may result in Systems performing in a manner other than as intended, including, but not limited to, failure to achieve desired performance or investment objectives, execution of unanticipated trades or failure to execute intended trades, or failure to identify hedging or other risk management opportunities or targets. Further, if incorrect market data is entered into an otherwise properly functioning System, the System's resulting output, including proposed trades or investment recommendations, may be inconsistent with the underlying investment strategy. Most Systems require continual monitoring and enhancements, and there is no guarantee that such enhancements will be successful, or that Systems will operate as intended. The successful deployment of an investment strategy, the portfolio construction process and/or the trading process could be severely compromised by software or hardware malfunctions, viruses, glitches, connectivity loss, system crashes or various other System Incidents, including, in particular, where multiple Systems contribute to the process (i.e., where one System develops a potential recommended signal or possible trade, and another System interprets or optimizes that recommended signal or possible trade to facilitate a trade order). System Incidents may be difficult to detect and the Manager/subadviser may not immediately or ever detect certain System Incidents, which may have an increasing impact on a Portfolio over time. There is no guarantee that measures taken to address a System Incident will be successful.

**REAL ESTATE INVESTMENT TRUSTS (REITs).** Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs must also meet certain requirements under the Code to avoid entity level tax liability and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to the risks of changes in the Code, affecting their tax status.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. In contrast, as interest rates on adjustable rate mortgage loans are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations.

Investing in certain REITs involves risks similar to those associated with investing in small capitalization companies. These REITs may have limited financial resources, may trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as these REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500 Index. The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.

**REAL ESTATE RELATED SECURITIES.** Although no Portfolio may invest directly in real estate, certain Portfolios may invest in equity securities of issuers that are principally engaged in the real estate industry. Therefore, an investment in such a Portfolio is subject to certain risks associated with the ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage Portfolios or other limitations on access to capital; overbuilding; risks associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for rents; investment in developments that are not completed or that are subject to delays in completion; and changes in interest rates. To the

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extent that assets underlying a Portfolio's investments are concentrated geographically, by property type or in certain other respects, the Portfolio may be subject to certain of the foregoing risks to a greater extent. Investments by a Portfolio in securities of companies providing mortgage servicing will be subject to the risks associated with refinancings and their impact on servicing rights.

**RECENT EVENTS IN EUROPEAN COUNTRIES**. A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and beyond Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

The United Kingdom formally left the European Union (EU) on January 31, 2020 (a measure commonly referred to as "Brexit"). In December 2020, the United Kingdom and the EU entered into a new trading relationship. The agreement allows for continued trading free of tariffs, but institutes other new requirements for trading between the United Kingdom and the EU. The United Kingdom's departure from the customs union and the single market has rendered its access to EU markets significantly more restricted than it has been up to that point. Further, the agreement does not cover the United Kingdom's future relationship with the EU on financial services. The United Kingdom government has enacted legislation that will repeal, replace or otherwise make substantial amendments to EU laws that currently apply in the United Kingdom. It is impossible to predict the consequences of these amendments on the Portfolio and its investments. Such changes could be materially detrimental to investors.

Brexit and any similar developments may have negative effects on economies and markets, such as increased volatility and illiquidity and potentially lower economic growth in the United Kingdom, EU and globally, which may adversely affect the value of a Portfolio's investments. Whether or not a Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could result in losses to the Portfolio, as there may be negative effects on the value and liquidity of the Portfolio's investments and/or the Portfolio's ability to enter into certain transactions.

A Portfolio may invest in securities issued by companies located in Russia, Ukraine or eastern Europe in general. Such securities markets suffers from a variety of problems described above in "FOREIGN INVESTMENT RISKS" not encountered in more developed markets. The inexperience of such securities markets and the limited volume of trading in securities in such markets may make obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed markets.

Russia launched a large-scale invasion of Ukraine in February 2022, which resulted in the US government imposing sanctions on Russia. Any disruptions caused by military or other actions in the region (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on foreign governments in the region, companies headquartered or operating in the region, or individuals living and/or working in the region, including politicians, may impact the local economy and issuers of securities in which the Portfolio invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on foreign governments or companies in the region may impact the local economy and issuers of securities in which the Portfolio invests. Actual and threatened responses to such military action may also impact the markets for certain commodities, such as oil and natural gas, as well as other sectors of the local economy in the region, and may likely have collateral impacts on such sectors globally. Additional information about risks related to investments in Russia is included in the section below labeled "RUSSIAN FEDERATION INVESTMENT RISK".

**REPURCHASE AGREEMENTS.** A Portfolio may invest in securities pursuant to repurchase agreements. A Portfolio will enter into repurchase agreements only with parties meeting creditworthiness standards as set forth in the Portfolio's repurchase agreement procedures.

Under such agreements, the other party agrees, upon entering into the contract with a Portfolio, to repurchase the security at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the term of the agreement. This results in a fixed rate of return insulated from market fluctuations during such period, although such return may be affected by currency fluctuations. In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest on the underlying obligation. Such agreements usually cover short periods, such as under one week. Repurchase agreements may be construed to be collateralized loans by the purchaser to the seller secured by the securities transferred to the purchaser.

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In the case of a repurchase agreement, as a purchaser, a Portfolio will require all repurchase agreements to be fully collateralized at all times by cash or other liquid assets in an amount at least equal to the resale price. The seller is required to provide additional collateral if the market value of the securities falls below the repurchase price at any time during the term of the repurchase agreement. In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the underlying securities are not owned by the Portfolio but only constitute collateral for the seller's obligation to pay the repurchase price. Therefore, the Portfolio may suffer time delays and incur costs or possible losses in connection with disposition of the collateral.

A Portfolio may participate in a joint repurchase agreement account with other investment companies managed by PGIM Investments pursuant to an order of the SEC. On a daily basis, any uninvested cash balances of the Portfolio may be aggregated with those of such investment companies and invested in one or more repurchase agreements. Each Portfolio participates in the income earned or accrued in the joint account based on the percentage of its investment.

The SEC recently finalized rules that will require certain repurchase transactions involving U.S. Treasuries to be centrally cleared. The compliance date for the new rules is currently set for the end of June 2027. Although the impact of these rules on the Portfolios is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Portfolio's performance.

**RESTRICTIONS ON CERTAIN INVESTMENTS.** A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil have specifically authorized such Portfolios. There also are investment opportunities in certain of such countries in pooled vehicles that resemble open-end investment companies. In accordance with the 1940 Act, a Portfolio may invest up to 10% of its total assets in securities of other investment companies, not more than 5% of which may be invested in any one such company. In addition, under the 1940 Act, a Portfolio may not own more than 3% of the total outstanding voting stock of any investment company. These restrictions on investments in securities of investment companies may limit opportunities for a Portfolio to invest indirectly in certain developing countries. New shares of certain investment companies may at times be acquired only at market prices representing premiums to their NAVs. If a Portfolio acquires shares of other investment companies, shareholders would bear both their proportionate share of expenses of the Portfolio (including management and advisory fees) and, indirectly, the expenses of such other investment companies. See also "Investments in Other Investment Companies."

**RESTRICTIONS ON FOREIGN INVESTMENTS IN ASIA-PACIFIC COUNTRIES.** Some developing Asia-Pacific countries prohibit or impose substantial restrictions on investments in their capital markets, particularly their equity markets, by investors. As illustrations, certain countries may require governmental approval prior to investments by foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment by foreign persons to only a specific class of securities of a company which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. There can be no assurance that a Portfolio will be able to obtain required governmental approvals in a timely manner. In addition, changes to restrictions on foreign ownership of securities subsequent to a Portfolio's purchase of such securities may have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in issuers or industries deemed important to national interests.

The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as well as limitations on such investments, also may have an adverse impact on the operations of a Portfolio. For example, a Portfolio may be required in certain of such countries to invest initially through a local broker or other entity and then have the shares purchased re-registered in the name of the Portfolio. Re-registration may in some instances not be able to occur on a timely basis, resulting in a delay during which a Portfolio may be denied certain of its rights as an investor, including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where a Portfolio places a purchase order but is subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors has been filled, depriving the Portfolio of the ability to make its desired investment at that time.

Substantial limitations may exist in certain countries with respect to a Portfolio's ability to repatriate investment income, capital or the proceeds of sales of securities by foreign investors, or by temporary market closures in such countries. A Portfolio could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Portfolio of any restrictions on investments. For example, in September 1998, Malaysia imposed currency controls that limited a Portfolio's ability to repatriate proceeds of Malaysian investments. It is possible that Malaysia, or certain other countries may impose similar restrictions or other restrictions relating to their currencies or to securities of issuers in those countries. In addition, in 2020, Chinese exchanges were temporarily closed due to the outbreak of coronavirus, an infectious disease. To the extent that such restrictions, market closure, and other relevant market, trading and investment-specific considerations have the effect of making certain investments illiquid, securities may not be available to meet redemptions. Depending on a variety of financial factors, the percentage of a Portfolio's holdings subject to currency controls may increase. In the event other countries impose similar controls, the portion of the Portfolio's assets that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on

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repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Portfolio. For example, investments may be withdrawn from the People's Republic of China only in US or Hong Kong dollars and only at an exchange rate established by the government once each week. In certain countries, banks or other financial institutions may be among the leading companies or have actively traded securities. The 1940 Act restricts a Portfolio's investments in any equity securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from "securities related activities," as defined by the rules thereunder. These provisions may restrict a Portfolio's investments in certain foreign banks and other financial institutions.

**REVERSE REPURCHASE AGREEMENTS.** Reverse repurchase agreements are transactions in which a Portfolio sells a security and simultaneously commits to repurchase that security from the buyer, such as a bank or broker-dealer, at an agreed upon price on an agreed-upon future date. The repurchase price consists of the sale price plus an incremental amount reflecting the interest cost to the Portfolio on the proceeds it has received from the initial sale. Reverse repurchase agreements involve the risk that the value of securities that the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Additionally, such transactions are only advantageous if the interest cost to the Portfolio of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. Interest costs on the proceeds received in a reverse repurchase agreement may exceed the return received on the investments made by the Portfolio with those proceeds, resulting in reduced returns to shareholders. When a Portfolio enters into a reverse repurchase agreement, it is subject to the risk that the buyer (counterparty) may default on its obligations to the Portfolio. In the event of default, a Portfolio may experience delays, costs, and losses, all of which may reduce returns to shareholders. Investing reverse repurchase proceeds may also have a leveraging effect on a Portfolio. A Portfolio's use of leverage can magnify the effect of any gains or losses, causing the Portfolio to be more volatile than if it had not been leveraged.

The SEC recently finalized rules that will require certain repurchase transactions involving U.S. Treasuries to be centrally cleared. The compliance date for the new rules is currently set for the end of June 2027. Although the impact of these rules on the Portfolios is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Portfolio's performance.

**RISK FACTORS IN DERIVATIVES.** Derivatives are volatile and involve significant risks, including: Use of derivatives for hedging purposes involves correlation risk. If the value of the derivative moves more or less than the value of the hedged instruments, a Portfolio will experience a gain or loss that will not be completely offset by movements in the value of the hedged instruments.

A Portfolio intends to enter into transactions involving derivatives only if there appears to be a liquid secondary market for such instruments or, in the case of illiquid instruments traded in OTC transactions, such instruments satisfy the criteria set forth below under "Additional Risk Factors of OTC Transactions; Limitations on the Use of OTC Derivatives." However, there can be no assurance that, at any specific time, either a liquid secondary market will exist for a derivative or the Portfolio will otherwise be able to sell such instrument at an acceptable price. It may therefore not be possible to close a position in a derivative without incurring substantial losses, if at all.

The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government, self-regulatory organization and judicial action. For example, the US government has enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), which includes provisions for regulation of the derivatives market, including clearing, margin, reporting and registration requirements. Various US regulatory agencies have implemented and are continuing to implement rules and regulations prescribed by the Dodd-Frank Act. The European Union, the United Kingdom, and some other jurisdictions have also implemented and continue to implement similar requirements that will affect a Portfolio when it enters into derivatives transactions with a counterparty organized in that jurisdiction or otherwise subject to that jurisdiction's derivatives regulations. Because these requirements are evolving (and some of the rules are not yet final), their ultimate impact remains unclear. These regulatory changes or any new regulatory changes could, among other things, restrict a Portfolio's ability to engage in derivatives transactions and/or increase the costs of such derivatives transactions, and the Portfolio may be unable to execute its investment strategy as a result. See also "Derivatives" in this SAI for additional information regarding the Derivatives Rule under the 1940 Act.

Additionally, special resolution regimes adopted in the United States, the European Union, the United Kingdom, and various other jurisdictions may result in increased uncertainty about credit/counterparty risk and may also limit the ability of a Portfolio to protect its interests in the event of the insolvency (or similar designation) of a derivatives counterparty. More specifically, in the event of a counterparty's (or its affiliate's) insolvency, (or similar designation), a Portfolio's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union and the United Kingdom, the liabilities of such counterparties to a Portfolio could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

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**RISK FACTORS IN HEDGING FOREIGN CURRENCY RISKS.** Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. While a Portfolio's use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Portfolio's shares, the NAV of the Portfolio's shares will fluctuate. Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be accurately predicted and that the Portfolio's hedging strategies will be ineffective. To the extent that a Portfolio hedges against anticipated currency movements that do not occur, the Portfolio may realize losses and decrease its total return as the result of its hedging transactions. Furthermore, a Portfolio may only engage in hedging activities from time to time and may not be engaging in hedging activities when movements in currency exchange rates occur.

In connection with its trading in forward foreign currency contracts, a Portfolio will contract with a foreign or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. There have been periods during which certain banks or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell. Governmental imposition of credit controls might limit any such forward contract trading. With respect to its trading of forward contracts, if any, a Portfolio will be subject to the risk of bank or dealer failure and the inability of, or refusal by, a bank or dealer to perform with respect to such contracts. Any such default would deprive the Portfolio of any profit potential or force the Portfolio to cover its commitments for resale, if any, at the current market price and could result in a loss to the Portfolio.

It may not be possible for a Portfolio to hedge against currency exchange rate movements, even if correctly anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Portfolio is not able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a market with respect to which Currency Instruments are not available and it is not possible to engage in effective foreign currency hedging. The cost to a Portfolio of engaging in foreign currency transactions varies with such factors as the currencies involved, the length of the contract period and prevailing market conditions. Since foreign currency exchange transactions usually are conducted on a principal basis, no fees or commissions are involved.

**RISK OF INVESTING THROUGH BOND CONNECT.** In addition to the risks described under "Foreign Securities" and "Investments in the People's Republic of China," there are risks associated with Portfolio investments in Chinese government bonds and other PRC-based debt instruments traded on the CIBM through the Bond Connect program. The Bond Connect refers to the arrangement between Hong Kong and the PRC that enables the PRC and overseas investors to trade various types of debt securities in each other's bond markets through connection between the relevant respective financial infrastructure institutions. Trading through Bond Connect is subject to a number of restrictions that may affect a Portfolio's investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in the PRC, which could pose risks to a Portfolio. Furthermore, securities purchased via Bond Connect will be held on behalf of ultimate investors (such as a Portfolio) via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit maintained with a PRC-based custodian (either the China Central Depository & Clearing Co. (CCDC) or the Shanghai Clearing House (SCH)). A Portfolio's ownership interest in Bond Connect securities will not be reflected directly in book entries with CCDC or SCH, and will instead only be reflected on the books of its Hong Kong sub-custodian. This recordkeeping system also subjects a Portfolio to various risks, including the risk that the Portfolio may have a limited ability to enforce its rights as a bondholder, as well as the risks of settlement delays and counterparty default of the Hong Kong sub-custodian. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested, and courts in the PRC have limited experience in applying the concept of beneficial ownership. As such, a Portfolio may not be able to participate in corporate actions affecting its rights as a bondholder, such as timely payment of distributions, due to time constraints or other operational reasons. Bond Connect trades are settled in RMB, and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred, other than through Bond Connect, in accordance with applicable rules.

A primary feature of Bond Connect is the application of the home market's laws and rules applicable to investors in Chinese fixed-income instruments. Therefore, a Portfolio's investments in securities via Bond Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. Such securities may lose their eligibility at any time, in which case, they could be sold, but could no longer be purchased through Bond Connect. A Portfolio will not benefit from access to Hong Kong investor compensation funds, which are set up to protect against defaults of trades, when investing through Bond Connect. Bond Connect is only available on days when markets in both the PRC and Hong Kong are open. As a result, prices of securities purchased through Bond Connect may fluctuate at times when a Portfolio is unable to add to, or exit, its position and, therefore, may limit the Portfolio's ability to trade when it would be otherwise attractive to do so. Finally, uncertainties in the PRC tax rules governing taxation of income and gains from investments via Bond Connect could result in unexpected tax liabilities for a Portfolio. The withholding tax treatment of dividends and capital gains payable to overseas investors currently is unsettled.

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The Bond Connect program is a relatively new program and may be subject to further interpretation and guidance. In addition, the trading, settlement and IT systems required for non-Chinese investors in Bond Connect are relatively new and continuing to evolve. In the event that the relevant systems do not function properly, trading through Bond Connect could be disrupted. There can be no assurance that further regulations will not affect the availability of securities in the program, the frequency of redemptions or other limitations. In addition, the application and interpretation of the laws and regulations of Hong Kong and the PRC, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Bond Connect program, are uncertain, and they may have a detrimental effect on a Portfolio's investments and returns.

**RISK OF INVESTING THROUGH CIBM DIRECT.** To the extent permissible by the relevant PRC regulations or authorities, certain Portfolios may also directly invest in permissible products (which include cash bonds) traded on China inter-bank bond market (CIBM), in compliance with the relevant rules issued by the People's Bank of China (PBOC, including its Shanghai Head Office) in 2016, including the Announcement 2016 No.3 and its implementing rules (CIBM Direct Rules). An onshore trading and settlement agent shall be engaged by the subadviser to make the filing on behalf of the relevant Portfolio and conduct trading and settlement agency services for such Portfolio. PBOC will exercise on-going supervision over the onshore settlement agent and the Portfolios' trading activity under the CIBM Direct Rules and may take relevant administrative actions, such as suspension of trading and mandatory exit against a Portfolio and/or the subadviser in the event of any noncompliance with the CIBM Direct Rules. The CIBM Direct Rules are very new and have yet to be tested on the market. At this stage the CIBM Direct Rules are still subject to further clarification and/or changes, which may adversely affect the Portfolios' ability to invest in the CIBM.

**RISK OF INVESTING THROUGH STOCK CONNECT.** China A-shares (A-shares) are equity securities of companies based in mainland China that trade on Chinese stock exchanges such as the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). Foreign investment in A-shares on the SSE and SZSE has historically not been permitted, other than through a license granted under regulations in the People's Republic of China (PRC) known as the Qualified Foreign Institutional Investor and Renminbi (RMB) Qualified Foreign Institutional Investor systems. Each license permits investment in A-shares only up to a specified quota.

Investment in eligible A-shares listed and traded on the SSE is also permitted through the Shanghai-Hong Kong Stock Connect program (Stock Connect). Stock Connect is a securities trading and clearing program established by Hong Kong Securities Clearing Company Limited (HKSCC), the SSE and China Securities Depository and Clearing Corporation Limited (CSDCC) that aims to provide mutual stock market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market through their local exchanges. Certain Portfolios may invest in A-shares through Stock Connect or on such other stock exchanges in China which participate in Stock Connect from time to time. Under Stock Connect, a Portfolio's trading of eligible A-shares listed on the SSE would be effectuated through its Hong Kong broker.

Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through Stock Connect's Northbound Trading Link is subject to aggregate and daily investment quota limitations that require that buy orders for A-shares be rejected once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded (although the Portfolio will be permitted to sell A-shares regardless of the quota balance). These limitations may restrict the Portfolio from investing in A-shares on a timely basis, which could affect the Portfolio's ability to effectively pursue its investment strategy. Investment quotas are also subject to change.

Investment in eligible A-shares through Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to the Portfolio. A-shares purchased through Stock Connect generally may not be sold or otherwise transferred other than through Stock Connect in accordance with applicable rules. For example, PRC regulations require that in order for an investor to sell any A-shares on a certain trading day, there must be sufficient A-shares in the investor's account before the market opens on that day. If there are insufficient A-shares in the investor's account, the sell order will be rejected by the SSE. The Stock Exchange of Hong Kong (SEHK) carries out pre-trade checking on sell orders of certain stocks listed on the SSE market (SSE Securities) of its participants (i.e., stock brokers) to ensure that this requirement is satisfied. While shares must be designated as eligible to be traded under Stock Connect, those shares may also lose such designation, and if this occurs, such shares may be sold but cannot be purchased through Stock Connect. In addition, Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, an investment in A-shares through Stock Connect may subject the Portfolio to a risk of price fluctuations on days where the Chinese market is open, but Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on the A-shares market. If an investor buys A-shares on day "T," the investor will only be able to sell the A-shares on or after day T+1. Further, since all trades of eligible Stock Connect A-shares must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

A-shares held through the nominee structure under Stock Connect will be held through HKSCC as nominee on behalf of investors. The precise nature and rights of the Portfolio as the beneficial owner of the SSE Securities through HKSCC as nominee is not well defined under PRC law. There is lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law

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and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of the Portfolio under PRC law is also uncertain. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong there is a risk that the SSE Securities may not be regarded as held for the beneficial ownership of the Portfolio or as part of the general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities held in its omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE listed companies will still treat HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities. HKSCC monitors the corporate actions affecting SSE Securities and keeps participants of Central Clearing and Settlement System (CCASS) informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to the HKSCC through participants of the CCASS. All voting instructions from CCASS participants will be consolidated by HKSCC, who will then submit a combined single voting instruction to the relevant SSE-listed company.

The Portfolio's investments through Stock Connect's Northbound Trading Link are not covered by Hong Kong's Investor Compensation Portfolio. Hong Kong's Investor Compensation Portfolio is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange-traded products in Hong Kong. In addition, since the Portfolio is carrying out Northbound trading through securities brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Portfolio in the PRC.

Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the "connectivity" in Stock Connect requires the routing of orders across the border of Hong Kong and the PRC. This requires the development of new information technology systems on the part of the SEHK and exchange participants. There is no assurance that these systems will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in A-shares through Stock Connect could be disrupted.

Stock Connect is subject to regulations promulgated by regulatory authorities for both exchanges. New regulations may be issued from time to time by the regulators and stock exchanges in PRC and Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connect. The Portfolio may be adversely affected as a result of such changes. Furthermore, the securities regimes and legal systems of PRC and Hong Kong differ significantly, and issues may arise based on these differences. In addition, the Portfolios' investments in A-shares through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring A-shares obtained through Stock Connect, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners of other securities providing similar investment exposure.

*A-Share Market Suspension Risk.* A-shares may only be bought from, or sold to, the Portfolio at times when the relevant A-shares may be sold or purchased on the relevant Chinese stock exchange. The A-shares market has historically had a higher propensity for trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater market execution risk and costs for the Portfolio. The SSE currently applies a daily price limit, set at 10%, of the amount of fluctuation permitted in the prices of A-shares during a single trading day. The daily price limit refers to price movements only and does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will exist for any particular A-share or for any particular time.

**RISK OF INVESTMENTS IN THE PEOPLE'S REPUBLIC OF CHINA (PRC).** Certain Portfolios may invest in securities and instruments that are economically tied to the People's Republic of China (PRC). The risks of investing in foreign securities and emerging market countries apply to investments economically tied to the PRC. In addition, investments economically tied to the PRC are subject to: (i) inefficiencies resulting from erratic growth; (ii) the unavailability of consistently-reliable economic data; (iii) potentially high rates of inflation; (iv) dependence on exports and international trade; (v) relatively high levels of asset price volatility; (vi) small-market capitalization; (vii) less liquidity and limited accessibility by foreign investors; (viii) greater competition from regional economies; (ix) fluctuations in currency exchange rates or currency devaluation by the PRC government or central bank, particularly in light of the relative lack of currency hedging instruments and controls on the ability to exchange local currency for US dollars; (x) the relatively small size and absence of operating history of many Chinese companies; (xi) the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce; (xii) uncertainty and potential changes with respect to the rules and regulations of PRC market access programs through which such investments are made; (xiii) the commitment of the government of the PRC to continue with its economic reforms; and (xiv) the risk that Chinese regulators may suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions, natural disasters or health crises, such as the outbreak of an infectious disease and that such suspensions may be widespread. In addition, there is a lack of clarity in the laws and regulations of the PRC, and a lower level of regulation and enforcement activity in these securities markets relative to more developed international markets.

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The PRC is ruled by the Communist Party. Investments in the PRC are subject to risks associated with greater governmental control over, and involvement in, the economy. The PRC manages its currency at artificial levels relative to the US dollar, rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency, which, in turn, can have a disruptive and negative effect on foreign investors. The PRC also may restrict the free conversion of its currency into foreign currencies, including the US dollar. Currency repatriation restrictions may have the effect of making securities and instruments tied to the PRC relatively illiquid, particularly in connection with redemption requests. In addition, the government of the PRC exercises significant control over economic growth through direct and heavy involvement in resource allocation and monetary policy, control over payment of foreign currency-denominated obligations and provision of preferential treatment to particular industries and/or companies. The PRC has historically been prone to natural disasters, such as droughts, floods, earthquakes and tsunamis, and the region's economy may be affected by such environmental events in the future. A Portfolio's investment in the PRC is, therefore, subject to the risk of such events.

The US President signed an executive order that prohibits US persons (which includes individuals and entities like the Portfolios) from purchasing or investing in publicly-traded securities of companies identified by the US government as "Communist Chinese military companies." In January 2021, the US President signed another executive order that prohibits transactions identified by the US Secretary of Commerce with certain "Chinese connected software applications." The orders could limit the Portfolios' ability to invest in certain Chinese companies' publicly-traded securities.

Furthermore, many Chinese companies have used complex organizational structures to address Chinese restrictions on foreign investment whereby foreign persons, through another entity domiciled outside of China, have limited contractual rights, including economic benefits, with respect to the Chinese company. While these structures are a longstanding practice in China, such arrangements are not formally recognized under Chinese law. There is a risk that the Chinese government may cease to tolerate these structures at any time or impose new restrictions. If Chinese regulators' tacit acceptance of these arrangements ceases, the value of such holdings would be negatively impacted. Moreover, since such arrangements are not recognized under Chinese law, remedies available to an investor would be limited. Foreign companies listed on US stock exchanges could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the SEC, the Public Company Accounting Oversight Board, or other US regulators. Future regulatory action may prohibit the ability of these organizational structures to receive the economic benefits of a Chinese company, which would cause the market value of such holding to lose substantial value.

Trade and military conflicts, as well as political and unsocial unrest, could also adversely affect the performance of investments in the region. Historical tensions between North Korea and South Korea, as well as between China and Taiwan, present the risk of war. Escalated tensions among these countries and any outbreak of hostilities, or even the threat of an outbreak of hostilities, could have a severe adverse effect on China, the entire Asian region, the United States, and beyond.

**HONG KONG POLITICAL RISK.** Hong Kong reverted to Chinese sovereignty on July 1, 1997, as a Special Administrative Region (SAR) of the PRC under the principle of "one country, two systems." Although the PRC is obligated to maintain the current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms enjoyed in Hong Kong is dependent on the government of the PRC. Since 1997, there have been tensions between the Chinese government and many people in Hong Kong who perceive the PRC as tightening control over Hong Kong's semi-autonomous liberal political, economic, legal and social framework. Recent protests and unrest have increased tensions even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese markets. In addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or, is "pegged" to) the US dollar, which has contributed to the growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue, or what effect the establishment of an alternative exchange rate system would have on the Hong Kong economy. Because the Portfolios' NAVs are denominated in US dollars, the establishment of an alternative exchange rate system could result in a decline in the Portfolios' NAVs.

**RISK OF INVESTMENTS IN VARIABLE INTEREST ENTITIES.** A Fund's investments in emerging markets may also include investments in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity (VIE). Instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the Chinese company, which are expected to provide the listed company with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. By entering into contracts with the listed company that sells shares to US investors, the China-based companies and/or related individuals/entities indirectly raise capital from US investors without distributing ownership of the China-based companies to US investors. To Portfolio Management's knowledge, the Chinese government has never approved VIE structures. Even though the listed company does not own any equity in the China-based company, the listed company expects to exercise power over and obtain economic rights from the China-based company based on the contractual arrangements. All or most of the value of an investment in these companies depends on the enforceability of the contracts between the listed company and the China-based VIE. If the parties to the contractual arrangements do not meet their obligations as intended or there are effects on the enforceability of these arrangements from changes in Chinese law or practice, the listed company may lose

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control over the China-based company, and investments in the listed company's securities may suffer significant economic losses. The contractual arrangements permit the listed issuer to include the financial results of the China-based VIE as a consolidated subsidiary. The listed company often is organized in a jurisdiction other than the United States or China (e.g., the Cayman Islands), which likely will not have the same disclosure, reporting, and governance requirements as the United States. Risks associated with such investments include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors, or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which raises questions about whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

**RUSSIAN FEDERATION INVESTMENT RISK**. Investing in the Russian securities market involves a high degree of risk and special considerations not typically associated with investing in the US securities market, and should be considered highly speculative. Risks include: economic, political, and social instability; the absence of developed legal structures governing private and foreign investments and private property; the possibility of the loss of all or a substantial portion of a Portfolio's assets invested in Russia as a result of expropriation; devaluation; certain national policies which may restrict a Portfolio's investment opportunities, including, without limitation, restrictions on investing in issuers or industries deemed sensitive to relevant national interests; potentially greater price volatility in, significantly smaller capitalization of, and relative illiquidity of, the Russian market; and the imposition of sanctions and other similar measures. There can also be no assurance that a Portfolio's investments in the Russian securities market would not be expropriated, nationalized, or otherwise confiscated. In the event of the settlement of any such claims or such expropriation, nationalization or other confiscation, a Portfolio could lose its entire investment. In addition, it may be difficult and more costly to obtain and enforce a judgment in the Russian court system.

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly amplifying already existing geopolitical tensions. Any such disruptions caused by Russian military action or other actions (including terror attacks, cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia's economy and a Portfolio's investments in Russian securities. As Russia produces and exports large amounts of crude oil and gas, any acts of terrorism, armed conflict or government interventions (such as the imposition of sanctions or other governmental restrictions on trade) causing disruptions of Russian oil and gas exports could negatively impact the Russian economy and, thus, adversely affect the financial condition, results of operations or prospects of related companies.

As a result of political and military actions undertaken by Russia, the United States and many other countries (Sanctioning Bodies) have instituted various economic sanctions against Russian individuals and entities (including corporate and banking). These sanctions include, but are not limited to: a prohibition on doing business with certain Russian companies, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications "SWIFT," the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The Sanctioning Bodies, or others, could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy, including continued weakening of the Russian currency, downgrades in Russia's credit rating, and a significant decline in the value and liquidity of securities issued by Russian companies or the Russian government. These sanctions and the resulting market environment could result in the immediate freeze of Russian securities, commodities, resources, and/or funds invested in prohibited assets, impairing the ability of a Portfolio to buy, sell, receive or deliver those securities and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities, including cyber actions.

Russia's invasion of Ukraine, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas. Any of these events could negatively impact a Portfolio's investment in Russian securities. These sanctions have the possibility of impairing a Portfolio's ability to invest in accordance with its investment strategy and/or to meet its investment objective. For example, a Portfolio may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, these sanctions may require a Portfolio to freeze its existing investments in Russian securities, thereby prohibiting the Portfolio from buying, selling, receiving or delivering those securities or other financial instruments. It is also possible that any counter measures or retaliatory action by Russia could further impair the value and liquidity of

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securities issued by Russian companies and may have an impact on the economies of other European countries and globally as well. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Portfolio could be significantly impacted, which could lead to such securities being valued at zero.

The Russian government may exercise substantial influence over many aspects of the Russian private sector and may own or control many companies. Future government actions could have a significant effect on the economic conditions in Russia, which could have a negative impact on private sector companies. There is also the possibility of diplomatic developments that could adversely affect investments in Russia. In recent years, the Russian government has taken bold steps, including military actions and alleged state sponsored cyberattacks against foreign companies and governments, to reassert its regional geopolitical influence. Such steps may increase tensions between Russia, its neighbors and Western countries, and may negatively affect its economic growth.

**SECURITIES LENDING.** Unless otherwise noted, a Portfolio may lend its portfolio securities to brokers, dealers and other financial institutions subject to applicable regulatory requirements and guidance, including the requirements that: (1) the aggregate market value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Portfolio; (2) the borrower pledge and maintain with the Portfolio collateral consisting of cash, an irrevocable letter of credit, or securities issued or guaranteed by the US government having at all times a value of not less than 100% of the value of the securities lent; and (3) the loan be made subject to termination by the Portfolio at any time. Goldman Sachs Bank, USA, d/b/a Goldman Sachs Agency Lending (GSAL), serves as securities lending agent for each Portfolio, and in that role administers each Portfolio's securities lending program. As compensation for these services, GSAL receives a portion of any amounts earned by the Portfolio through lending securities. For more information about GSAL, see the "Other Service Providers - Securities Lending Activities" section later in this SAI.

A Portfolio may invest the cash collateral and/or it may receive a fee from the borrower. To the extent that cash collateral is invested, it will be invested in an affiliated prime money market fund and will be subject to market depreciation or appreciation. The Portfolio will be responsible for any loss that results from this investment of collateral.

On termination of the loan, the borrower is required to return the securities to the Portfolio, and any gain or loss in the market price during the loan would inure to the Portfolio. If the borrower defaults on its obligation to return the securities lent because of insolvency or other reasons, the Portfolio could experience delays and costs in recovering the securities lent or in gaining access to the collateral. In such situations, the Portfolio may sell the collateral and purchase a replacement investment in the market. There is a risk that the value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased.

During the time portfolio securities are on loan, the borrower will pay the Portfolio an amount equivalent to any dividend or interest paid on such securities. Voting or consent rights which accompany loaned securities pass to the borrower. However, all loans may be terminated at any time to facilitate the exercise of voting or other consent rights with respect to matters considered to be material. The Portfolio bears the risk that there may be a delay in the return of the securities which may impair the Portfolio's ability to exercise such rights.

**SECURITIES OF SMALLER OR EMERGING GROWTH COMPANIES.** Investment in smaller or emerging growth companies involves greater risk than is customarily associated with investments in more established companies. The securities of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger, more established companies or the market average in general. These companies may have limited product lines, markets or financial resources, or they may be dependent on a limited management group.

While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be considered speculative. The Investment Manager believes that properly selected companies of this type have the potential to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy. Full development of these companies and trends frequently takes time.

Small cap and emerging growth securities will often be traded only in the over-the-counter market or on a regional securities exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a result, the disposition by a Portfolio of portfolio securities to meet redemptions or otherwise may require a Portfolio to make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or during periods when, in the Investment Manager's judgment, such disposition is not desirable.

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While the process of selection and continuous supervision by the Investment Manager does not, of course, guarantee successful investment results, it does provide access to an asset class not available to the average individual due to the time and cost involved. Careful initial selection is particularly important in this area as many new enterprises have promise but lack certain of the factors necessary to prosper. Investing in small cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot invest sufficient assets in such companies to provide wide diversification.

Small companies are generally little known to most individual investors although some may be dominant in their respective industries. The Investment Manager believes that relatively small companies will continue to have the opportunity to develop into significant business enterprises. A Portfolio may invest in securities of small issuers in the relatively early stages of business development that have a new technology, a unique or proprietary product or service, or a favorable market position. Such companies may not be counted upon to develop into major industrial companies, but Portfolio management believes that eventual recognition of their special value characteristics by the investment community can provide above-average long-term growth to the portfolio.

