# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0000814679-26-000004
**Filing Date:** 2026-4
**Character Count:** 3546855
**Document Hash:** 2007f1fba61bd17bfec028c2d96d7069
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000814679-26-000004.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0000814679-26-000004

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 463

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVANCED SERIES TRUST
- **CENTRAL INDEX KEY:** 0000814679

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05186
- **FILM NUMBER:** 26867953

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN SKANDIA TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON INTERNATIONAL GROWTH FUND
- **DATE OF NAME CHANGE:** 19920506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON GLOBAL ASSET TRUST
- **DATE OF NAME CHANGE:** 19900302
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVANCED SERIES TRUST
- **CENTRAL INDEX KEY:** 0000814679

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-24962
- **FILM NUMBER:** 26867952

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN SKANDIA TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON INTERNATIONAL GROWTH FUND
- **DATE OF NAME CHANGE:** 19920506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON GLOBAL ASSET TRUST
- **DATE OF NAME CHANGE:** 19900302

## Series and Classes Contracts Data

### AST LARGE-CAP VALUE PORTFOLIO (Series ID: S000001977)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000005187 | AST LARGE-CAP VALUE PORTFOLIO |  |

### AST SMALL-CAP EQUITY PORTFOLIO (Series ID: S000001978)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000005188 | AST SMALL-CAP EQUITY PORTFOLIO |  |

### AST LARGE-CAP GROWTH PORTFOLIO (Series ID: S000001984)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000005194 | AST LARGE-CAP GROWTH PORTFOLIO |  |

### AST INTERNATIONAL EQUITY PORTFOLIO (Series ID: S000001985)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000005195 | AST INTERNATIONAL EQUITY PORTFOLIO |  |

### AST GOVERNMENT MONEY MARKET PORTFOLIO (Series ID: S000002007)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000005217 | AST GOVERNMENT MONEY MARKET PORTFOLIO |  |

### AST J.P. Morgan Conservative Multi-Asset Portfolio (Series ID: S000002009)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000005219 | AST J.P. Morgan Conservative Multi-Asset Portfolio |  |

### AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO (Series ID: S000006791)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000018399 | AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO |  |

### AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO (Series ID: S000006792)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000018400 | AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO |  |

### AST BALANCED ASSET ALLOCATION PORTFOLIO (Series ID: S000006793)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000018401 | AST BALANCED ASSET ALLOCATION PORTFOLIO |  |

### AST PRESERVATION ASSET ALLOCATION PORTFOLIO (Series ID: S000006794)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000018402 | AST PRESERVATION ASSET ALLOCATION PORTFOLIO |  |

### AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO (Series ID: S000006796)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000018404 | AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO |  |

### AST MULTI-ASSET DIVERSIFIED PORTFOLIO (Series ID: S000006797)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000018405 | AST MULTI-ASSET DIVERSIFIED PORTFOLIO |  |

### AST J.P. Morgan Moderate Multi-Asset Portfolio (Series ID: S000019378)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000053817 | AST J.P. Morgan Moderate Multi-Asset Portfolio |  |

### AST Core Fixed Income Portfolio (Series ID: S000019381)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000053820 | AST Core Fixed Income Portfolio |  |

### AST Investment Grade Bond Portfolio (Series ID: S000020634)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000057623 | AST Investment Grade Bond Portfolio |  |

### AST Quantitative Modeling Portfolio (Series ID: S000031888)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000099308 | AST Quantitative Modeling Portfolio |  |

### AST Multi-Sector Fixed Income Portfolio (Series ID: S000039716)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000123062 | AST Multi-Sector Fixed Income Portfolio |  |

### AST Large-Cap Equity Portfolio (Series ID: S000040444)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000125624 | AST Large-Cap Equity Portfolio |  |

### AST J.P. Morgan Aggressive Multi-Asset Portfolio (Series ID: S000043713)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000135561 | AST J.P. Morgan Aggressive Multi-Asset Portfolio |  |

### AST Bond Portfolio 2026 (Series ID: S000047529)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000149254 | AST Bond Portfolio 2026 |  |

### AST Bond Portfolio 2027 (Series ID: S000052152)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000164145 | AST Bond Portfolio 2027 |  |

### AST Bond Portfolio 2028 (Series ID: S000055935)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000176148 | AST Bond Portfolio 2028 |  |

### AST Bond Portfolio 2029 (Series ID: S000059814)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000195694 | AST Bond Portfolio 2029 |  |

### AST Bond Portfolio 2030 (Series ID: S000063776)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000206660 | AST Bond Portfolio 2030 |  |

### AST Bond Portfolio 2031 (Series ID: S000067337)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000216526 | AST Bond Portfolio 2031 |  |

### AST Bond Portfolio 2032 (Series ID: S000070335)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000223744 | AST Bond Portfolio 2032 |  |

### AST Bond Portfolio 2033 (Series ID: S000074732)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000232874 | AST Bond Portfolio 2033 |  |

### AST Bond Portfolio 2034 (Series ID: S000079237)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000240201 | AST Bond Portfolio 2034 |  |

### AST Bond Portfolio 2035 (Series ID: S000083449)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000247079 | AST Bond Portfolio 2035 |  |

### AST Bond Portfolio 2036 (Series ID: S000089134)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000255641 | AST Bond Portfolio 2036 |  |

### AST Bond Portfolio 2037 (Series ID: S000097846)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000267351 | AST Bond Portfolio 2037 |  |

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

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

Securities Act Registration No. 033-24962

Investment Company Act Registration No. 811-05186

**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. 202 (X)**

**and/or**

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

**AMENDMENT NO. 215 (X)**

Check appropriate box or boxes

**ADVANCED SERIES TRUST**

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.