Equity securities of specific small cap issuers may present different opportunities for long-term capital appreciation during varying portions of economic or securities markets cycles, as well as during varying stages of their business development. The market valuation of small cap issuers tends to fluctuate during economic or market cycles, presenting attractive investment opportunities at various points during these cycles.

Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large companies to intervention from the Federal government by means of price controls, regulations or litigation.

**SHORT SALES AND SHORT SALES AGAINST-THE-BOX.** Certain Portfolios may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that the Portfolio does not own declines in value. When a Portfolio makes a short sale, it borrows the security sold short and delivers it to the broker-dealer through which it made the short sale. A Portfolio may have to pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed securities to the lender of the securities. A Portfolio may not be able to limit any losses resulting from share price volatility if the security indefinitely continues to increase in value at such specified time.

A Portfolio secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer, usually in cash, US Government securities or other liquid securities similar to those borrowed. With respect to the uncovered short positions, a Portfolio is required to (1) deposit similar collateral with its custodian or otherwise segregate collateral on its records, to the extent that the value of the collateral in the aggregate is at all times equal to at least 100% of the current market value of the security sold short, or (2) a Portfolio must otherwise cover its short position. Depending on arrangements made with the broker-dealer from which the Portfolio borrowed the security, regarding payment over of any payments received by a Portfolio on such security, a Portfolio may not receive any payments (including interest) on its collateral deposited with such broker-dealer. Because making short sales in securities that it does not own exposes a Portfolio to the risks associated with those securities, such short sales involve speculative exposure risk. As a result, if a Portfolio makes short sales in securities that increase in value, it will likely underperform similar funds that do not make short sales in securities they do not own. A Portfolio will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. If a request for return of borrowed securities occurs at a time when other short sellers of the securities and/or currencies are receiving similar requests, a "short squeeze" can occur, and the Portfolio may be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds received in originally selling the securities short. In addition, the Portfolio may have difficulty purchasing securities to meet its delivery obligations in the case of less liquid securities and/or currencies sold short by the Portfolio, such as certain emerging market country securities or securities of companies with smaller market capitalizations. A Portfolio will realize a gain if the security declines in price between those dates. There can be no assurance that a Portfolio will be able to close out a short sale position at any particular time or at an acceptable price. Although a Portfolio's gain is limited to the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited.

Certain Portfolios may also make short sales against-the-box. A short sale against-the-box is a short sale in which the Portfolio owns an equal amount of the securities sold short, or securities convertible or exchangeable for, with or without payment of any further consideration, such securities. Short sale borrowings are considered to be "derivative transactions" under Rule 18f-4 of the 1940 Act and therefore the Portfolios intend that any transactions involving short sale borrowings will be conducted in compliance with the requirements of Rule 18f-4.

Global regulators may adopt (and in some cases have adopted) certain reporting rules for short sales and short positions. If a Portfolio's short positions or its strategy become generally known, it could have a significant effect on its ability to implement its investment strategies. In particular, it would make it more likely that other investors could cause a "short squeeze" in the securities held short by the

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Portfolio forcing the Portfolio to cover its positions at a loss. In addition, if other investors engaged in copycat behavior by taking positions in the same issuers as the Portfolio, the cost of borrowing securities to sell short could increase drastically and the availability of such securities to the Portfolio could decrease drastically. Such events could make the Portfolio unable to execute its investment strategy. The SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain securities or on derivatives and other hedging instruments used to achieve a similar economic effect in response to market events. Such bans or other restrictions may make it impossible for a Portfolio to execute certain investment strategies and may have a material adverse effect on the Portfolio's ability to generate returns.

**SOVEREIGN DEBT.** Investment in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the government entity's policy towards the International Monetary Fund and the political constraints to which a government entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on the implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend Portfolios to the governmental entity, which may further impair such debtor's ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign debt. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to government entities. In the event of a default by a governmental entity, there may be few or no effective legal remedies for collecting on such debt.

**SPECIAL PURPOSE ACQUISITION COMPANIES.** A Portfolio may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition or merger opportunities. A SPAC is typically a publicly traded company that raises funds through an IPO for the purpose of acquiring or merging with an unaffiliated company to be identified subsequent to the SPAC's IPO. SPACs are often used as a vehicle to transition a company from private to publicly traded. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until a transaction is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in US Government securities, money market fund securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact a Portfolio's ability to meet its investment objective. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the SPAC's shareholders, less certain permitted expenses, and any rights or warrants issued by the SPAC will expire worthless. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a suitable transaction. Some SPACs may pursue acquisitions or mergers only within certain industries or regions, which may further increase the volatility of their securities' prices. In addition to purchasing publicly traded SPAC securities, a Portfolio may invest in SPACs through additional financings via securities offerings that are exempt from registration under the federal securities laws (restricted securities). No public market will exist for these restricted securities unless and until they are registered for resale with the SEC, and such securities may be considered illiquid and/or be subject to restrictions on resale. It may also be difficult to value restricted securities issued by SPACs.

An investment in a SPAC is subject to a variety of risks, including that: a significant portion of the funds raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; an attractive acquisition or merger target may not be identified and the SPAC will be required to return any remaining invested funds to shareholders; attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; the Portfolio may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; an investment in a SPAC may be diluted by subsequent public or private offerings of securities in the SPAC or by other investors exercising existing rights to purchase securities of the SPAC; SPAC sponsors generally purchase interests in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market; no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Portfolio unable to sell its interest in a SPAC or to sell its interest only at a price below what the Portfolio believes is the SPAC security's value; and the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

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**STANDBY COMMITMENT AGREEMENTS.** A Portfolio may enter into standby commitment agreements. These agreements commit a Portfolio, for a stated period of time, to purchase a stated amount of securities that may be issued and sold to that Portfolio at the option of the issuer. The price of the security is fixed at the time of the commitment. At the time of entering into the agreement the Portfolio is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Portfolio will enter into such agreements for the purpose of investing in the security underlying the commitment at a price that is considered advantageous to the Portfolio. A Portfolio will limit its investment in such commitments so that the aggregate purchase price of securities subject to such commitments, together with the value of portfolio securities subject to legal restrictions on resale that affect their marketability, will not exceed 15% of its net assets taken at the time of the commitment. There can be no assurance that the securities subject to a standby commitment will be issued, and the value of the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the security underlying the commitment is at the option of the issuer, the Portfolio may bear the risk of a decline in the value of such security and may not benefit from any appreciation in the value of the security during the commitment period. The purchase of a security subject to a standby commitment agreement and the related commitment fee will be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security thereafter will be reflected in the calculation of a Portfolio's NAV. The cost basis of the security will be adjusted by the amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as income on the expiration date of the standby commitment.

**STRIPPED SECURITIES.** Stripped securities are created when the issuer separates the interest and principal components of an instrument and sells them as separate securities. In general, one security is entitled to receive the interest payments on the underlying assets (the interest only or "IO" security) and the other to receive the principal payments (the principal only or "PO" security). Some stripped securities may receive a combination of interest and principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of principal payments (including prepayments) on the related underlying assets, and principal payments may have a material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of principal, a Portfolio may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be highly sensitive to changes in interest rates and rates of prepayment.

**STRUCTURED NOTES.** Certain Portfolios may invest in structured notes. The values of the structured notes in which a Portfolio will invest may be linked to equity securities or equity indices or other instruments or indices (reference instruments). These notes differ from other types of debt securities in several respects. The interest rate or principal amount payable at maturity may vary based on changes in the value of the equity security, instrument, or index. A structured note may be positively or negatively indexed; that is, its value or interest rate may increase or decrease if the value of the reference instrument increases. Similarly, its value may increase or decrease if the value of the reference instrument decreases. Further, the change in the principal amount payable with respect to, or the interest rate of, a structured note may be a multiple of the percentage change (positive or negative) in the value of the underlying reference instrument(s).

Investments in structured notes involve certain risks, including the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Further, in the case of certain structured notes, a decline or increase in the value of the reference instrument may cause the interest rate to be reduced to zero, and any further declines or increases in the reference instrument may then reduce the principal amount payable on maturity. The percentage by which the value of the structured note decreases may be far greater than the percentage by which the value of the reference instrument increases or decreases. Finally, these securities may be less liquid than other types of securities, and may be more volatile than their underlying reference instruments.

**SUPRANATIONAL ENTITIES.** A Portfolio may invest in debt securities of supranational entities. Examples include the World Bank, the Asian Development Bank and the Inter-American Development Bank. The government members, or "stockholders," usually make initial capital contributions to the supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings.

**SWAP AGREEMENTS.** Certain Portfolios may enter into swap transactions, including but not limited to, interest rate, index, credit default, total return and, to the extent that it may invest in foreign currency-denominated securities, currency exchange rate swap agreements. In addition, certain Portfolios may enter into options on swap agreements (known as "swaptions"). These swap transactions are entered into in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to a Portfolio than if the Portfolio had invested directly in an instrument that yielded that desired return.

Swap agreements are two party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on or calculated with respect to particular predetermined investments or instruments, which may be adjusted for an

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interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," that is, the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index or other investments or instruments.

Most swap agreements entered into by a Portfolio would calculate the obligations of the parties to the agreement on a "net basis." Consequently, a Portfolio's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the net amount). The Portfolio's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Portfolio). Swap agreements are considered to be "derivative transactions" under Rule 18f-4 of the 1940 Act and therefore the Portfolios intend that any transactions involving swap agreements will be conducted in compliance with the requirements of Rule 18f-4. If there is a default by the other party to such a transaction, the Portfolio will have contractual remedies pursuant to the agreement related to the transaction but there can be no guarantee a Portfolio will be successful in enforcing such contractual remedies. Since swaps are individually negotiated, the Portfolio expects to achieve an acceptable degree of correlation between its rights to receive a return on its portfolio securities and its rights and obligations to receive and pay a return pursuant to swaps. The Portfolio will enter into swaps only with parties meeting creditworthiness standards of the investment subadviser. The investment subadviser will monitor the creditworthiness of such parties.

Certain standardized swap transactions are required to be (or are capable of being) centrally cleared and/or exchange-traded. Although central clearing and exchange trading is expected to decrease counterparty risk and increase liquidity compared to bilaterally negotiated swaps, central clearing and exchange trading does not eliminate counterparty risk or illiquidity risk entirely. Depending on the size of a Portfolio and other factors, the margin required under the rules of a clearinghouse and by a clearing member may be in excess of the collateral required to be posted by the Portfolio to support its obligations under a similar bilateral, uncleared swap. However, certain applicable regulators have adopted rules imposing certain margin requirements, including minimums, on uncleared swaps, which may result in the Portfolio and its counterparties posting higher amounts for uncleared swaps.

**TEMPORARY DEFENSIVE STRATEGY AND SHORT-TERM INVESTMENTS.** Each Portfolio may temporarily invest without limit in money market instruments, including commercial paper of US corporations, certificates of deposit, bankers' acceptances and other obligations of domestic banks, and obligations issued or guaranteed by the US government, its agencies or its instrumentalities, as part of a temporary defensive strategy or to maintain liquidity to meet redemptions. Money market instruments typically have a maturity of one year or less as measured from the date of purchase.

A Portfolio also may temporarily hold cash or invest in money market instruments pending investment of proceeds from new sales of Portfolio shares or during periods of portfolio restructuring.

**TOTAL RETURN SWAP AGREEMENTS.** Certain Portfolios may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of the underlying assets, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market. Total return swap agreements may effectively add leverage to a Portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. Total return swap agreements entail the risk that a party will default on its payment obligations to a Portfolio thereunder. Swap agreements also bear the risk that a Portfolio will not be able to meet its obligation to the counterparty. Generally, a Portfolio will enter into total return swaps on a net basis (i.e., the two payment streams are netted out with a Portfolio receiving or paying, as the case may be, only the net amount of the two payments). The net amount of the excess, if any, of a Portfolio's obligations over its entitlements with respect to each total return swap will be accrued on a daily basis. If the total return swap transaction is entered into on other than a net basis, the full amount of a Portfolio's obligations will be accrued on a daily basis.

Unless otherwise noted, a Portfolio's net obligations in respect of all swap agreements (i.e., the aggregate net amount owed by the Portfolio) is limited to 15% of its net assets.

**TRACERS AND TRAINS.** Tradable Custodial Receipts or TRACERS represent an interest in a basket of investment grade corporate credits. Targeted Return Index Securities or TRAINS represent an interest in a basket of high yield securities of varying credit quality. Only the Jennison Value Portfolio may invest in TRAINS. Interests in TRACERS and TRAINS provide a cost-effective alternative to purchasing individual issues.

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**US GOVERNMENT SECURITIES.** Certain Portfolios may invest in adjustable rate and fixed rate US Government securities. US Government securities are instruments issued or guaranteed by the US Treasury or by an agency or instrumentality of the US Government. US Government guarantees do not extend to the yield or value of the securities or a Portfolio's shares. Not all US Government securities are backed by the full faith and credit of the United States. Some are supported only by the credit of the issuing agency.

US Treasury securities include bills, notes, bonds and other debt securities issued by the US Treasury. These instruments are direct obligations of the US Government and, as such, are backed by the full faith and credit of the United States. They differ primarily in their interest rates, the lengths of their maturities and the dates of their issuances. US Government guarantees do not extend to the yield or value of the securities or a Portfolio's shares.

Securities issued by agencies of the US Government or instrumentalities of the US Government, including those which are guaranteed by Federal agencies or instrumentalities, may or may not be backed by the full faith and credit of the United States. Obligations of the Ginnie Mae, the Farmers Home Administration and the Small Business Administration are backed by the full faith and credit of the United States. In the case of securities not backed by the full faith and credit of the United States, a Portfolio must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitments.

Certain Portfolios may also invest in component parts of US Government securities, namely either the corpus (principal) of such obligations or one or more of the interest payments scheduled to be paid on such obligations. These obligations may take the form of (1) obligations from which the interest coupons have been stripped; (2) the interest coupons that are stripped; (3) book-entries at a Federal Reserve member bank representing ownership of obligation components; or (4) receipts evidencing the component parts (corpus or coupons) of US Government obligations that have not actually been stripped. Such receipts evidence ownership of component parts of US Government obligations (corpus or coupons) purchased by a third party (typically an investment banking firm) and held on behalf of the third party in physical or book-entry form by a major commercial bank or trust company pursuant to a custody agreement with the third party. A Portfolio may also invest in custodial receipts held by a third party that are not US Government securities. US Government securities may be affected by changing interest rates.

**WARRANTS AND RIGHTS.** Warrants and rights are securities permitting, but not obligating, the warrant holder to subscribe for other securities. Buying a warrant does not make a Portfolio a shareholder of the underlying stock. The warrant holder has no right to dividends or votes on the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investment in warrants may be more speculative than other equity-based investments.

**WHEN-ISSUED SECURITIES, DELAYED DELIVERY SECURITIES AND FORWARD COMMITMENTS.** A Portfolio may purchase or sell securities that it is entitled to receive on a when-issued basis. A Portfolio may also purchase or sell securities on a delayed delivery basis or through a forward commitment. These transactions involve the purchase or sale of securities by a Portfolio at an established price with payment and delivery taking place in the future. A Portfolio enters into these transactions to obtain what is considered an advantageous price to the Portfolio at the time of entering into the transaction. No Portfolio has established any limit on the percentage of its assets that may be committed in connection with these transactions. When-issued securities, delayed delivery securities and forward commitments are considered to be "derivative transactions" under Rule 18f-4 of the 1940 Act and therefore the Portfolios intended that any transactions involving when-issued securities, delayed delivery securities or forward commitments will be conducted in compliance with the requirements of Rule 18f-4.

There can be no assurance that a security purchased on a when-issued basis will be issued or that a security purchased or sold through a forward commitment will be delivered. The value of securities in these transactions on the delivery date may be more or less than the Portfolio's purchase price. The Portfolio may bear the risk of a decline in the value of the security in these transactions and may not benefit from an appreciation in the value of the security during the commitment period.

**ZERO COUPON SECURITIES, PAY-IN-KIND SECURITIES AND DEFERRED PAYMENT SECURITIES.** Certain Portfolios may invest in zero coupon securities. Zero coupon securities are securities that are sold at a discount to par value and on which interest payments are not made during the life of the security. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity on the particular interest payment date at a rate of interest reflecting the market rate of the security at the time of issuance. Upon maturity, the holder is entitled to receive the par value of the security. While interest payments are not made on such securities, holders of such securities are deemed to have received income (phantom income) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at the same rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder's ability to reinvest at higher rates in the future. For this reason, some of these

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securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently, which fluctuation increases the longer the period to maturity. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash.

A Portfolio accrues income with respect to these securities for US federal income tax and accounting purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparable rated securities paying cash interest at regular intervals. In addition to the above-described risks, there are certain other risks related to investing in zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, a Portfolio's investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held by a Portfolio.

Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Deferred payment securities are securities that remain a zero coupon security until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. Holders of these types of securities are deemed to have received phantom income annually, notwithstanding that cash may not be received currently. The effect of owning instruments which do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at the same rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder's ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities which pay interest currently, which fluctuation increases the longer the period to maturity. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. Zero coupon, pay-in-kind and deferred payment securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparable rated securities paying cash interest at regular intervals.

In addition to the above described risks, there are certain other risks related to investing in zero coupon, pay-in-kind and deferred payment securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Portfolio's investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Portfolio's holdings.

**NET ASSET VALUES**

Any purchase or sale of Portfolio shares is made at the NAV of such shares. The price at which a purchase or redemption is made is based on the next calculation of the NAV after the order is received in good order. The NAV of each Portfolio is typically determined on each day the NYSE is open for trading as of the close of the exchange's regular trading session (which is generally 4:00 p.m. New York time). The Trust will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE and will price its shares as of 4:00 p.m. if the particular disruption directly affects only the NYSE. The NYSE is closed on most national holidays and Good Friday. The Trust does not price, and shareholders will not be able to purchase or redeem, the Trust's shares on days when the NYSE is closed but the primary markets for the Trust's foreign securities are open, even though the value of these securities may have changed. Conversely, the Trust will ordinarily price its shares, and shareholders may purchase and redeem shares, on days that the NYSE is open but foreign securities markets are closed.

The securities held by each of the Trust's Portfolios are valued based upon market quotations or, if not readily available, at fair value as determined in good faith under policies and procedures adopted and implemented by the Manager, the Trust's valuation designee. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Manager as the valuation designee for the respective Portfolios for which it serves as investment manager. The Manager may use fair value pricing if it determines that a market quotation is not reliable based, among other things, on market conditions that occur after the quotation is derived or after the closing of the primary market on which the security is traded, but before the time that the NAV is determined. This use of fair value pricing most commonly occurs with securities that are primarily traded outside of the US because such securities present time-zone arbitrage opportunities when events or conditions affecting the prices of specific securities or the prices of securities traded in such markets generally occur after the close of the foreign markets but prior to the time that a Portfolio determines its NAV.

The Manager may also use fair value pricing with respect to US traded securities if, for example, trading in a particular security is halted and does not resume before the Manager calculates its NAV or the exchange on which a security is traded closes early. In addition, fair value pricing is used for securities where the pricing agent or principal market maker does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Manager does not represent fair value. Different valuation methods may result in differing values for the same security. The fair value of a portfolio security that the Manager uses to determine its NAV may differ from the security's published or quoted price. If the Manager needs to implement fair value pricing after the NAV publishing deadline

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but before shares of a Portfolio are processed, the NAV you receive or pay may differ from the published NAV price. For purposes of computing each Portfolio's NAV, the Manager will value each Portfolio's futures contracts 15 minutes after the close of regular trading on the NYSE. Except when the Manager fair values securities, the Manager normally values each foreign security held by the Trust as of the close of the security's primary market.

Fair value pricing procedures are designed to result in prices for a Portfolio's securities and its NAV that are reasonable in light of the circumstances which make or have made market quotations unavailable or unreliable, and to reduce arbitrage opportunities available to short-term traders. There is no assurance, however, that fair value pricing will more accurately reflect the market value of a security than the market price of such security on that day or that it will prevent dilution of a Portfolio's NAV by short-term traders.

The NAV for each of the Portfolios other than the PSF PGIM Government Money Market Portfolio is determined by a simple calculation. It's the total value of a Portfolio (assets minus liabilities) divided by the total number of shares outstanding. As explained below, the PSF PGIM Government Money Market Portfolio uses the amortized cost method of valuation, which is designed to permit the PSF PGIM Government Money Market Portfolio to maintain a stable NAV of $10.00 per share. Although the price of each share is designed to remain the same, the PSF PGIM Government Money Market Portfolio issues additional shares when dividends are declared.

To determine a Portfolio's NAV, its holdings are valued as follows:

Equity securities for which the primary market is on an exchange (whether domestic or foreign) shall be valued at the last sale price on such exchange or market on the day of valuation or, if there was no sale on such day, at the mean between the last bid and asked prices on such day or at the last bid price on such day in the absence of an asked price. Securities included within the NASDAQ market shall be valued at the NASDAQ official closing price (NOCP) on the day of valuation, or if there was no NOCP issued, at the last sale price on such day. Securities included within the NASDAQ market for which there is no NOCP and no last sale price on the day of valuation shall be valued at the mean between the last bid and asked prices on such day or at the last bid price on such day in the absence of an asked price. Equity securities that are not sold on an exchange or NASDAQ are generally valued by an independent pricing agent or principal market maker.

A Portfolio may own securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Portfolios do not price their shares. Therefore, the value of a Portfolio's assets may change on days when shareholders cannot purchase or redeem Portfolio shares.

All Short-term Debt Securities held by the PSF PGIM Government Money Market Portfolio are valued at amortized cost. The amortized cost valuation method is widely used by mutual funds. It means that the security is valued initially at its purchase price and then decreases in value by equal amounts each day until the security matures. It almost always results in a value that is extremely close to the actual market value. The Manager has adopted and implemented policies and procedures to monitor whether any material deviation between valuation and market value occurs and if so, will promptly consider what action, if any, should be taken to prevent unfair results to Contract owners.

For each Portfolio other than the PSF PGIM Government Money Market Portfolio, short-term debt securities, including bonds, notes, debentures and other debt securities, and money market instruments such as certificates of deposit, commercial paper, bankers' acceptances and obligations of domestic and foreign banks for which market quotations are readily available, are valued by an independent pricing agent or principal market maker (if available, otherwise a primary market dealer).

Convertible debt securities that are traded in the over-the-counter market, including listed convertible debt securities for which the primary market is believed by PGIM Investments or a subadviser to be over-the-counter, are valued on the day of valuation at an evaluated bid price provided by an independent pricing agent or, in the absence of valuation provided by an independent pricing agent, at the bid price provided by a principal market maker or primary market dealer.

Other debt securities—those that are not valued on an amortized cost basis—are valued using an independent pricing service. Options on stock and stock indexes that are traded on a national securities exchange are valued at the last sale price on such exchange on the day of valuation or, if there was no such sale on such day, at the mean between the most recently quoted bid and asked prices on such exchange.

Futures contracts and options on futures contracts are valued at the last sale price at the close of the commodities exchange or board of trade on which they are traded. If there has been no sale that day, the securities will be valued at the mean between the most recently quoted bid and asked prices on that exchange or board of trade.

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Forward currency exchange contracts are valued at the cost of covering or offsetting such contracts calculated on the day of valuation. Securities which are valued in accordance herewith in a currency other than US dollars shall be converted to US dollar equivalents at a rate obtained from a recognized bank, dealer or independent service on the day of valuation.

Over-the-counter (OTC) options are valued at the mean between bid and asked prices provided by a dealer (which may be the counterparty). A subadviser will monitor the market prices of the securities underlying the OTC options with a view to determining the necessity of obtaining additional bid and ask quotations from other dealers to assess the validity of the prices received from the primary pricing dealer.

**TAXATION**

This section of the SAI provides additional information concerning the US federal income tax treatment of each Portfolio and its shareholders. It is based on the Code, applicable US Treasury regulations, judicial authority, and administrative rulings and practice, all as in effect as of the date of this SAI and all of which are subject to change, including with retroactive effect. The following discussion does not address any state, local or non-US tax matters. The Portfolios may or may not invest in all of the securities or other instruments described in this Taxation section. Please see each Portfolio's prospectus for information about its investments.

The following discussion is generally based on the assumption that the shares of each Portfolio will be respected as owned by Participating Insurance Companies through their separate accounts and other eligible persons or plans permitted to hold shares of the Portfolio pursuant to the applicable US Treasury regulations without impairing the ability of the Participating Insurance Company separate accounts to satisfy the diversification requirements of Section 817(h) of the Code ("Other Eligible Investors"). If this is not the case and shares of a Portfolio held by separate accounts of Participating Insurance Companies are not respected as owned for US federal income tax purposes by those separate accounts, the person(s) determined to own the Portfolio shares will not be eligible for tax deferral and, instead, will be taxed currently on Portfolio distributions and on the proceeds of any sale, transfer or redemption of Portfolio shares under applicable US federal income tax rules that may not be discussed herein.

The Trust has not requested and will not request an advance ruling from the IRS as to the US federal income tax matters described below. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. In addition, the following discussion and the discussion in each prospectus address only some of the US federal income tax considerations generally affecting investments in a Portfolio. In particular, because Participating Insurance Company separate accounts and Other Eligible Investors will be the only shareholders of the Portfolios, only certain US federal tax aspects of an investment in a Portfolio are described herein. Participating Insurance Companies include in their taxable income the net investment income derived from the investment of assets held in their subaccounts because the Participating Insurance Companies are considered the owners of these assets under US federal income tax law. A Participating Insurance Company may claim certain tax benefits associated with this investment income. These benefits, which may include foreign tax credits (which can reduce a Participating Insurance Company's US taxes on foreign source income) and the corporate dividend received deduction (which is a tax deduction for the insurance company, attributable to certain dividends received by a Portfolio if the Portfolio is treated as a partnership for US federal income tax purposes), are not passed on to subaccount owners since the Participating Insurance Company is the owner of the assets under US federal tax law and is thus taxed on the investment income generated by the assets. Contract owners should consult their Contract prospectus for information relating to the tax matters applicable to their Contracts. In addition, Contract owners may wish to consult with their own tax advisors as to the tax consequences of investing in the Trust, including the application of US federal, state and local and non-US taxes.

Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes and not as an association taxable as a corporation and does not expect to be a "publicly traded partnership" as defined in Section 7704 of the Code. Each Portfolio considers itself to be a separate entity for US federal income tax purposes. Thus, each Portfolio and its shareholders should not be required to take into account the assets, operations, or shareholders of other series of the Trust for US federal income tax purposes (e.g., for purposes of determining possible characterization as a publicly traded partnership). If a Portfolio were determined to be a publicly traded partnership taxable as a corporation, (i) it generally would be subject to an entity level tax on its earnings and profits at regular corporate income tax rates, and (ii) each insurance company separate account invested in the Portfolio would fail to satisfy the separate diversification requirements described below, with the result that the Contracts supported by that account would no longer be eligible for tax deferral.

As a partnership, each Portfolio is generally not itself subject to US federal income taxes. Instead, each Portfolio's income, gains, losses, deductions, credits and other tax items will be "passed through" pro rata directly to its shareholders (such as the Participating Insurance Companies), without regard to whether such shareholder has received or will receive corresponding distributions from the Portfolio. Allocations of these taxable items, for US federal income tax purposes, generally will be made in accordance with the economics of each Portfolio. Such items when allocated to a shareholder will generally retain their character as qualifying for particular tax treatment (e.g., eligibility for dividends-received deduction) when received by a taxable shareholder such as a Participating Insurance Company; this "pass-through" of tax characteristics will generally not affect holders of Contracts funded by a Portfolio or other qualified plans investing in a Portfolio. Distributions by a Portfolio may be made in the form of additional shares (not in cash).

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Under the Code, if the investments of a segregated asset account, such as the separate accounts of Participating Insurance Companies, are "adequately diversified," and certain other requirements are met, a holder of a Contract supported by the account will receive favorable tax treatment in the form of deferral of tax until a distribution is made under the Contract.

Generally, the investments of a segregated asset account are considered to be "adequately diversified" only if on the last day of a calendar quarter (or within 30 days after such last day): (i) no more than 55% of the value of the total assets of the account is represented by any one investment; (ii) no more than 70% of the value of the total assets of the account is represented by any two investments; (iii) no more than 80% of the value of the total assets of the account is represented by any three investments; and (iv) no more than 90% of the value of the total assets of the account is represented by any four investments (the "55%-70%-80%-90% diversification test"). Section 817(h) of the Code provides a safe harbor that a segregated asset account is considered "adequately diversified" if it meets a RIC's diversification tests and no more than 55% of the value of the total assets of the account is attributable to cash, cash items (including receivables), US Government securities, and securities of other RICs.

In general, all securities of the same issuer are treated as a single investment for these purposes, and each US government agency or instrumentality is treated as a separate issuer. However, US Treasury regulations provide a "look-through rule" with respect to a segregated asset account's investments in a RIC or partnership for purposes of the applicable diversification requirements, provided certain conditions are satisfied by the RIC or partnership, as applicable. Under this look-through rule, if a Portfolio limits its shareholders to (i) life insurance companies whose separate accounts invest in the Portfolio for purposes of funding variable annuity and variable life insurance contracts, (ii) trustees of qualified pension and retirement plans and (iii) other funds having similar shareholders, each insurance company separate account investing in the Portfolio will be treated as owning (as a separate investment) its proportionate share of each asset of the Portfolio for purposes of meeting its own diversification requirements under Code Section 817(h), provided that the Portfolio qualifies as a partnership that is not a publicly traded partnership.

Each Portfolio is managed with the intention of complying with the diversification requirements imposed by Section 817(h) of the Code but may not satisfy the look-through rule. It is possible that, in order to comply with these requirements, less desirable investment decisions may be made which could affect the investment performance of a Portfolio.

Failure by a Portfolio to satisfy the Code Section 817(h) requirements by failing to comply with the 55%-70%-80%-90% diversification test or the safe harbor described above, or by failing to satisfy the look-through rule, could cause the Contracts to lose their favorable tax status and require a Contract owner to include currently in ordinary income any income accrued under the Contracts for the current and all prior taxable years. Furthermore, if any underlying portfolio fails to comply with the diversification requirements for any taxable year, such failure could cause a separate account of a Participating Insurance Company indirectly invested in such an underlying portfolio through a Portfolio to fail to satisfy the separate diversification requirements, with the result that the Contracts supported by that account would no longer be eligible for tax deferral. Under certain circumstances described in the applicable US Treasury regulations, inadvertent failure to satisfy the Code Section 817(h) diversification requirements may be corrected; such a correction would require a payment to the IRS. Any such failure could also result in adverse tax consequences for the insurance company issuing the Contracts.

The IRS has indicated that a degree of investor control over the investment options underlying a Contract may interfere with the tax-deferred treatment of such a Contract. The IRS has issued rulings addressing the circumstances in which a Contract owner's control of the investments of the separate account may cause the holder, rather than an insurance company, to be treated as the owner of the assets held by the separate account. If a holder is considered the owner of the securities underlying a separate account, income and gains produced by those securities would be included currently in the holder's gross income.

In determining whether an impermissible level of investor control is present, one factor the IRS considers is whether a portfolio's investment strategies are sufficiently broad to prevent a Contract owner from being deemed to be making particular investment decisions through its investment in the separate account. For this purpose, current IRS guidance indicates that typical fund investment strategies, even those with a specific sector or geographical focus, are generally considered sufficiently broad. Most, although not necessarily all, of the Portfolios have objectives and strategies that are not materially narrower than the investment strategies held not to constitute an impermissible level of investor control in recent IRS rulings (such as large company stocks, international stocks, small company stocks, mortgage-backed securities, money market securities, telecommunications stocks and financial services stocks).

The above discussion addresses only one of several factors that the IRS considers in determining whether a Contract owner has an impermissible level of investor control over a separate account. Contract owners should consult the insurance companies issuing their Contracts and their own tax advisors, as well as the prospectus relating to their particular Contract, for more information concerning this investor control issue.

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As noted above, the foregoing discussion of US federal income tax consequences is based on US tax laws and US Treasury regulations in effect on the date of this SAI, and is subject to change by legislative or administrative action, possibly with retroactive effect. A description of other tax considerations generally affecting the Trust and its shareholders is found in the section of the Prospectus entitled "US Federal Income Taxes." In addition, there can be no assurance that a Portfolio will be able to continue to operate as currently described, or that a Portfolio will not have to change its investment objective or investment policies in order to prevent, on a prospective basis, any such rules and regulations from causing Contract owners to be considered the owners of the shares of the Portfolio. No attempt is made to present a detailed explanation of the tax treatment of the Trust or its shareholders. No attempt is made to present a detailed explanation of US federal, state or local or non-US tax matters. The discussion herein and in the Prospectus is not intended as a substitute for careful tax planning.

The foregoing discussion does not address the tax consequences to Contract owners of an investment in a Contract. Contract owners investing in a Portfolio through a Participating Insurance Company separate account or persons investing in a Portfolio through Other Eligible Investors are urged to consult with their insurance company or Other Eligible Investor, as applicable, and their own tax advisors, for more information regarding the US federal, state and local and non-US income tax consequences to them of an investment in the Portfolio. Additional information relating to the tax treatment of the variable annuity and life insurance policies for which the Portfolios serve as underlying funding alternatives is contained in the prospectuses for those policies.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

**PORTFOLIOS OTHER THAN THE PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO.** Each Portfolio's portfolio holdings as of the end of the second and fourth fiscal quarters are made public, as required by law, in the Trust's annual and semi-annual reports. These reports are filed with the SEC on Form N-CSR and mailed to shareholders within 60 days after the end of the second and fourth fiscal quarters. The Trust's annual and semi-annual reports are posted on the Trust's website.

Each Portfolio's portfolio holdings as of the end of the first and third fiscal quarters are made public and filed with the SEC on Form N-PORT. The Trust files disclosure of each Portfolio's complete holdings on Form N-PORT each month, with every third month made available to the public by the SEC 60 days after the end of the Portfolios' first and third fiscal quarters.

In addition, the Trust may provide a full list of each Portfolio's portfolio holdings as of the end of each month on its website no sooner than approximately three business days prior to the end of the following month. The Trust may also release, at a sleeve-level and/or the composite level, each Portfolio's top ten holdings (or in the case of a fund of funds the complete list of portfolio funds and/or the top ten holdings of the portfolio funds), and summary statistics regarding sectors, countries and/or industries and other characteristics, as of each month end, with all such information posted on the Trust's website approximately 15 days after the end of the month, unless noted otherwise herein.

**PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO.** The PSF PGIM Government Money Market Portfolio will release complete portfolio holdings and certain other portfolio information to the SEC as filed on Form N-MFP and to its website as required by Rules 2a-7 and 30b1-7 of the 1940 Act.

When authorized by the Trust's Chief Compliance Officer and another officer of the Trust, portfolio holdings information may be disseminated more frequently or at different periods than as described above. The Trust has entered into ongoing arrangements to make available information about the Trust's portfolio holdings. Parties receiving this information may include intermediaries that distribute the Trust's shares, third party providers of auditing, custody, proxy voting and other services for the Trust, rating and ranking organizations, and certain affiliated persons of the Trust, as described below. The procedures utilized to determine eligibility are set forth below:

Procedures for Release of Portfolio Holdings Information:

1. A request for release of Portfolio holdings shall be provided by such third party setting forth a legitimate business purpose for such release which shall specify the Portfolio, the terms of such release, and frequency (e.g., level of detail staleness). The request shall address whether there are any conflicts of interest between the Portfolio and the investment adviser, subadviser, principal underwriter or any affiliated person thereof and how such conflicts shall be dealt with to demonstrate that the disclosure is in the best interest of the shareholders of the Portfolio.

2. The request shall be forwarded to Prudential's Retirement Strategies Investment Management and to the Chief Compliance Officer of the Trust, or his delegate, for review and approval.

3. A confidentiality agreement in the form approved by an officer of the Trust must be executed with the recipient of the Portfolio holdings information.

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4. An officer of the Portfolio shall approve the release and agreement. Copies of the release and agreement shall be sent to PGIM Investments' law department.

5. Written notification of the approval shall be sent by such officer to PGIM Investments' Fund Administration Department to arrange the release of Portfolio holdings information.

6. PGIM Investments' Fund Administration Department shall arrange for the release of portfolio holdings information by the Portfolio's custodian bank(s).

As of the date of this Statement of Additional Information, the Trust will provide:

1. Traditional External Recipients/Vendors

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Full holdings on a daily basis to each Portfolio's proxy voting agent at the end of each day;

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Full holdings on a daily basis to Institutional Shareholder Services (ISS) (securities class action claims services administrator) at the end of each day;

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Full holdings on a daily basis to each Portfolio's subadviser(s) (as identified in the Trust's Prospectus), custodian bank, sub-custodian (including foreign sub-custodians), if any, and accounting agents (which includes the custodian bank and any other accounting agent that may be appointed) at the end of each day.

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When a Portfolio has more than one subadviser, each subadviser receives holdings information only with respect to the "sleeve" or segment of the Portfolio for which the subadviser has responsibility;

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Full holdings to a Portfolio's independent registered public accounting firm as soon as practicable following the Portfolio's fiscal year-end or on an as-needed basis;

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Full holdings to financial printers as soon as practicable following the end of a Portfolio's quarterly, semi-annual and annual period ends;

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Full holdings on a daily basis to Goldman Sachs Bank USA, d/b/a Goldman Sachs Agency Lending (securities lending agent) at the end of each day;

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Full holdings to a Portfolio's counsel on an as-needed basis; and

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Full holdings to a Portfolio's independent board members on an as-needed basis.

2. Analytical Service Providers

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Full holdings on a daily basis to FactSet Research Systems, Inc. (analytical services/investment research provider) when made available;

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Full Holdings on a daily basis to ICE (valuation of international securities) in real time (for funds with international holdings);

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Full holdings on a daily basis to Bloomberg BVAL, S&P Global, ICE, LSEG, Lipper and J.P. Morgan PricingDirect (securities valuation service providers) at the end of each day;

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Portfolio trades on a quarterly basis to Abel/Noser Corp. (review of brokerage commissions/best execution) when made available;

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All FX trades on a monthly basis to FX Transparency (foreign exchange/transaction analysis) when made available;

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Full holdings on a quarterly basis to Capital Institutional Services, Inc. (CAPIS) (investment research provider and commission Recapture calculations) when made available;

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Full holdings, on an as needed basis, to Zeno Consulting Group, LLC (an independent third-party transaction cost analysis company) when made available;

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Full holdings to ICE/Innocap (HedgeMark) (liquidity calculations) on a daily basis;

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Full holdings to Innocap (HedgeMark) (VaR calculations) on a daily basis (for funds that are full derivatives users pursuant to Rule 18f-4 under the 1940 Act); and

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Full holdings on a daily basis to ACA (trade surveillance and market abuse detection) end of day (Jennison funds only).

In each case, the information disclosed must be for a legitimate business purpose and is subject to a confidentiality agreement intended to prohibit the recipient from trading on or further disseminating such information (except for legitimate business purposes). Such arrangements will be monitored on an ongoing basis and will be reviewed by the Trust's Chief Compliance Officer and PGIM Investments' Law Department on an annual basis.

In addition, certain authorized employees of PGIM Investments receive portfolio holdings information on a quarterly, monthly or daily basis or upon request, in order to perform their business functions. All PGIM Investments employees are subject to the requirements of the personal securities trading policy of Prudential Financial, Inc., which prohibits employees from trading on, or further disseminating confidential information, including portfolio holdings information.

In no instance may the Investment Manager or the Trust receive any compensation or consideration in exchange for the portfolio holdings information.

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The Board of the Trust has approved PGIM Investments' Policy for the Dissemination of Portfolio Holdings. The Board shall, on a quarterly basis, be advised of any revisions to the list of recipients of the portfolio holdings information and the reason for such disclosure. The Board has delegated oversight of the Trust's disclosure of portfolio holdings to the Chief Compliance Officer.

Arrangements pursuant to which the Trust discloses non-public information with respect to its portfolio holdings do not provide for any compensation in return for the disclosure of the information.

There can be no assurance that the Trust's policies and procedures on portfolio holdings information will protect the Trust from the potential misuse of such information by individuals or entities that come into possession of the information.

**PROXY VOTING**

The Board has delegated to the Trust's investment manager, PGIM Investments, the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Portfolio. The Trust authorizes the Investment Manager to delegate, in whole or in part, its proxy voting authority to its investment subadviser or third party vendors consistent with the policies set forth below. The proxy voting process shall remain subject to the supervision of the Board, including any committee thereof established for that purpose.

The Investment Manager and the Board view the proxy voting process as a component of the investment process and, as such, seek to ensure that all proxy proposals are voted with the primary goal of seeking the optimal benefit for each Portfolio. Consistent with this goal, the Board views the proxy voting process as a means to encourage strong corporate governance practices and ethical conduct by corporate management. The Investment Manager and the Board maintain a policy of seeking to protect the best interests of each Portfolio should a proxy issue potentially implicate a conflict of interest between a Portfolio and the Investment Manager or its affiliates.

The Investment Manager delegates to each Portfolio's subadviser(s) the responsibility for voting each Portfolio's proxies. The subadviser is expected to identify and seek to obtain the optimal benefit for the Portfolio it manages, and to adopt written policies that meet certain minimum standards, including that the policies be reasonably designed to protect the best interests of a Portfolio and delineate procedures to be followed when a proxy vote presents a conflict between the interests of the Portfolio and the interests of the subadviser or its affiliates.

The Investment Manager and the Board expect that the subadviser will notify the Investment Manager and the Board at least annually of any such conflicts identified and confirm how the issue was resolved. In addition, the Investment Manager expects that the subadviser will deliver to the Investment Manager, or its appointed vendor, information required for filing the Form N-PX with the SEC. Information regarding how each Portfolio of the Trust voted proxies relating to its portfolio securities during the most recent twelve-month period ended June 30 is available on the Trust's website and on the SEC's website at www.sec.gov.

**CODES OF ETHICS**

The Board of the Trust has adopted a Code of Ethics. In addition, the Investment Manager, investment subadviser(s) and Distributor have each adopted a Code of Ethics (the Codes). The Codes apply to access persons (generally, persons who have access to information about a Portfolio's investment program) and permit personnel subject to the Codes to invest in securities, including securities that may be purchased or held by a Portfolio. However, the protective provisions of the Codes prohibit certain investments and limit such personnel from making investments during periods when the Portfolio is making such investments. The Codes are on public file with, and are available from, the SEC.

**LICENSES & MISCELLANEOUS INFORMATION**

Each of the S&P 500 Index and S&P SmallCap 600 Index (collectively, the Index) is a product of S&P Dow Jones Indices LLC (SPDJI), and has been licensed for use by PGIM Quantitative Solutions LLC, Prudential Trust Company, The Prudential Insurance Company of America, Prudential Retirement Insurance and Annuity Company, PGIM, Inc. and PGIM Limited (collectively, Licensee). Standard & Poor's<sup>®</sup>, S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC (S&P); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Licensee. Licensee's product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, S&P Dow Jones Indices). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Licensee's product(s) or any member of the public regarding the advisability of investing in securities generally or in Licensee's product(s) particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices' only relationship to Licensee with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Licensee or the Licensee's product(s). S&P Dow Jones Indices have no obligation to take the needs of Licensee or the owners of Licensee's product(s) into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of Licensee's

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product(s) or the timing of the issuance or sale of Licensee's product(s) or in the determination or calculation of the equation by which Licensee's product(s) is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of Licensee's product(s). There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE LICENSEE'S PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LICENSEE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

**APPENDIX I: DESCRIPTIONS OF SECURITY RATINGS**

**MOODY'S INVESTORS SERVICE, INC. (MOODY'S)** 

**Long Term Ratings** 

**Aaa:** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa:** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A:** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa:** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba:** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B:** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa:** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca:** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C:** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Short-Term Ratings** 

**P-1:** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2:** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3:** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP:** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

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**Short-Term Municipal Ratings** 

**MIG 1:** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2:** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3:** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG:** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**S&P Global Ratings (S&P)** 

**Long-Term Issue Credit Ratings** 

**AAA:** An obligation rated AAA has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

**AA:** An obligation rated AA differs from the highest rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

**A:** An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

**BBB:** An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitment on the obligation.

Obligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, they may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB:** An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

**B:** An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

**CCC:** An obligation rated CCC is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

**CC:** An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C:** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D:** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Plus (+) or Minus (–):** Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

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**Short-Term Issue Credit Ratings** 

**A-1:** A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**: A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B:** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C:** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D:** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring**.** 

**Municipal Short-Term Note Ratings** 

An S&P Global Ratings U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

■

Amortization schedule-the larger the final maturity relative to other maturities, the more likely it will be treated as a note.

■

Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

**Municipal Short-Term Notes Ratings:** 

**SP-1:** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2:** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3:** Speculative capacity to pay principal and interest.

**D:** D is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**FITCH RATINGS, Inc. (FITCH)** 

**International Long-Term Credit Ratings** 

**AAA:** Highest Credit Quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA:** Very High Credit Quality. AA ratings denote expectations of a very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A:** High Credit Quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

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**BBB:** Good Credit Quality. BBB ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB:** Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B:** Highly Speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC:** Substantial Credit Risk. Very low margin for safety. Default is a real possibility.

**CC:** Very High Levels of Credit Risk. Default of some kind appears probable.

**C:** Near default. A default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

■

the issuer has entered into a grace or cure period following non-payment of a material financial obligation;

■

the formal announcement by the issuer or their agent of a distressed debt exchange; and

■

a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

RD ratings indicate an issuer that in Fitch's opinion has experienced:

■

An uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but

■

Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

■

Has not otherwise ceased operating.

This would include:

■

The selective payment default on a specific class or currency of debt;

■

The uncured expiry of any applicable original grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation.

**D:** Default. D ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or that has otherwise ceased business and debt is still outstanding.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a DDE.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**International Short-Term Credit Ratings** 

**F1:** Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2**: Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial commitments.

**F3:** Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B**: Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C:** High Short-Term Default Risk. Default is a real possibility.

**RD:** Restricted Default. Indicates an entity that has defaulted on one or more if its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D:** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

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**Plus (+) or Minus (–):** The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to AAA ratings and ratings below CCC. For the short-term rating category of F1, a "+" may be appended.

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**APPENDIX II: PROXY VOTING POLICIES OF THE SUBADVISERS**

**JENNISON ASSOCIATES LLC (Jennison)** 

PROXY VOTING POLICY AND PROCEDURES

I. Policy

Jennison (or the "Company") may be granted by its clients the authority to vote the proxies of securities held in client portfolios. In such cases, Jennison's objective is to vote proxies in the best interest of its clients. To further this objective, Jennison has adopted this policy and related procedures to guide the voting of proxies in a manner that is consistent with Jennison's fiduciary duties and the requirements of Rule 206(4)-6 under the Investment Advisers Act (the "Advisers Act").

Unless otherwise specified by a client, "best interest" means the client's best economic interest over the long term, as determined by Jennison's portfolio managers and analysts ("Investment Professionals") covering the issuer. Jennison recognizes that ballot issues, including environmental and social matters, can vary significantly depending on a company's industry operations and geographic footprint. The Company will consider relevant factors in a manner consistent with its fiduciary duties and its objective of maximizing long-term shareholder value. Jennison will not consider its own interests, or those of any affiliates, when voting proxies.

II. Procedures

<u>Proxy Voting Guidelines</u> 

Jennison has adopted proxy voting guidelines (the "Jennison Guidelines") for voting proxies on specific types of issues. All proxy voting rights exercised by the Company follow the Jennison Guidelines with certain limited exceptions as noted below. The proxy team which is part of the Company's Operations Department (the "Proxy Team") maintains the Jennison Guidelines which are reviewed annually by the Proxy Committee and as needed by the Investment Professionals.

The Jennison Guidelines are meant to convey the Company's general approach to voting decisions on certain issues. Nevertheless, Investment Professionals review all proposals related to fundamental strategies and make final decisions based on the merits of each voting opportunity. Additionally, Jennison's Sustainability Team may provide vote recommendations to the Investment Professionals on certain proposals based on the financial materiality of the topic.

If an Investment Professional determines that a vote should differ from the Jennison Guidelines, the Proxy Team is notified. In some cases, the Investment Professional may determine that certain clients should vote differently, or that abstaining is in the best interests of some or all clients. In these cases, where the vote instructions differ from the Jennison Guidelines, the Proxy Team notifies the relevant Heads of Strategy and/or supervisor and also maintains documentation of the reason(s) for the deviation from the Jennison Guidelines.

<u>Client Directed and Jennison Custom Voting Guidelines</u> 

In certain limited cases, clients may provide specific voting instructions which must be communicated or confirmed in writing, either through the investment advisory contract or other written correspondence. These instructions may: (1) require Jennison to vote for the client's securities in accordance with the client's own voting guidelines ("Client Directed Guidelines"), or (2) indicate that the Company is not responsible for voting for the client's proxies. Jennison will accommodate such instructions where appropriate.

The Proxy Team reviews all Client Directed Guidelines, approves their operational implementation, and communicates the required instructions to the third-party proxy voting vendor. Certain client instructions may only be implemented on a best-efforts basis.

In addition to Client Directed Guidelines, Jennison may also adopt custom proxy voting guidelines developed for specific investment products or vehicles that seek to follow a particular religious or values-based principles ("Jennison Custom Guidelines"). These Jennison Custom Guidelines are provided by a third-party proxy voting vendor and are reviewed by the Proxy Committee prior to adoption. On a quarterly basis, the Proxy Team reviews the voting records of any accounts that utilize Jennison Custom Guidelines and reports its findings to the Proxy Committee.

<u>Use of a Third-Party Voting Service</u> 

Jennison utilizes an independent third-party proxy voting vendor to support the end-to-end proxy voting process. The vendor provides research and analytics on ballot proposals to the Investment Professionals, facilitates operational implementation of voting instructions, and maintains comprehensive recordkeeping and reporting for all accounts for which Jennison has proxy voting authority.

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The vendor receives all proxy materials from client custodians and maintains all applicable voting guidelines, including the Jennison Guidelines, Client Directed Guidelines, and Jennison Custom Guidelines, within its system. The vendor platform enables automated vote execution in accordance with the applicable guidelines, while ensuring that Jennison retains full discretion and ultimate responsibility for all voting decisions.

For accounts that utilize Client Directed Guidelines or Jennison Custom Guidelines, the vendor automatically implements the applicable guidelines through its system, subject to the operational limitations of the vendor and custodians. The Proxy Team oversees the accuracy of guideline setup within the vendor's system and monitors the vendor's performance, including the proper application of all guidelines, timely vote execution, and adherence to operational and reporting requirements.

<u>Identifying and Addressing Potential Material Conflicts of Interest</u> 

The Advisers Act requires that the proxy voting procedures adopted and implemented by a U.S. investment adviser includes procedures that address material conflicts of interest that may arise between the investment adviser's interests and those of its clients. Examples of such material conflicts of interest include, but are not limited to:

■

Management of a client solicits proxies, and voting against management could affect Jennison's relationship with the client

■

A Jennison employee has a personal or family relationship with an issuer's management that could influence the voting decision

■

An Investment Professional holds a personal position in an issuer's security for which Jennison has a material investment and proxy voting responsibility.

When a potential material conflict is identified, the Proxy Committee will evaluate the situation and determine whether an actual material conflict of interest exists.

If the Proxy Committee determines that a material conflict is present and the Investment Professional is recommending a vote that either deviates from the Jennison Guidelines or requires a case-by-case basis determination due to the absence of a specific guideline recommendation, the voting decision must be reviewed and approved by the appropriate Head of Strategy and/or the Investment Professional's supervisor and the Proxy Committee before the vote us cast.

Any decision to abstain must independently reflect the best interests of clients and not be based on avoiding a material conflict of interest.

<u>Non-Fundamental Accounts</u> 

In limited situations where Jennison votes proxies for an issuer that is not held in a fundamental equity account, including for securities held in portfolios managed by the Custom Solutions Group or wrap accounts, Jennison will vote consistent with the Jennison Guidelines. If no specific Jennison Guideline exists, Jennison will consider the recommendations of the proxy voting vendor.

<u>International Holdings</u> 

Jennison exercises opportunities to vote on international holdings on a best-efforts basis. Such votes will be cast based on the same principles that govern domestic holdings.

In some countries casting a proxy vote can adversely affect a client, such as countries that restrict stock sales around the time of the proxy vote by requiring "share blocking" as part of the voting process. The Investment Professional covering the issuer will weigh the expected benefits of voting proxies on international holdings against any anticipated costs or limitations, such as those associated with share blocking. Jennison may abstain from voting if the expected costs or limitations associated with voting outweigh the benefits.

<u>Securities Lending</u> 

Certain Jennison clients may participate in securities lending programs with various counterparties. Under most securities lending arrangements, proxy voting rights during the lending period generally are transferred to the borrower, and thus proxies received in connection with the securities on loan may not be voted by the lender unless the loan is recalled.

If a client participates in a securities lending program and the Investment Professional determines that a vote involves matters that would have a material effect on the client's investment in such loaned securities, Jennison will use its best efforts to work with the client's custodian to recall the shares so that Jennison can vote the proxy.

<u>Disclosure to Advisory Clients</u> 

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Jennison's proxy voting policy and procedures and proxy voting records are publicly available on Jennison's website. Upon request, clients may obtain a copy of Jennison's Guidelines, as well as information about how Jennison voted that client's proxies. Any such requests should be directed to the client service representative responsible for the client's account who will coordinate with the Proxy Team.

<u>Regulatory Filings</u> 

■

Reporting Jennison's say-on-pay votes

Jennison is required to report annually say-on-pay votes on Form N-PX. "Say-on-pay" refers to shareholder voting relating to: (1) approval of the compensation of a company's named executive officers; (2) the frequency of such votes; and (3) approval of "golden parachute" compensation in connection with a merger or acquisition. Jennison's Proxy Team is responsible for ensuring the accuracy and completeness of the information filed on Jennison's Form N-PX. Compliance is responsible for filing Form N-PX in accordance with Jennison's Regulatory Filings Policy and Procedure.

■

Reporting for Investment Companies

Upon request, the Proxy Team will provide each investment company for which Jennison acts as sub-adviser reporting needed to satisfy their regulatory and board requirements, including, but not limited to, information required for Form NP-X.

<u>Pre-Solicitation Contact</u> 

From time to time, portfolio companies (or proxy solicitors acting on their behalf) may contact Investment Professionals or others in advance of the publication of proxy solicitation materials to solicit support for certain contemplated proposals.

■

A pre-solicitation contact is any communication, written or oral, formal or informal, with the company or a representative of the company regarding proxy proposals prior to publication of the official proxy solicitation materials

A pre-solicitation contact could result in the recipient receiving material non-public information.

In a situation when an employee is contacted in advance of publication of proxy solicitation materials or when the employee believes that the information shared could be considered material and non-public, the employee should immediately contact Compliance.

Under certain circumstances, it may be appropriate to share Jennison's general approach to certain issues. However, employees are prohibited from disclosing how Jennison voted or promising to vote in a particular manner under any circumstance during these pre-solicitation meetings or contacts.

III. Internal Controls

<u>The Proxy Committee</u>

Jennison's internal Proxy Committee is responsible for overseeing the proxy voting process and ensuring that Jennison meets its regulatory and corporate governance obligations for voting proxies. The Proxy Voting Committee meets at least quarterly and is comprised of representatives from Operations, Operational Risk, Legal, Compliance and Sustainability team.

The specific responsibilities of the Proxy Committee include, but are not limited to:

■

Reviewing this Policy and Procedures annually for accuracy and effectiveness, and recommending and adopting any necessary changes

■

Reviewing proposed amendments to the Jennison Guidelines in consultation with the Investment Professionals and making revisions as appropriate

■

Oversight of the implementation of Client-Directed Guidelines and Jennison Custom Guidelines

■

Reviewing quarterly voting metrics and analysis published by the Proxy Team

■

Reviewing performance of the proxy voting vendor, including accuracy and completeness of research reports, engagement with issuers, potential conflicts of interest, and overall administration of Jennison's proxy voting recommendations.

IV. Escalating Concerns

Any concerns about aspects of the policy that lack specific escalation guidance may be reported to the reporting employee's supervisor or senior management. Alternatively, Jennison has an Ethics Reporting Hotline phone number and email address that enables employees to raise concerns anonymously. Information about the Ethics Reporting Hotline phone number and email address can be found on the Jennison intranet's "Ethics" web page.

V. Discipline and Sanctions

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All Jennison employees are responsible for understanding and complying with the policies and procedures outlined in this policy. The procedures described in this policy are intended to ensure that Jennison and its employees act in full compliance with the law. Violations of this policy and related procedures will be communicated to your supervisor and to senior management through Jennison's Compliance Council and may lead to disciplinary action.

**PGIM, INC. (PGIM)** 

**PROXY VOTING POLICIES OF THE SUBADVISER** 

**VOTING APPROACH OF PGIM ASSET MANAGEMENT UNITS** 

PGIM Fixed Income. PGIM Fixed Income is a business unit of PGIM. PGIM Fixed Income's policy is to vote proxies in the best interests of its clients. In the case of pooled accounts, the policy is to vote proxies in the best interests of the pooled account. The proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect PGIM Fixed Income's judgment of how to further the best interests of its clients through the shareholder or debt-holder voting process.

PGIM Fixed Income invests primarily in debt securities, thus there are few traditional proxies voted by it. PGIM Fixed Income generally votes with management on routine matters such as the appointment of accountants or the election of directors. From time to time, ballot issues arise that are not addressed by the policy or circumstances may suggest a vote not in accordance with the established guidelines. In these cases, voting decisions are made on a case-by-case basis by the applicable portfolio manager taking into consideration the potential economic impact of the proposal. Not all ballots are received by PGIM Fixed Income in advance of voting deadlines, but when ballots are received in a timely fashion, PGIM Fixed Income strives to meet its voting obligations. It cannot, however, guarantee that every proxy will be voted prior to its deadline.

With respect to non-US holdings, PGIM Fixed Income takes into account additional restrictions in some countries that might impair its ability to trade those securities or have other potentially adverse economic consequences. PGIM Fixed Income generally votes non-US securities on a best efforts basis if it determines that voting is in the best interests of its clients.

Occasionally, a conflict of interest may arise in connection with proxy voting. For example, the issuer of the securities being voted may also be a client of PGIM Fixed Income. When PGIM Fixed Income identifies an actual or potential material conflict of interest between the firm and its clients with respect to proxy voting, the matter is presented to senior management who will resolve such issue in consultation with the compliance and legal departments. Proxy voting is reviewed by the trade management oversight committee.

Any client may obtain a copy of PGIM Fixed Income's proxy voting policy, guidelines and procedures, as well as the proxy voting records for that client's securities, by contacting the account management representative responsible for the client's account.

**PGIM Quantitative Solutions LLC** 

Description of PGIM Quantitative Solutions Proxy Voting Policies. It is the policy of PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions) to vote proxies on client securities in the best long-term economic interest of its clients (i.e., the mutual interests of clients in seeing the appreciation in value of a common investment over time). In the case of pooled accounts, PGIM Quantitative Solutions' policy is to vote proxies on securities in such account in the best long-term economic interest of the pooled account. In the event of any actual or potential conflict of interest between PGIM Quantitative Solutions and its clients or affiliates, PGIM Quantitative Solutions votes in accordance with the policy of its proxy voting advisor rather than its own policy.

PGIM Quantitative Solutions' proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect PGIM Quantitative Solutions' judgment of how to further the best long-range economic interest of its clients through the shareholder voting process. They also reflect PGIM Quantitative Solutions' general philosophy on corporate governance matters and its approach to governance and other issues that may often arise when voting ballots on the various securities held in client accounts. PGIM Quantitative Solutions' guidelines are not intended to limit the analysis of individual issues at specific companies, nor do they indicate how it will vote in every instance. Rather, they express PGIM Quantitative Solutions' views about various ballot issues generally, and provide insight into how it typically approaches such issues. PGIM Quantitative Solutions may consider Environmental, Social and Governance (ESG) factors in its voting decisions.

Where ballot issues are not addressed by PGIM Quantitative Solutions' policy, or when circumstances suggest a vote not in accordance with its established guidelines, PGIM Quantitative Solutions' voting decisions are made on a case-by-case basis taking into consideration the potential economic impact of the proposal. Case-by-case, or manual, evaluation of a ballot item entails consideration of various, specific factors as they relate to a particular issuer and/or proposed action. With respect to contested meetings, which we always vote on a case-by-case basis, we consider research provided by PGIM Quantitative Solutions' proxy advisor as well as other sources of

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**109**

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information available in the marketplace. With respect to ESG ballots, which we vote based on financial materiality, and on a case-by-case basis, we consider research provided by PGIM Quant Solutions' proxy advisor, engagement service provider, proprietary ESG scores, as well as other sources of information available in the marketplace, in order to determine our view.

With respect to non-US holdings, PGIM Quantitative Solutions takes into account additional restrictions in some countries that might impair its ability to trade those securities or have other potentially adverse economic consequences, and generally votes non-US securities on a best efforts basis if PGIM Quantitative Solutions determines that voting is in the best economic interest of its clients. PGIM Quantitative Solutions may be unable to vote proxies in countries where clients or their custodians do not have the ability to cast votes due to lack of documentation or operational capacity, or otherwise. The Fund determines whether fund securities out on loan (as applicable) are to be recalled for voting purposes and PGIM Quantitative Solutions is not involved in any such decision. PGIM Quantitative Solutions' Proxy Voting Committee includes representatives of PGIM Quantitative Solutions' Investment, Operations, Compliance, Risk and Legal teams. This committee is responsible for interpreting the proxy voting policy, identifying conflicts of interest, and periodically assessing the effectiveness of the policies and procedures.

PGIM Quantitative Solutions uses the services of a third party proxy voting advisor, and has directed the proxy advisor, upon receipt of proxies, to vote in a manner consistent with PGIM Quantitative Solutions' established proxy voting guidelines described above (assuming timely receipt of proxy materials from issuers and custodians). PGIM Quantitative Solutions conducts regular due diligence on its proxy advisor. PGIM Quantitative Solutions provides disclosure of its proxy voting policy, guidelines and procedures to its clients, as well as the proxy voting records for a particular client's securities, in each case, upon request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**110**

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**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits.**

[(a)(1) Certificate of Trust of The Prudential Series Fund. Incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99da1.htm)[53 to this Registration Statement filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99da1.htm)

[(a)(2) Agreement and Declaration of Trust of The Prudential Series Fund. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99da2.htm)[Amendment No. 53 to this Registration Statement filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99da2.htm)

[(b) By-laws of The Prudential Series Fund. Incorporated by reference to Post-Effective Amendment No. 53 to this](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99db.htm)[Registration Statement filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99db.htm)

(c) Not applicable

[(d)(1)(i) Management Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd1.htm)[The Prudential Series Fund. Incorporated by reference to Post-Effective Amendment No. 53 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd1.htm)[Statement filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd1.htm)

[(d)(1)(ii) Amendment to Management Agreement dated February 16, 2016. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000006759016001758/exd1ii.htm)[Post-Effective Amendment No. 71 to this Registration Statement, filed April 15, 2016 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000006759016001758/exd1ii.htm)

[(d)(1)(iii) Amendment to Fee Schedule. Incorporated by reference to Post-Effective Amendment No. 79 to this](https://www.sec.gov/Archives/edgar/data/711175/000006759018000433/exhibitd1iii.htm)[Registration Statement, filed April 17, 2018 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000006759018000433/exhibitd1iii.htm)

[(d)(1)(iv) Amendment to Management Agreement. Incorporated by reference to Post-Effective Amendment No. 101](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d2.htm)[to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d2.htm)

[(d)(1)(v) Contractual investment management fee waivers and/or contractual expense caps for select PSF Portfolios.](f44837d2.htm)[Filed herewith.](f44837d2.htm)

[(d)(2) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd4.htm)[Jennison Associates LLC for the Jennison Portfolio (now known as PSF PGIM Jennison Growth Portfolio).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd4.htm)[Incorporated by reference to Post-Effective Amendment No. 53 to this Registration Statement, filed December 29,](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd4.htm)[2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd4.htm)

[(d)(3) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd7.htm)[Jennison Associates LLC for the Jennison Value Portfolio (now known as PSF PGIM Jennison Value Portfolio).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd7.htm)[Incorporated by reference to Post-Effective Amendment No. 53 to this Registration Statement, filed December 29,](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd7.htm)[2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd7.htm)

[(d)(4) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd10vii.htm)[Jennison Associates LLC for the Equity Portfolio (now known as PSF PGIM Jennison Blend Portfolio). Incorporated](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd10vii.htm)[by reference to Post-Effective Amendment No. 53 to this Registration Statement, filed December 29, 2005 (File](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd10vii.htm)[No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd10vii.htm)

[(d)(5) Subadvisory Agreement between PGIM Investments LLC and PGIM Quantitative Solutions LLC for the PSF](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d3.htm)[Global Portfolio. Incorporated by reference to Post-Effective Amendment No. 97 to this Registration Statement,](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d3.htm)[filed April 17, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d3.htm)

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[(d)(6) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17i.htm)[Quantitative Management Associates LLC (now known as PGIM Quantitative Solutions LLC) for the Conservative](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17i.htm)[Balanced Portfolio (now known as PSF PGIM 50/50 Balanced Portfolio). Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17i.htm)[Post-Effective Amendment No. 53 to this Registration Statement, filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17i.htm)

[(d)(7) Subadvisory Agreement between PGIM Investments LLC, and PGIM, Inc., and PGIM Limited for the](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d5.htm)[Conservative Balanced Portfolio (now known as PSF PGIM 50/50 Balanced Portfolio). Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d5.htm)[Post-Effective Amendment No. 84 to this Registration Statement filed April 16, 2020 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d5.htm)

[(d)(8) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17ii.htm)[Quantitative Management Associates LLC (now known as PGIM Quantitative Solutions LLC) for the Flexible](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17ii.htm)[Managed Portfolio (now known as PSF PGIM Flexible Managed Portfolio). Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17ii.htm)[Post-Effective Amendment No. 53 to this Registration Statement, filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17ii.htm)

[(d)(9) Subadvisory Agreement between PGIM Investments LLC, and PGIM, Inc., and PGIM Limited for the Flexible](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d7.htm)[Managed Portfolio (now known as PSF PGIM Flexible Managed Portfolio). Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d7.htm)[Post-Effective Amendment No. 84 to this Registration Statement filed April 16, 2020 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d7.htm)

[(d)(10) Subadvisory Agreement between PGIM Investments LLC, and PGIM, Inc., and PGIM Limited for the High](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d8.htm)[Yield Bond Portfolio (now known as PSF PGIM High Yield Bond Portfolio). Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d8.htm)[Post-Effective Amendment No. 84 to this Registration Statement filed April 16, 2020 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d8.htm)

[(d)(11) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd16vi.htm)[Prudential Investment Management, Inc. (now known as PGIM, Inc.) for the Government Money Market Portfolio](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd16vi.htm)[(now known as PSF PGIM Government Money Market Portfolio). Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd16vi.htm)[Amendment No. 53 to this Registration Statement, filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd16vi.htm)

[(d)(12) Subadvisory Agreement between PGIM Investments LLC, and PGIM, Inc., and PGIM Limited for the](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d6.htm)[Diversified Bond Portfolio (now known as PSF PGIM Total Return Bond Portfolio). Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d6.htm)[Post-Effective Amendment No. 84 to this Registration Statement filed April 16, 2020 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386320003419/f3631d6.htm)

[(d)(13) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iii.htm)[Quantitative Management Associates LLC (now known as PGIM Quantitative Solutions LLC) for the Small](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iii.htm)[Capitalization Stock Portfolio (now known as PSF Small-Cap Stock Index Portfolio). Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iii.htm)[Post-Effective Amendment No. 53 to this Registration Statement, filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iii.htm)

[(d)(14) Subadvisory Agreement between Prudential Investments LLC (now known as PGIM Investments LLC) and](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iv.htm)[Quantitative Management Associates LLC (now known as PGIM Quantitative Solutions LLC) for the Stock Index](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iv.htm)[Portfolio (now known as PSF Small-Cap Stock Index Portfolio). Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iv.htm)[Amendment No. 53 to this Registration Statement, filed December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99dd17iv.htm)

[(d)(15) Subadvisory Agreement between PGIM Investments LLC and PGIM Quantitative Solutions LLC for PSF](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d4.htm)[PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio. Incorporated by reference to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d4.htm)[No. 101 to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d4.htm)

[(d)(16) Subadvisory Agreement between PGIM Investments LLC and PGIM Quantitative Solutions LLC for PSF](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d5.htm)[PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio. Incorporated by reference to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d5.htm)[No. 101 to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d5.htm)

[(d)(17) Subadvisory Agreement between PGIM Investments LLC and PGIM Quantitative Solutions LLC for PSF](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d6.htm)[PGIM Ballast Portfolio. Incorporated by reference to Post-Effective Amendment No. 101 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d6.htm)[Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d6.htm)

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[(e)(1) Distribution Agreement between The Prudential Series Fund and Prudential Investment Management](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99de.htm)[Services LLC. Incorporated by reference to Post-Effective Amendment No. 53 to this Registration Statement, filed](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99de.htm)[December 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905063073/a05-18767_8ex99de.htm)

(f) Not applicable

[(g)(1)(i) Custodian Agreement between Registrant and The Bank of New York (BNY) dated November 7, 2002.](https://www.sec.gov/Archives/edgar/data/1104631/000095013003003468/dex99g.txt)[Incorporated by reference to the Strategic Partners Opportunity Funds Post-Effective amendment no. 9 to the](https://www.sec.gov/Archives/edgar/data/1104631/000095013003003468/dex99g.txt)[registration statement on Form N-1A filed April 30, 2003 (File No. 333-95849).](https://www.sec.gov/Archives/edgar/data/1104631/000095013003003468/dex99g.txt)

[(g)(1)(ii) Amendment to Custodian Agreement between Registrant and BNY. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d7.htm)[Post-Effective Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d7.htm)

[(g)(2)(i) Fund Administration and Accounting Agreement dated February 3, 2006, among the Registrant and The](https://www.sec.gov/Archives/edgar/data/717819/000168386322003691/f12355d6.htm)[Bank of New York Mellon (as assigned from BNY Mellon Investment Servicing (US) Inc. f/k/a PFPC Inc.).](https://www.sec.gov/Archives/edgar/data/717819/000168386322003691/f12355d6.htm)[Incorporated by reference to Exhibit (g)(6) to Post-Effective Amendment No. 89 to the Registration Statement on](https://www.sec.gov/Archives/edgar/data/717819/000168386322003691/f12355d6.htm)[Form N-1A for Prudential Investment Portfolios, Inc. 14, filed via Edgar on April 27, 2022 (File No. 002-82976).](https://www.sec.gov/Archives/edgar/data/717819/000168386322003691/f12355d6.htm)

[(g)(2)(ii) Amendment to the Fund Administration and Accounting Services Agreement. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d8.htm)[Post-Effective Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d8.htm)