------

**Explanatory Note**

This Post-Effective Amendment No. 202 to the Registrant's Registration Statement under the Securities Act of 1933 and Amendment No. 215 to the Registrant's Registration Statement under the Investment Company Act of 1940 (the Amendment) relates solely to the following series of the Registrant:

■

AST Aggressive Asset Allocation Portfolio

■

AST Balanced Asset Allocation Portfolio

■

AST Bond Portfolio 2026

■

AST Bond Portfolio 2027

■

AST Bond Portfolio 2028

■

AST Bond Portfolio 2029

■

AST Bond Portfolio 2030

■

AST Bond Portfolio 2031

■

AST Bond Portfolio 2032

■

AST Bond Portfolio 2033

■

AST Bond Portfolio 2034

■

AST Bond Portfolio 2035

■

AST Bond Portfolio 2036

■

AST Bond Portfolio 2037

■

AST Core Fixed Income Portfolio

■

AST Government Money Market Portfolio

■

AST International Equity Portfolio

■

AST Investment Grade Bond Portfolio

■

AST J.P. Morgan Aggressive Multi-Asset Portfolio

■

AST J.P. Morgan Conservative Multi-Asset Portfolio

■

AST J.P. Morgan Moderate Multi-Asset Portfolio

■

AST Large-Cap Equity Portfolio

■

AST Large-Cap Growth Portfolio

■

AST Large-Cap Value Portfolio

■

AST Multi-Asset Diversified Plus Portfolio

■

AST Multi-Asset Diversified Portfolio

■

AST Multi-Sector Fixed Income Portfolio

■

AST PGIM Aggressive Multi-Asset Portfolio

■

AST Preservation Asset Allocation Portfolio

■

AST Quantitative Modeling Portfolio

■

AST Small-Cap Equity Portfolio

The Amendment is not intended to amend the current prospectuses and statements of additional information for the other series of the Registrant, and as supplemented to date.

------

![](img496226af1.gif)

**ADVANCED SERIES TRUST** 

**PROSPECTUS • May 1, 2026**

The Advanced Series Trust (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). Shares of the Trust may also be sold directly to certain tax-deferred retirement plans. 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.