[(h)(1)(i) Amended and Restated Transfer Agency and Service Agreement between the Registrant and Prudential](https://www.sec.gov/Archives/edgar/data/807394/000116923207002825/d72286_exh.htm)[Mutual Fund Services, LLC., dated May 29, 2007. Incorporated by reference to the Dryden Municipal Bond Fund](https://www.sec.gov/Archives/edgar/data/807394/000116923207002825/d72286_exh.htm)[Post-Effective Amendment No. 29 to the Registration Statement on Form N-1A filed via EDGAR on June 29, 2007](https://www.sec.gov/Archives/edgar/data/807394/000116923207002825/d72286_exh.htm)[(File No. 33-10649).](https://www.sec.gov/Archives/edgar/data/807394/000116923207002825/d72286_exh.htm)

[(h)(1)(ii) Amendment dated February 5, 2024, to Amended and Restated Transfer Agency and Service Agreement](https://www.sec.gov/Archives/edgar/data/711175/000168386324002724/f38401d1.htm)[dated May 29, 2007. Incorporated by reference to Post-Effective Amendment No. 97 to this Registration Statement,](https://www.sec.gov/Archives/edgar/data/711175/000168386324002724/f38401d1.htm)[filed April 19, 2024 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386324002724/f38401d1.htm)

[(h)(1)(iii) Amendment to Amended and Restated Transfer Agency and Service Agreement. Incorporated by](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d9.htm)[reference to Post-Effective Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No.](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d9.htm)[002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d9.htm)

[(h)(2) Fund Participation Agreement between Great-West Life & Annuity Insurance Company, The Prudential Series](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Fund, Inc., The Prudential Insurance Company of America, Prudential Investment Management Services LLC and](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Charles Schwab & Co., Inc. dated May 1, 1999. Incorporated by reference to Post-Effective Amendment No. 37 to](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[this Registration Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(3) Fund Participation Agreement between First Great-West Life & Annuity Insurance Company, The Prudential](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Series Fund, Inc., The Prudential Insurance Company of America, Prudential Investment Management Services LLC](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[and Charles Schwab & Co., Inc. dated May 1, 1999. Incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[37 to this Registration Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(4) Fund Participation Agreement between The Ohio National Life Insurance Company, The Prudential Insurance](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Company of America, The Prudential Series Fund, Inc., and Prudential Investment Management Services LLC.](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Incorporated by reference to Post-Effective Amendment No. 37 to this Registration Statement, filed April 27, 2000](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[(File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(5) Fund Participation Agreement between Preferred Life Insurance Company of New York, The Prudential Series](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h6.txt)[Fund, Inc., Prudential Investments Fund Management LLC, and Prudential Investment Management Services LLC,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h6.txt)[dated December 15, 2000. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h6.txt)[Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h6.txt)

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[(h)(6)(i) Fund Participation Agreement between Equitable Life Insurance Company of Iowa, The Prudential Series](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7.txt)[Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment Management Services, LLC,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7.txt)[dated April 28, 2000. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7.txt)[Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7.txt)

[(h)(6)(ii) Amendment to the Fund Participation Agreement between Equitable Life Insurance Company of Iowa, The](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7i.txt)[Prudential Series Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7i.txt)[Management Services LLC dated October 30, 2000. Incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7i.txt)[42 to this Registration Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h7i.txt)

[(h)(7)(i) Fund Participation Agreement between First Golden American Life Insurance Company, The Prudential](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h8.txt)[Series Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment Management Services](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h8.txt)[LLC, dated April 28, 2000. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h8.txt)[Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h8.txt)

[(h)(7)(ii) Amendment to the Fund Participation Agreement between First Golden American Life Insurance](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)[Company, The Prudential Series Fund, Inc., The Prudential Insurance Company of America, and Prudential](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)[Investment Management Services LLC dated October 30, 2000. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)[Amendment No. 42 to this Registration Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)

[(h)(8)(i) Fund Participation Agreement between Golden American Life Insurance Company, The Prudential Series](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)[Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment Management Services LLC,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)[dated April 29, 2000. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)[Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9.txt)

[(h)(8)(ii) Amendment to the Fund Participation Agreement between Golden American Life Insurance Company, The](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9i.txt)[Prudential Series Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9i.txt)[Management Services LLC, dated October 30, 2000. Incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9i.txt)[42 to this Registration Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h9i.txt)

[(h)(9) Fund Participation Agreement between The Guardian Insurance & Annuity Company, Inc., The Prudential](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10.txt)[Series Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment Management Services](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10.txt)[LLC, dated September 1, 2000. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10.txt)[Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10.txt)

[(h)(10) Amendment to the Fund Participation Agreement between The Guardian Insurance & Annuity Company,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10i.txt)[Inc., The Prudential Series Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10i.txt)[Management Services LLC, dated April 10, 2001. Incorporated by reference to Post-Effective Amendment No. 42](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10i.txt)[to this Registration Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h10i.txt)

[(h)(11) Fund Participation Agreement between The Hartford Life Insurance Company, The Prudential Series Fund,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h11.txt)[Inc., The Prudential Insurance Company of America, and Prudential Investment Management Services LLC, dated](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h11.txt)[June 22, 2000. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration Statement, filed](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h11.txt)[April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h11.txt)

[(h)(12) Fund Participation Agreement between The Hartford Life and Annuity Insurance Company, The Prudential](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h12.txt)[Series Fund, Inc., the Prudential Insurance Company of America, and Prudential Investment Management Services](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h12.txt)[LLC, dated June 22, 2000. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h12.txt)[Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h12.txt)

[(h)(13) Procedural Agreement between Merrill Lynch Futures, Inc., The Prudential Series Fund, Inc., and Investors](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Fiduciary Trust Company. Incorporated by reference to Post-Effective Amendment No. 37 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

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[(h)(14)(i) Pledge Agreement between Goldman, Sachs & Co., The Prudential Series Fund, Inc., and Investors](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Fiduciary Trust Company, dated August 15, 1997. Incorporated by reference to Post-Effective Amendment No. 37](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[to this Registration Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(14)(ii) Pledge Agreement between Lehman Brothers Inc., The Prudential Series Fund, Inc., and Investors](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Fiduciary Trust Company, dated August 29, 1997. Incorporated by reference to Post-Effective Amendment No. 37](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[to this Registration Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(14)(iii) Pledge Agreement between J.P. Morgan Futures Inc., The Prudential Series Fund, Inc., and Investors](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Fiduciary Trust Company dated September 1997. Incorporated by reference to Post-Effective Amendment No. 37](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[to this Registration Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(14)(iv) Pledge Agreement between PaineWebber Inc., The Prudential Series Fund, Inc., and Investors Fiduciary](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Trust Company, dated September 25, 1997. Incorporated by reference to Post-Effective Amendment No. 37 to this](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Registration Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(14)(v) Pledge Agreement between Credit Suisse First Boston Corp., The Prudential Series Fund, Inc., and](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Investors Fiduciary Trust Company dated November 11, 1997. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)[Amendment No. 37 to this Registration Statement, filed April 27, 2000 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095011000000409/0000950110-00-000409.txt)

[(h)(15) Fund Participation Agreement between Aetna Life Insurance and Annuity Company, The Prudential Series](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h15.txt)[Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment Management Services LLC,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h15.txt)[dated April 27, 2001. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h15.txt)[Statement, filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h15.txt)

[(h)(16) Fund Participation Agreement between American Skandia Life Assurance Corporation, The Prudential Series](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h16.txt)[Fund, Inc., The Prudential Insurance Company of America, and Prudential Investment Management Services LLC,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h16.txt)[dated May 1, 2001. Incorporated by reference to Post-Effective Amendment No. 42 to this Registration Statement,](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h16.txt)[filed April 30, 2001 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013001501035/dex99h16.txt)

[(h)(17) Fund Participation Agreement between Pacific Life Insurance Company, The Prudential Series Fund and](https://www.sec.gov/Archives/edgar/data/711175/000095013002003007/dex99h17.txt)[Prudential Investment Management Services LLC, dated August 15, 2001. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000095013002003007/dex99h17.txt)[Post-Effective Amendment No. 44 to this Registration Statement, filed April 26, 2002 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000095013002003007/dex99h17.txt)

[(h)(18) Fund Participation Agreement between The Prudential Insurance Company of America, The Prudential](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1ex99dh19.htm)[Series Fund, Inc., Prudential Investments LLC and Prudential Investment Management Services LLC. Incorporated](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1ex99dh19.htm)[by reference to Post-Effective Amendment No. 51 to this Registration Statement, filed April 29, 2005 (File No.](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1ex99dh19.htm)[002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1ex99dh19.htm)

[(h)(19) Fund Participation Agreement between Pruco Life Insurance Company, The Prudential Series Fund, Inc.,](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1ex99dh20.htm)[Prudential Investments LLC and Prudential Investment Management Services LLC. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1ex99dh20.htm)[Post-Effective Amendment No. 51 to this Registration Statement, filed April 29, 2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1ex99dh20.htm)

[(h)(20) Fund Participation Agreement between Pruco Life Insurance Company of New Jersey, The Prudential Series](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1485bpos.htm)[Fund, Inc., Prudential Investments LLC and Prudential Investment Management Services LLC. Incorporated by](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1485bpos.htm)[reference to Post-Effective Amendment No. 51 to this Registration Statement, filed April 29, 2005 (File No.](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1485bpos.htm)[002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1485bpos.htm)

[(h)(21) Form of Letter Agreement with Insurance Companies having Participation Agreements with the Registrant.](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1485bpos.htm)[Incorporated by reference to Post-Effective Amendment No. 53 to this Registration Statement, filed December 29,](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1485bpos.htm)[2005 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465905018785/a05-2405_1485bpos.htm)

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[(h)(22) Administration Agreement between The Prudential Series Fund and Prudential Investments Fund](https://www.sec.gov/Archives/edgar/data/711175/000006759009000198/exh23adminagr.htm)[Management LLC (now known as, PGIM Investments LLC) for Class II shares of the Fund. Incorporated by](https://www.sec.gov/Archives/edgar/data/711175/000006759009000198/exh23adminagr.htm)[reference to Post-Effective Amendment No. 57 to this Registration Statement, filed April 17, 2009 (File No.](https://www.sec.gov/Archives/edgar/data/711175/000006759009000198/exh23adminagr.htm)[002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000006759009000198/exh23adminagr.htm)

[(h)(23) Fund of Funds Investment Agreement dated January 19, 2022, between Prudential Investment Portfolios 3,](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[Prudential Investment Portfolios 16, Advanced Series Trust, The Prudential Series Fund, SPDR Series Trust, SPDR](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[Index Shares Funds, and SSGA Active Trust. Incorporated by reference to Exhibit (h)(5) to Post-Effective](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[Amendment No. 53 to the Registration Statement on Form N-1A for Prudential Investment Portfolios 16 filed via](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[EDGAR on February 15, 2022 (File No. 333-60561).](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)

[(h)(23)(i) Amendment dated May 1, 2025, to the Fund of Funds Agreement dated January 19, 2022, made among](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d10.htm)[Prudential Investment Portfolios 3, Prudential Investment Portfolios 16, Advanced Series Trust, The Prudential](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d10.htm)[Series Fund, SPDR Series Trust, SPDR Index Shares Funds, and SSGA Active Trust. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d10.htm)[Post-Effective Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d10.htm)

[(h)(24) Fund of Funds Investment Agreement dated January 19, 2022, made among Advanced Series Trust and The](https://www.sec.gov/Archives/edgar/data/711175/000168386322002997/f11876d4.htm)[Prudential Series Fund, on behalf of their respective series listed on Schedule A thereto, and The Select Sector](https://www.sec.gov/Archives/edgar/data/711175/000168386322002997/f11876d4.htm)[SPDR Trust. Incorporated by reference to Post-Effective Amendment No. 92 to this Registration Statement, filed](https://www.sec.gov/Archives/edgar/data/711175/000168386322002997/f11876d4.htm)[April 13, 2022 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386322002997/f11876d4.htm)

[(h)(24)(i) First Amendment to Fund of Funds Investment Agreement dated May 16, 2022, is made among Advanced](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)[Series Trust, The Prudential Series Fund, Prudential Investment Portfolios 3 and Prudential Investment Portfolios 16](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)[on behalf of their respective series listed on Schedule A thereto, and The Select Sector SPDR Trust, on behalf of](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)[each of its series listed on Schedule B thereto. Filed as an exhibit to the Advanced Series Trust Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)[Amendment No. 187 to Registration Statement on Form N-1A (File No. 033-24962), which Amendment was filed](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)[via EDGAR on December 19, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)

[(h)(25) Fund of Funds Investment Agreement dated as of January 19, 2022, made among Advanced Series Trust and](https://www.sec.gov/Archives/edgar/data/711175/000168386323003367/f25258d10.htm)[The Prudential Series Fund, on behalf of their series listed on Schedule A thereto, and SPDR S&P 500 ETF Trust](https://www.sec.gov/Archives/edgar/data/711175/000168386323003367/f25258d10.htm)[and SPDR Dow Jones Industrial Average ETF Trust. Incorporated by reference to Post-Effective Amendment No. 93](https://www.sec.gov/Archives/edgar/data/711175/000168386323003367/f25258d10.htm)[to this Registration Statement, filed April 18, 2023 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386323003367/f25258d10.htm)

[(h)(25)(i) Amendment dated May 1, 2025, to the Fund of Funds Investment Agreement dated as of January 19,](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d11.htm)[2022, made among Advanced Series Trust and The Prudential Series Fund, on behalf of their series listed on](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d11.htm)[Schedule A thereto, and SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust. Incorporated](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d11.htm)[by reference to Post-Effective Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No.](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d11.htm)[002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d11.htm)

[(h)(26) Fund of Funds Investment Agreement dated April 25, 2025, made among The Prudential Series Fund, on](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d12.htm)[behalf of its series listed on Schedule A thereto, and Vanguard Funds. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d12.htm)[Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d12.htm)

[(h)(27) Amended and Restated Fund of Funds Investment Agreement dated September 19, 2025, made among](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[Prudential Investment Portfolios 3, Prudential Investment Portfolios 16, Advanced Series Trust and The Prudential](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[Series Fund, on behalf of each of their respective series listed in Schedule A thereto, and BlackRock ETF Trust,](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[BlackRock ETF Trust II, BlackRock Funds, BlackRock Funds IV, iShares Trust, iShares, Inc., and iShares U.S. ETF](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[Trust, each on behalf of their respective series listed on Schedule B thereto. Filed as an exhibit to the Advanced](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[Series Trust Post-Effective Amendment No. 201 to the Registration Statement on Form N-1A (File No. 033-24962),](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[which was filed via EDGAR on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)

[(i)(1) Legal Opinion of Goodwin Procter LLP, counsel to The Prudential Series Fund. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000110465906028910/a06-6934_1485bpos.htm)[Post-Effective Amendment No. 57 to this Registration Statement, filed on April 28, 2006 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000110465906028910/a06-6934_1485bpos.htm)

------

[(i)(2) Legal Opinion of Goodwin Proctor LLP, counsel to The Prudential Series Fund. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386320009499/f5601d2.htm)[Post-Effective Amendment No. 87 to this Registration Statement, filed on May 15, 2020 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386320009499/f5601d2.htm)

([i)(3) Legal Opinion of Goodwin Proctor LLP, counsel to The Prudential Series Fund. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/711175/000168386321001835/f8449d2.htm)[Post-Effective Amendment No. 91 to this Registration Statement, filed April 15, 2021. (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386321001835/f8449d2.htm)

[(i)(4) Legal Opinion and Consent of Ropes & Gray LLP, counsel to The Prudential Series Fund. Incorporated by](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d14.htm)[reference to Post-Effective Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No.](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d14.htm)[002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d14.htm)

[(i)(5) Legal Opinion and Consent of Morris, Nichols, Arsht & Tunnell LLP, Delaware counsel to The Prudential](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d15.htm)[Series Fund. Incorporated by reference to Post-Effective Amendment No. 101 to this Registration Statement, filed](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d15.htm)[June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d15.htm)

[(j)(1) Consent of independent registered public accounting firm. Filed herewith.](f44837d3.htm)

(k) Not applicable.

(l) Not applicable.

[(m)(1) Amended and Restated Rule 12b-1 Plan. Incorporated by reference to Post-Effective Amendment No. 87 to](https://www.sec.gov/Archives/edgar/data/711175/000168386320009499/f5601d3.htm)[this Registration Statement, filed on May 15, 2020 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386320009499/f5601d3.htm)

[(n)(1) Amendment to Amended and Restated Rule 18f-3 Plan. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d16.htm)[Amendment No. 101 to this Registration Statement, filed June 11, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325005144/f42030d16.htm)

(o) Not applicable.

[(p)(1) Code of Ethics of Registrant. Filed as an exhibit to Prudential's Gibraltar Fund, Inc. Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/80946/000168386324002634/f38289d8.htm)[No. 79 to the Registration Statement on Form N-1A (File No. 2-32685), which was filed via EDGAR on April 17,](https://www.sec.gov/Archives/edgar/data/80946/000168386324002634/f38289d8.htm)[2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/80946/000168386324002634/f38289d8.htm)

[(p)(2) Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards and Global Insider](f44837d4.htm)[Trading Policy of PGIM Investments LLC and AST Investment Services, Inc. dated January 2026. Filed herewith.](f44837d4.htm)

[(p)(3) Investment Adviser Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards and](https://www.sec.gov/Archives/edgar/data/711175/000168386324002724/f38401d3.htm)[Global Insider Trading Policy of PGIM Fixed Income and PGIM Real Estate, each, a business unit of PGIM, Inc.](https://www.sec.gov/Archives/edgar/data/711175/000168386324002724/f38401d3.htm)[dated December 2023. Incorporated by reference to Post-Effective Amendment No. 97 to this Registration](https://www.sec.gov/Archives/edgar/data/711175/000168386324002724/f38401d3.htm)[Statement, filed on April 19, 2024.](https://www.sec.gov/Archives/edgar/data/711175/000168386324002724/f38401d3.htm)

[(p)(4) Code of Ethics, Making the Right Choices, Information Barrier Standards and Personal Securities Trading](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d6.htm)[Standards of PGIM Quantitative Solutions LLC dated December 2024. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d6.htm)[Amendment No. 97 to this Registration Statement, filed April 17, 2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d6.htm)

[(p)(5) Code of Ethics and Personal Trading Policy and Procedures of Jennison Associates LLC dated December](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d7.htm)[2024. Incorporated by reference to Post-Effective Amendment No. 97 to this Registration Statement, filed April 17,](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d7.htm)[2025 (File No. 002-80896).](https://www.sec.gov/Archives/edgar/data/711175/000168386325003616/f41591d7.htm)

**Item 29. Persons Controlled by or under Common Control with the Registrant.**

Most of the Registrant's outstanding securities are owned by the following separate accounts which are registered as unit investment trusts under the Investment Company Act of 1940 (the "Act"): The Prudential Discovery Premier Group Variable Contract Account, The Prudential Variable Appreciable Account, The Prudential Individual Variable Contract Account, The Prudential Variable Contract Account GI-2, The Prudential Qualified Individual Variable Contract Account, The Prudential Variable Contract Account-11, The Prudential Variable Contract Account-24, The

------

Prudential Discovery Select Group Variable Annuity Contract Account (separate accounts of Prudential); the Pruco Life Flexible Premium Variable Annuity Account; the Pruco Life PRUvider Variable Appreciable Account; the Pruco Life Variable Universal Account, the Pruco Life Variable Insurance Account, the Pruco Life Variable Appreciable Account, the Pruco Life Single Premium Variable Life Account, the Pruco Life Single Premium Variable Annuity Account (separate accounts of Pruco Life Insurance Company ("Pruco Life"); the Pruco Life of New Jersey Flexible Premium Variable Annuity Account; the Pruco Life of New Jersey Variable Insurance Account, the Pruco Life of New Jersey Variable Appreciable Account, the Pruco Life of New Jersey Single Premium Variable Life Account, and the Pruco Life of New Jersey Single Premium Variable Annuity Account (separate accounts of Pruco Life Insurance Company of New Jersey ("Pruco Life of New Jersey"). Pruco Life, a life insurance company organized under the laws of Arizona, is a direct wholly-owned subsidiary of The Prudential Insurance Company of America and an indirect wholly-owned subsidiary of Prudential Financial, Inc. Pruco Life of New Jersey, a life insurance company organized under the laws of New Jersey, is a direct wholly-owned subsidiary of Pruco Life, and an indirect wholly-owned subsidiary of Prudential Financial, Inc.

Registrant's shares will be voted in proportion to the directions of persons having interests in the separate accounts holding shares of the Registrant. Registrant may nonetheless be deemed to be controlled by such entities by virtue of the presumption contained in Section 2(a)(9) of the Act, although Registrant disclaims such control.

The subsidiaries of Prudential Financial are listed under [Exhibit 21.1 of the Annual Report on Form 10-K of](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000048/pru-20251231x10kxexh211.htm)[Prudential Financial (Registration No. 001-16707), filed on February 12, 2026, the text of which is hereby](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000048/pru-20251231x10kxexh211.htm)[incorporated by reference](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000048/pru-20251231x10kxexh211.htm). In addition to those subsidiaries, Prudential holds all of the voting securities of Prudential's Gibraltar Fund, Inc., a Maryland corporation, in three of its separate accounts. Prudential's Gibraltar Fund, Inc. is registered as an open-end, diversified, management investment company under the Act. The separate accounts are registered as unit investment trusts under the Act. Registrant may also be deemed to be under common control with The Prudential Variable Contract Account-2 and The Prudential Variable Contract Account-10, (separate accounts of The Prudential Insurance Company of America which are registered unit investment trusts).

**Item 30. Indemnification.**

Article VII, Section 2, of the Agreement and Declaration of Trust of the Registrant provides: " Each Person who is, or has been, a Trustee, officer, employee or agent of the Trust and any Person who is serving or has served at the Trust's request as a director, officer, trustee, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (each such Person, an "Indemnitee") shall be indemnified by the Trust to the fullest extent permitted by the Delaware Act and as provided in the By-Laws. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, Manager, adviser, sub-adviser or Principal Underwriter of the Trust. Notwithstanding any other provision of this Declaration of Trust or of the By-Laws to the contrary, any liability, expense or obligation against which any Indemnitee is indemnified and entitled to paid pursuant to the By-Laws shall be deemed to be joint and several obligations of the Trust and each Series, and the assets of the Trust and each Series shall be subject to the claims of any Indemnitee; provided that any such liability, expense or obligation may be allocated and charged by the Trustees between or among the Trust and/or any one or more Series in such manner as the Trustees in their sole discretion deem fair and equitable."

Article VII, Section 3 of the Agreement and Declaration of Trust of the Registrant provides: "The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable to the Trust and to any Shareholder solely for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice nor for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required."

Article XI of the Registrant's by-laws provides:

------

"Section 1. <u>Agents, Proceedings, Expenses</u> . For the purpose of this Article, "agent" means any Person who is or was a Trustee, officer, employee or other agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise; "proceeding" means any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative (including appeals); and "expenses" includes, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and all other liabilities whatsoever.

Section 2. <u>Indemnification</u> . The Trust shall indemnify every agent of the Trust against expenses to the fullest extent authorized, and in the manner permitted, by applicable federal and state law Section 3. Advances . The Trust shall advance the expenses of agents of the Trust who are parties to any proceeding to the fullest extent authorized, and in the manner permitted, by applicable federal and state law.

Section 4. <u>Insurance</u>. Pursuant and subject to Sections 2 and 3 of this Article XI, the Trust shall indemnify each agent against, or advance the expenses of any agent for, the amount of any deductible provided in any liability insurance policy maintained by the Trust."

Paragraph 8 of the Management Agreement between Registrant and PGIM Investments provides: "The Manager shall not be liable for any error of judgment or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement."

The subadvisory agreement between PGIM Investments and each subadviser generally provides that: "The Subadviser shall not be liable for any error of judgment or for any loss suffered by the Fund or the Manager in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the Subadviser's part in the performance of its duties or from its reckless disregard of its obligations and duties under this Agreement."

The Registrant, in conjunction with certain affiliates, maintains insurance on behalf of any person who is or was a trustee, director, officer, employee, or agent of the Registrant, or who is or was serving at the request of the Registrant as a trustee, director, officer, employee or agent of such other affiliated trust or corporation, against any liability asserted against and incurred by him or her arising out of his or her position with such trust or corporation.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Business and other Connections of the Investment Adviser.**

(a) PGIM Investments LLC (PGIM Investments)

See the Prospectus constituting Part A of this Registration Statement and "Management and Advisory Arrangements" in the Statement of Additional Information (SAI) constituting Part B of this Registration Statement.

------

The business and other connections of the officers of PGIM Investments are listed in Schedules A and D of Form ADV of PGIM Investments as currently on file with the Securities and Exchange Commission (File No. 801-31104), the text of which is hereby incorporated by reference.

(b) Subadvisers

The business and other connections of the directors and executive officers of Jennison Associates LLC are included in Schedule A and D of Form ADV filed with the Securities and Exchange Commission (File No. 801-5608), as most recently amended, the text of which is hereby incorporated by reference.

The business and other connections of the directors and executive officers of PGIM, Inc. are included in Schedule A and D of Form ADV filed with the Securities and Exchange Commission (File No. 801-22808), as most recently amended, the text of which is hereby incorporated by reference.

The business and other connections of the directors and executive officers of PGIM Quantitative Solutions LLC (formerly known as QMA LLC) are included in Schedule A and D of Form ADV filed with the Securities and Exchange Commission (File No. 801-62692), as most recently amended, the text of which is hereby incorporated by reference.

**Item 32. Principal Underwriters.**

(a) Prudential Investment Management Services LLC (PIMS) is distributor for PGIM Rock ETF Trust, PGIM Credit Income Fund, PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc., PGIM ETF Trust, Prudential Government Money Market Fund, Inc., The Prudential Investment Portfolios, Inc., Prudential Investment Portfolios 2, Prudential Investment Portfolios 3, Prudential Investment Portfolios Inc. 14, Prudential Investment Portfolios 4, Prudential Investment Portfolios 5, Prudential Investment Portfolios 6, Prudential National Muni Fund, Inc., Prudential Jennison Blend Fund, Inc., Prudential Jennison Mid-Cap Growth Fund, Inc., Prudential Investment Portfolios 7, Prudential Investment Portfolios 8, Prudential Jennison Small Company Fund, Inc., Prudential Investment Portfolios 9, Prudential World Fund, Inc., Prudential Investment Portfolios, Inc. 10, Prudential Jennison Natural Resources Fund, Inc., Prudential Global Total Return Fund, Inc., Prudential Investment Portfolios 12, Prudential Investment Portfolios, Inc. 15, Prudential Investment Portfolios 16, Prudential Investment Portfolios, Inc. 17, Prudential Investment Portfolios 18, Prudential Sector Funds, Inc. Prudential Short-Term Corporate Bond Fund, Inc., The Target Portfolio Trust, and The Prudential Series Fund.

PIMS is also distributor of the following other investment companies: Separate Accounts: Prudential's Gibraltar Fund, Inc. and The Prudential Variable Contract GI-2.

(b) The following table sets forth information regarding certain officers of PIMS. As a limited liability company, PIMS has no directors.

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Karen Leibowitz <sup>(1)</sup>  | President  | N/A |
| Scott E. Benjamin <sup>(1)</sup> <br>| Vice President | &nbsp;&nbsp; Board Member and <br> Vice President<br>|
| H. Soo Lee <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President, Chief <br> Legal Officer and Secretary<br>| N/A |
| Meredith Henning <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President and <br> Chief Compliance Officer<br>| N/A |
| Robert P. Smit <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President, Controller <br> and Chief Financial Officer<br>| N/A |
| Louis A. Taite <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President and<br> Chief Operations Officer<br>| N/A |
| Frank Papasavas <sup>(1)</sup> <br>| Treasurer | N/A |
| Tiffany Khan <sup>(2)</sup> <br>| Anti-Money Laundering Officer | &nbsp;&nbsp; Anti-Money Laundering <br> Compliance Officer<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Kristin Pruzinsky <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President and <br> Chief Product Officer<br>| N/A |

---

**Principal Business Addresses:**

<sup>(1)</sup>

655 Broad Street, Newark, NJ 07102

<sup>(2)</sup>

751 Broad Street, Newark, NJ 07102

(c) Registrant has no principal underwriter who is not an affiliated person of the Registrant.

**Item 33. Location of Accounts and Records.**

All accounts, books, or other documents required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Registrant, 655 Broad Street, Newark, New Jersey 07102; the Registrant's investment adviser, PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102, the Registrant's Custodian, The Bank of New York Mellon Corporation (BNY), 240 Greenwich Street, New York, New York 10286, or the Registrant's Subadvisers.

PGIM Investments LLC has entered into Subadvisory Agreements with the following:

Jennison Associates LLC, 55 East 52<sup>nd</sup> Street, New York, NY 10055

PGIM, Inc., 655 Broad Street, Newark, NJ 07102

PGIM Limited, Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR

PGIM Quantitative Solutions LLC, 655 Broad Street, Newark, NJ 07102

**Item 34. Management Services.**

Other than as set forth under the caption "How the Trust is Managed " in the Prospectus and the caption "Management and Advisory Arrangements" in the SAI, constituting Parts A and B, respectively, of this Post-Effective Amendment to the Registration Statement, Registrant is not a party to any management-related service contract.

**Item 35. Undertakings.**

Not applicable.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Fund certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Newark, and State of New Jersey, on the 16<sup>h</sup> day of April 2026.

**THE PRUDENTIAL SERIES FUND**

Kenneth Allen\*

------

Kenneth Allen

President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| \*<br>Kenneth Allen<br>| President and Principal Executive Officer |  |
| \*<br>Timothy S. Cronin<br>| Trustee |  |
| \*<br>Susan Davenport Austin<br>| Trustee |  |
| \*<br>Kay Ryan Booth<br>| Trustee |  |
| \*<br>Stephen M. Chipman<br>| Trustee |  |
| \*<br>Robert F. Gunia<br>| Trustee |  |
| \*<br>Thomas M. O'Brien<br>| Trustee |  |
| \*<br>Jessica Bibliowicz <br>| Trustee |  |
| \*<br>Christian J. Kelly<br>| &nbsp;&nbsp; Chief Financial Officer (Principal Financial <br> Officer)<br>|  |
| \*<br>Elyse McLaughlin<br>| Treasurer and Principal Accounting Officer |  |
| \*By: /s/ Melissa Gonzalez <br>Melissa Gonzalez <br>| Attorney-in-Fact | April 16, 2026 |

---

------

**POWER OF ATTORNEY**

The undersigned, directors/trustees and/or officers of each of the registered investment companies listed in Appendix A hereto, hereby authorize Andrew French, Claudia DiGiacomo, Melissa Gonzalez, Patrick McGuinness, Debra Rubano, Devan Goolsby and George Hoyt or any of them, as attorney-in-fact, to sign on his or her behalf in the capacities indicated (and not in such person's personal individual capacity for personal financial or estate planning), the Registration Statement on Form N-1A, filed for such registered investment company or any amendment thereto (including any pre-effective or post-effective amendments) and any and all supplements or other instruments in connection therewith, including Form N-PX, Forms 3, 4 and 5 for or on behalf of each registered investment company listed in Appendix A or any current or future series thereof, and to file the same, with all exhibits thereto, with the Securities and Exchange Commission.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

---

| |
|:---|
| /s/ Susan Davenport Austin<br>Susan Davenport Austin<br>|
| /s/ Jessica M. Bibliowicz<br>Jessica M. Bibliowicz<br>|
| /s/ Kay Ryan Booth<br>Kay Ryan Booth<br>|
| /s/ Stephen M. Chipman<br>Stephen M. Chipman<br>|
| /s/ Timothy S. Cronin<br>Timothy S. Cronin<br>|
| /s/ Robert F. Gunia<br>Robert F. Gunia<br>|
| /s/ Thomas M. O'Brien<br>Thomas M. O'Brien<br>|
| /s/ Christian J. Kelly<br>Christian J. Kelly<br>|
| /s/ Elyse McLaughlin<br>Elyse McLaughlin<br>|
| /s/ Kenneth Allen<br>Kenneth Allen<br>|
| Dated: March 11, 2026 |

---

------

**Appendix A**

Advanced Series Trust

The Prudential Series Fund

Prudential's Gibraltar Fund, Inc.

------

**The Prudential Series Fund**

**Exhibit Index** 

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| | |
|:---|:---|
| **Item 28**<br> **Exhibit No.**<br>| **Description** |
| [(d)(1)(v)](f44837d2.htm) | &nbsp;&nbsp; [Contractual investment management fee waivers and/or contractual expense caps for select PSF](f44837d2.htm)<br> [Portfolios.](f44837d2.htm)<br>|
| [(j)(1)](f44837d3.htm) | [Consent of independent registered public accounting firm.](f44837d3.htm) |
| [(p)(2)](f44837d4.htm) | &nbsp;&nbsp; [Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards and Global Insider](f44837d4.htm)<br> [Trading Policy of PGIM Investments LLC and AST Investment Services, Inc. dated January 2025.](f44837d4.htm)<br>|

---

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## Ex-99.D

#### PGIM Investments LLC
655 Broad Street

Newark, New Jersey 07102

April 14, 2026

The Board of Trustees of The Prudential Series Fund

655 Broad Street

Newark, New Jersey 07102

Re: **<u>Contractual Fee Waivers for The Prudential Series Fund</u>**

Dear Trustees:

PGIM Investments LLC (the "Manager") hereby agrees to cap expenses / reimburse certain expenses and/or waive a portion of its investment management fee as more particularly described and set forth for the Portfolios of The Prudential Series Fund (the "Trust"), as listed on Exhibit A attached hereto.

Very truly yours,

PGIM Investments LLC

By: <u>/s/ Kenneth Allen</u>

Name: Kenneth Allen

Title: Senior Vice President

#### Exhibit A
**<u>PSF Global Portfolio</u>: The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all cases of distribution and/or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.705% of the Portfolio's average daily net assets through June 30, 2026. In addition, the Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all cases of distribution and/or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.73% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.** 

The above 0.73% contractual expense cap does not replace the existing contractual expense cap of 0.705%. The current 0.705% contractual expense cap remains effective until June 30, 2026.

**<u>PSF PGIM Ballast Portfolio:</u> The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all cases of distribution and/or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.70% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.** 

This replaces the expense cap of 0.70% that was set to expire on June 30, 2027.

**<u>PSF PGIM High Yield Bond Portfolio</u>: The Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive in all cases of distribution and/or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.57% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.** 

**<u>PSF PGIM Jennison Blend Portfolio</u>: The Manager has contractually agreed to waive 0.012% of its investment management fee through June 30, 2027. This arrangement may not be terminated or modified without the prior approval of the Trust's Board.** 

**<u>PSF PGIM Jennison Growth Portfolio</u>: The Manager has contractually agreed to waive 0.015% of its investment management fee through June 30, 2027. This arrangement may not be terminated or modified without the prior approval of the Trust's Board.** 

**<u>PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio:</u> The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its investment management fee equal to the amount of acquired expenses as a result of investment in the affiliated Underlying ETFs. The Manager has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee (after management fee waiver) and other expenses (exclusive, in all cases of distribution and /or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses),extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.60% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.** 

This replaces the expense cap of 0.60% that was set to expire on June 30, 2027.

**<u>PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio:</u> The Manager and the Distributor have contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the Portfolio's investment in any such affiliated funds. The Manager has contractually agreed to waive a portion of its investment management fee equal to the amount of acquired expenses as a result of investment in the affiliated Underlying ETFs. The Manager has also contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee (after management fee waiver) and other expenses (exclusive, in all cases of distribution and /or service (12b-1) fees, interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses),extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 0.60% of the Portfolio's average daily net assets through June 30, 2027. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent it waives such expenses on any other share class. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior approval of the Trust's Board.** 

This replaces the expense cap of 0.60% that was set to expire on June 30, 2027.

## Ex-99.J

#### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of The Prudential Series Fund of our report dated February 20, 2026, relating to the financial statements and financial highlights of PSF Global Portfolio, PSF PGIM 50/50 Balanced Portfolio, PSF PGIM Ballast Portfolio, PSF PGIM Flexible Managed Portfolio, PSF PGIM Government Money Market Portfolio, PSF PGIM High Yield Bond Portfolio, PSF PGIM Jennison Blend Portfolio, PSF PGIM Jennison Growth Portfolio, PSF PGIM Jennison Value Portfolio, PSF PGIM Laddered Allocation S&P 500 Buffer 12 Portfolio, PSF PGIM Laddered Allocation S&P 500 Buffer 20 Portfolio, PSF PGIM Total Return Bond Portfolio, PSF Small-Cap Stock Index Portfolio and PSF Stock Index Portfolio, which appears in The Prudential Series Fund's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Financial Statements", "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

New York, New York

April 14, 2026

## Ex-99.P

**INVESTMENT ADVISER CODE OF ETHICS**

**INTRODUCTION**

Rule 204A-1 under the Advisers Act requires each federally registered investment adviser to adopt a written code of ethics (the "Code") designed to prevent fraud by reinforcing the principles that govern the conduct of investment advisory firms and their personnel. In addition, the Code must set forth specific requirements relating to personal securities trading activity including reporting transactions and holdings.

Generally, the Code applies to directors, officers and employees acting in an investment advisory capacity who are known as Supervised Persons and, in some cases, also as Access Persons of the adviser. Supervised Persons covered by more than one code of ethics meeting the requirements of Rule 204A-1 will be subject to the code of the primary entity with which the Supervised Person is associated. Employees identified as Supervised and Access Persons must comply with the Code. Compliance is responsible for notifying each individual who is subject to the Code. Supervised Persons must be provided and must acknowledge receipt of this Code and any amendments to the Code. They must also comply with the federal securities laws.

**GENERAL ETHICAL STANDARDS**

Prudential holds its employees to the highest ethical standards. Maintaining high standards requires a total commitment to sound ethical principles and Prudential's values. It also requires nurturing a business culture that supports decisions and actions based on what is right, not simply what is expedient.

It is the responsibility of management to make the Company's ethical standards clear. At every level, employees must set the right example in their daily conduct. Prudential expects employees to be honest and forthright and to use good judgment. We expect them to deal fairly with customers, suppliers, competitors, and one another. We expect them to avoid taking unfair advantage of others through manipulation, concealment, abuse of confidential information or misrepresentation. Moreover, employees must understand the expectations of the Company and apply these guidelines to analogous situations or seek guidance if they have questions about conduct in given circumstances.

It is each employee's responsibility to ensure that we:

Nurture a company culture that is highly moral and make decisions based on what is right.

Build lasting customer relationships by offering only those products and services that are appropriate to customers' needs and provide fair value.

Maintain an environment where employees conduct themselves with courage, integrity, honesty and fair dealing at all times.

Ensure no individual's personal success or business group's bottom line is more important than preserving the name and goodwill of Prudential.

Regularly monitor and work to improve our ethical work environment.

Because Ethics is not a science, there may be gray areas. We encourage individuals to ask for help in making the right decisions. Business Management, Business Ethics Officers, and our Human Resources, Law and Compliance and Enterprise Ethics professionals are all available for guidance at any time.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

revised 01/31/2025

**INVESTMENT ADVISER FIDUCIARY STANDARDS**

Investment advisers are fiduciaries for clients. Fiduciary status may exist under contract; common law; state law; or federal laws, such as the Investment Advisers Act of 1940, the Investment Company Act of 1940 and ERISA.

Whenever a Prudential adviser acts in a fiduciary capacity, it will endeavor to consistently put the client's interest ahead of the firm's interests. It will disclose actual and potential meaningful conflicts of interest. It will manage actual conflicts in accordance with applicable legal standards. If applicable legal standards do not permit management of a conflict, the adviser will avoid the conflict. Adviser personnel will not engage in fraudulent, deceptive or manipulative conduct. Advisers will act with appropriate care, skill and diligence.

Advisory personnel are required to know when an adviser is acting as a fiduciary with respect to the work they are doing. In such cases, advisory personnel are expected to comply with all fiduciary standards applicable to the firm in performing their duties. In addition, they must also put the client's interest ahead of their own personal interest. An employee's fiduciary duty is a personal obligation. While advisory personnel may rely upon subordinates to perform many tasks that are part of their responsibilities, they are personally responsible for fiduciary obligations even if carried out through subordinates. Employees should be aware that failure to adhere to the standards under this Code might lead to disciplinary action up to and including termination of employment.

**OTHER IMPORTANT POLICIES**

This Code complements other important Prudential Policies that address ethics and conflicts, such as:

∙**Prudential's Code of Conduct – Making the Right Choices** - applies to all Prudential employees, including those affiliated with an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Code of Ethics – Personal Investing Standards.** All investment advisory personnel are subject to the Code of Ethics – Personal Investing Standards and must comply with all requirements therein unless otherwise notified by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Global Insider Trading Policy.** All employees of Prudential are subject to the Global Insider Trading Policy and must comply with applicable requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Insider Trading and Information Barrier Standards.** All Supervised and Access Persons receive training on their obligations and must comply with any information barrier restrictions applicable to their business unit or job function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Compliance Policies and Procedures –** all investment advisory personnel must comply with their applicable business unit policies and procedures.

**REPORTING VIOLATIONS OF THE CODE**

Failure to comply with any of the requirements (or report potential violations) of this Code and the other important policies listed above may result in violations of securities laws and regulations. Prudential takes such violations very seriously. Any potential violation of the provisions of this Code will be investigated by Law & Compliance. If a determination is made that a violation has occurred, we may impose appropriate sanctions, up to and including termination of employment or referral to regulatory, civil, or criminal authorities.

To report suspected violations, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our Ethics Help

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

revised 01/31/2025

Line (1-800-752-70241) or Website https://prudential.ethicspoint.com. Prudential will not tolerate any discrimination, harassment, or retaliation against anyone who makes a good faith report or assists in an investigation.

You may voluntarily communicate with or provide information to government agencies regarding potential violations of the law without providing notice to, or obtaining approval, from Prudential. Nothing in these Standards is intended to, or should be interpreted, to preclude anyone from exercising these rights.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

revised 01/31/2025

![](gb98yugbne4sxf4mgwqlf.jpg)

**Code of Ethics**

**Personal Investing Standards**

**January 2026**

**Applies to:**

All employees (full-time and part-time), globally, that work for, support, or are a registered representative of any of Prudential's asset management, investment adviser, and broker dealer businesses (CIO, PAD, PGIM, PIMS, and PruCo)

All contractors, interns, temporary employees, and others who have been notified by compliance are subject to this policy.

**Questions?**

CONTACT: <u>PST.Help@prudential.com</u>

This policy complements other important Prudential policies that address ethics and conflicts, such as Prudential's Code of Conduct

–Making the Right Choices, Conflicts of Interest Policy, Global Anti-Bribery and Anti- Corruption Policy, Information Barrier Standards, and Global Insider Trading Policy.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

---

| | |
|:---|:---|
| **Table of Contents** |  |
| **[Overview .......................................................................................................................................](#div6fe6abe4-7f70-4b9c-90a1-7019de133909)** | **[4](#div6fe6abe4-7f70-4b9c-90a1-7019de133909)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Key Points](#div6fe6abe4-7f70-4b9c-90a1-7019de133909)[................................................................................................................................................................](#div6fe6abe4-7f70-4b9c-90a1-7019de133909) | [4](#div6fe6abe4-7f70-4b9c-90a1-7019de133909) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Who is Covered Under These Standards?](#div6fe6abe4-7f70-4b9c-90a1-7019de133909)[...............................................................................................................](#div6fe6abe4-7f70-4b9c-90a1-7019de133909) | [4](#div6fe6abe4-7f70-4b9c-90a1-7019de133909) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Roles and Responsibilities](#div6fe6abe4-7f70-4b9c-90a1-7019de133909)[.......................................................................................................................................](#div6fe6abe4-7f70-4b9c-90a1-7019de133909) | [4](#div6fe6abe4-7f70-4b9c-90a1-7019de133909) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Employee Classifications](#div0620e197-997a-4f35-a955-b9bfaeed6b5a)[.........................................................................................................................................](#div0620e197-997a-4f35-a955-b9bfaeed6b5a) | [5](#div0620e197-997a-4f35-a955-b9bfaeed6b5a) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Escalation Requirements](#div0620e197-997a-4f35-a955-b9bfaeed6b5a)[.........................................................................................................................................](#div0620e197-997a-4f35-a955-b9bfaeed6b5a) | [5](#div0620e197-997a-4f35-a955-b9bfaeed6b5a) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Key Definitions](#div0620e197-997a-4f35-a955-b9bfaeed6b5a)[........................................................................................................................................................](#div0620e197-997a-4f35-a955-b9bfaeed6b5a) | [5](#div0620e197-997a-4f35-a955-b9bfaeed6b5a) |
| **[Policy Requirements ......................................................................................................................](#div6490a470-8c0d-4c9b-8319-4f5600d3274b)** | **[6](#div6490a470-8c0d-4c9b-8319-4f5600d3274b)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Personal Trading**](#div6490a470-8c0d-4c9b-8319-4f5600d3274b)[..................................................................................................................................................](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) | **[6](#div6490a470-8c0d-4c9b-8319-4f5600d3274b)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Key Principles ......................................................................................................................................................](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) | [6](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Trading Restrictions**](#div6490a470-8c0d-4c9b-8319-4f5600d3274b)[.............................................................................................................................................](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) | **[6](#div6490a470-8c0d-4c9b-8319-4f5600d3274b)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Material Nonpublic Information (MNPI).............................................................................................................](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) | [6](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investing in Prudential Funds..............................................................................................................................](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) | [6](#div6490a470-8c0d-4c9b-8319-4f5600d3274b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Private Placements & Private Securities Transactions ........................................................................................](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) | [7](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Public Offerings (IPOs) ..............................................................................................................................](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) | [7](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trading in Prudential Securities ..........................................................................................................................](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) | [7](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gifts of Prudential Securities...............................................................................................................................](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) | [7](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Memberships and Joint Ventures.............................................................................................................](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) | [7](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short Sales ..........................................................................................................................................................](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) | [7](#divc34def8e-e3c7-4c7d-9873-7b0b284c90a9) |
| **[Associated, Access, & Investment Persons Account Reporting.............................................................](#divd1639fe0-05d1-41df-83b3-55d75b2a197f)** | **[8](#divd1639fe0-05d1-41df-83b3-55d75b2a197f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**What Must be Reported?**](#divd1639fe0-05d1-41df-83b3-55d75b2a197f)[.....................................................................................................................................](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) | **[8](#divd1639fe0-05d1-41df-83b3-55d75b2a197f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Investment Securities Account Disclosure ................................................................................................](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) | [8](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Holdings Disclosures .................................................................................................................................](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) | [8](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Authorized Brokers for US Reportable Accounts ................................................................................................](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) | [8](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Non-US](#divd1639fe0-05d1-41df-83b3-55d75b2a197f)[Reportable Accounts..............................................................................................................................](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) | [8](#divd1639fe0-05d1-41df-83b3-55d75b2a197f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cryptocurrency....................................................................................................................................................](#divdeb624f0-80e6-4de4-b625-33d9039c132d) | [9](#divdeb624f0-80e6-4de4-b625-33d9039c132d) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Ongoing Disclosure, Reporting, & Attestation Responsibilities**](#divdeb624f0-80e6-4de4-b625-33d9039c132d)[......................................................................](#divdeb624f0-80e6-4de4-b625-33d9039c132d) | **[9](#divdeb624f0-80e6-4de4-b625-33d9039c132d)** |
| **[Additional Requirements for Access and Investment Persons............................................................](#divf51535b4-bd15-49a5-a109-10a89ae7e029)** | **[10](#divf51535b4-bd15-49a5-a109-10a89ae7e029)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Preclearance Process for Personal Trading**](#divf51535b4-bd15-49a5-a109-10a89ae7e029)[....................................................................................................](#divf51535b4-bd15-49a5-a109-10a89ae7e029) | **[10](#divf51535b4-bd15-49a5-a109-10a89ae7e029)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[What Trades Must Be Precleared? ...................................................................................................................](#divf51535b4-bd15-49a5-a109-10a89ae7e029) | [10](#divf51535b4-bd15-49a5-a109-10a89ae7e029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How does the Preclearance Process Work?......................................................................................................](#divf51535b4-bd15-49a5-a109-10a89ae7e029) | [10](#divf51535b4-bd15-49a5-a109-10a89ae7e029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Two-Day](#divf51535b4-bd15-49a5-a109-10a89ae7e029)[Approval Window ..............................................................................................................................](#divf51535b4-bd15-49a5-a109-10a89ae7e029) | [10](#divf51535b4-bd15-49a5-a109-10a89ae7e029) |
|  | 2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Options & Futures.............................................................................................................................................](#divf51535b4-bd15-49a5-a109-10a89ae7e029) | [10](#divf51535b4-bd15-49a5-a109-10a89ae7e029) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Restrictions for NFA Associated Persons.........................................................................................](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) | [11](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) |
| [**Trading Restrictions**](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe)[...........................................................................................................................................](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) | **[11](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Excessive Trading ..............................................................................................................................................](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) | [11](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Restricted Securities .........................................................................................................................................](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) | [11](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Blackout Periods ...............................................................................................................................................](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) | [11](#divc748a8a1-3bab-4d0a-8a4f-3ce34c0b5ffe) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Minimum Holding Periods &](#divd29e7302-a33e-46fd-8ce0-f4f015752adf)[Short-Swing](#divd29e7302-a33e-46fd-8ce0-f4f015752adf)[Profits.............................................................................................](#divd29e7302-a33e-46fd-8ce0-f4f015752adf) | [12](#divd29e7302-a33e-46fd-8ce0-f4f015752adf) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Exceptions (Blackout Periods, Short Swing Profits and Minimum Holding Periods).........................................](#divd29e7302-a33e-46fd-8ce0-f4f015752adf) | [12](#divd29e7302-a33e-46fd-8ce0-f4f015752adf) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Restrictions for PGIM Real Estate – Prudential Retirement Real Estate Fund ("PRREF")](#div1375e95a-b150-4132-8c40-5783a3d002d4)[................](#div1375e95a-b150-4132-8c40-5783a3d002d4) | [13](#div1375e95a-b150-4132-8c40-5783a3d002d4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Clubs ..............................................................................................................................................](#div1375e95a-b150-4132-8c40-5783a3d002d4) | [13](#div1375e95a-b150-4132-8c40-5783a3d002d4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Wagering Instruments and Prediction Markets.................................................................................](#div1375e95a-b150-4132-8c40-5783a3d002d4) | [13](#div1375e95a-b150-4132-8c40-5783a3d002d4) |
| [**Additional Requirements for Designated Persons**](#div1375e95a-b150-4132-8c40-5783a3d002d4)[.........................................................................................](#div1375e95a-b150-4132-8c40-5783a3d002d4) | **[13](#div1375e95a-b150-4132-8c40-5783a3d002d4)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trading Limited During Open Window .............................................................................................................](#div1375e95a-b150-4132-8c40-5783a3d002d4) | [13](#div1375e95a-b150-4132-8c40-5783a3d002d4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Preclearance Required for Senior Vice Presidents and Above..........................................................................](#div55752c95-95d8-438d-a6da-f80d10c05529) | [14](#div55752c95-95d8-438d-a6da-f80d10c05529) |
| [**Exceptions**](#div55752c95-95d8-438d-a6da-f80d10c05529)[..........................................................................................................................................................](#div55752c95-95d8-438d-a6da-f80d10c05529) | **[14](#div55752c95-95d8-438d-a6da-f80d10c05529)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Excluded Transactions.......................................................................................................................................](#div55752c95-95d8-438d-a6da-f80d10c05529) | [14](#div55752c95-95d8-438d-a6da-f80d10c05529) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Discretionary Managed Accounts .....................................................................................................................](#div55752c95-95d8-438d-a6da-f80d10c05529) | [14](#div55752c95-95d8-438d-a6da-f80d10c05529) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Exemptions While on Leave..............................................................................................................................](#div55752c95-95d8-438d-a6da-f80d10c05529) | [14](#div55752c95-95d8-438d-a6da-f80d10c05529) |
| [**Non-Compliance**](#divc4f6664b-8def-4a0f-98e3-9252d9466887)[.................................................................................................................................................](#divc4f6664b-8def-4a0f-98e3-9252d9466887) | **[15](#divc4f6664b-8def-4a0f-98e3-9252d9466887)** |
| [**Recordkeeping**](#divc4f6664b-8def-4a0f-98e3-9252d9466887)[....................................................................................................................................................](#divc4f6664b-8def-4a0f-98e3-9252d9466887) | **[15](#divc4f6664b-8def-4a0f-98e3-9252d9466887)** |
| [**Exhibit A – Key Definitions**](#divca8b1d4c-4fcf-4668-9d79-63e806fb03f7)[...............................................................................................................................](#divca8b1d4c-4fcf-4668-9d79-63e806fb03f7) | **[16](#divca8b1d4c-4fcf-4668-9d79-63e806fb03f7)** |
| **[Exhibit B – Summary of Code Requirements by Employee Classification](#divc087ffe6-af17-46bf-b492-334a6e287072)[..................................................](#divc087ffe6-af17-46bf-b492-334a6e287072)** | **[19](#divc087ffe6-af17-46bf-b492-334a6e287072)** |
| [**Exhibit C – Beneficial Interest**](#divebf65006-f99a-4b26-9480-09a6749864ba)[.........................................................................................................................](#divebf65006-f99a-4b26-9480-09a6749864ba) | **[21](#divebf65006-f99a-4b26-9480-09a6749864ba)** |
| [**Exhibit D – Preclearance Summary Chart**](#div12544353-0925-4ba3-a297-9dd31170c7e0)[.......................................................................................................](#div12544353-0925-4ba3-a297-9dd31170c7e0) | **[22](#div12544353-0925-4ba3-a297-9dd31170c7e0)** |

---

**Overview**

**Key Points**

We are entrusted with our clients' investment assets and as such, Prudential Financial, Inc. and its subsidiaries (collectively "Prudential," "PFI" or the "Company") aspire to the highest standard of business ethics. Per our Code of Conduct, "Making the Right Choices," we have an obligation to place our clients' interests before our own and manage conflicts of interest fairly. In addition to Making the Right Choices, our Code of Ethics - Personal Investing Standards (the "Code") provides a framework to make sure we meet that obligation with our personal investments.

While the Code sets out several requirements, prohibitions, and conditions, it does not cover every possible scenario and cannot be a replacement for your good judgment. If the Code is unclear, consult with Compliance and evaluate your proposed course of conduct against our principles and core values:

We do the right thing by placing the interests of our clients first.

We avoid, mitigate and/or disclose relevant conflicts of interest.

We are committed to doing business in the right way, and comply with applicable laws, rules, and regulations.

We make and keep promises, which includes holding each other accountable by reporting any violations.

The Code is designed to comply with laws, rules, and regulations of the various jurisdictions where Prudential operates. You should consult with your Local Compliance Officer to confirm if there are any additional personal investing policies and procedures that are specific to your business.

**Who is Covered Under These Standards?**

Except as otherwise noted, the Code applies globally to all directors, officers, and employees (including contractors, interns, temporary employees, and others who have been notified they are subject to this policy) of/or supporting Prudential asset management, investment adviser and/or broker-dealer businesses, including the Prudential Chief Investment Office ("CIO"), Prudential Annuities Distributors ("PAD"), PGIM, Prudential Investment Management Services ("PIMS"), and Prudential Financial Planning Services ("PruCo"), throughout the enterprise regardless of geographic location ("Employees").

For the purposes of these standards, "PGIM" refers to all PGIM affiliated regulated investments firms, registered investment advisers, business lines and their associated functional areas including: AST Investment Services, PGIM Custom Harvest, PGIM DC Solutions, PGIM Global Services, PGIM, Inc, PGIM Investments, and PGIM Quantitative Solutions.

**Roles and Responsibilities**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Employees** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Compliance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ethics Committee** |
| &nbsp;&nbsp;Upon hire, annually and any time | &nbsp;&nbsp;Administers and monitors adherence to the | &nbsp;&nbsp;Reviews the Code on a periodic basis in line with |
| &nbsp;&nbsp;material changes are made you | &nbsp;&nbsp;Code, including providing training, reviewing | &nbsp;&nbsp;business changes and changes to regulation. |
| &nbsp;&nbsp;will attest and agree to comply | &nbsp;&nbsp;employees' disclosures and transactions, and |  |
| &nbsp;&nbsp;with the requirements of the | &nbsp;&nbsp;identifying potential violations. | &nbsp;&nbsp;Provides oversight of the Code, including by |
| &nbsp;&nbsp;Code. |  | &nbsp;&nbsp;reviewing exceptions and addressing incidents and |
|  | &nbsp;&nbsp;Maintains and oversees the maintenance of | &nbsp;&nbsp;violations. Sanctions may include verbal reminders, |
|  | &nbsp;&nbsp;certain records in accordance with applicable | &nbsp;&nbsp;educational letters, disciplinary letters, monetary |
|  | &nbsp;&nbsp;legal and regulatory requirements. | &nbsp;&nbsp;penalties, suspension without pay, personal trading |
|  |  | &nbsp;&nbsp;ban, reduction in PTO days, or other disciplinary |
|  |  | &nbsp;&nbsp;action up to and including termination of employment. |

---

**Employee Classifications**

Employee monitoring classifications are listed below. For ease of reference, the term Employee will be used throughout this document, and multiple classifications may apply depending on your role.

Please see Exhibit A – Key Definitions for a full list of classifications.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Supervised** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Associated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment** | &nbsp;&nbsp;&nbsp;&nbsp;**Designated Persons** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Persons** | &nbsp;&nbsp;&nbsp;&nbsp;**Designated Persons** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Persons** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Persons** |  |
| &nbsp;&nbsp;Employees of a | &nbsp;&nbsp;Employees who are | &nbsp;&nbsp;Employees who are | &nbsp;&nbsp;Employees who make or | &nbsp;&nbsp;Employees who, during the |
| &nbsp;&nbsp;Prudential registered | &nbsp;&nbsp;associated with any | &nbsp;&nbsp;associated with any | &nbsp;&nbsp;participate in making | &nbsp;&nbsp;normal course of their |
| &nbsp;&nbsp;investment adviser, and | &nbsp;&nbsp;Prudential broker- | &nbsp;&nbsp;Prudential broker-dealer | &nbsp;&nbsp;recommendations | &nbsp;&nbsp;employment, have routine |
| &nbsp;&nbsp;other individuals who | &nbsp;&nbsp;dealer. | &nbsp;&nbsp;and/or Employees who work | &nbsp;&nbsp;regarding the purchase | &nbsp;&nbsp;access to Material Nonpublic |
| &nbsp;&nbsp;provide investment |  | &nbsp;&nbsp;for, or support, investment | &nbsp;&nbsp;or sale of securities for | &nbsp;&nbsp;Information about Prudential. |
| &nbsp;&nbsp;advice on behalf of the |  | &nbsp;&nbsp;advisory activities and may | &nbsp;&nbsp;client accounts (e.g., |  |
| &nbsp;&nbsp;adviser and are subject |  | &nbsp;&nbsp;have access to nonpublic: | &nbsp;&nbsp;portfolio managers and | &nbsp;&nbsp;Material Nonpublic |
| &nbsp;&nbsp;to the adviser's |  | **•** Advisory client trading | &nbsp;&nbsp;research analysts). | &nbsp;&nbsp;Information may consist of |
| &nbsp;&nbsp;supervision and control. |  | **•** Advisory client trading |  | &nbsp;&nbsp;financial or non-financial |
|  |  | &nbsp;&nbsp;information; |  | &nbsp;&nbsp;information about Prudential |
|  |  |  |  | &nbsp;&nbsp;as a whole or one or more |
|  |  | **•** Advisory client investment |  | &nbsp;&nbsp;Divisions or Segments. |
|  |  | &nbsp;&nbsp;recommendations; or |  | &nbsp;&nbsp;Please refer to Prudential's |
|  |  |  |  | &nbsp;&nbsp;Please refer to Prudential's |
|  |  | **•** Portfolio holdings. |  | &nbsp;&nbsp;Global Insider Trading Policy |
|  |  | **•** Portfolio holdings. |  | &nbsp;&nbsp;for specific requirements. |
|  |  |  |  | &nbsp;&nbsp;for specific requirements. |

---

**Escalation Requirements**

Failure to comply with any of the requirements of the Code or report potential violations may result in violations of securities regulations. Prudential takes violations very seriously. Any potential violation of the provisions of the Code will be investigated by Compliance and may be reported to the Ethics Committee.

If a determination is made that a violation has occurred, we may impose appropriate sanctions, including but not limited to one or more of the following: a written warning, profit surrender, personal trading ban, and termination of employment or referral to regulatory, civil, or criminal authorities.

To report suspected violations of the Code, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our Ethics Help Line (1-800-752-7024) or website <u>https://prudential.ethicspoint.com</u>.

We will not tolerate any discrimination, harassment, or retaliation against anyone who makes a good faith report or assists in an investigation.

You may voluntarily communicate with or provide information to government agencies regarding potential violations of the law without providing notice to, or obtaining approval, from Prudential. Nothing in this Code is intended to, or should be interpreted, to preclude anyone from exercising these rights.

**Key Definitions**

See Exhibit A.

![](grhzk34cemo48ox9rden2.jpg)

**Policy Requirements**

**Personal Trading**

**Key Principles**

Your personal trading and investments may present an actual, potential, or apparent conflict of interest or other risk that could harm Prudential, our shareholders, or our clients. To help us identify and manage these conflicts and risks, depending on your employee classification (described above) you may be required to:

Disclose Investment Securities Accounts and investment holdings where you have a Beneficial Interest (including those where you have influence or control);

Receive pre-approval for certain personal trading activities; and

Conduct approved securities transactions in accordance with the requirements of the Code. Before engaging in any investment- related activity or transaction, you must carefully consider the nature of your responsibilities and the type of information that you might be deemed to possess regarding a particular securities transaction.

In addition

**Beneficial Interest**

You may not trade based on Material Nonpublic Information (MNPI) or Inside Information

You may not profit, or cause others to profit, based on your knowledge of completed or contemplated client transactions.

You may not improperly benefit by causing a client to act, or fail to act, in making investment decisions.

You may not trade in any manner that conflicts with the interests of our clients, the parameters set by the Code, or the restrictions imposed by our Restricted Lists.

You may not use a derivative (futures, options, and other types) or any other instrument or means to circumvent the Code if a direct investment in the underlying security is prohibited.

**Trading Restrictions**

**Material Nonpublic Information (MNPI)**

You may not buy or sell any security while in possession of MNPI. You may not recommend, advise, or encourage any other person to engage in such activity.

You may not use your knowledge of transactions in funds or other accounts advised by any Prudential entity to profit from the market effect of these transactions.

**Investing in Prudential Funds**

Prudential serves as the adviser to a variety of investment products including open-end mutual funds, exchange traded products, investment trusts, commingled vehicles and private funds. While you must disclose accounts that hold Prudential-affiliated funds, you do not need to preclear transactions in Prudential-affiliated open-ended mutual funds. Certain Access and Investment Persons may be required to preclear transactions in other Prudential-affiliated funds (for example closed end funds, BDCs, and ETFs).

Be aware these funds may have restrictions on frequent trading and other restrictions as described in its fund prospectus, or other offering documents.

**Private Placements & Private Securities Transactions**

You must obtain approval before investing in a private placement securities offering. Compliance approval may be granted after a review of the facts and circumstances, including whether:

An investment in the securities is likely to result in future conflicts with client accounts (e.g., upon a future public offering); and

You are being offered the opportunity due to your employment at or association with Prudential.

Contact Compliance for assistance with these requests.

**Initial Public Offerings (IPOs)**

You may not participate in IPOs. Compliance will consider exceptions under limited circumstances.

**Trading in Prudential Securities**

Prudential Financial, Inc. (PFI) is a publicly traded company. You may not trade or cause someone else to trade in Prudential securities while in the possession of Material Nonpublic Information (MNPI) or Inside Information.

You may not engage in transactions in PFI securities if they are speculative or short-term in nature. Speculative trading includes short sales, transactions in "put" or "call" options or similar derivative transactions. For more information, see the Global Insider Trading Policy.

**Gifts of Prudential Securities**

Employees with Section 16-related filing obligations regarding securities of PFI or PGIM Closed-End Funds must preclear all gifts of such securities.

**Board Memberships and Joint Ventures**

You should be mindful that purchasing and/or selling shares of publicly traded companies when either you or your Immediate Family Member serves on that company's Board of Directors may require additional reporting and/or prior approval by that company. Please contact the Compliance Department of that company for guidance.

Employees serving on the Board of Directors for Prudential-affiliated joint ventures may be subject to trading restrictions on shares issued by the joint venture's partner(s). Please contact your Local Compliance team for guidance.

**Short Sales**

You may not short PFI related securities under any circumstances.

Additionally, Access and Investment Persons may not short sell any security that requires pre-clearance or is prohibited. See Exhibit D.

![](ghlgs1ualrv22xf6u9ouq.jpg)

**Associated, Access, & Investment Persons Account Reporting**

**What Must be Reported?**

**Initial Investment Securities Account Disclosure**

If you are classified as either an Associated, Access, or Investment Person, within 10 calendar days of your start date, you must report all Investment Securities Accounts in which you have a Beneficial Interest (see definition above). Additionally, you must disclose any account that holds or can hold Prudential products (e.g., mutual funds, hedge funds or sub-advised products).

**Initial Holdings Disclosures**

If you are classified as an Access or Investment person, within 10 calendar days of your start date, you must disclose all holdings in Covered Securities in which you have a Beneficial Interest.

Additionally, you must disclose any holdings in Prudential-managed products, including mutual funds, commingled pools, hedge funds or sub-advised products.

Holdings information must be current as of 45 days prior to your start date. See Exhibit D for a detailed list of Covered and Non-Covered Securities.

**Authorized Brokers for US Reportable Accounts**

US-based reportable Investment Securities Accounts must be held at one or more of the firms on the Authorized Brokers List.

New employees must transfer all reportable accounts to an Authorized Broker within 45 days from the start of their employment.

This requirement does not apply to managed accounts that are exempt from certain provisions of the Code, employee stock purchase and stock option plans and other accounts (including health savings accounts, 529 plans, pension, retirement, and compensation accounts).

If you are granted an exception to hold your Investment Securities Accounts with a firm not on the Authorized Brokers List, you must manually enter all Covered Securities transactions into the STAR system as soon as possible, but no later than 10 days after the quarter ends. Additionally, you must periodically certify the accuracy of manually entered transactions.

**Authorized Brokers List**

• • • • • • • • • • • • • • **Non-US Reportable Accounts**

For non-US reportable Investment Securities Accounts, you must promptly disclose any newly opened accounts in which you have a Beneficial Interest.

You must ensure that Compliance receives duplicate statements and trade confirmations/contract notes in one of the three ways listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Electronic feeds – You are encouraged to deal through brokers that provide Compliance with trade confirmations and holdings via electronic feed to the STAR system. This provides Compliance with the most timely and accurate personal trading information. All brokers on the Authorized List provide us with electronic feeds.

![](g4x0q0j8ivu2h3jy607i9.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. Broker Delivery of Duplicate Confirmations and Statements – In applicable jurisdictions, you should allow your brokers to provide delivery of duplicate confirmations and statements directly to your local compliance team.

3. You Upload Trade Information – If neither of the above options is possible, you are required to enter your trade details into STAR and upload the trade information (e.g., confirmation/contract notes, etc.) within 10 business days of executing a precleared trade. Additionally, you will be required to attest to your trades quarterly and upload statements quarterly.

Due to applicable laws, if you are located outside of the United States, you may not be required to disclose or report information regarding accounts for a spouse, dependent family member and/or minor child.

Please see Exhibit B for jurisdiction-specific guidance, if your jurisdiction is not listed, contact your local Compliance for clarification.

**Cryptocurrency**

You are not required to disclose accounts for cryptocurrency (or other digital assets) if they do not have brokerage capabilities and are not linked to an account with brokerage capabilities (whether or not such capabilities are utilized).

**MOBILE INVESTING APPS**

If you need help confirming whether your cryptocurrency account has a brokerage component, contact Compliance for assistance.

**Ongoing Disclosure, Reporting, & Attestation Responsibilities**

The table below summarizes ongoing disclosure, reporting and attestation responsibilities for those accounts in which you have a Beneficial Interest, depending on your Employee Classification.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ongoing Responsibilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Associated Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Access & Investment Persons** |
| &nbsp;&nbsp;Within 30 days – Disclose any newly opened | Required | Required |
| &nbsp;&nbsp;accounts | Required | Required |
| &nbsp;&nbsp;accounts |  |  |
| &nbsp;&nbsp;Within 30 days – Disclose the holdings contained in | Not Required | Required |
| &nbsp;&nbsp;newly opened accounts | Not Required | Required |
| &nbsp;&nbsp;newly opened accounts |  |  |
| &nbsp;&nbsp;Annually attest that you have disclosed all accounts | Required | Required |
| &nbsp;&nbsp;Annually attest that you have disclosed all required | Not Required | Required |
| &nbsp;&nbsp;holdings | Not Required | Required |
| &nbsp;&nbsp;holdings |  |  |
| &nbsp;&nbsp;Quarterly Exception Account Attestation (for |  |  |
| &nbsp;&nbsp;Investment Securities Accounts without direct | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required |
| &nbsp;&nbsp;electronic feed) |  |  |

---

In addition to the above, you may be required to complete other periodic attestations to meet jurisdictional and regulatory requirements.

**Additional Requirements for Access and Investment Persons**

**Preclearance Process for Personal Trading**

The requirements in the Code are designed to mitigate or eliminate any potential or apparent conflict that may occur between your personal account dealing and client security dealing. The following requirements apply to your personal dealing in Covered Securities in Investment Securities Accounts for which you have a Beneficial Interest (See Exhibit C – Beneficial Interest).

**What Trades Must Be Precleared?**

If you are classified as an Access or Investment Person, you must receive approval before buying, selling, gifting and transferring ownership of stocks, bonds, options, other publicly traded securities, and private placements (Covered Securities) in any reportable Investment Securities Account. Please refer to Exhibit D to see what you need to preclear and what you <u>are not</u> required to preclear. You should consider any potential conflicts of interest before trading regardless of whether pre-clearance is required. PruCo Access Persons may have additional exclusions please consult with your dedicated compliance team.

**How does the Preclearance Process Work?**

You must preclear any trades in Covered Securities in an Investment Securities Account for which you have a Beneficial Interest.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**U.S Based Employees** | &nbsp;&nbsp;**Non-U.S. based Employees** |
| &nbsp;&nbsp;Employees preclear using STAR. See Exhibit | &nbsp;&nbsp;Employees preclear using STAR when available. |
| &nbsp;&nbsp;D for specific requirements. | &nbsp;&nbsp;Please note local law or administrative issues may limit the availability of STAR. |
|  | &nbsp;&nbsp;Please note local law or administrative issues may limit the availability of STAR. |
|  | &nbsp;&nbsp;In these cases, employee personal trading activity is approved, monitored, and |
|  | &nbsp;&nbsp;tracked locally. |
|  | &nbsp;&nbsp;Please consult your local dedicated compliance team for details. |

---

Most requests are approved or denied immediately, but some may take longer to evaluate. Please note, a reason for denial may not be provided if it could result in the release of Confidential Information.