**AST Aggressive Asset Allocation Portfolio** 

**AST Balanced Asset Allocation Portfolio** 

**AST Bond Portfolio 2026**

**AST Bond Portfolio 2027** 

**AST Bond Portfolio 2028** 

**AST Bond Portfolio 2029** 

**AST Bond Portfolio 2030** 

**AST Bond Portfolio 2031** 

**AST Bond Portfolio 2032** 

**AST Bond Portfolio 2033** 

**AST Bond Portfolio 2034** 

**AST Bond Portfolio 2035** 

**AST Bond Portfolio 2036** 

**AST Bond Portfolio 2037** 

**AST Core Fixed Income Portfolio** 

**AST Government Money Market Portfolio** 

**AST International Equity Portfolio** 

**AST Investment Grade Bond Portfolio** 

**AST J.P. Morgan Aggressive Multi-Asset Portfolio** 

**AST J.P. Morgan Conservative Multi-Asset Portfolio** 

**AST J.P. Morgan Moderate Multi-Asset Portfolio** 

**AST Large-Cap Equity Portfolio** 

**AST Large-Cap Growth Portfolio** 

**AST Large-Cap Value Portfolio** 

**AST Multi-Asset Diversified Plus Portfolio** 

**AST Multi-Asset Diversified Portfolio** 

**AST PGIM Aggressive Multi-Asset Portfolio** 

**AST Preservation Asset Allocation Portfolio** 

**AST Quantitative Modeling Portfolio** 

**AST Small-Cap Equity Portfolio**

![](img5bc726ec2.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| **1** | **[SUMMARY: AST AGGRESSIVE ASSET ALLOCATION](#xx_d2fd1eb4-6c6a-4138-a1da-6fb30e338e41_1)[PORTFOLIO](#xx_d2fd1eb4-6c6a-4138-a1da-6fb30e338e41_1)** |
| **10** | **[SUMMARY: AST BALANCED ASSET ALLOCATION](#xx_f9f74e06-a36b-4fb7-877d-a63c67e508a6_1)[PORTFOLIO](#xx_f9f74e06-a36b-4fb7-877d-a63c67e508a6_1)** |
| **19** | **[SUMMARY: AST BOND PORTFOLIO](#xx_acac861e-8c8b-4cf4-96d7-617823e917a6_1)[2026](#xx_acac861e-8c8b-4cf4-96d7-617823e917a6_1)** |
| **26** | **[SUMMARY: AST BOND PORTFOLIO](#xx_364f30c7-5f12-4ecc-97b6-a637602eef56_1)[2027](#xx_364f30c7-5f12-4ecc-97b6-a637602eef56_1)** |
| **33** | **[SUMMARY: AST BOND PORTFOLIO](#xx_0d3bd3af-9413-4a65-a005-5a3e914253ff_1)[2028](#xx_0d3bd3af-9413-4a65-a005-5a3e914253ff_1)** |
| **40** | **[SUMMARY: AST BOND PORTFOLIO](#xx_6f8fc597-9424-458d-a7cb-953ce0ec34a6_1)[2029](#xx_6f8fc597-9424-458d-a7cb-953ce0ec34a6_1)** |
| **47** | **[SUMMARY: AST BOND PORTFOLIO](#xx_c62807d1-0840-4a9b-8955-93326c3adb5f_1)[2030](#xx_c62807d1-0840-4a9b-8955-93326c3adb5f_1)** |
| **54** | **[SUMMARY: AST BOND PORTFOLIO](#xx_9897dedf-d0cc-4950-8fae-b271e68666e8_1)[2031](#xx_9897dedf-d0cc-4950-8fae-b271e68666e8_1)** |
| **61** | **[SUMMARY: AST BOND PORTFOLIO](#xx_3f2a8deb-1a51-4182-ab01-2e11c401b0ed_1)[2032](#xx_3f2a8deb-1a51-4182-ab01-2e11c401b0ed_1)** |
| **68** | **[SUMMARY: AST BOND PORTFOLIO](#xx_01efd6b6-36ba-4de7-864a-a6b41c642b9d_1)[2033](#xx_01efd6b6-36ba-4de7-864a-a6b41c642b9d_1)** |
| **75** | **[SUMMARY: AST BOND PORTFOLIO](#xx_09c3b324-139a-43c1-9b04-d8732e3ee530_1)[2034](#xx_09c3b324-139a-43c1-9b04-d8732e3ee530_1)** |
| **82** | **[SUMMARY: AST BOND PORTFOLIO](#xx_1dbbdea0-b4bd-432c-96f6-cc200af0c315_1)[2035](#xx_1dbbdea0-b4bd-432c-96f6-cc200af0c315_1)** |
| **89** | **[SUMMARY: AST BOND PORTFOLIO](#xx_2704fee5-9983-4903-a1f4-9e01bce6f479_1)[2036](#xx_2704fee5-9983-4903-a1f4-9e01bce6f479_1)** |
| **95** | **[SUMMARY: AST BOND PORTFOLIO](#xx_4e92f868-fa43-47be-adfb-99f28eaffe1e_1)[2037](#xx_4e92f868-fa43-47be-adfb-99f28eaffe1e_1)** |
| **102** | **[SUMMARY: AST CORE FIXED INCOME](#xx_d92fbaca-013b-44ea-9703-0d7bfc44a61a_1)[PORTFOLIO](#xx_d92fbaca-013b-44ea-9703-0d7bfc44a61a_1)** |
| **109** | **[SUMMARY: AST GOVERNMENT MONEY MARKET](#xx_29faad46-3c0f-47d2-a99e-836c05fb26ac_1)[PORTFOLIO](#xx_29faad46-3c0f-47d2-a99e-836c05fb26ac_1)** |
| **114** | **[SUMMARY: AST INTERNATIONAL EQUITY](#xx_7cd2c70d-dde2-43d5-a6ab-a43075cbe0e3_1)[PORTFOLIO](#xx_7cd2c70d-dde2-43d5-a6ab-a43075cbe0e3_1)** |
| **121** | **[SUMMARY: AST INVESTMENT GRADE BOND](#xx_33e55396-33b9-46e2-ae8e-990bbf344650_1)[PORTFOLIO](#xx_33e55396-33b9-46e2-ae8e-990bbf344650_1)** |
| **128** | **[SUMMARY: AST J.P. MORGAN AGGRESSIVE MULTI-ASSET](#xx_418249af-0f7f-437b-8d3e-c37e2e4160f2_1)[PORTFOLIO](#xx_418249af-0f7f-437b-8d3e-c37e2e4160f2_1)** |
| **136** | **[SUMMARY: AST J.P. MORGAN CONSERVATIVE MULTI-ASSET](#xx_b054aa7d-98ea-4366-a8c4-a9764f670b5e_1)[PORTFOLIO](#xx_b054aa7d-98ea-4366-a8c4-a9764f670b5e_1)** |
| **144** | **[SUMMARY: AST J.P. MORGAN MODERATE MULTI-ASSET](#xx_1fd1b875-49dd-4092-ac78-a729f89e9fdc_1)[PORTFOLIO](#xx_1fd1b875-49dd-4092-ac78-a729f89e9fdc_1)** |
| **152** | **[SUMMARY: AST LARGE-CAP EQUITY](#xx_ecb70d92-6846-4ee9-b5d0-52a086878a2e_1)[PORTFOLIO](#xx_ecb70d92-6846-4ee9-b5d0-52a086878a2e_1)** |
| **158** | **[SUMMARY: AST LARGE-CAP GROWTH](#xx_b20a1244-65b5-4863-867c-4fb9d232ce27_1)[PORTFOLIO](#xx_b20a1244-65b5-4863-867c-4fb9d232ce27_1)** |
| **164** | **[SUMMARY: AST LARGE-CAP VALUE](#xx_0fb52c83-782e-4f08-a1bf-a87b6db487e7_1)[PORTFOLIO](#xx_0fb52c83-782e-4f08-a1bf-a87b6db487e7_1)** |
| **170** | **[SUMMARY: AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO](#xx_4dce5324-2096-4b4b-8043-0fe263b46822_1)** |
| **180** | **[SUMMARY: AST MULTI-ASSET DIVERSIFIED PORTFOLIO](#xx_25a3b790-f2dc-491b-b751-6281d2369f60_1)** |
| **189** | **[SUMMARY: AST PGIM AGGRESSIVE MULTI-ASSET](#xx_aaa3abda-2a51-48ed-9ea1-1cb2b56995b7_1)[PORTFOLIO](#xx_aaa3abda-2a51-48ed-9ea1-1cb2b56995b7_1)** |
| **197** | **[SUMMARY: AST PRESERVATION ASSET ALLOCATION](#xx_932ccd07-625e-41c4-8716-520ccee1e99e_1)[PORTFOLIO](#xx_932ccd07-625e-41c4-8716-520ccee1e99e_1)** |
| **206** | **[SUMMARY: AST QUANTITATIVE MODELING](#xx_36c33c39-dcde-443b-97a1-bf061e29529e_1)[PORTFOLIO](#xx_36c33c39-dcde-443b-97a1-bf061e29529e_1)** |
| **214** | **[SUMMARY: AST SMALL-CAP EQUITY](#xx_12255d5c-77b9-4fae-b097-33fe2945f59b_1)[PORTFOLIO](#xx_12255d5c-77b9-4fae-b097-33fe2945f59b_1)** |
| **220** | **[ABOUT THE](#xx_363427e4-3a3e-4153-a5aa-796b591e4424_1)[TRUST](#xx_363427e4-3a3e-4153-a5aa-796b591e4424_1)** |
| **221** | **[MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS](#xx_7e8ce804-d00f-4635-a79b-ab91ff44e9cb_1)[INVEST](#xx_7e8ce804-d00f-4635-a79b-ab91ff44e9cb_1)** |
| **271** | **[MORE DETAILED INFORMATION ABOUT OTHER INVESTMENTS &](#xx_7e8ce804-d00f-4635-a79b-ab91ff44e9cb_51)**<br> **[STRATEGIES USED BY THE](#xx_7e8ce804-d00f-4635-a79b-ab91ff44e9cb_51)[PORTFOLIOS](#xx_7e8ce804-d00f-4635-a79b-ab91ff44e9cb_51)**<br>|
| **279** | **[PRINCIPAL](#xx_22ae2c24-e116-47ef-b9d2-8db385fdb918_1)[RISKS](#xx_22ae2c24-e116-47ef-b9d2-8db385fdb918_1)** |
| **302** | **[HOW THE TRUST IS](#xx_592e5efa-feca-4892-a4fa-b09d4b161985_1)[MANAGED](#xx_592e5efa-feca-4892-a4fa-b09d4b161985_1)** |
| **339** | **[HOW TO BUY AND SELL SHARES OF THE PORTFOLIOS](#xx_28b5bb60-6c6f-4319-a632-ef34d68cfd50_1)** |
| **345** | **[OTHER INFORMATION](#xx_051966b9-cffa-42f8-a72e-24080e2b7cde_1)** |
| **347** | **[FINANCIAL](#xx_698f520e-57c0-442e-afcc-50615b902469_1)[HIGHLIGHTS](#xx_698f520e-57c0-442e-afcc-50615b902469_1)** |
| **377** | **[GLOSSARY: PORTFOLIO](#xx_b2791b62-ab51-466c-b7e2-0422cfb8e2fc_1)[INDEXES](#xx_b2791b62-ab51-466c-b7e2-0422cfb8e2fc_1)** |

---

------

SUMMARY: AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to obtain the highest potential total return consistent with its specified level of risk tolerance.