**Two-Day Approval Window**

Approvals and denials are communicated via email. If your requested transaction is approved and you choose to transact, you have until the end of the next calendar day to execute your transaction. If one of your approved days is on a weekend or market holiday, your approval does not carry over to the next business day. A new preclearance request will be required after the two calendar days have passed.

If the transaction is not placed and executed within the approved timeframe, you will need to submit a new trade request in STAR. Limit orders are allowed only if they are set to expire within the preclearance approval window.

If you engage in multi-day limit orders, you must obtain preclearance approval for the days that the order is outstanding. Transactions triggered by limit orders, margin calls, or margin account maintenance fees require preclearance approval and may result in violations.

**Options & Futures**

As detailed in Exhibit D, the purchase, sale and exercise of options and futures are generally subject to the same restrictions as applicable to the underlying security.

Trading options on a security held by any PGIM portfolio is at the discretion of Compliance. You may not write uncovered call options or buy uncovered put options on individual securities.

Investment & Access Persons should keep in mind that the short-term trading profit rule might affect their ability to close out an option position at a profit as noted below.

Covered Calls/Put Options. You may purchase a put option or sell a call option if the option has a "period to expiration" of at least 60 calendar days from the date of opening the contract and you hold the option for at least 60 calendar days prior to closing of the contract. If you purchase a put to open on a security you already own, you may exercise the put once you have held the underlying security for 60 calendar days.

For PGIM and CIO Employees, except for futures on certain broad-based indices listed in Exhibit D, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over- the-counter warrants or swaps. The prohibition on commodities trading applies to trades in futures and over the counter derivatives rather than holding the physical commodity (e.g., gold bullion) or gaining exposure via publicly traded ETFs holding physical commodities (e.g. ETFs/ETCs, which are subject to pre-clearance and minimum holding periods – see Covered Securities).

Preclearance is not required when the option is exercised without any action on your part.

You should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

**Additional Restrictions for NFA Associated Persons**

Employees who are Associated Persons with the National Futures Association are prohibited from trading futures in their personal Investment Securities Accounts and are prohibited from maintaining a personal futures trading account.

**Trading Restrictions**

**Excessive Trading**

You may not engage in an excessive volume of trading in your personal accounts. High volumes of personal trading may raise concerns that your energies and interests are not aligned with client interests or our long-term investment philosophy and could potentially impact your ability to conduct assigned responsibilities. You and your supervisor may be notified when personal trading appears excessive (75 or more transactions per quarter).

**Restricted Securities**

You are prohibited from purchasing or selling securities of issuers on PGIM's Restricted List(s).

Compliance is responsible for maintaining these Restricted Lists and/or Watch Lists pursuant to their standard operating procedures. Restricted Lists and Watch Lists are confidential and may not be shared.

If you acquired restricted securities prior to becoming subject to the Code or prior to the security being placed on the Restricted List or Watch List you must obtain a written exception from your Compliance Officer prior to the sale of such security.

**Blackout Periods**

You will not be granted preclearance to transact in a Covered Security when there is a pending buy or sell order for a client in that same security. Additionally:

Access Persons will not be granted preclearance to trade in a Covered Security on the same day a client trade occurs in the same security if they have knowledge that security is being considered for a client transaction.

Investment Persons will not be granted preclearance to trade in a Covered Security within seven

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) calendar days of a client trade occurring in the same security.

![](gtrmrl2a8qfhpkwyjlqsh.jpg)

In addition, the Law Department may issue a trading restriction that applies to all or a certain subset of Employees on any Prudential-issued security or any security of a third-party issuer. The Law Department will notify impacted Employees directly with instructions regarding the trading restriction.

**Minimum Holding Periods & Short-Swing Profits**

Access & Investment Persons are prohibited from profiting from a purchase and sale, or sale and purchase, of the same Covered Security within any sixty (60)-calendar day period.

Transactions resulting in a loss are not subject to this prohibition.

Minimum holding periods are applicable for any purchase and subsequent sale, or any sale then subsequent purchase (short-term trading), of the same Covered Security.

**Minimum holding periods for Covered Securities are as follows:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profile** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Minimum Holding Period** |
| **Access & Investment Person** | &nbsp;&nbsp;Two months (60 calendar days) |
| **Employees located in Japan** | &nbsp;&nbsp;**PGIM Public and Private Fixed Income: Six months (180 calendar days)** |
| **Employees located in Japan** | &nbsp;&nbsp;**PGIM Real Estate:** Three months (90 calendar days) |
|  | &nbsp;&nbsp;**PGIM Real Estate:** Three months (90 calendar days) |

---

In keeping with the spirit of this restriction, Access and Investment Persons should not engage in options or other derivative strategies that lead to the exercise or assignment of Covered Securities that would result in a prohibited transaction (i.e., writing a short call or buying a long put with an expiration date of less than sixty days). Any violation of this prohibition will result in disgorgement of profit and/or disciplinary action.

With respect to derivatives, any transaction to close out a derivative position cannot be executed until the end of the holding period. The holding period starts the day after execution of your trade. Calculations are made using the "first-in, first-out" (FIFO) method unless a different method is required in your local jurisdiction. Any exceptions to the above will be made only after compliance review and written approval.

**Exceptions (Blackout Periods, Short Swing Profits and Minimum Holding Periods)**

Exceptions may be granted to the Minimum Holding Periods, Blackout Periods and Short Swing Profits Rule when the transaction is in a discretionary managed account, non-volitional, or below a certain de minimis threshold.

**De minimis Amounts**

De minimis amounts are based on USD and are calculated to the equivalent local currency when trading in non-US markets; aggregated over 30 days

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Blackout Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Short Swing Profits Rule** |
| &nbsp;&nbsp;&nbsp;**All Securities Subject to Pre-Clearance** | &nbsp;&nbsp;All Securities Subject to a Minimum Holding |
| &nbsp;&nbsp;&nbsp;**All Securities Subject to Pre-Clearance** | &nbsp;&nbsp;Period (Equities, ETFs, Debt, etc.) |
|  | &nbsp;&nbsp;Period (Equities, ETFs, Debt, etc.) |
| &nbsp;&nbsp;$50,000 or less | &nbsp;&nbsp;$100 or less |
| &nbsp;&nbsp;**Minimum** Holding are any trades, or series of trades | &nbsp;&nbsp;Round-trip transactions over the minimum period |
| &nbsp;&nbsp;**effected over the minimum period** | &nbsp;&nbsp;(Buy and Sell or Sell and Buy) |

---

Transactions in Covered Securities involving no more than the amount listed in the table above will not violate the Code. Compliance has discretion up to the nearest round lot.

**Additional Restrictions for PGIM Real Estate – Prudential Retirement Real Estate Fund ("PRREF")**

Employees in PGIM Real Estate, and those that support PGIM Real Estate, are prohibited from trading any real estate-related securities (including real estate investment trusts (REITs) and real estate operating companies (REOCs).

PGIM Real Estate Employees, as well as certain other individuals who have been specifically notified, collectively called "PRREF Covered Individuals," are subject to special restrictions and requirements including:

The PRREF trading window and blackout period procedures; and

Only permitted to execute PRREF transactions during the respective open trading window.

Controls have been established to prevent prohibited transactions during closed trading windows. If a blocking system fails, you are still responsible for adherence to the Code. PGIM Real Estate compliance staff will send PRREF trading window and blackout period notices to all PRREF Covered Persons.

Certain limited transactions are permissible during blackout periods. Please contact your Compliance Officer for additional information regarding blackout period exclusions.

**Investment Clubs**

All employees are prohibited from participating in Investment Clubs.

**Financial Wagering Instruments and Prediction Markets**

You are prohibited from engaging in any transaction that constitutes a financial wager on the outcome of market, economic, or geopolitical events, where the participant does not acquire a direct interest in the underlying asset.

This includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prediction Markets: Platforms that allow participants to bet on the likelihood of specific outcomes (e.g., interest rate decisions, election results, corporate earnings) through event contracts, options, or similar instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Spread Betting and Contracts for Difference (CFDs): Instruments that enable speculation on the price movement of financial assets without ownership of the underlying asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other Financial Wagering Instruments: Any product or platform—regulated or unregulated—that facilitates betting on financial outcomes without asset ownership, including synthetic derivatives (e.g., futures, options) or similar instruments.

Such transactions are considered speculative and can pose significant compliance and reputational risks

This prohibition does not apply to wagering on non-financial events such as sports, entertainment, or cultural outcomes (e.g., Super Bowl, Oscars, World Cup), which fall outside the scope of this Code. However, be mindful that such activities are not permitted on Prudential's premises or while engaged in Prudential business.

**Additional Requirements for Designated Persons**

**Trading Limited During Open Window**

If you are identified as a Designated Person outlined in Prudential's Global Insider Trading Policy, you may only trade PFI stock during an open Trading Window, or such other periods of time as determined at the discretion of the Law Department. The current Prudential Trading Window Calendar can be located in the Document Library in STAR.

**Preclearance Required for Senior Vice Presidents and Above**

Employees who are a level 1-4 or 56A (e.g., Senior Vice Presidents and above), must always preclear all PFI stock trades. Compliance & Law will determine whether there is potential Material Nonpublic Information ("MNPI") risk before you receive approval.

All employees are prohibited from trading PFI securities when in possession of MNPI regardless of pre-approval. Please contact Compliance with any questions.

Automatic investment plans, default activities, stock awards and grants are exempt from preclearance.

**Exceptions**

**Excluded Transactions**

The following transactions are excluded from the above trading restrictions:

Purchases or sales that are not voluntary, including tender offers and broker-initiated transactions.

Purchases or sales that are part of an automatic investment plan or discretionary managed account which have been approved by Compliance.

The acquisition of:

Securities because of a corporate action.

Securities because of a gift or inheritance.

Securities through an employer retirement plan such as a 401(k) plan or stock purchase plan.

Transfers in-kind of Covered Securities.

**Discretionary Managed Accounts**

Discretionary Accounts are managed for you by a registered investment adviser or bank/trust company over which you have no direct or indirect influence or control. These accounts need to be reported, and with approval from Compliance they are exempt from:

Quarterly transaction and annual holdings certifications.

Access & Investment Person personal investing rules (such as pre-clearance requirements and minimum holding periods).

To receive approval, submit documentation to Compliance demonstrating that all trading in the account is under the sole discretion of your adviser or other designee. Discretionary accounts still require disclosure in STAR (or other approved process, for non-U.S. based employees) and transactions in private placements and limited offerings still require preclearance approval.

Additionally, annually you will attest and acknowledge that you:

Had no direct or indirect influence or control over the trading decisions in your discretionary account(s); and

Did not suggest trades to the manager or in any way direct the manager to make any particular trades in securities for the discretionary account(s).

You are required to inform Compliance immediately if you terminate any approved advisory relationship or make management changes.

**Exemptions While on Leave**

All personal trade monitoring requirements outlined in the Code remain in effect while you are on leave of absence, disability, or vacation.

In certain circumstances, when you have no access to Prudential or its systems while on extended leave, you may request a temporary suspension from certain requirements. Please work with the appropriate Compliance Officer (and management) to obtain an exemption.

Your Business Unit Compliance Officer may grant an exemption only when it would not violate laws or regulations. Until you receive confirmation of an exemption, all requirements remain in effect.

**Non-Compliance**

You are required to promptly report non-compliance of the Code to your business unit Chief Compliance Officer or their designee.

Incidences of non-compliance reported or detected through internal monitoring will be reported to the Ethics Committee. This Committee will review all incidents and determine any sanctions or other disciplinary actions that may be deemed appropriate.

Depending on the facts and circumstances of the incident, sanctions may include verbal reminders, educational letters, disciplinary letters, monetary penalties, suspension without pay, personal trading ban, reduction in PTO days, or other disciplinary action up to and including termination of employment. In accordance with FINRA Rule 3110, certain transactions by Registered Representatives prompting an investigation may require notification to the Self Reporting Organization. Violations of personal securities trades may require reporting to other regulatory authorities and be disclosable to future employers.

**Recordkeeping**

Prudential's registered investment advisers are required under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 to keep records of certain transactions in which Access and Investment Persons have a direct or indirect beneficial interest.

Compliance maintains all records relating to compliance with the Code such as preclearance requests, exception reports, memoranda relating to non-compliant transactions, records of violations and any actions taken as a result thereof, acknowledgements, and the names of Access Persons.

These records are maintained in accordance with applicable law and Prudential's Recordkeeping Standards.

**Exhibit A – Key Definitions**

**Access Person:** Any Employee who has access to nonpublic information regarding any client's purchase or sale of securities or non-public information regarding the portfolio holdings of any client account or anyone identified by Compliance who should be held to the Code because of the activities conducted by their business unit.

**Affiliated Open-End Mutual Fund:** A proprietary investment company advised by Prudential, or a non- proprietary investment company sub-advised by Prudential, and any investment company whose investment adviser or principal underwriter is controlled by or under common control with Prudential.

**Approved ETF List:** Select broad-based ETFs that track an index with a minimum of 100 constituents and other ETFs that compliance has determined to be sufficient. See the document library in STAR for the current Approved List

**Associated Person:** Any officer, director or branch manager (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling, controlled by, or under common control with the broker-dealer, any Employee of the broker- dealer or individuals performing covered functions under the Operations Professional rule 1230 (b)(6), except someone whose functions are solely clerical or ministerial. This includes all Employees and support personnel who are registered with a FINRA member broker-dealer firm. For the purposes of the Code Associated Persons may be classified as either Associated, Access or an Investment Person.

**Authorized Broker-Dealer and Authorized Futures Commission Merchants (FCMs\*):**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| •  | Charles Schwab\* | •  | Interactive Investor | •  | Rockefeller Capital |
| •  | E\*TRADE/Morgan | •  | JP Morgan/Chase |  | Management |
|  | Stanley\* | •  | LPL | •  | UBS\* |
| •  | Edward Jones | •  | Merrill Lynch | •  | Vanguard |
| •  | Fidelity | •  | Raymond James | •  | Wells Fargo |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hargreaves Lansdown

U.S.-based reportable Investment Securities Accounts must be held at one of the above firms. Employees with non-U.S. reportable Investment Securities Accounts are encouraged to use firms that will provide an electronic feed to STAR.

**Automatic Investment Plan:** Regular periodic purchases (or withdrawals) that are made automatically in (or from) Investment Securities Accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes dividend reinvestment plans ("DRIPs") and Employee Stock Purchase Plans ("ESPPs").

**Beneficial Interest:** You have Beneficial Interest of any account or securities in which you have a direct or indirect financial interest. This includes accounts or securities held in your own name or the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you and to whom you provide or receive financial support or whose investments for which you have discretion, influence, or control. This could include accounts or securities of individuals with whom you share living expenses, bank accounts, rent or mortgage payments, ownership of a home, or any other material financial support. See Exhibit C for more information.

**Blackout Period**: A temporary period of time as determined by Compliance during which you may be restricted from making any personal securities trades in certain specific Covered Securities to prevent conflicts of interest and safeguard the company's and clients' interests and integrity.

**CCO:** Business Area Chief Compliance Officer or their designee.

**Company:** Prudential Financial, Inc. and its subsidiaries, otherwise known as **"Prudential."**

**Covered Securities:** In general, any securities (and derivatives thereof), including but not limited to individual stocks and bonds, exchange-traded products (ETFs and ETNs), closed-end funds, private placements, and limited offerings. See Exhibit D for a detailed list of Covered and Non-Covered securities.

**Designated Person:** An Employee who, during the normal course of his or her job, has routine access to material nonpublic information about Prudential. Material Nonpublic Information may consist of financial or non-financial information about Prudential as a whole, or one or more Divisions or Segments. See the Global Insider Trading Policy for more information.

**Discretionary Managed Account:** An account managed on a discretionary basis by a person other than the Employee or an algorithmic tool (robo-adviser), over which the Employee has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein. A Discretionary Managed Account must have a formal investment management agreement that provides full discretionary authority to a third-party money manager.

**Dividend Reinvestment Plan ("DRIPs:):** A stock purchase plan offered by a corporation whereby shareholders purchase stock directly from the company (usually through a transfer agent) and allow investors to reinvest their cash dividends by purchasing additional shares or fractional shares.

**Employees or You:** All employees of Prudential, as well as certain others as identified by Compliance.

**Ethics Committee:** Governance committee composed of senior leaders throughout Prudential. The Committee meets quarterly, or more often as needed, to review potential violations of the Code.

.

**FCA:** Financial Conduct Authority – a U.K. regulator.

**Initial Public Offering:** An offering of securities registered under the Securities Act of 1933, the issuer of which immediately before registration was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

**Investment Club:** A group of two or more people, each of whom contributes money to an investment pool and participates in the investment making decision process and shares in the investment returns.

**Investment Persons:** An Access Person who also makes or participates in making decisions regarding the trading of securities in any client account, has access to such decisions or assists in the trade process. Investment Persons generally can include PMs, research analysts, traders, trade operations, , investments, product development and certain ELT members.

**Investment Securities Accounts:** Any accounts in which you have a Beneficial Interest (defined above) and other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities (defined above), whether or not such capability is utilized.

**Immediate Family Member:** Relatives who you share the same household with, and you provide, or receive, material financial support including child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, etc.

**Material Nonpublic Information ("MNPI"):** Information that is not available to the investing public that an investor, considering all the surrounding facts and circumstances, would find important in deciding whether or when to buy, sell, or hold a security.

**Monitored Persons:** The term Monitored Persons refers collectively to Supervised Persons, Access Persons, Investment Persons, Associated Persons, and Designated Persons. This term is used by Compliance for back- end monitoring purposes.

**NFA Associated Person:** An individual who solicits orders, customers, or customer funds (or who supervises persons so engaged) on behalf of a commodity trading advisor (CTA) or commodity pool operator (CPO).

**Non-Volitional:** Investment Securities Account activity related to: i) transactions in approved Discretionary Managed Accounts; ii) transactions in pre-approved dividend reinvestment plans; iii) transactions resulting from automatic rebalancing plans; and v) receipt of employee stock or option bonus awards.

**NRSRO:** An SEC-registered Nationally Recognized Statistical Rating Organization (NRSRO). Such entities assess the creditworthiness of an obligor as an entity or with respect to specific securities or money market instruments.

**Private Placement:** An offering that is exempt from registration under the Securities Act of 1933, as amended, under Sections 4(2) or 4(6), or Rules 504, 505 or 506 there under.

**Private Securities Transaction:** Any securities transaction outside the regular course or scope of an associated person's employment with a member, including but not limited to, new offerings of securities which are not registered with the Securities and Exchange Commission, but not including transactions in investment company and variable insurance and annuity securities. You are prohibited from investing in these transactions including Crowdfunding investments that are private placements without prior approval from their Local Compliance Officer, and as applicable, Broker-Dealer Compliance Officer based on a determination that no conflict of interest is involved.

**Prudential or the Company:** Prudential, its affiliates, and its subsidiaries.

**Prudential Affiliated Funds:** Proprietary funds advised by Prudential, or a non-proprietary fund sub-advised by Prudential, and any fund whose investment adviser or principal underwriter is controlled by or under common control with Prudential.

**Prudential Securities Trading Window:** The period of time commencing at the opening of business on the date that is two full trading days after an earnings release and ending at the close of business on the date that is two weeks prior to the end of each quarter, or such other period of time as determined at the discretion of the Law Department).

**Star Compliance (STAR):** The monitoring system utilized for all personal compliance disclosures including Personal Account Dealing.

**Supervised Persons:** Individuals who are officers, directors, and employees of a registered investment adviser, as well as certain other individuals who provide advice on behalf of the adviser and are subject to the adviser's supervision and control.

**SEC:** U.S Securities and Exchange Commission – a U.S. regulator.

**Uncovered Option:** An option strategy where the options contract writer (i.e., the seller) does not hold the underlying asset to cover the contract in case of assignment (as opposed to a covered option). Nor does the seller hold any option of the same class on the same underlying asset that could protect against potential losses (options spread).

**U.S. Government Entity:** Any U.S. state or local government; any agency, authority, or instrumentality of a state or local government; any pool of assets sponsored by a state or local government (such as a defined benefit pension plan, separate account or general fund); and any participant-directed government plan (such as 529, 403(b), or 457 plans)

![](gmrpxskzeh0t25lwca84x.jpg)

**Exhibit B – Summary of Code Requirements by Employee Classification**

**Summary of Code Requirements by Employee Classification**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Supervised** | **Associated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Access** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment** |
| &nbsp;&nbsp;**Acknowledgement Requirements** | Required | Required | Required | Required |
| &nbsp;&nbsp;Complete new hire and other periodic certifications, | Required | Required | Required | Required |
| &nbsp;&nbsp;attestations, and acknowledgments. |  |  |  |  |
| &nbsp;&nbsp;**Account Reporting Requirements** |  |  |  |  |
| &nbsp;&nbsp;Report all Investment Securities Accounts and future | Not | Required | Required | Required |
| &nbsp;&nbsp;accounts where you have a beneficial interest. | Required | Required | Required | Required |
| &nbsp;&nbsp;accounts where you have a beneficial interest. | Required |  |  |  |
| &nbsp;&nbsp;Report transactions and holdings for all securities and | Not | Required | Required | Required |
| &nbsp;&nbsp;Report transactions and holdings for all securities and | Not | (transaction | Required | Required |
| &nbsp;&nbsp;future accounts where you have a beneficial interest. | Required | (transaction | Required | Required |
| &nbsp;&nbsp;future accounts where you have a beneficial interest. | Required | reporting only) |  |  |
|  |  | reporting only) |  |  |
| &nbsp;&nbsp;Maintain Investment Securities Accounts at Authorized | Not |  |  |  |
| &nbsp;&nbsp;Broker-Dealers and Authorized Futures Commission | Not | Required | Required | Required |
| &nbsp;&nbsp;Broker-Dealers and Authorized Futures Commission | Required | Required | Required | Required |
| &nbsp;&nbsp;Merchants | Required |  |  |  |
| &nbsp;&nbsp;Merchants |  |  |  |  |
| &nbsp;&nbsp;Report Affiliated Open-End Mutual Fund Accounts and | Not | Required | Required | Required |
| &nbsp;&nbsp;Prudential Sponsored Insurance/Annuity Products | Required | Required | Required | Required |
| &nbsp;&nbsp;Prudential Sponsored Insurance/Annuity Products | Required |  |  |  |
| &nbsp;&nbsp;Report Retirement Accounts (e.g., 401K) that can hold | Not |  |  |  |
| &nbsp;&nbsp;individual securities or Prudential Affiliated Funds | Not | Required | Required | Required |
| &nbsp;&nbsp;(Retirement accounts that do not hold securities, or | Required | Required | Required | Required |
| &nbsp;&nbsp;(Retirement accounts that do not hold securities, or | Required |  |  |  |
| &nbsp;&nbsp;Prudential affiliated funds do not have to be reported) |  |  |  |  |
| &nbsp;&nbsp;Discretionary Managed Accounts | Not | Required | Required | Required |
| &nbsp;&nbsp;Discretionary Managed Accounts | Required | Required | Required | Required |
|  | Required |  |  |  |
| &nbsp;&nbsp;**Investment Restrictions** |  |  |  |  |
|  |  |  | Required |  |
|  |  |  | One-Day when you | Required |
|  | Does not | Does not | have knowledge | Required |
| &nbsp;&nbsp;Blackout Period | Does not | Does not | that security is | Seven-Day |
| &nbsp;&nbsp;Blackout Period | apply | apply | that security is | Seven-Day |
|  | apply | apply | being considered |  |
|  |  |  | being considered |  |
|  |  |  | for client |  |
|  |  |  | transaction |  |
| &nbsp;&nbsp;Minimum Holdings Periods and Short Swing Profit Rule | Does not | Does not | Required (60 days) | Required |
| &nbsp;&nbsp;Minimum Holdings Periods and Short Swing Profit Rule | apply | apply | Required (60 days) |  |
|  | apply | apply |  |  |
| &nbsp;&nbsp;**Jurisdictional Guidance** |  |  |  |  |
| &nbsp;&nbsp;**Jurisdictional Area** | &nbsp;&nbsp;**Code** |  |  |  |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;Applies in Full |  |  |  |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;Applies in Full |  |  |  |

---

![](g8zrgcdx6kekaf1m12pz1.jpg)

**Summary of Code Requirements by Employee Classification**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Supervised** | **Associated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Access** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment** |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;Applies in Full |  |  |  |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;Applies in Full |  |  |  |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;Applies in Full. In addition, local regulations may require more restrictive | &nbsp;&nbsp;Applies in Full. In addition, local regulations may require more restrictive | &nbsp;&nbsp;Applies in Full. In addition, local regulations may require more restrictive | &nbsp;&nbsp;Applies in Full. In addition, local regulations may require more restrictive |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;requirements – contact your local compliance department if you have | &nbsp;&nbsp;requirements – contact your local compliance department if you have | &nbsp;&nbsp;requirements – contact your local compliance department if you have | &nbsp;&nbsp;requirements – contact your local compliance department if you have |
|  | &nbsp;&nbsp;questions |  |  |  |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;Applies in Full. |  |  |  |

---

**References**

The Code complements and should be read in conjunction with other Global Enterprise Policies that address ethics and conflicts, such as Making the Right Choices, Conflicts of Interest Policy, Global Anti-Bribery and Anti- Corruption Policy, and the Global Insider Trading Policy.

The Code is designed to comply with laws, rules, and regulations applicable to Prudential's business across the globe, including but not limited to:

Section 206 of the US Investment Advisers Act of 1940

Section 17(j) of the US Investment Company Act of 1940

SEC Rule 17j-1, Personal Investment Activities of Investment Company Personnel

SEC Rule 204-2, Books and Records To Be Maintained by Investment Advisers

SEC Rule 204A-1, Investment Adviser Codes of Ethics

FINRA Rule 3210, Accounts At Other Broker-Dealers and Financial Institutions

FINRA Rule 3280, Private Securities Transactions of an Associate Person

FCA COBS 11.7 and 11.7A, Personal Account Dealing

Hong Kong SFC Code of Conduct for Persons Licensed by or Registered with the SFC Section 12.2

IMAS Code of Ethics & Standards of Professional Conduct 2.12, Personal Conduct and Training

NYSE Listing Rules 303A.10, Code of Business Conduct and Ethics Requirements

**Exhibit C – Beneficial Interest**

**Beneficial Interest:** The Code applies to all accounts and securities in which you have a Beneficial Interest (as defined above in Exhibit A – Key Definitions). This means that if you can profit, directly or indirectly, or share in any profit from a transaction, you have a Beneficial Interest. If you are unsure if an account or investment falls under your beneficial interest, contact Compliance for further guidance.

**Employees Located Outside of the U.S.:** If you are located outside of the United States, you may not be required to disclose or report information regarding accounts for which a spouse, dependent family member and/or minor child has a beneficial interest. Please contact your Local Compliance Team for clarification.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beneficial Interest** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Not Beneficial Interest** |
| &nbsp;&nbsp;You have a spouse, domestic partner, or similar | &nbsp;&nbsp;You have a roommate and do not share bank and investment |
| &nbsp;&nbsp;cohabitation arrangement: If you contribute to the | &nbsp;&nbsp;You have a roommate and do not share bank and investment |
| &nbsp;&nbsp;cohabitation arrangement: If you contribute to the | &nbsp;&nbsp;accounts or provide material financial support to one another. |
| &nbsp;&nbsp;maintenance of a household and the financial support of a | &nbsp;&nbsp;accounts or provide material financial support to one another. |
| &nbsp;&nbsp;maintenance of a household and the financial support of a | &nbsp;&nbsp;Roommates are presumed to be temporary and therefore you |
| &nbsp;&nbsp;partner or vice versa, your partner's accounts and | &nbsp;&nbsp;Roommates are presumed to be temporary and therefore you |
| &nbsp;&nbsp;partner or vice versa, your partner's accounts and | &nbsp;&nbsp;do not have beneficial interest in one another's accounts and |
| &nbsp;&nbsp;securities you have beneficial interest and are required to | &nbsp;&nbsp;do not have beneficial interest in one another's accounts and |
| &nbsp;&nbsp;securities you have beneficial interest and are required to | &nbsp;&nbsp;securities and are not required to disclose. |
| &nbsp;&nbsp;disclose. | &nbsp;&nbsp;securities and are not required to disclose. |
| &nbsp;&nbsp;disclose. |  |
| &nbsp;&nbsp;Your parents live with you: If you provide financial support |  |
| &nbsp;&nbsp;to your parents, your parents' accounts, and securities you |  |
| &nbsp;&nbsp;have beneficial interest and are required to disclose. |  |
| &nbsp;&nbsp;Your child has an investment account (e.g., UGMA/UTMA**)** | &nbsp;&nbsp;Your child has an investment account (e.g., UGMA/UTMA) If |
| &nbsp;&nbsp;If you (or your spouse) are the custodian for the minor | &nbsp;&nbsp;someone other than you (or your spouse) is the custodian for |
| &nbsp;&nbsp;child, the child's accounts give you beneficial interest and | &nbsp;&nbsp;your minor child's account, the account does not give you |
| &nbsp;&nbsp;you are required to disclose. | &nbsp;&nbsp;beneficial interest and you are not required to disclose. |
| &nbsp;&nbsp;You have an adult child living in your home: If you provide | &nbsp;&nbsp;You have power of attorney: If you have been granted power |
| &nbsp;&nbsp;You have an adult child living in your home: If you provide | &nbsp;&nbsp;of attorney over an account, you do not have beneficial |
| &nbsp;&nbsp;financial support to your child**,** your child's accounts and | &nbsp;&nbsp;of attorney over an account, you do not have beneficial |
| &nbsp;&nbsp;financial support to your child**,** your child's accounts and | &nbsp;&nbsp;interest <u>until the time</u> that the power of attorney has been |
| &nbsp;&nbsp;securities give you beneficial interest and you are required | &nbsp;&nbsp;interest <u>until the time</u> that the power of attorney has been |
| &nbsp;&nbsp;securities give you beneficial interest and you are required | &nbsp;&nbsp;activated. Prior to activation, you do not have to disclose; post |
| &nbsp;&nbsp;to disclose. | &nbsp;&nbsp;activated. Prior to activation, you do not have to disclose; post |
| &nbsp;&nbsp;to disclose. | &nbsp;&nbsp;activation you do. |
|  | &nbsp;&nbsp;activation you do. |
| &nbsp;&nbsp;You have a college-age child: If your child is in college and |  |
| &nbsp;&nbsp;you still claim the child as a dependent for tax purposes, |  |
| &nbsp;&nbsp;you have beneficial interest of their accounts and securities |  |
| &nbsp;&nbsp;and are required to disclose. |  |
| &nbsp;&nbsp;You are the executor, trustee and/or the beneficiary of a |  |
| &nbsp;&nbsp;trust: Due to the complexity and variety of trust |  |
| &nbsp;&nbsp;agreements, these situations require case-by-case review |  |
| &nbsp;&nbsp;by Compliance. |  |

---

![](g3wrqlfkzzm9dmu8m08kf.jpg)

**Exhibit D – Preclearance Summary Chart**

**Access & Investment Persons Pre-Clearance & Holding Period Summary Chart**

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding Period Required** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | &nbsp;&nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60 days.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Required** | &nbsp;&nbsp;&nbsp;&nbsp;**Required** | &nbsp;&nbsp;&nbsp;&nbsp;**Employees located in Japan:** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Required** | &nbsp;&nbsp;&nbsp;&nbsp;**Required** | &nbsp;&nbsp;&nbsp;&nbsp;**Employees located in Japan:** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(FI – 180 days and RE 90 days)** |

---

**Covered Securities**

**Publicly Traded Investment Vehicles**

---

| | | | |
|:---|:---|:---|:---|
| Closed-End Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes |
| Proprietary/Affiliated or Sub-advised Open End | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;No - must comply with limits in |
| Mutual Fund | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | fund documents |
| Unit Investment Trusts | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| Approved ETFs [See Star Document Library] | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| Exchange-Traded Funds (ETFs) | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| (not listed in the Approved ETF List) | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| (not listed in the Approved ETF List) |  |  |  |
| Exchange-Traded Notes (ETNs) | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| **Publicly Traded Equities** |  |  |  |
| Common Stocks | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Listed Depository Receipts e.g. ADRs, Ads, | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| GDRs | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| GDRs |  |  |  |
| DRIPs - Automatic purchases for dividend |  |  |  |
| reinvestment plan are not subject to pre-approval | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| requirements. Need to report the initial account set | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| requirements. Need to report the initial account set |  |  |  |
| up/purchase within 30 days |  |  |  |
| Corporate Non-Voluntary Actions (e.g., | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| Stock Splits, Mergers, Spin-off etc.) | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| Stock Splits, Mergers, Spin-off etc.) |  |  |  |
| Rights | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Warrants (Listed and Exercised) | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Preferred Stock | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Listed Real Estate Investment Trusts (REITs) | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
|  | Only for Level 1-4 |  | Only Section 16 Reporting |
| Prudential Stock | or 56A level |  | Only Section 16 Reporting |
| Prudential Stock | or 56A level |  | Persons |
| Prudential Stock | employees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Persons |
| Designated Persons can only trade during open | employees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | (Board of Directors and Certain |
| Designated Persons can only trade during open | (regardless of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | (Board of Directors and Certain |
| window | (regardless of |  | Executive Officers) are subject to a |
| window | other |  | Executive Officers) are subject to a |
|  | classifications) |  | 6-month holding period |
|  | classifications) |  |  |
| Initial Public Offerings (equity IPOs) and |  |  | PROHIBITED |
| Secondary/Follow on offerings |  |  | PROHIBITED |
| Secondary/Follow on offerings |  |  |  |
| Private Investments in Public Equity Securities |  |  | PROHIBITED |
| (PIPES) |  |  | PROHIBITED |
| (PIPES) |  |  |  |
|  |  |  | 22 |

---

![](gnsu3fjn4yuak93uc80ux.jpg)

**Access & Investment Persons Pre-Clearance & Holding Period Summary Chart**

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding Period Required** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | &nbsp;&nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60 days.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | **Required** | **Required** | **Employees located in Japan:** |
|  | **Required** | **Required** | **Employees located in Japan:** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(FI – 180 days and RE 90 days)** |

---

**Publicly Traded Fixed Income Instruments**

---

| | | | |
|:---|:---|:---|:---|
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| U.S. Agency Securities including Fannie | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Mae/Freddie Mac | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Mae/Freddie Mac |  |  |  |
| Corporate Bonds | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Convertible Bonds (converted) | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Municipal Bonds | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| New Issues (fixed income) | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Structured Notes | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Sovereign Debt | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| **Derivatives** |  |  |  |
| Common Stock Options | Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| Options and futures on certain Broad-Based |  |  |  |
| Indices. (S&P 500, FTSE 100, FTSE 250, MSCI |  |  |  |
| EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE |  |  |  |
| S&P CNX, Russell 1000, Russell 2000, Russell | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| 3000, S&P 100, S&P Europe 350, and S&P | No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| MidCap 400 including CBOE securities) and ETFs |  |  |  |
| (on the Approved ETF list) |  |  |  |
| NFA Associated Persons are prohibited from |  |  |  |
| trading in futures |  |  |  |
| All other options and futures that are not listed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| above |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| above |  |  |  |
| Forward Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| Commodities Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| OTC Warrants or Swaps |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| Derivative Instruments of Prudential Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| speculative in nature: e.g., short sales; put or |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| call options |  |  |  |
| Derivatives of Sovereign Debt |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| Currency Related Derivatives (Futures, Swaps |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| and other structured products tied to |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| currencies) |  |  |  |

---

![](gtx6y57nks01t5jda2ob2.jpg)

**Access & Investment Persons Pre-Clearance & Holding Period Summary Chart**

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding Period Required** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | &nbsp;&nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60 days.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF SECURITY** | **Required** | **Required** | **Employees located in Japan:** |
|  | **Required** | **Required** | **Employees located in Japan:** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(FI – 180 days and RE 90 days)** |

---

**Private Investments, Health Savings Accounts, Investment Clubs, Short Sales, & Financial Wagering and Predictive Markets**

---

| | | | |
|:---|:---|:---|:---|
| Private Investments (e.g. limited partnerships; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | N/A |
| private placements) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | N/A |
| private placements) |  |  |  |
| Hedge Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| HSA Accounts with Self-Directed Brokerage |  |  |  |
| Accounts (Health Equity Schwab Account) need to | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| follow the applicable preclearance requirements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| follow the applicable preclearance requirements |  |  |  |
| listed above |  |  |  |
| Investment Clubs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| Short Selling of any security that requires pre- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| clearance under the Code |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| clearance under the Code |  |  |  |
| Financial Wagering Instruments and Prediction |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| Markets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED |  |
| Markets |  |  |  |

---

**The following do not require pre-clearance and reporting and are not subject to holding period requirements**

---

| | | | |
|:---|:---|:---|:---|
| Non-Affiliated Open End Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| Investments in 529 Plans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| Brokerage CDs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| Investment Grade Short-Term Debt |  |  |  |
| Instruments (rated in one of the two highest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| categories by an NRSRO and have a maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| categories by an NRSRO and have a maturity |  |  |  |
| of less than 366 days) |  |  |  |
| Bankers' Acceptances & Certificates of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| Deposits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| Deposits |  |  |  |
| Direct Obligations of the US Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| (US Treasuries) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| (US Treasuries) |  |  |  |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| Cash Currencies Transactions (buying EURO, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| GBP, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |
| GBP, etc.) |  |  |  |
| Cryptocurrencies that are not securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No |

---

![](grf14bo3jzwezemlqmvx8.jpg)

**Information Barrier Standards**

**December 2025**

**Applies to:**

All employees (full-time and part-time), globally, that work for, or support, Prudential's general account, institutional asset management, investment adviser, and broker dealer businesses (CIO, PGIM and PIMS).

All contractors, interns, temporary employees, and others who have been notified by compliance are subject to this policy.

**Questions?**

For any questions, please contact your local compliance officer or

 <u>PST.Help@prudential.com</u> 

These Standards complement other important Prudential policies that address ethics and conflicts, such as Prudential's Code of Conduct

–Making the Right Choices, Conflicts of Interest Policy, Global Insider Trading Policy, and Code of Ethics – Personal Securities Investing Standards.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

**<u>Policy Statement</u>**

PGIM is subject to strict laws and regulations that prohibit the misuse of Material Non-Public Information ("MNPI" as defined below). You are strictly prohibited from using MNPI to execute securities transactions for the company, client or personal gain. You are also prohibited from sharing MNPI with anyone who does not require the information in the proper course of their employment. PGIM takes a zero-tolerance approach to misuse of MNPI.

PGIM has implemented Information Barrier Controls (as defined below) designed to control the flow of, and prohibit the misuse of MNPI and to manage conflicts of interest which may arise as a result of receiving MNPI.

The below Standards set out the minimum requirements that apply to all PGIM employees, consultants, contractors, interns and others who have been advised to be subject to this Policy.

**<u>Standards</u>**

These Information Barrier Standards ("**Standards**") outline the controls and information barriers that are reasonably designed to safeguard material non-public information and ensure compliance with applicable insider trading laws and regulations. PGIM's Chief Legal and Compliance Officer is authorized to approve exceptions to and modifications of these Standards. Any requests should be documented and set forth the basis and rationale and any conditions to which the approval is subject.

For purposes of these Standards, material non-public information ("**MNPI**") is defined as information not available to the general public that a reasonable investor would consider **material** when making decisions to buy, sell, or hold a security. Information that may not be material on its own can become MNPI when combined with other information held or internal data, such as strategic decisions or anticipated actions.

Information is considered **public** only when it has been widely disseminated through recognized channels (e.g., public filings, press releases, newswire services). Information accessible solely to company employees or a limited group of analysts, brokers, or institutional investors is generally not considered public.

PGIM maintains physical separation and technological controls ("**Information Barrier Controls**", as further defined below) designed to prevent the exchange of MNPI between distinct investment teams and designed to control the flow of inside information. These Information Barrier Controls are designed to support compliance with insider trading laws and regulations, and to manage conflicts of interest, by enabling PGIM's investment teams to trade independently, even when other PGIM teams may possess MNPI.

To further safeguard PGIM's confidential information and MNPI, all employees - whether working in PGIM offices, remotely, or in shared spaces—must maintain such information in a secure, and organized workspace in alignment with these Standards. This includes removing and securing sensitive, including confidential, documents in locked drawers or cabinets when unattended, locking or shutting down devices when not in use, and ensuring passwords or access credentials are not left visible. Computer sessions must be locked when stepping away, and electronic files containing confidential information

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

should be secured when not in use. Sensitive documents must be disposed of in designated shred bins, and printouts containing MNPI, confidential or personally identifiable information, or client data should be promptly retrieved and removed from shared printers or copiers.

Under these Standards, you may not share MNPI without prior written approval from Compliance, nor may you seek MNPI from others. Any other confidential, proprietary or other information that you receive during your time at Prudential must not be shared with those who do not have a need to know the information, even when this policy is otherwise followed**.**

You are required to understand and comply with these Standards and attest to compliance with these Standards at least annually. Employees will typically receive training on these Standards at time of hire and periodically thereafter.

**<u>Information Barrier Classifications and Controls</u>**

**Above the Barrier:** Certain Investment Sector or Permitted Shared Resource senior officers and enumerated control functions as noted in **Exhibit A** may need access across Investment Sectors to make strategic decisions or perform their job responsibilities. Such personnel are not involved in making security-specific trading or investment decisions for PGIM or our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees designated as Above the Barrier are generally not subject to the physical and technological restrictions noted in these Standards but should only communicate and receive relevant information on a "need-to-know" basis.

**Information Barrier Controls:** PGIM has implemented Information Barrier Controls to: (a) contain the MNPI within an Investment Sector and their support teams; (b) prevent the misuse of MNPI; and (c) limit transacting while in possession of MNPI. These controls permit other Investment Sectors to continue transacting unimpeded by limiting their access to MNPI. PGIM's Information Barrier Controls include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Physical Separation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Technological Separation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Restricted Lists

**Isolated Information Barrier:** As needed, Compliance may approve "ad hoc" or Isolated Information Barriers around one or a group of employees with respect to potential receipt or sharing of MNPI. The relevant Compliance department is responsible for documenting the approval, maintaining the applicable controls and escalating and addressing any breaches of the Isolated Information Barrier. Please refer to the section titled "Barrier Crossings – Isolated Information Barriers" for more information regarding Isolated Information Barriers.

**Investment Sector:** At PGIM, MNPI resides primarily in our Investment Sectors. Investment Sector means each distinct PGIM business group listed in **Exhibit A** that has its own investment and/or trading

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

team that has been designated or grouped separately from other investment units. Investment Sectors are subject to the following Information Barrier Controls:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Physical Separation:** Investment Sectors may not co-locate with each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Technological Separation**: Access to Investment Sector trading systems and drives is limited.

Investment Sector workspace co-location and systems access permissions may be granted to Permitted Shared Resources (as defined below) that provide support to an Investment Sector and require such access to perform their roles.

**Investment Sector Sub-Division**: From time to time, we may designate a sub-division of an Investment Sector as a separate sub-division information barrier (the "Sub-division Barrier") for the purpose of receiving and containing MNPI separate from the rest of the Investment Sector. The Sub-division Barrier should have sufficient managerial, physical, and technological separation from the rest of the Investment Sector and may have additional controls as determined by Compliance. With reasonable controls, the receipt of MNPI by the members of the Sub-division Barrier would not restrict the Investment Sector unless the MNPI was intentionally or inadvertently shared.

**Permitted Shared Resources:** Business groups which support multiple Investment Sectors and which do not have investment authority are designated as "Permitted Shared Resources." These business groups include the Institutional Client Group, Global Wealth, Product and Marketing, Portfolio Specialists, Operations, Technology and Finance. Permitted Shared Resources are subject to the following Information Barrier Controls:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Physical Separation**: Permitted Shared Resource teams may generally share workspace with one another, but can only co-locate with an Investment Sector if they provide dedicated support to the Investment Sector and require such access to perform their role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Technological Separation:** Permitted Shared Resource teams may access each other's systems, provided those systems do not contain unsecured MNPI. Cross-team system access should be limited to teams that regularly share information to perform their functions.

Investment Sector co-location and systems access permissions may be granted to Permitted Shared Resources that provide support to an Investment Sector and require such access to perform their roles.

**Restricted Lists:** A list of issuers or related issuers (e.g., affiliates, competitors) with respect to which PGIM has MNPI. Employees are prohibited from entering into any securities or derivative transactions in relation to any securities that are included the Restricted Lists applicable to them. If you obtain MNPI, from any source, with respect to an issuer, you must immediately notify Compliance. Compliance will place the issuer and/or the related issuer on the appropriate Restricted List(s) unless otherwise addressed (e.g., creation of Isolated Information Barriers). Trading restrictions will generally apply to related issuers (e.g. parents and subsidiaries) unless it can be determined that the MNPI is not material to those related issuers. Once Compliance reasonably concludes that no employee of an Investment Sector possesses MNPI with respect to an issuer, they may remove such issuer from the applicable Restricted List(s).

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

**<u>Determining Whether Information is MNPI</u>**

Prior to communicating issuer specific information with a member of another Investment Sector or a Permitted Shared Resource that supports another Investment Sector, you must receive pre-approval from Compliance to determine if the topic of discussion relates to MNPI. The relevant Compliance department will maintain a log of approved cross-barrier communications that involve MNPI.

Not all information that you have access to or, or come in contact with will be MNPI and subject to these Standards. MNPI is typically information that is precise, non-public, related to one or more issuers, or to one or more financial instruments and the publication of which would likely have a significant effect on the price of those financial instruments, or related financial instruments.

When assessing whether information is material, you should consider whether a reasonable person would consider the information to be important in deciding whether to buy, sell or hold a security. These materiality determinants are usually fact-intensive and can be complex. It is important to consider whether a piece of information on its own may not be material, but when taken with other information it could be material. Information you receive when combined with information you already hold and decisions you have taken, or are about to take, could, collectively, be MNPI.

Examples of information that, depending on the circumstances, **may be MNPI** include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a merger or acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a sale or divestiture of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a change in dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•earnings results (or significant trends or projections regarding or affecting company performance or earnings results);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•embargoed government reports and statistics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unannounced government actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in auditors or senior management.

Examples of information that, depending on the circumstances **is MNPI** and cannot be shared with another Investment Sector include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Issuer specific MNPI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Restricted Lists

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Same day trade information (e.g., open market orders or intended trades) unless required to perform a business function (e.g., settlements, reconciliations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Valuations for fair valued transactions (public or private) where the valuation is based on MNPI (consult with Compliance)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Research that Includes MNPI.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

Examples of information that, depending on the circumstances **is not MNPI** and can be shared on a need to know basis include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Client Information (e.g., Names, Contacts, Fees, Meeting Notes)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Client Pipeline Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Marketing Decks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Valuations for unrestricted Public Equity/Fixed Income Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Time Delayed Holdings (T+1 or longer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Security Attributes (e.g., issuer, maturity, coupon, ratings)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Research that Does Not Include MNPI

**If you are not sure whether information is MNPI, or if you believe that you have come into contact with MNPI you must reach out to Compliance for clarification.**

**Barrier Crossings - Isolated Information Barriers**

Sharing MNPI across information barriers ("**Barrier Crossing**") is permitted only when necessary for a legitimate business purpose and subject to strict controls.

MNPI may be shared only when there is a legitimate business need that cannot be met through alternative means. Examples include, but are not limited to: a) evaluating or executing investments, mergers, acquisitions, divestitures, or joint ventures; b) providing MNPI to Credit or Investment Committee members assessing multi-sector transactions; c) supporting strategic initiatives such as product development, portfolio restructuring, or market response; and d) facilitating client-directed transactions requiring coordination between multiple sectors.

Except as noted below, Barrier Crossings require pre-approval from Compliance. If MNPI is being shared, requests should generally describe the business purpose and provide additional information such as recipients, scope and duration of the trading restrictions. Approved Barrier Crossings will typically be logged, if necessary, Compliance will advise on controls for isolated information barriers and will update Restricted Lists. Trading restrictions will remain in place until Compliance determines that MNPI is no longer held.

Pre-approval is not required for certain activities, including: a) internal or client meetings limited to macro themes and general performance; b) communications related to shared third-party client advisory relationships limited to the client's portfolio; and c) communications between affiliated advisory relationships limited to the engaging sector's portfolio.

Access to MNPI must be restricted to individuals with a demonstrated need-to-know. Recipients should be briefed on their obligations regarding MNPI handling. Compliance may require additional safeguards such as chaperoned meetings or restricted system access. Any suspected or actual breach of secured MNPI or this policy must be reported to Compliance immediately.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

**Confidentiality Agreements**

When an Investment Sector or any of its sub-divisions enters into a confidentiality agreement, governing information to be received from a third party in connection with an actual or potential investment, the employee signing the agreement is responsible for determining whether they will likely receive MNPI and notifying Compliance. If the information is deemed to be MNPI, Compliance will update the relevant Investment Sector's Restricted List(s) as necessary.

Even if the information is not deemed to be MNPI, you must take precautions to ensure that Confidential Information, regardless of materiality, is not shared with individuals who do not need to know the information to perform their job role or function. In some cases, the terms of the confidentiality agreement may not permit the sharing of such information to other business units or Investment Sectors. Please consult your Law Department, as needed, when assessing the terms of any confidentiality agreement.

**Escalation**

If MNPI is shared in violation of the information barriers defined herein, the incident must be escalated to Compliance immediately.

Please note that you are not required to report receipt of MNPI to Compliance when a) you receive the MNPI from a PGIM employee and b) you have been explicitly informed that the MNPI was previously reported to Compliance and that the issuer and any associated securities have already been placed on the restricted list.

Failure to report violations of this policy, or failure to disclose your receipt of MNPI may breach securities laws and will be investigated and may result in disciplinary action, including termination or referral to regulatory or other law enforcement authorities. Any suspected violations should be reported to a Compliance Officer, or, if preferred, through Prudential's Ethics Help Line (1-800-752- 7024) or website (https://prudential.ethicspoint.com). Prudential prohibits retaliation against anyone who makes a good faith report or assists in an investigation.

Nothing in these Standards restricts your right to voluntarily communicate with government agencies about potential legal violations without notifying or seeking approval from Prudential.

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

![](gv2bythfpqkajps5dw1mg.jpg)

**<u>Exhibit A</u>**

**Investment Sectors**

**(also known as Information Barrier Groups)**

**Employees/Groups Designated as "Above the Barrier"**

**Prudential Officers:** Prudential Chief Investment Officer, Prudential Global Investment Strategy Managing Director, Prudential Head of Global Hedge Management, Prudential Chief of Global Portfolio Management, Prudential Head of Alternative Assets

**PGIM Group Heads:** Chief Executive Officer, Heads of Institutional Distribution, Head of Product and Marketing, Heads of Multi-Asset Solutions and Quantitative Solutions, Head of Public and Private Fixed Income, Heads of PGIM Real Estate, Head of Global Wealth, and CEO of Jennison Associates

**PGIM Functional Heads and Executive Support:** Chief of Staff, Chief Legal and Compliance Officer, Heads of Each of: Strategy; People Team; Information & Technology; Administration; Finance, Risk; Communications; Operations; Marketing; and Global Services, and Chief Business Officer of PGIM Fixed Income

**PGIM Functional Support Units:** Law, Compliance, Risk Management, Enterprise Risk Management (Investment Risk and Market Risk) and Internal Audit (IA PGIM coverage)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Fixed | PGIM Fixed | &nbsp;&nbsp;&nbsp;&nbsp;PGIM | &nbsp;&nbsp;Jennison | Deerpath | PGIM Real | &nbsp;&nbsp;&nbsp;Montana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief | &nbsp;&nbsp;PGIM Multi- |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Global | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Fixed | &nbsp;&nbsp;&nbsp;Income | Quantitative | Associates | Deerpath | PGIM Real | &nbsp;&nbsp;&nbsp;&nbsp;Capital | &nbsp;&nbsp;&nbsp;Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth | Income (Public) | &nbsp;&nbsp;&nbsp;Income | Quantitative | Associates | &nbsp;&nbsp;&nbsp;Capital | &nbsp;&nbsp;&nbsp;&nbsp;Estate | &nbsp;&nbsp;&nbsp;&nbsp;Capital | &nbsp;&nbsp;&nbsp;Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth | Income (Public) | &nbsp;&nbsp;&nbsp;&nbsp;(Private) | &nbsp;&nbsp;&nbsp;Solutions | &nbsp;&nbsp;&nbsp;&nbsp;LLC | &nbsp;&nbsp;&nbsp;Capital | &nbsp;&nbsp;&nbsp;&nbsp;Estate | &nbsp;&nbsp;&nbsp;Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office | &nbsp;&nbsp;&nbsp;&nbsp;Solutions |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(Private) | &nbsp;&nbsp;&nbsp;Solutions | &nbsp;&nbsp;&nbsp;&nbsp;LLC |  |  | &nbsp;&nbsp;&nbsp;Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office | &nbsp;&nbsp;&nbsp;&nbsp;Solutions |
| **PGIM** | **PGIM Fixed Income** | **PGIM Fixed** | **PGIM** | **Jennison** | **Deerpath** | **All PGIM** | **Montana** | **Chief Investment** | **PGIM Multi-** |
| **Investments** | **Public** | **Income** | **Quantitative** | **Associates** | **Capital** | **Real Estate** | **Capital** | **Office, including** | **Asset Solutions** |
| (all units and locations, | (all units and | **Private** | **Solutions** | **LLC** | (all units and | (all units and | **Partners** | **Global Hedge** | (all units and |
| and investment sector | locations, and | (all units and | (all units and | (all units and | locations, | locations, | (all units and | **Management** | locations, and |
| support functions | investment sector | locations, and | locations, and | locations, and | and | including | locations, and |  | investment sector |
| deemed to be BU | support functions | investment | investment | investment | investment | GRES and | investment | **Prudential Select** | support functions |
| employees) | deemed to be BU | sector support | sector support | sector support | sector | investment | sector support | **Strategies** | deemed to be BU |
|  | employees | functions | functions | functions | support | sector | functions |  | employees) |
| **PGIM Custom Harvest** |  | deemed to be | deemed to be | deemed to be | functions | support | deemed to be |  |  |
| **LLC** | **PGIM Japan Co. Ltd** | BU | BU employees) | BU | deemed to be | functions | BU employees) |  |  |
|  | Sub-Division Barrier | employees) |  | employees) | BU | deemed to be |  |  |  |
| **PGIM DC Solutions** | Within FI: |  |  |  | employees) | BU |  |  |  |
|  |  |  |  |  |  | employees) |  |  |  |
| **Strategic Investment** | **Capital Markets** |  |  |  |  |  |  |  |  |
| **Group (SIRG)** | **Group - Fixed** |  |  |  |  |  |  |  |  |
|  | Income Employees |  |  |  |  | **Impact &** |  |  |  |
|  | (also known as the |  |  |  |  | **Responsible** |  |  |  |
|  | PGIM FI Private |  |  |  |  | **Investing** |  |  |  |
|  | Credit Team) |  |  |  |  |  |  |  |  |

---

Prudential Financial, Inc.- Compliance Approval Required Prior to External Dissemination

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Prudential's Code of Conduct

MAKING THE

RIGHT CHOICES

MTRC

Prudential's Code of Conduct

MAKING THE

RIGHT CHOICES

![](g6ns1vzz3yxqky5z46fad.jpg)

MESSAGE FROM OUR CEO

At Prudential, we all share a tremendous responsibility and opportunity

—to make lives better by solving the financial challenges of our changing world. Your commitment to fulfilling our shared purpose and delivering meaningful value to our customers and other stakeholders helps make financial security a reality for millions of individuals and families around the world.

Our long-standing pledge to do business the right way must remain at the heart of every customer interaction, decision and choice we make so that we live up to our purpose and deliver on our promises. Where we operate, who we serve and what solutions we provide will evolve just as our customers' needs, expectations and our operating environment do. What will never change — can never change — is our commitment to responsible leadership and working with integrity.

These fundamentals have defined our approach to business from the day Prudential was founded 150 years ago. And we must hold true to those as we evolve to address new customer needs and technological advancements. As we continue to grow and serve customers worldwide, I know I can rely on you to uphold our resolute commitment to always do things the right way, every day.

Our Code of Conduct, Making the Right Choices, was developed to support you in your work every day. It provides a guide to understanding the ethical business practices we adhere to across the company — from how we operate to how we treat employees, customers and other stakeholders. It identifies the responsibilities we all share in meeting the company's high ethical standards. In addition, it notes the many resources available to help as we deliver on our promises.

Thank you for your continued contributions and commitment to delivering on our promises and fulfilling our purpose.

"Our long-standing pledge to do business the right way must remain at the heart of every customer interaction, decision and choice we make."

**ANDREW F. SULLIVAN**

Chief Executive Officer Prudential Financial, Inc.

**Making the Right Choices** Prudential's Code of Conduct \| **1**

![](gy8z1fgdprw2eoifsesc8.jpg)

**TABLE OF CONTENTS** **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[OUR PURPOSE, PRINCIPLES AND CORE VALUES](#div40b87ff8-659b-4a15-afc3-09f2b788d88e)[.......](#div40b87ff8-659b-4a15-afc3-09f2b788d88e)** | **[3](#div40b87ff8-659b-4a15-afc3-09f2b788d88e)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Purpose Unites Us................................................... | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Principles Guide Us................................................. | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Core Values Are Our Foundation........................... | 3 |

| **WE DO THE RIGHT THING**.................................................. | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What Is the Code?............................................................ | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the Code.......................................................... | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leading by Example........................................................ | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seeking Guidance and Reporting Concerns................ | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Speaking Up Without Fear............................................. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protecting the Integrity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Prudential's Financial Reporting............................... | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Making the Right Decisions........................................... | 8 |
| **[WE CHAMPION AN ETHICAL WORK ENVIRONMENT](#divdf67b6af-5ba9-4399-9a5d-32ff1a1907fb)[........](#divdf67b6af-5ba9-4399-9a5d-32ff1a1907fb)** | **[9](#divdf67b6af-5ba9-4399-9a5d-32ff1a1907fb)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Promoting a Work Environment Free](#divaf44b490-0198-42db-baaa-5d0aab2699d7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[from Harassment and Discrimination](#divaf44b490-0198-42db-baaa-5d0aab2699d7)[........................](#divaf44b490-0198-42db-baaa-5d0aab2699d7) | [10](#divaf44b490-0198-42db-baaa-5d0aab2699d7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Valuing and Respecting the Talents](#divaf44b490-0198-42db-baaa-5d0aab2699d7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[of Our Workforce](#divaf44b490-0198-42db-baaa-5d0aab2699d7)[..........................................................](#divaf44b490-0198-42db-baaa-5d0aab2699d7) | [10](#divaf44b490-0198-42db-baaa-5d0aab2699d7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Providing a Safe and Healthy Work Environment](#div645f04fd-4cb7-4225-b012-76e57a302dad)[.....](#div645f04fd-4cb7-4225-b012-76e57a302dad) | [11](#div645f04fd-4cb7-4225-b012-76e57a302dad) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Prudential's Commitment to Human Rights](#div645f04fd-4cb7-4225-b012-76e57a302dad)[.............](#div645f04fd-4cb7-4225-b012-76e57a302dad) | [11](#div645f04fd-4cb7-4225-b012-76e57a302dad) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Workplace Violence](#div645f04fd-4cb7-4225-b012-76e57a302dad)[......................................................](#div645f04fd-4cb7-4225-b012-76e57a302dad) | [11](#div645f04fd-4cb7-4225-b012-76e57a302dad) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sustainability at Prudential](#div36bd9774-7798-452b-b052-9718998336e5)[..........................................](#div36bd9774-7798-452b-b052-9718998336e5) | [12](#div36bd9774-7798-452b-b052-9718998336e5) |
| **WE UNDERSTAND OUR RESPONSIBILITIES** |  |
| **TO OUR CUSTOMERS**....................................................... | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treating Customers Ethically....................................... | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keeping Private Information Private........................... | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securing Data and Information............................. | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Caring for Personal and Sensitive Information](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4)[....](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4) | [15](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Artificial Intelligence (AI)](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4)[........................................](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4) | [15](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Media Usage](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4)[................................................](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4) | [15](#divade573aa-719c-43f3-b7b2-8a3f1cb863b4) |

---

---

| | |
|:---|:---|
| **WE DO BUSINESS THE RIGHT WAY**............................. | **16** |
| Competing with Integrity.............................................. | 17 |
| Managing Risk.............................................................. | 17 |
| Avoiding Conflicts of Interest....................................... | 18 |
| Protecting Our Assets.................................................. | 18 |
| Safeguarding Prudential Proprietary Information |  |
| and Assets............................................................... | 18 |
| [Protecting Trademarks and Other](#div585347bc-03ec-4b5b-b1ec-430a436523c2) |  |
| [Intellectual Property](#div585347bc-03ec-4b5b-b1ec-430a436523c2)[................................................](#div585347bc-03ec-4b5b-b1ec-430a436523c2) | [19](#div585347bc-03ec-4b5b-b1ec-430a436523c2) |
| Treating Gifts and Entertainment Responsibly......... | 20 |
| Refusing to Pay or Take Bribes or Kickbacks........... | 20 |
| Preventing Money Laundering.................................... | 20 |
| Insider Information....................................................... | 21 |
| Communicating Responsibly...................................... | 21 |
| [Engaging Third Parties Responsibly](#divbd26d3fc-011c-4629-a5ec-3339151511f4)[...........................](#divbd26d3fc-011c-4629-a5ec-3339151511f4) | [22](#divbd26d3fc-011c-4629-a5ec-3339151511f4) |
| **ADMINISTRATION OF OUR CODE**.................................. | **23** |
| [Our Policies](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b)[...................................................................](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b) | [24](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b) |
| [Disciplinary Action](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b)[........................................................](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b) | [24](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b) |
| [Voluntary Reporting to Government Agencies](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b)[.........](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b) | [24](#dive51b5ee5-ed90-422e-80c9-aae8d75bdc5b) |
| **[CONTACT INFORMATION FOR RAISING ETHICAL](#div85b0afa6-4c06-4e19-a1b2-17a80080ff0d)** |  |
| [**CONCERNS AT PRUDENTIAL**](#div85b0afa6-4c06-4e19-a1b2-17a80080ff0d)[..........................................](#div85b0afa6-4c06-4e19-a1b2-17a80080ff0d) | **[25](#div85b0afa6-4c06-4e19-a1b2-17a80080ff0d)** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **2**

![](gp24fj5vs5za0xwixormf.jpg)

OUR PURPOSE, PRINCIPLES AND CORE VALUES

**Our Purpose Unites Us**

Our purpose speaks to our 150 years of creating financial opportunities for individuals, families, institutions and communities. It highlights our ability to improve the quality of life for more people through small- and large-scale solutions.

**We make lives better by solving the financial challenges of our changing world.**

**Our Principles Guide Us**

While our purpose unites us, our principles guide us in everything we do. Our integrity, long-term focus, our ability to translate the potential of our talent and culture into superior execution, and our expertise in making and keeping promises represent Prudential's unique combination of strengths.

**We do the right thing.**

Above all, we conduct ourselves in an ethical way, recognizing our role as a leader in the global community; we value the trust our customers, employees, investors, partners and communities place in us.

**We take a long-term perspective.**

We are committed to making lives better over the long term by providing solutions that stand the test of time; we anticipate the implications of our decisions now and in the future and take smart risks.

**Our Core Values**

**Are Our Foundation**

Our core values fuel our ethical culture, drive our behaviors and reinforce our individual accountability to do the right thing every day and in every way.

**Worthy of Trust**

We keep our promises and are committed to doing business the right way.

**Customer Focused**

We provide quality products and services that meet our customers' needs.

**We win with talent, culture and execution.**

Our diverse talent and inclusive culture give us an advantage in the marketplace and allow us to develop and execute on innovative solutions to address our customers' challenges as they evolve.

**We make and keep promises.**

We manage our company well and are able to take on risk for our customers; we live up to our commitments; our ability to make lives better depends on keeping the promises we make over the long term.

**Respect for Each Other**

We are inclusive and collaborative, and individuals with diverse backgrounds and talents can contribute and grow.

**Winning with Integrity**

We are passionate about becoming the unrivaled industry leader by achieving superior results for our customers, employees, shareholders and communities.

**Making the Right Choices** Prudential's Code of Conduct \| **3**

![](gl9c1ubvgp7qe32ov4ki9.jpg)

OUR FUTURE IS POWERED

BY OUR HERITAGE

In 1875, Insurance Agent John Fairfield Dryden established the Prudential Friendly Society, the first U.S. company to make life insurance affordable to working-class people. The company sold Industrial Insurance, which provided funeral and burial expenses for low- income families. Since that time, Prudential has remained committed to helping people achieve financial wellness and peace of mind.

That commitment extends to our communities and society as a whole. By increasing access to financial solutions, identifying and addressing challenging issues, and driving innovation through impactful investments, we are bringing financial security within reach of more and more people and communities.

We have built our company on our proud heritage of keeping the promises we make. Our commitment to doing business the right way is how we continue to earn the trust of our customers, employees, investors, shareholders, regulators, communities and other stakeholders. That trust is one of our most valuable and long-standing assets. It is the foundation upon which we fulfill our purpose to make lives better by solving the financial challenges of our customers in a changing world.

In our collective pursuit of that purpose, we welcome change by questioning the status quo and inviting feedback and open dialogue. We relentlessly bring our customers' perspectives into everything we do. And we embrace new technologies to enhance how we work, compete and exceed our customers' expectations.

We are responsible global citizens who strive each day to conduct business in an environmentally and socially responsible manner. We are committed to partnerships and initiatives that promote sustainability and social and economic development. We welcome and encourage the incredible volunteerism of our global associates. This commitment benefits our stakeholders and the communities in which we live and work.

Prudential's journey to make continuous improvements while working with high standards of ethics and integrity allows us to create value for our stakeholders and to make a positive, lasting difference in the world.

**Making the Right Choices** Prudential's Code of Conduct \| **4**

![](glkjrm2hs0i3m5xmfq2k7.jpg)

WE DO THE RIGHT THING

At Prudential, we are committed to doing business the right way. Our Code of Conduct, **Making the Right Choices**, will help everyone working for or on behalf of Prudential understand our expectations and conduct business in a way that is consistent with Prudential's principles and values.

**What Is the Code?**

The Code of Conduct describes the company's values, principles and expectations. It serves as a guide to support our everyday work, and provides an ethical decision-making framework for when we are faced with difficult situations. The Code underscores our commitment to doing business with the highest standards of ethics and integrity. Our Code applies to all employees and officers. We expect third parties doing business with or on behalf of Prudential to conduct themselves with this same level of honesty and integrity. The Code cannot address every issue that may be encountered, so we must be familiar with its principles and use it to guide our judgment and inform our actions.

**Following the Code**

Prudential expects its employees, sales associates and others associated with Prudential to understand their responsibilities to work with high ethical standards and integrity, and to support Prudential in doing the right thing. Our Code of Conduct communicates the general expectations for these behaviors. Specifically, Prudential expects everyone doing business with or on behalf of Prudential to:

**Š**\Act in an honest, fair, respectful and ethical manner.

**Š**\Make a personal commitment to conduct business with ethics and integrity, every day, in every situation.

**Š**\Act in the best interests of our customers, company, employees, partners and other stakeholders.

**Š**\Know, understand and comply with the letter and spirit of applicable laws, regulations and policies.

**Š**\Make business decisions based on what is right, not simply what is easy or expedient.

**Š**\Treat people professionally and with dignity and respect.

**Š**\Maintain a fair, professional, safe work environment free from discrimination, intimidation and harassment.

**Š**\Respect the diversity of each other's talents, abilities and experiences, value the input of others, and foster an environment of trust, collaboration, inclusiveness and candor.

**Š**\Report suspected unethical or unlawful behavior promptly. See page 7 for reporting resources.

**Š**\Complete required company training on time.

**Š**\Respect and protect personal, confidential, sensitive and material nonpublic information.

**Š**\Be customer-obsessed and provide excellent customer service, and when complaints do occur, take them seriously and escalate the issues for quick remediation.

**Š**\Manage risk by understanding, identifying, communicating and mitigating issues arising out of our businesses.

**Making the Right Choices** Prudential's Code of Conduct \| **5**

![](g9f3y9wxu8ms49ct0pkfs.jpg)

**Leading by Example**

Leaders and managers at Prudential have an increased responsibility to lead by example and be role models in the way they act, make decisions, handle concerns and different opinions, and set a rock-solid foundation for the trust that is placed in us by all our stakeholders. At a minimum, we expect all leaders and managers at Prudential to:

**Š**\Role model the right behaviors and inspire others to do the same.

**Š**\Create and maintain a work environment where everyone understands their responsibilities and ethical behavior is expected.

**Š**\Promote and protect Prudential's brand, name and reputation.

**Š**\Make business decisions based on high ethical standards.

**Š**\Establish and maintain controls and procedures that are current, effective and consistent with internal policies and the changing marketplace.

**Š**\Recognize, acknowledge and consider ethical behavior when making employment-related decisions, including hiring, promotions, compensation and disciplinary actions.

**Š**\Foster a speak-up culture so that everyone is comfortable raising concerns by encouraging open communication, building trust, escalating and resolving issues promptly, and upholding Prudential's policy against retaliation.

**Š**\Hold team members accountable for completing required company training on time.

If you wantt totobebeinspired,

inspire inspired,others. inspireothers.

**Making the Right Choices** Prudential's Code of Conduct \| **6**

![](gu3f63386f8520az5hlip.jpg)

**Seeking Guidance**

**and Reporting Concerns**

Seeking guidance and raising concerns promptly are

the responsibilities of all employees and sales associates. If anyone associated with Prudential is aware of or reasonably suspects any unethical or unlawful behavior or practices, violations of laws, regulations or internal policies — including any accounting, internal accounting controls or auditing matters — the person is obligated to report this information promptly.

Reporters do not have to be certain that a wrongdoing or a violation has taken place to report it. We want employees and sales associates to raise questions and concerns

in good faith so that they can be addressed. We should continue to escalate our concerns until we feel the concerns are being heard.

**There are many options for employees, sales associates and others associated with Prudential to report a concern or seek advice:**

**Š**Management

**Š**Human Resources

**Š**Business Ethics Officer

**Š**Global Business Ethics & Integrity (Ethics Office)

**Š**Ethics Help Line or Website **<u>https://prudential.ethicspoint.com</u>**

(Reporters may choose to remain anonymous where permitted by local law; see page 25 for additional information about reporting help lines.)

**Š**Compliance or Legal Contact

Be confident that Prudential takes questions and concerns seriously. Prudential ensures that appropriate procedures and, where applicable, grievance mechanisms are in place to receive, escalate and resolve concerns promptly and appropriately. Prudential investigates reports of misconduct thoroughly and confidentially, disclosing information only

to those who need to know to resolve the issue. Prudential is committed to preventing the recurrence of misconduct. Individuals may also voluntarily communicate with or provide information to government agencies regarding potential violations of law without providing notice to or obtaining approval from Prudential. For more information, consult Prudential's policies on reporting concerns and non- retaliation.