**PORTFOLIO FEES AND EXPENSES**

The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

---

| | |
|:---|:---|
| **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**<sup>(1)</sup> <br>|  |
| Management Fees | 0.58% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.02% |
| + Acquired Fund Fees & Expenses | 0.13% |
| = Total Annual Portfolio Operating Expenses | 0.98% |
| - Fee Waiver and/or Expense Reimbursement | (0.12)% |
| = Total Annual Portfolio Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| 0.86% |

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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 waiver 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.

<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 portfolios/funds. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST Aggressive Asset Allocation Portfolio | $88 | $300 | $530 | $1190 |

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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 65% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio's asset allocation generally provides for an allotment of approximately 75% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately 25% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles (collectively referred to as underlying portfolios).

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The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), the subadviser to the Portfolio. As a general matter, PGIM Quantitative Solutions begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index (GD) and the Bloomberg US Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of underlying Portfolios for the Portfolio generally will be determined by 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying Portfolio weights for the Portfolio based upon its views on certain factors.

The Portfolio may invest in other pooled investment vehicles, including other portfolios of the Trust, other open-end or closed-end investment companies, and both active and passive exchange-traded funds (ETFs), unit investment trusts, and domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds") (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying pooled portfolios, the Portfolio may also invest its assets in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

Included in the directly managed portion is an overlay strategy managed by PGIM Quantitative Solutions for liquidity and asset allocation purposes. The Portfolio allocates approximately 15-25% of its net assets to the overlay strategy, which is employed through an overlay sleeve. The overlay strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The overlay strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The overlay strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The overlay strategy may also invest in ETFs for additional exposure to relevant markets. The overlay strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

**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 the PGIM Central Portfolio or other 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.

**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.

**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 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.

**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

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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.

**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.

**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.

**Asset Allocation Risk.** The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**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

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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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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

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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.

**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.

**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 Allocation Risk**. The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

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**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.

**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.

**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). 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 Russell 3000 Index (60%), MSCI EAFE Index (GD) (15%) and Bloomberg US Aggregate Bond Index (25%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

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

![](imgd202a4593.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 15.83% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -16.96% | &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** |
| Portfolio | 16.17% | 8.81% | 9.59% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST Aggressive Asset Allocation Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 16.86% | 9.27% | 10.51% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2005 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2012 |
|  |  | 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, Portfolio <br> Manager, Strategic <br> Investment Research <br> Group<br>| October 2024 |
|  | 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 |
|  |  | Joel M. Kallman, CFA | &nbsp;&nbsp; Principal, Portfolio <br> Manager<br>| March 2011  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Marco Aiolfi, PhD | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager <br>| August 2022 |
|  |  | &nbsp;&nbsp; Edward J. Tostanoski, <br> III, CFA<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager <br>| August 2022 |
|  | Jennison Associates LLC |  |  | June 2021 |
|  | PGIM Fixed Income\* |  |  | June 2021 |
|  | J.P. Morgan Investment Management Inc. |  |  | June 2021 |
|  | Putnam Investment Management, LLC |  |  | December 2024 |

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\*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 sub-subadviser to the Portfolio.

**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: AST BALANCED ASSET ALLOCATION PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to obtain the highest potential total return consistent with its specified level of risk tolerance.

**PORTFOLIO FEES AND EXPENSES**

The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

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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>|  |
| Management Fees | 0.58% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.02% |
| + Acquired Fund Fees & Expenses | 0.11% |
| = Total Annual Portfolio Operating Expenses | 0.96% |
| - Fee Waiver and/or Expense Reimbursement | (0.09)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.87% |

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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 waiver 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.

<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 portfolios/funds. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST Balanced Asset Allocation Portfolio | $89 | $297 | $522 | $1170 |

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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 61% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio's asset allocation generally provides for an allotment of approximately 60% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately 40% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles (collectively referred to as underlying portfolios).

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The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), the subadviser to the Portfolio. As a general matter, PGIM Quantitative Solutions begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index (GD), and the Bloomberg US Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of underlying portfolios for the Portfolio generally will be determined by 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying portfolio weights for the Portfolio based upon its views on certain factors.

The Portfolio may invest in other pooled investment vehicles, including other portfolios of the Trust, other open-end or closed-end investment companies, both active and passive exchange-traded funds (ETFs), unit investment trusts, and domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds" (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

Included in the directly managed portion is an overlay strategy managed by PGIM Quantitative Solutions for liquidity and asset allocation purposes. The Portfolio allocates approximately 15-25% of its net assets to the overlay strategy, which is employed through an overlay sleeve. The overlay strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The overlay strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The overlay strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The overlay strategy may also invest in ETFs for additional exposure to relevant markets. The overlay strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

**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 the PGIM Central Portfolio or other 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.

**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.

**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 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.

**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

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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.

**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.

**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.

**Asset Allocation Risk.** The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**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.

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**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

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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.

**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.

**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 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 Allocation Risk**. The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

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**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 average annual returns compare to the returns of a custom blended index which consists of the Russell 3000 Index (48%), Bloomberg US Aggregate Bond Index (40%) and MSCI EAFE Index (GD) (12%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

*Note: Effective December 9, 2024, the Portfolio replaced subadvisers and changed its investment strategy. The performance figures prior to December 9, 2024 for the Portfolio reflect the Portfolio's former investment operations, policies, strategies and subadvisers prior to this date. 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.*

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

![](img9740c95c4.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 13.50% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -14.26% | &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** |
| Portfolio | 14.35% | 6.96% | 8.05% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST Balanced Asset Allocation Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 14.94% | 7.34% | 8.85% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2005  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2012 |
|  |  | 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>| November 2024 |
|  | 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 |
|  |  | Joel M. Kallman, CFA | &nbsp;&nbsp; Principal, Portfolio <br> Manager<br>| March 2011 |
|  |  | Marco Aiolfi, PhD | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager<br>| August 2022 |
|  |  | &nbsp;&nbsp; Edward J. Tostanoski, <br> III, CFA<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| August 2022 |
|  | Jennison Associates LLC |  |  | June 2021 |
|  | PGIM Fixed Income\* |  |  | June 2021 |
|  | J.P. Morgan Investment Management Inc. |  |  | June 2021 |
|  | Putnam Investment Management, LLC |  |  | December 2024 |

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\*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 sub-subadviser to the Portfolio.