Prudential valuesalues when you Prudentialraise concerns nd we don't

toleratewhenr taliationyou raiseagainst thoseconcernswho do.

and we don't tolerate retaliation against those

who do.

**Speaking Up Without Fear**

We know it takes courage to come forward and share concerns. Consistent with relevant legal protections, Prudential strictly prohibits retaliatory, threatening or harassing acts against anyone for reporting in good faith reasonably suspected unethical or unlawful behaviors or practices, and against anyone participating in an investigation.

**Protecting the Integrity of Prudential's Financial Reporting**

Accurate and timely financial and accounting records are critical to the effective management of Prudential. We require that appropriate controls are in place to protect the integrity and reliability of our financial reporting information, and we comply with all applicable financial reporting and accounting laws. We do not permit the integrity of our records to be compromised in any way.

**Making the Right Choices** Prudential's Code of Conduct \| **7**

![](g5mkdqzdt3lq6mrd6zwu6.jpg)

**Making the Right Decisions**

If we face a difficult decision or are unclear what to do in a situation, following these steps can help us make decisions that will preserve the trust that others have placed in us.

**PAUSE**

Pausing before we act to consider how to approach the situation can help avoid hasty decisions and rationalizations and provide clarity on a course of action.

**THINK**

These questions can help us think through the various intended and unintended consequences of our actions or decisions:

Is it consistent with the law, internal policies, standards, procedures and guidelines?

Is it in the best interests of our customers, company, employees and other stakeholders?

Would it be okay if everyone did it? If we can do it, should we do it?

Would I be proud if this action or decision was in the news?

**ACT**

Answering no to any of these questions may signify a situation with serious consequences. Act by discussing the situation promptly with management, human resources, compliance, law or the Ethics Office. These resources are available to provide guidance on making sound decisions for the long-term benefit of our stakeholders. There may also be times when the issue needs to be further escalated to arrive at a decision.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You don't work in finance,** |
|  | **but you suspect that our recordkeeping** |
|  | **on a large initiative is not accurate. Is the** |
|  | **financial integrity of Prudential's records** |
|  | **your responsibility?** |
| &nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: Yes. Accuracy in recordkeeping** |
|  | **is not the job of a particular function.** |
|  | **We are all responsible for making sure** |
|  | **that our company records are accurate,** |
|  | **complete and appropriately documented.** |
|  | **If you suspect an issue, it's your** |
|  | **obligation to report it.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You see a colleague do** |
|  | **something that you think may be a** |
|  | **violation of a Prudential policy, but** |
|  | **you're not sure and it doesn't directly** |
|  | **affect you. Should you say anything?** |
| &nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: Yes. We rely on everyone** |
|  | **associated with Prudential to report** |
|  | **suspected violations of law, regulation** |
|  | **or policy, or unethical behavior even if** |
|  | **it doesn't affect the employee making** |
|  | **the report. A violation, left unreported,** |
|  | **can cause damage to our reputation** |
|  | **and puts our colleagues, our customers** |
|  | **and the company at risk. Depending on** |
|  | **what it is, it can also lead to regulatory** |
|  | **and legal consequences. Even if you're** |
|  | **not sure, make a confidential report of** |
|  | **concerns and suspected violations. It's** |
|  | **your responsibility. Prudential requires** |
|  | **it and depends on our employees, sales** |
|  | **associates and others to raise concerns.** |
|  | **You may also voluntarily communicate** |
|  | **with or provide information to government** |
|  | **agencies regarding potential violations** |
|  | **of law without providing notice to or** |
|  | **obtaining approval from Prudential.** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **8**

![](gorfzhp4ydnj41qn7j2g4.jpg)

WE CHAMPION AN ETHICAL WORK ENVIRONMENT

Prudential is committed to policies and practices that foster a work environment that upholds the highest standards of integrity. We are dedicated to creating an inclusive and respectful environment where we value each other's contributions and believe that everyone should have an equal chance to succeed — this is essential to achieving our purpose.

![](gpf2tizg8xs6lrc1e7kv0.jpg)

---

| | |
|:---|:---|
| Q | **QUESTION: There's a person in your group** |
|  | **who makes offensive jokes. You keep telling** |
|  | **him not to do this, but he keeps ignoring** |
|  | **you and says you have no sense of humor.** |
|  | **What should you do?** |
| A | **ANSWER: You should report this to** |
|  | **management, human resources, your** |
|  | **business ethics officer, or the Ethics Office.** |
|  | **Prudential is committed to a safe and** |
|  | **respectful work environment. All Prudential** |
|  | **employees are expected to conduct** |
|  | **themselves professionally, to respect** |
|  | **others at all times, and to contribute to a** |
|  | **productive work environment that is free** |
|  | **from harassing behaviors.** |

---

---

| | |
|:---|:---|
| Q | **QUESTION: As the manager responsible** |
|  | **for hiring, you've been reviewing resumes** |
|  | **of candidates for a role involving** |
|  | **communications with external parties. You** |
|  | **and key members of your team have held** |
|  | **interviews with promising candidates and** |
|  | **narrowed down the individuals to the top** |
|  | **three. The clear choice is a woman, and if** |
|  | **hired, she would be the first woman to ever** |
|  | **hold the position. Should that factor into** |
|  | **your decision?** |
| A | **ANSWER: No. Managers must make all** |
|  | **hiring decisions based on an applicant's** |
|  | **qualifications and without regard for gender** |
|  | **or any other protected characteristic.** |

---

**Promoting a Work Environment Free from Harassment and Discrimination**

Prudential expects a work environment that is free from harassment of any kind or any other offensive or disrespectful conduct that makes employees feel uncomfortable. Our company complies with all local laws prohibiting harassment and expects that our employees and sales associates will do the same in all situations. The responsibility for maintaining a fair, professional and safe work environment free from discrimination, intimidation and harassment belongs to everyone associated with Prudential.

We will not tolerate unlawful discrimination of any kind in any aspect of the employment relationship, or when conducting Prudential business. This includes, but is not limited to, recruiting, hiring, compensation, access to training, promotion, discipline, termination of employment, work-related social activities, and other terms and conditions of employment. Prudential also will not tolerate any conduct that creates an intimidating or hostile working environment, or that interferes with work performance. This includes any conduct that occurs on or off Prudential facilities. We also will not tolerate retaliation against anyone who complains in good faith about behavior or practices that are inconsistent with Prudential internal policies, standards, procedures and guidelines.

Prudential provides employment and advancement opportunities to all qualified individuals in accordance with applicable laws. When bringing new employees into the company, Prudential recruits and hires individuals in compliance with applicable laws, with a commitment to fairness to all candidates. Prudential hires individuals based on their job-related qualifications, merit and competence. The company has specific protocols for hiring individuals in each local operation and related to each job responsibility. For more information, consult Prudential's policies on anti-discrimination, anti-harassment, and non-retaliation.

**Valuing and Respecting the Talents of Our Workforce**

At Prudential, we strongly believe that talent from different backgrounds and experiences provides the right mix of skills and expertise that allows us to grow and fulfill our purpose. For this reason, we actively seek out employees, vendors and business relationships from a deep pool of accomplished professionals eager to build on Prudential's respected name in the financial services industry. What's more, we strive to make Prudential an employer of choice through initiatives that support, inform, develop and increase the culture of inclusion, to create a work environment where all are empowered to contribute to our success. Through these efforts — which also extend to our surrounding communities — we honor the power of our people.

**Making the Right Choices** Prudential's Code of Conduct \| **10**

![](gveff2l4w35nxfqg9olhi.jpg)

**Providing a Safe and Healthy Work Environment**

Prudential is committed to creating and sustaining a culture that optimizes workplace health, well-being and safety. Everyone associated with Prudential is responsible for knowing and following our guidelines and any directions given by Prudential's security and facilities staff, and reporting situations or conditions that threaten health or safety to the appropriate area or their manager.

As an employer, we comply with all applicable regulations.

**Prudential's Commitment to Human Rights**

Prudential is fully committed to supporting and respecting the protection of internationally proclaimed human rights and ensuring the company is not complicit in any abuse of human rights around the globe. We believe we operate in accordance with the United Nations Universal Declaration of Human Rights and the International Labour Organization's core conventions, and recognize and support the United Nations Guiding Principles on Business and Human Rights.

A fundamental part of Prudential's culture is the respect for and commitment to human rights. We expect that all customers, employees, agents, and business and supply chain partners will be treated with respect and dignity, and that our interactions with others will be free from abuse, discrimination and corruption.

We do not tolerate forced labor, child labor, prison labor, human trafficking or slavery in any form. We expect that our business and supply chain partners similarly respect human rights and reject abuses of human rights.

**Workplace Violence**

Prudential is committed to maintaining a violence-free work environment. The company will not tolerate violence or threats of violence of any kind and will respond appropriately to ensure the maintenance of a safe and professional workplace. Workplace violence is any conduct that is sufficiently severe, offensive or intimidating to cause an employee to reasonably fear for their personal safety, the safety of their family, friends or coworkers, or damage or destruction of property. Further, it includes such behavior that results in a hostile, abusive or intimidating work environment. It is important to recognize and report behaviors

of concern observed in and outside of the workplace that constitute workplace violence. We can all help each other create a safer work environment and prevent workplace violence. Please contact Global Security, email <u>gscc@prudential.com</u>, call your local Security Services or Human Resources contact, or make an Ethics report at <u>prudential.ethicspoint.com</u>.

---

| | |
|:---|:---|
| Q | **QUESTION: You sit next to one of** |
|  | **your colleagues and have observed her** |
|  | **drinking alcohol and taking some pills** |
|  | **during working hours. As part of her job** |
|  | **responsibilities, she often drives from** |
|  | **office to office during the day. You are** |
|  | **concerned. What should you do?** |
| A | **ANSWER: You should not compromise** |
|  | **when it comes to the safety of our** |
|  | **employees and work environment. Share** |
|  | **your concerns with your manager, human** |
|  | **resources or the Ethics Office so that** |
|  | **Prudential has an opportunity to provide** |
|  | **support, if needed, to this employee.** |

---

**Making the Right Choices Prudential's Code of Conduct \| 11**

![](g9v0khydpp9zz6g8bznrw.jpg)

**Sustainability at Prudential**

Since Prudential's founding 150 years ago, delivering on our promises has required a sustainable business approach. We recognize that addressing our top sustainability risks and opportunities is important to our long-term business success and to the success of our many stakeholders.

Our annual Sustainability Report offers details on our business stewardship practices such as product innovation, employee well- being, volunteering and community engagement, data privacy and cybersecurity, ethics and compliance, environmental stewardship, and more.

Every employee has a role to play in our progress, whether that is using natural resources cost-effectively or helping to foster a fair and inclusive work environment or supporting the financial security of our customers. The everyday actions at the heart of Making

the Right Choices underpin the foundation of trust that fuels our continued progress. For more information, consult Prudential's Sustainability Report.

**Making the Right Choices** Prudential's Code of Conduct \| **12**

![](guk4s5950wrpm2dr0dvy4.jpg)

WE UNDERSTAND OUR RESPONSIBILITIES TO OUR CUSTOMERS

We believe that doing the right thing means we focus on bringing our customers' perspective into everything we do. It means putting our customers first — listening and responding to what they want and need, personalizing the customer experience and anticipating their future needs. We expect that every employee and sales associate at Prudential will create a positive experience for our customers as we help them solve their financial challenges.

**Making the Right Choices** Prudential's Code of Conduct \| **13**

![](g8f7u6oqzh5a1tlnoq8e8.jpg)

---

| | |
|:---|:---|
| Q | **QUESTION: You are a sales associate** |
|  | **for Prudential. You notice a piece of** |
|  | **information is missing from a form** |
|  | **signed by your customer. Since you know** |
|  | **what should be filled in based on your** |
|  | **conversation with the customer, should** |
|  | **you complete the form yourself?** |
| A | **ANSWER: If the customer — not the sales** |
|  | **associate — is required to fill in that** |
|  | **information, you should not complete the** |
|  | **form. You should inform the customer** |
|  | **that the application is not yet complete** |
|  | **and cannot be submitted for processing** |
|  | **until he or she completes all the necessary** |
|  | **information. When an organization and** |
|  | **an individual do the right thing instead of** |
|  | **what's easier or expedient, both gain the** |
|  | **value of a reputation for integrity.** |

---

**Treating Customers Ethically**

In addition to complying with applicable laws and regulations, we expect everyone associated with Prudential to hold themselves to high ethical standards. We are expected to act professionally and respectfully, to listen carefully and quickly respond to customer inquiries and requests, and to produce high-quality products, solutions and services.

We use fair and honest practices in advertising, marketing and customer service interactions, provide customers with clear, accurate information and deliver on our short- and long-term promises. Prudential's internal policies specify how Prudential's products, services and solutions can be marketed or sold. We have strict guidelines regarding the required licensing, communications and behavior of those who have the significant responsibility for selling our products, services and solutions.

Customer complaints are promptly reported, reviewed and resolved in accordance with company policies and applicable laws. For more information, consult Prudential's policies on sales practices.

**Keeping Private Information Private**

**Securing Data and Information**

We are diligent about protecting the data entrusted to us and our operating environment. Prudential's global information security and privacy programs establish controls and standards concerning the collection, use, storage, transfer and security of data. To best protect our customers', employees' and the company's interests, those with access to Prudential systems are expected not only to know their responsibilities in supporting the company's data protection efforts, but also to understand the specific ways they can help prevent cyberattacks and/or privacy breaches. For example, we should know the source before opening emails and attachments. Further, we should not send Prudential business records, including emails, to personal or other non-business-related external accounts

or repositories.

We continually evaluate and evolve the technologies, processes, controls and intelligence to prevent, detect and respond to cyber threats and attacks. Everyone associated with Prudential is expected to report activity that puts our data and operating systems at risk.

**Making the Right Choices** Prudential's Code of Conduct \| **14**

![](gsctxjcwso8x3pnnfdalh.jpg)

**Caring for Personal and Sensitive Information**

To retain the trust placed in us, it is our duty to protect the personal information of our customers, employees and others with whom we conduct business. We respect and honor their privacy as described in our policies and in accordance with applicable laws.

Employees and all others associated with Prudential who have access to personal information are required to keep this information secure and confidential, to use it in accordance with applicable privacy notices or contractual requirements and to restrict access to those who have proper authorization and a legitimate business need to know. For more information, consult Prudential's privacy policies.

Prudential informs its customers, employees and others with whom we conduct business about our privacy practices through several channels and works to honor consumer rights as required by applicable laws and regulations. We provide privacy notices to consumers, employees and customers consistent with legal requirements and explain how Prudential generally collects, uses, stores, transfers and secures personal information.

**Artificial Intelligence (AI)**

An AI system makes content, predictions, recommendations or decisions influencing real or virtual environments based on a given set of human-defined objectives. AI systems are designed to operate with varying levels of autonomy. At Prudential, AI helps us create and preserve value for our customers, employees and investors. Prudential's Ethical Principles for AI provide the foundation

for trust and transparency throughout our design, development, purchase, validation, deployment, use and monitoring of AI.

**Social Media Usage**

Prudential recognizes the importance of communicating with clients, customers, colleagues and the public through digital media, including social media platforms. While social media can be an effective way to connect with others, it must be done in compliance with all applicable laws, rules and regulations, the policies and terms of the online/social networking venue, and Prudential policies, standards and guidelines, as well as Prudential's Anti- Discrimination, Anti-Harassment and Non-Retaliation policies. Please contact Prudential Communications at <u>prudential.</u> <u>communications@prudential.com</u> if you see or receive concerning posts or comments about the company's business or affairs. Do not respond directly. For more information, consult Prudential's policies on social media, digital communications and acceptable use.

---

| | |
|:---|:---|
| Q | **QUESTION: You posted comments** |
|  | **on Facebook and Instagram about a** |
|  | **business conversation you had with a** |
|  | **Prudential customer and mentioned that** |
|  | **customer by name and stated she is a** |
|  | **customer. You did not reveal any other** |
|  | **information, so that was okay to do,** |
|  | **right?** |
| A | **ANSWER: No. This is a violation of the** |
|  | **company's privacy policy. Prudential** |
|  | **requires that all personal information** |
|  | **about its customers and employees** |
|  | **— and employees of our vendors and** |
|  | **business partners — be kept secure and** |
|  | **confidential, including the fact that a** |
|  | **customer relationship exists.** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **15**

![](gi5irhotgq295gqbwmaat.jpg)

WE DO BUSINESS THE RIGHT WAY

Prudential's long-term perspective as to how we conduct business is one of the reasons we have been around for 150 years. Selling products, solutions and services we can be proud of, making ethics and integrity a priority in our business practices, and requiring high ethical standards of third parties are some of the ways we will sustain our business over the long term and keep the promises we make.

**Making the Right Choices** Prudential's Code of Conduct \| **16**

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**Competing with Integrity**

Prudential does not engage in conduct that interferes with free and fair competition or otherwise may violate antitrust and unfair competition laws. We must not use, disclose or obtain any confidential information to or from competitors, except through proper benchmarking or other approved methods that are intended to comply with antitrust laws. We do not utilize the intellectual property of others without having the appropriate rights. For more information, consult Prudential's policies on anti-trust, anti-competition, intellectual property, and third-party ownership, protection and use.

**Managing Risk**

Prudential is in the business of managing risks. We are committed to understanding, identifying and mitigating risks that may arise out of the services we perform and the products we sell/administer. We bring together a broad array of talent and expertise across the organization to collaborate and analyze potential outcomes and decisions to effectively manage risk. We also periodically review and assess our risks and programs. Prudential expects each of us to timely communicate and escalate any questions or disagreements about the risks we are taking or the ways in which we are managing risk.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You think a senior leader is** |
|  | **abusing his or her power to cover up a** |
|  | **mistake that was made with a project.** |
|  | **What should you do?** |
| &nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: The level of an employee or** |
|  | **associate at Prudential does not excuse** |
|  | **behavior inconsistent with our Code of** |
|  | **Conduct. You should report the concern;** |
|  | **it's your responsibility. Prudential will** |
|  | **review the concern without regard to the** |
|  | **level of the potential offender. Leaders** |
|  | **will be held to higher standards of** |
|  | **conduct, as they should role model the** |
|  | **right behaviors.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You used to work as an IT** |
|  | **consultant before you were hired by** |
|  | **Prudential. You want to continue working** |
|  | **with your clients during the evenings** |
|  | **and weekends. None of your clients** |
|  | **are customers of or in competition with** |
|  | **Prudential. Is this permitted?** |
| &nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: It depends. You will need to** |
|  | **disclose all the relevant details regarding** |
|  | **your outside business activity to your** |
|  | **manager and other approvers, who will** |
|  | **decide if there is an actual or potential** |
|  | **conflict. Given that your business is not** |
|  | **competing with Prudential, nor sharing** |
|  | **the same customers, it is possible you** |
|  | **may be allowed to continue your outside** |
|  | **business, but with specific conditions,** |
|  | **such as not doing this business on** |
|  | **company time, not using company** |
|  | **resources or not holding yourself out as a** |
|  | **Prudential employee while working with** |
|  | **your clients.** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **17**

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You are employed by** |
|  | **Prudential and are responsible for hiring** |
|  | **third parties for company projects. You** |
|  | **receive a bid from a company owned by** |
|  | **your neighbor and friend. What should** |
|  | **you do?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: You need to avoid creating** |
|  | **a personal conflict of interest, or the** |
|  | **appearance of one, in business dealings.** |
|  | **The company's interests have to come first.** |
|  | **You should disclose to your manager that** |
|  | **you have a relationship with the owner.** |
|  | **You may need to recuse yourself from** |
|  | **the selection process. The company's bid** |
|  | **should be given the same consideration** |
|  | **as other third parties so that the most** |
|  | **appropriate service provider for the project** |
|  | **is selected.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You are attending a weekly** |
|  | **continuing education business class. Your** |
|  | **professor thinks it is important for students** |
|  | **to use real-world examples in class. You** |
|  | **have heard that the company might be** |
|  | **acquiring a company in the life insurance** |
|  | **area. If you do not tell anyone the name** |
|  | **of the company being considered for** |
|  | **purchase, can you share this information** |
|  | **with your classmates?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: No, you may not share** |
|  | **this information. This information is** |
|  | **confidential. Premature disclosure of** |
|  | **sensitive company information could** |
|  | **cause the company harm and may** |
|  | **be unlawful. You must be careful not** |
|  | **to discuss confidential or material** |
|  | **nonpublic information, such as a potential** |
|  | **acquisition, in public places. It is also** |
|  | **important not to reveal confidential** |
|  | **information to anyone who does not have** |
|  | **a need to know. This includes coworkers,** |
|  | **sales associates, business partners,** |
|  | **consultants, nongovernmental third parties** |
|  | **and personal acquaintances.** |

---

**Avoiding Conflicts of Interest**

All employees and sales associates are required to disclose any activities, interests or affiliations that conflict with or appear to conflict with the interests of Prudential, its shareholders, customers or other stakeholders. This may include personal investments, business dealings, relationships, political contributions, involvement in certain crimes, family activities or outside activities — such as second jobs or sitting on a board — that may impact their objectivity or ability to make impartial business decisions, or that may jeopardize Prudential's ability to conduct business.

We are also required to identify and document institutional conflicts of interest that may arise within Prudential. Institutional conflicts of interest are situations in which the company has an incentive

to serve one interest at the expense of another. Examples include serving the company's interest over the customer's interest and serving one customer to the detriment of another customer. For more information, consult Prudential's policies on conflicts of interest.

**Protecting Our Assets**

**Safeguarding Prudential Proprietary**

**Information and Assets**

Prudential's assets include everything that the company owns or uses to conduct business. Employees and sales associates are entrusted with the care of these assets and must be proactive in safeguarding them from loss, damage, theft, waste and improper use. Protecting proprietary information and assets is critical to preserving Prudential's reputation and to meeting our obligations to our customers, shareholders and other stakeholders. We are expected to take appropriate measures to protect confidential, privileged, proprietary and sensitive business-related information. We only share this type of information on a need-to-know basis and in furtherance of Prudential business.

To help us protect our assets, be mindful of ethical standards, laws, and preferred business practices when engaging in business- related communications, regardless of the form (written, email, intranet or internet, conversation or in presentations). For more information, consult Prudential's policies on digital communications and acceptable use.

**Making the Right Choices** Prudential's Code of Conduct \| **18**

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**Protecting Trademarks and Other**

**Intellectual Property**

The Prudential and PGIM names and iconic Rock symbol represent the relevance, expertise and strength of Prudential's business. Prudential's brand and other intellectual property are significant and valuable corporate assets that must only be used for permissible purposes. To maintain the value and integrity of Prudential's intellectual property, employees and all others associated with Prudential are expected to implement appropriate controls and to seek permission before using or allowing others to use Prudential's intellectual property.

---

| | |
|:---|:---|
| Q | **QUESTION: Your friend, a former** |
|  | **Prudential colleague, now works for** |
|  | **a competitor. She wants to recreate** |
|  | **for her new employer some forms and** |
|  | **spreadsheets she created while working** |
|  | **at Prudential. She asks you for electronic** |
|  | **copies of the documents. Is it okay to** |
|  | **send them to her?** |
| A | **ANSWER: No. Even though the materials** |

|  | **they belong to the company. Sending this** |
|  | **information would be a breach of your** |
|  | **obligations to Prudential, would violate** |
|  | **our Code of Conduct and our policies,** |
|  | **and could potentially create legal** |
|  | **consequences.** |
|  | **Employees must keep all Prudential** |
|  | **information secure and must not disclose** |
|  | **it to anyone inside or outside of the** |
|  | **company unless they are expressly** |
|  | **authorized to do so or the disclosure is** |
|  | **made to voluntarily provide information** |
|  | **to a government agency regarding** |
|  | **potential violations of law. You should** |
|  | **know and understand your obligations** |
|  | **to Prudential regarding confidential and** |
|  | **proprietary information.** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **19**

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: Our new vendor wants to send** |
|  | **a welcome gift card to each member** |
|  | **of your department as a thank-you. They** |
|  | **ask for a list of the members of your team** |
|  | **and their work email addresses. What** |
|  | **should you do?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: Before doing anything, check** |
|  | **the anti-corruption and anti-bribery policy** |
|  | **to determine if the gift or entertainment** |
|  | **is possible. Then connect with your law** |
|  | **or compliance partner on any additional** |
|  | **compliance issues.** |

---

**Bribery usually involves giving or offering money, a gift or something else of value in order to obtain or retain a commercial advantage or to induce or reward the recipient for acting improperly or where it would be improper for the recipient to accept the benefit. Bribery can also take place when the offer or giving**

**of a bribe is made by or through a third party, e.g., an agent, representative or intermediary. Both the giving and receiving of bribes are prohibited.**

**Corruption is any activity that involves misusing a position of power for an improper personal or business advantage, whether in the public or private sectors.**

Facilitation Payment **is a**

**payment, typically small in nature, made to secure or expedite the performance of a routine or necessary action to which the payer has legal or other entitlement.**

**Treating Gifts and**

**Entertainment Responsibly**

The exchange of gifts and offers of entertainment are common business practices, but sometimes a well-intentioned gift or offer can be misinterpreted or suggest something improper. Prudential employees and sales associates are expected to know and understand the guidelines governing gifts and entertainment applicable to them and to avoid any action that can be perceived as improper or giving them or the company an unfair advantage.

Prudential also expects its employees and sales associates to follow the applicable guidelines for political contributions and entertaining politicians and government officials. For more information, consult the gift and entertainment guidelines found in Prudential's policies on gifts and entertainment and anti-corruption and anti-bribery.

**Refusing to Pay or Take Bribes or Kickbacks**

Prudential has policies that expressly define and prohibit bribery, corruption and facilitation payments. Everyone representing Prudential, regardless of level or function, is responsible for understanding and complying with Prudential's policies, the Foreign Corrupt Practices Act and the applicable local anti-bribery/anti- corruption laws. For more information, consult Prudential's policies on anti-corruption and anti-bribery.

**Preventing Money Laundering**

Generally, money laundering involves disguising assets/money obtained through illegal means by moving them through legitimate channels such as banks, broker-dealers and insurance companies to clean (launder) the assets/money. Money laundering may be used to convert and launder illicit proceeds from a wide range of illegal activities.

Prudential will not knowingly engage in financial transactions that involve proceeds from money laundering or that support terrorist activities (commonly referred to as "terrorist financing") or engage in any transaction in violation of U.S. Office of Foreign Assets Control regulations or similar laws in non-U.S. jurisdictions. Given the important role we play in detecting and preventing money laundering in our daily work, we are expected to know Prudential's customers, to maintain required well-documented information throughout the relationship and to know the nature and purpose of all financial transactions. For more information, consult Prudential's policies on anti-money laundering and sanctions.

**Making the Right Choices** Prudential's Code of Conduct \| **20**

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**Insider Information**

Prudential recognizes that trading based on material, nonpublic (or "inside") information is not only unfair, it is illegal. Employees and others may have information about our company, or companies with which we work, that is not known by the public. But if it were, it could influence someone to buy, sell or hold stock. That knowledge makes us insiders, and trading on this inside information is against the law. Employees and relevant third parties are responsible for knowing the types of information considered inside information. Examples include nonpublic information about mergers or acquisitions, sales or earnings results, financial forecasts, changes to the executive management team, pending lawsuits, or major wins or losses. For more information, consult the company's policies on insider trading.

**Communicating Responsibly**

Prudential expects its employees and sales associates to use its digital communications and internet connections in a lawful and ethical manner consistent with internal policies and standards.

These policies may also apply to use of personal electronic devices that are connected to Prudential's systems.

Employees and sales associates are required to use Prudential systems to send and receive all substantive business communications. While employees should avoid using these systems for non-business purposes, occasional personal use of Prudential systems is permitted if it does not interfere with Prudential's business and is not otherwise prohibited by internal policies and standards. Employees and sales associates should not expect privacy when using Prudential systems.

Only certain employees are authorized to communicate on behalf of Prudential. Please refer all media requests to Prudential Communications at <u>prudential.communications@prudential.com</u> or a local Communications contact.

---

| | |
|:---|:---|
| Q | **QUESTION: You saw a blog post that** |
|  | **is critical of one of our products and** |
|  | **contains misinformation. Should you** |
|  | **respond and provide correct information** |
|  | **on behalf of Prudential?** |
| A | **ANSWER: No. Unless you are an** |
|  | **authorized spokesperson, you should** |
|  | **notify Prudential Communications, and** |
|  | **they will address the situation.** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **21**

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**Engaging Third Parties Responsibly**

Prudential does business with third parties who must conduct themselves with high standards of ethics and integrity. Prudential has established governance for assigning and managing risks. We require third-party arrangements that are negotiated and in the best interests of Prudential, which are granted based on merit using fair and ethical processes. Through third-party risk management standards, we define a framework and requirements for a comprehensive program to effectively and consistently manage risks throughout the third-party life cycle.

Prudential is committed to conducting business in an honest and ethical manner and with the highest standards of integrity and accountability in all countries in which we operate. As set out in Prudential's Supplier Code of Conduct, we expect that our contractors, consultants and vendors (collectively, "Suppliers") conduct themselves with this same level of honesty and integrity in the provision of all goods, services and business activities undertaken for the company. Consistent with its values, Prudential expects Suppliers

to demonstrate their commitment to ethical, humane, socially responsible and legally compliant business practices.

Prudential provides equal opportunity to all suppliers to compete for our business and makes every effort to fully utilize them. Prudential will continue establishing agreements with suppliers who share our vision and dedication regarding inclusion.

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ADMINISTRATION OF OUR CODE

Prudential's Code of Conduct, **Making the Right Choices**, is a guide to assist in making ethical decisions. While not intended to be all-inclusive, or to address every situation that may arise in the conduct of Prudential's business, it provides a framework and structure to guide business decisions and meet the company's ethical standards. High standards of ethics and integrity are core to our purpose-driven journey to tackle the toughest problems so that we can help change the world for the better.

**Making the Right Choices** Prudential's Code of Conduct \| **23**

The Code applies to the extent permissible under the laws and/or regulations of the countries where we do business. If any portion of Making the Right Choices is inconsistent with any law and/or regulation, such law and/or regulation shall prevail. Reference to "regulations" in Making the Right Choices includes laws, codes and other similar requirements. Employees and sales associates should contact their compliance and/or legal contacts for further information as needed.

The Code, like all Prudential's policies, is not intended to constitute or create a contract of any type between Prudential and its employees, sales associates or anyone else providing services to or acting on behalf of Prudential.

**Our Policies**

Prudential maintains a well-controlled operating environment including a series of formal policies. They are designed to guide employees and sales associates in the conduct of Prudential business. Some policies even apply to the actions of our family members, such as those that relate to conflicts of interest and securities trading. Adherence to all internal policies is critical to our ability to make the right decisions and fulfill our purpose.

Employees and sales associates are expected to consult other applicable internal policies, standards and procedures specific to their businesses and corporate centers as well as other materials, such as compliance manuals, human resources policies, expense manuals, etc. These resources may be available electronically or can be obtained, as applicable, from management, human resources, or compliance and/or legal contacts. These resources can help in understanding Prudential's expectations.

Board members and associates of affiliated companies in which Prudential controls a majority stake are also subject to Prudential policies. In many instances, third parties and contractors who do business with Prudential will also be asked to affirm that they understand and agree to comply with terms of engagement that encompass the principles set forth in these policies.

**Disciplinary Action**

Prudential uses disciplinary processes that treat employees and sales associates fairly. Behavior inconsistent with the company's Code of Conduct, policies, laws and/ or regulations may lead to disciplinary action, up to and including termination, unless otherwise prohibited by applicable law. The company pursues those who attempt

or commit crimes and other unlawful acts and refers them for prosecution or to government agencies, as appropriate.

**Voluntary Reporting to Government Agencies**

All individuals who are subject to this Code of Conduct and Prudential policies may voluntarily communicate with or provide information to government agencies regarding potential violations of law without providing notice to or obtaining approval from Prudential. Nothing in this Code of Conduct is intended to or should be interpreted to preclude any individual from exercising these rights.

**Making the Right Choices** Prudential's Code of Conduct \| **24**

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CONTACT INFORMATION FOR RAISING ETHICAL CONCERNS AT PRUDENTIAL

**External ethics reporting website: <u>https://www.prudential.ethicspoint.com</u>**

Help Lines are operated by independent third parties and are available 24 hours a day, 7 days a week, in multiple languages. Reporters may choose to remain anonymous where permitted by local law. In some countries, the scope of what is permitted to be reported through the Help Line may vary.

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| | | | |
|:---|:---|:---|:---|
| Argentina...................................... | 0800-444-3653 | &nbsp;&nbsp;&nbsp;&nbsp;Italy.................................................... | 800-902-527 |
| Australia............................................ | 1800430985 | &nbsp;&nbsp;&nbsp;&nbsp;Japan.......................................... | 0066-33-830194 |
| Austria.............................................. | 0800 298875 | &nbsp;&nbsp;&nbsp;&nbsp;Korea.................................... | 00798-11-002-3653 |
| Belgium............................................. | 0800 71 268 | &nbsp;&nbsp;&nbsp;&nbsp;Luxembourg........................................... | 80024603 |
| Bermuda..................................... | 1-844-880-7274 | &nbsp;&nbsp;&nbsp;&nbsp;Malaysia.......................................... | 1800-88-5523 |
| Brazil............................................. | 0800-891-2823 | &nbsp;&nbsp;&nbsp;&nbsp;Mexico............................................. | 800 880 1739 |
| &nbsp;&nbsp;Brazil Local Statutory Line..... | 0800-377-8045 | &nbsp;&nbsp;&nbsp;&nbsp;Netherlands................................... | 0800 0229451 |
| Canada........................................ | 1-888-847-5288 | &nbsp;&nbsp;&nbsp;&nbsp;Netherlands................................... | 0800 0229451 |
| Canada........................................ | 1-888-847-5288 | &nbsp;&nbsp;&nbsp;&nbsp;Singapore....................................... | 800-1101-707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Singapore....................................... | 800-1101-707 |
| China............................................... | 400 120 8500 | &nbsp;&nbsp;&nbsp;&nbsp;Spain.................................................... | 900751383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Spain.................................................... | 900751383 |
| France.............................................. | 0800-909106 | &nbsp;&nbsp;&nbsp;&nbsp;Switzerland.................................... | 0800 333 005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Switzerland.................................... | 0800 333 005 |
| Germany........................................ | 0800 0827327 | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan........................................... | 00801-104-229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan........................................... | 00801-104-229 |
| Hong Kong......................................... | 800-930264 | &nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates...................... | 8000120103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates...................... | 8000120103 |
| India.............................................. | 022 5097 2955 | &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom.......................... | 0808-234-2695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom.......................... | 0808-234-2695 |
| Indonesia....................................... | 021 50918401 | &nbsp;&nbsp;&nbsp;&nbsp;United States............................. | 1-800-752-7024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;United States............................. | 1-800-752-7024 |
| Ireland.............................................. | 1800-946552 |  |  |

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**Global Business Ethics Mailing Address:**

Prudential Financial, Global Business Ethics & Integrity 751 Broad Street, Newark, NJ 07102, USA **<u>ethics@prudential.com</u>**

**Making the Right Choices** Prudential's Code of Conduct \| **25**

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Global Business Ethics & Integrity, 751 Broad Street, Newark, New Jersey 07102, USA, **ethics@prudential.com**, 1-800-752-7024

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

Rev. April 2025