**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: AST BOND PORTFOLIO 2026

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.52% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 1.29% |
| - Fee Waiver and/or Expense Reimbursement | (0.33)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2026 | $98 | $376 | $676 | $1528 |

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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 65% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2026) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year, 5 years and since inception of the Portfolio 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.

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

![](imgea6a62675.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 7.02% | &nbsp;&nbsp; 1st <br> Quarter <br> 2016<br>| -8.01% | &nbsp;&nbsp; 4th <br> Quarter <br> 2016<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** |
| Portfolio | 5.19% | 0.02% | 2.35% |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg Fixed Maturity (2026) Zero Coupon Swaps Index (reflects no deduction for fees, expenses or taxes) | 4.83% | -0.25% | 2.07% |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2015 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| August 2019 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023 |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2027

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.42% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 1.19% |
| - Fee Waiver and/or Expense Reimbursement | (0.23)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2027 | $98 | $355 | $632 | $1423 |

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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 9% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2027) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year, 5 years and since inception of the Portfolio 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.

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

![](img946a49416.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 7.17% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>| -6.64% | &nbsp;&nbsp; 1st <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** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 5.99% | -0.67% | 2.02% | *1-4-2016* |
| **Index** | **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01%\* |  |
| Bloomberg Fixed Maturity (2027) Zero Coupon Swaps Index (reflects no deduction for fees, expenses <br> or taxes)<br>| 5.67% | -0.68% | 2.03%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2016 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| August 2019 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2028

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.27% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 1.04% |
| - Fee Waiver and/or Expense Reimbursement | (0.08)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2028 | $98 | $323 | $566 | $1264 |

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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 1% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2028) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year, 5 years and since inception of the Portfolio 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.

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

![](img4d77e5437.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 13.07% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>| -6.70% | &nbsp;&nbsp; 1st <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** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 7.02% | -0.99% | 2.23% | *1-3-2017* |
| **Index** | **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 1.94%\* |  |
| Bloomberg Fixed Maturity (2028) Zero Coupon Swaps Index (reflects no deduction for fees, expenses <br> or taxes)<br>| 6.35% | -1.10% | 1.96%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2017 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| August 2019 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2029

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 3.08% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 3.85% |
| - Fee Waiver and/or Expense Reimbursement | (2.89)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2029 | $98 | $908 | $1737 | $3895 |

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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.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2029) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year, 5 years and since inception of the Portfolio 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.

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

![](imgbc5ac4a18.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 14.03% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>| -7.17% | &nbsp;&nbsp; 1st <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** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 7.78% | -1.51% | 2.21% | *1-2-2018* |
| **Index** | **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 1.74%\* |  |
| Bloomberg Fixed Maturity (2029) Zero Coupon Swaps Index (reflects no deduction for fees, expenses <br> or taxes)<br>| 6.81% | -1.54% | 1.75%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2018 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| August 2019 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2030

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.33% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 1.10% |
| - Fee Waiver and/or Expense Reimbursement | (0.14)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2030 | $98 | $336 | $593 | $1328 |

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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 4% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2030) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year, 5 years and since inception of the Portfolio 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.

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

![](img4be511f59.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 12.24% | &nbsp;&nbsp; 1st <br> Quarter <br> 2020<br>| -7.63% | &nbsp;&nbsp; 1st <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** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 8.04% | -1.80% | 2.59% | *1-2-2019* |
| **Index** | **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 1.99%\* |  |
| Bloomberg Fixed Maturity (2030) Zero Coupon Swaps Index (reflects no deduction for fees, expenses <br> or taxes)<br>| 7.20% | -1.99% | 1.99%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2019 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| August 2019 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2031

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.24% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 1.01% |
| - Fee Waiver and/or Expense Reimbursement | (0.05)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2031 | $98 | $317 | $553 | $1232 |

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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 23% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2031) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year, 5 years and since inception of the Portfolio 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.

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

![](img6b282fdf10.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 8.21% | &nbsp;&nbsp; 4th <br> Quarter <br> 2023<br>| -8.83% | &nbsp;&nbsp; 1st <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** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 8.43% | -2.39% | 0.05% | *1-2-2020* |
| **Index** | **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 0.91%\* |  |
| Bloomberg Fixed Maturity (2031) Zero Coupon Swaps Index (reflects no deduction for fees, expenses <br> or taxes)<br>| 7.34% | -2.47% | -0.04%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2020 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| January 2020 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2032

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.25% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 1.02% |
| - Fee Waiver and/or Expense Reimbursement | (0.06)% |
| = Total Annual Portfolio Operating Expense After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2032 | $98 | $319 | $557 | $1242 |

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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 14% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2032) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year and since inception of the Portfolio 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.

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![](img2e296f8c11.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 8.90% | &nbsp;&nbsp; 4th <br> Quarter <br> 2023<br>| -8.66% | &nbsp;&nbsp; 1st <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** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 8.73% | -3.00% | *1-4-2021* |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36%\* |  |
| Bloomberg Fixed Maturity (2032) Zero Coupon Swaps Index (reflects no deduction for fees, expenses or taxes) | 7.41% | -2.95%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2021 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| January 2021 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023 |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2033

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 3.89% |
| + Acquired Fund Fees & Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 4.66% |
| - Fee Waiver and/or Expense Reimbursement | (3.70)% |
| = Total Annual Portfolio Operating Expense After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2033 | $98 | $1071 | $2050 | $4529 |

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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.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2033) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year and since inception of the Portfolio 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.

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![](img2aa956d012.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 9.47% | &nbsp;&nbsp; 4th <br> Quarter <br> 2023<br>| -6.98% | &nbsp;&nbsp; 3rd <br> Quarter <br> 2023<br>|

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

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| | | | |
|:---|:---|:---|:---|
|  | **One Year** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 8.94% | -2.88% | *1-3-2022* |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.07%\* |  |
| Bloomberg Fixed Maturity (2033) Zero Coupon Swaps Index (reflects no deduction for fees, expenses or taxes) | 7.34% | -3.17%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2022 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| January 2022 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023 |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2034

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 1.84% |
| + Acquired Fund Fees and Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 2.61% |
| - Fee Waiver and/or Expense Reimbursement | (1.65)% |
| = Total Annual Portfolio Operating Expense After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2034 | $98 | $654 | $1237 | $2821 |

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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 205% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

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The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2034) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly

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Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

**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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to

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purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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

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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.

**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.

**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.

**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.

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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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year and since inception of the Portfolio 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.

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![](img0161dbb513.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 6.64% | &nbsp;&nbsp; 3rd <br> Quarter <br> 2024<br>| -6.04% | &nbsp;&nbsp; 4th <br> Quarter <br> 2024<br>|

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

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| | | | |
|:---|:---|:---|:---|
|  | **One Year** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 9.10% | 3.33% | *1-3-2023* |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | 4.66%\* |  |
| Bloomberg Fixed Maturity (2034) Zero Coupon Swaps Index (reflects no deduction for fees, expenses or taxes) | 7.20% | 2.62%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2023 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| January 2023 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023 |
|  |  | Tyler Thorn | Managing Director | 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: AST BOND PORTFOLIO 2035

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 2.64% |
| + Acquired Fund Fees and Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 3.41% |
| - Fee Waiver and/or Expense Reimbursement | (2.45)% |
| = Total Annual Portfolio Operating Expense After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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 Year** | **10 Years** |
| AST Bond Portfolio 2035 | $98 | $819 | $1563 | $3529 |

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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 153% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2035) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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.

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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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 year and since inception of the Portfolio 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.

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

![](img5cf7971014.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 4.20% | &nbsp;&nbsp; 1st <br> Quarter <br> 2025<br>| 0.88% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2025<br>|

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

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| | | | |
|:---|:---|:---|:---|
|  | **One Year** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Portfolio | 9.21% | 3.30% | *1-2-2024* |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | 4.23%\* |  |
| Bloomberg Fixed Maturity (2035) Zero Coupon Swaps Index (reflects no deduction for fees, expenses or taxes) | 6.92% | 1.73%\* |  |

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<sup>\*</sup> Since Inception returns for the Indexes are 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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2024 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| January 2024 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | January 2024 |
|  |  | Tyler Thorn | Managing Director | January 2024 |

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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: AST BOND PORTFOLIO 2036

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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>|  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 4.00% |
| + Acquired Fund Fees and Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 4.77% |
| - Fee Waiver and/or Expense Reimbursement | (3.81)% |
| = Total Annual Portfolio Operating Expense After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.96% |

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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 waiver 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.

<sup>(</sup><sup>2)</sup>The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2036 | $98 | $1093 | $2092 | $4611 |

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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 3% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

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Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2036) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

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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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high

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operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt

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may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2025 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| January 2025 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | January 2025 |
|  |  | Tyler Thorn | Managing Director | January 2025 |

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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: AST BOND PORTFOLIO 2037

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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> |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses<sup>(2)</sup> | 0.35% |
| + Acquired Fund Fees and Expenses | 0.05% |
| = Total Annual Portfolio Operating Expenses | 1.12% |
| - Fee Waiver and/or Expense Reimbursement | (0.16)% |
| = Total Annual Portfolio Operating Expense After Fee Waiver and/or Expense Reimbursement<sup>(3)</sup> | 0.96% |

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<sup>(1)</sup> The Portfolio commenced operations on January 2, 2026.

<sup>(2)</sup> Other expenses (which include expenses for accounting and valuation services, custodian fees, audit fees, legal fees, transfer agency fees, fees paid to Independent Trustees, and certain other miscellaneous items) are estimated for the current fiscal year. Estimates are based in part on assumed average daily net assets of $50 million for the Portfolio for the fiscal year ending December 31, 2026.

<sup>(3)</sup> The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

**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** |
| AST Bond Portfolio 2037 | $98 | $340 | $601 | $1349 |

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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. No portfolio turnover rate is presented for the Portfolio because it has not completed its first fiscal year of operations.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

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The Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Portfolio's name.

Under normal circumstances, the Portfolio invests approximately 95% of its assets in the AST Target Maturity Central Portfolio (the Central Portfolio) and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Portfolio and the other AST target maturity bond portfolios (i.e., AST Bond Portfolio 2026 – AST Bond Portfolio 2037). The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Portfolio invests in the Central Portfolio. The Portfolio will invest the remaining approximately 5% to manage the applicable target duration for the Portfolio.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central Portfolio's assets, PGIM Fixed Income (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 its 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

The Central Portfolio may also invest up to 10% of its net assets in high-yield debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% of its total assets in bonds (debt securities) issued outside the US by US or foreign issuers, whether or not such securities are denominated in the US dollar. The Central Portfolio may invest in derivatives, such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. The Portfolio is managed to mature on or about the end of the year identified in its name in order to match the related liability under certain living benefit programs. In addition, the Portfolio's duration and weighted average maturity will decline over time as the maturity date approaches. To that end, PGIM Fixed Income and PGIM Limited (collectively, the Portfolio's subadviser) expects to maintain the duration of the Portfolio within +/– 0.50 years of the secondary benchmark index for the Portfolio. The secondary benchmark index for the Portfolio is the Bloomberg Fixed Maturity (2037) Zero Coupon Swaps Index. The primary benchmark index for the Portfolio is the Bloomberg US Aggregate Bond Index. On or about the Portfolio's maturity date, all of the securities held by the Portfolio will be sold and all of the outstanding shares of beneficial interest of the Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the Contract owner's Contract. Accordingly, as the Portfolio nears maturity before the end of the year identified in the Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, while continuing to seek its investment objective.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly

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Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

**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 the Central Portfolio or other 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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to

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purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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

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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.

**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.

**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

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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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2026 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| January 2026 |
|  |  | Gary Wu, CFA | Executive Director | January 2026 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | January 2026 |
|  |  | Tyler Thorn | Managing Director | January 2026 |

---

\*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.

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**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: AST CORE FIXED INCOME PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek to maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified for the Core Fixed Income 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)** |  |
| Management Fees | 0.41% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.02% |
| = Total Annual Portfolio Operating Expenses | 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** |
| AST Core Fixed Income Portfolio | $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 175% 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 debt and fixed income securities, including mortgage and other asset-backed securities, such as collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs), collateralized loan obligations (CLOs) and, other collateralized debt obligations (CDOs). The Portfolio may invest up to 20% of its net assets in debt securities that are rated, at the time of purchase, below investment grade but rated at least B-/ B3 or higher by a nationally rated statistical rating organization (NRSRO). Obligations rated BB+/ Ba1 or lower by a NRSRO, or if unrated, considered by the subadviser to be of comparable quality, are considered to be speculative with respect to their capacity to pay interest and principal and are commonly referred to as high-yield debt securities or junk bonds.

The target dollar weighted average effective duration of the Portfolio is expected to range within 30% of the duration of the domestic bond market as a whole (as measured by the Bloomberg US Aggregate Bond Index). The Portfolio's dollar weighted average effective duration may fall outside of its expected dollar weighted average effective duration

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range due to market movements. If this happens, the Portfolio's subadviser will take action to bring the Portfolio's dollar weighted average effective duration back within its expected dollar weighted average effective duration range within a reasonable period of time. Duration refers to the range within which the dollar weighted average effective duration of the Portfolio is expected to fluctuate. Effective duration measures the expected sensitivity of market price to changes in interest rates, taking into account the effects of structural complexities (for example, some bonds can be prepaid by the issuer). The duration of the Bloomberg US Aggregate Bond Index was approximately 5.76 years as of January 31, 2026.

The Portfolio may invest in other pooled investment vehicles, including other portfolios of the Trust, other open-end or closed-end investment companies, and both active and passive exchange-traded funds (ETFs).

In addition to the Portfolio's investment in those underlying pooled investment vehicles, the Portfolio may also invest its assets in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio.

The Portfolio may invest in derivatives. The Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns. In addition, the Portfolio may also invest up to 25% of its total assets in the securities of non-US issuers and may invest up to 20% of its total assets in non-US dollar denominated securities.

The Portfolio is allocated among four subadvisers: PGIM Fixed Income/PGIM Limited (collectively, PGIM Fixed Income), Wellington Management Company LLP (Wellington Management), and J.P. Morgan Investment Management Inc. Further, the Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in

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high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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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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.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

**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). 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.

*Note: The AST Core Fixed Income Portfolio added a subadviser and changed certain investment strategies, effective September 27, 2024. The performance figures prior to September 27, 2024 for the Portfolio reflect the Portfolio's former investment operations, policies, strategies and subadvisers prior to this date. 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.*

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

![](imgc6036c9c15.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 8.16% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -8.01% | &nbsp;&nbsp; 1st <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** |
| Portfolio | 7.15% | -1.10% | 2.30% |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Rick Babich, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| February 2022 |
|  |  | Jeffrey Peasley | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| May 2024 |
|  | PGIM Fixed Income\*; PGIM Limited | Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| February 2022 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| February 2022 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| &nbsp;&nbsp; Managing Director <br> and Senior Portfolio <br> Manager<br>| September 2023 |
|  |  | Tyler Thorn | Managing Director | September 2023  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  | Wellington Management Company LLP | &nbsp;&nbsp; Joseph F. Marvan, <br> CFA\*\*<br>| &nbsp;&nbsp; Senior Managing <br> Director and Portfolio <br> Manager<br>| February 2022 |
|  |  | Campe Goodman, CFA | &nbsp;&nbsp; Senior Managing <br> Director and Portfolio <br> Manager<br>| February 2022 |
|  |  | Robert D. Burn, CFA | &nbsp;&nbsp; Senior Managing <br> Director and Portfolio <br> Manager<br>| February 2022 |
|  |  | Jeremy Forster | &nbsp;&nbsp; Senior Managing <br> Director and Portfolio <br> Manager<br>| May 2024 |
|  |  | Connor Fitzgerald, CFA | &nbsp;&nbsp; Senior Managing <br> Director and Portfolio <br> Manager<br>| February 2025 |
|  | J.P. Morgan Investment Management Inc. | Richard Figuly | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2024 |
|  |  | Justin Rucker | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2024 |
|  |  | Edward Fitzpatrick | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2024 |
|  |  | Andy Melchiorre | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| September 2024 |

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

\*\*Joseph Marvan will retire from the Portfolio's portfolio management team effective June 30, 2026.

**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: AST GOVERNMENT MONEY MARKET PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek high current income and maintain high levels 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)** |  |
| Management Fees | 0.30% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.03% |
| = Total Annual Portfolio Operating Expenses | 0.58% |

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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** |
| AST Government Money Market Portfolio | $59 | $186 | $324 | $726 |

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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 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.

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 $1.00 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 $1.00. In addition, the income earned by the Portfolio will fluctuate based on market conditions, interest rates and other factors.

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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 $1.00. PGIM Investments LLC and AST Investment Services, Inc. may decide to reimburse certain of these expenses to the Portfolio in order to maintain a positive yield, however they are under no obligation to do so and may cease doing so at any time without prior notice.

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

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. 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.

**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 $1 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.

**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.

**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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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

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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). 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.

**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.

**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.

*Note: Prior to September 12, 2016, the Portfolio operated under the name "AST 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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![](img58da835316.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 1.22% | &nbsp;&nbsp; 4th <br> Quarter <br> 2023<br>| 0.00% | &nbsp;&nbsp; 4th <br> Quarter <br> 2016<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** |
| Portfolio | 3.78% | 2.86% | 1.78% |

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| | |
|:---|:---|
| **7-Day Yield (as of December 31, 2025)** |  |
| Portfolio | 3.22% |
| iMoneyNet's 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 / AST Investment Services, Inc. | PGIM Fixed Income\* |

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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: AST INTERNATIONAL EQUITY PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek 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)**<sup>(1)</sup> <br>|  |
| Management Fees | 0.70% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.06% |
| + Acquired Fund Fees & Expenses | 0.01% |
| = Total Annual Portfolio Operating Expenses | 1.02% |

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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 waiver 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 and Acquired Fund Fees and Expenses, which are not required to be disclosed in the Portfolio's Financial Highlights.

**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** |
| AST International Equity Portfolio | $104 | $325 | $563 | $1248 |

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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 84% 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 equity and equity-related securities of issuers that are economically tied to countries other than the United States. Equity and equity-related securities include, but are not limited to, common stocks, securities convertible or exchangeable for common stock or the cash value of common stock, preferred stocks, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and business development companies, investments in other mutual funds, active and passively managed exchange-traded funds (ETFs), securities of real estate investment trusts (REITs) and income and royalty trusts, structured securities including participation notes (P-Notes) and low exercise price warrants (LEPWs) or other similar securities and American Depositary Receipts (ADRs) and other similar receipts or shares, in both listed and unlisted form.

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The Portfolio has the flexibility to invest on a worldwide basis in companies and organizations of any size, regardless of country of organization or place of principal business activity. The Portfolio normally invests primarily in securities of issuers from at least five different countries, which may include countries with emerging markets, excluding the United States. Although the Portfolio intends to invest at least 80% of its assets in the securities of issuers economically tied to countries other than the United States, it may at times invest in US issuers.

The Portfolio is allocated among five subadvisers: J.P. Morgan Investment Management Inc. (J.P. Morgan), Jennison Associates LLC (Jennison), Massachusetts Financial Services Company (MFS), PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions) and Putnam Investment Management, LLC (Putnam). Further, the Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.

**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.

**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.

**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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**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 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.

**Participation Notes (P-Notes) Risk**. The Portfolio may gain exposure to securities traded in foreign markets through P-notes. In addition to risks similar to those associated with a direct investment in the underlying security, such as foreign investment risk, the holder of a P-note is not entitled to the same rights as an underlying security's direct owner and P-notes are considered general unsecured contractual obligations and are subject to counterparty credit risks.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

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**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 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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

**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). 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.

**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

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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.

**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.

*Note: The AST International Equity Portfolio replaced a subadviser and changed certain investment strategies, effective January 13, 2025. The performance figures prior to January 13, 2025 for the Portfolio reflect the Portfolio's former investment operations, policies, strategies and subadvisers prior to this date. 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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![](img176ede6e17.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 25.10% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -18.33% | &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** |
| Portfolio | 32.84% | 5.76% | 10.00% |
| **Index** | **Index** | **Index** | **Index** |
| MSCI EAFE Index (GD) (reflects no deduction for fees, expenses or taxes) | 31.89% | 9.47% | 8.72% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Rick Babich, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| December 2021 |
|  |  | Jeffrey Peasley | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| December 2021 |
|  | Massachusetts Financial Services Company | Jed Stocks, CFA | Investment Officer | March 2023 |
|  |  | Nathan Bryant, CFA | &nbsp;&nbsp; Portfolio Manager and <br> Investment Officer<br>| January 2026 |
|  |  | Jim Fallon | Investment Officer | March 2023 |
|  |  | Matt Krummell, CFA\* | Investment Officer | March 2023 |
|  |  | Jonathan Sage, CFA | Investment Officer | March 2023 |
|  |  | Jenney Zhang, CFA | &nbsp;&nbsp; Portfolio Manager and <br> Investment Officer<br>| January 2026 |
|  | PGIM Quantitative Solutions LLC | Wen Jin, PhD, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| March 2023 |
|  |  | Ken D'Souza, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| March 2023 |
|  |  | Stacie L. Mintz, CFA | &nbsp;&nbsp; Managing Director <br> and Head of <br> Quantitative Equity<br>| March 2023 |
|  | J.P. Morgan Investment Management Inc. | Tom Murray | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| March 2023 |
|  |  | James Sutton | &nbsp;&nbsp; Executive Director, <br> Portfolio Manager<br>| March 2023 |
|  |  | Zenah Shuhaiber | &nbsp;&nbsp; Executive Director, <br> Portfolio Manager<br>| March 2023 |
|  | Jennison Associates LLC | Mark B. Baribeau, CFA | &nbsp;&nbsp; Managing Director & <br> Head of Global Equity<br>| May 2012 |
|  |  | Thomas F. Davis | Managing Director | May 2012 |
|  | Putnam Investment Management, LLC | Darren Jaroch, CFA | Portfolio Manager | January 2025 |
|  |  | Lauren DeMore, CFA | Portfolio Manager | January 2025 |

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\*Matt Krummell has announced his intention to retire from Massachusetts Financial Services Company effective April 7, 2027, and he will no longer be a portfolio manager of the Portfolio as of that date.

**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

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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: AST INVESTMENT GRADE BOND PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek to maximize total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and 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)** |  |
| Management Fees | 0.47% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.01% |
| = Total Annual Portfolio Operating Expenses | 0.73% |
| - Fee Waiver and/or Expense Reimbursement | (0.04)% |
| = Total Annual Portfolio Operating Expenses after Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> <br>| 0.69% |

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<sup>(1)</sup> The Distributor has contractually agreed to waive a portion of its distribution and service (12b-1) fee. The waiver provides for a reduction in the distribution and service fee based on the average daily net assets of the Portfolio. This contractual waiver does not have an expiration or termination date, and may not be modified or discontinued.

**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** |
| AST Investment Grade Bond Portfolio | $70 | $229 | $402 | $903 |

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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 105% 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 investment grade bonds. For purposes of this 80% policy, investment grade bonds include: (i) all debt securities and all fixed income securities, excluding preferred stock, issued by both government and non-government issuers and rated BBB- or higher by S&P Global Ratings (S&P), or Baa3 or higher by Moody's Investors Service, Inc. (Moody's) or the equivalent by another nationally recognized statistical rating organization (NRSRO), or if unrated, are considered by the Portfolio's subadviser, PGIM Fixed Income, to be of comparable quality; and (ii) all derivatives and synthetic instruments that have economic characteristics that are similar to such debt securities and such fixed income securities.

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In managing 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. 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.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A– or better for the Portfolio. This target overall credit quality for the Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A– due to downgrades of individual portfolio securities, the Portfolio's subadviser will take appropriate action based upon the relevant facts and circumstances.

Although the Portfolio may invest in individual bonds of any maturity, PGIM Fixed Income expects to maintain the Portfolio's duration within +/- 0.50 years of its primary benchmark index (i.e., the Bloomberg US 5-10 Year Government/Credit Bond Index) As of December 31, 2025, the duration of the Bloomberg US 5-10 Year Government/Credit Bond Index was approximately 6.01 years.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

The Portfolio may invest, without limitation, its assets in the AST PGIM Fixed Income Central Portfolio and the AST J.P. Morgan Fixed Income Central Portfolio (the Central Portfolios). The Central Portfolios are each a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The AST PGIM Fixed Income Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. The AST J.P. Morgan Fixed Income Central Portfolio normally invests at least 80% of their assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy those securities directly, the Portfolio may invest in the Central Portfolios.

**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 the Central Portfolios or other 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

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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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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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**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.

**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.

**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.

**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

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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.

**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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

**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). 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.

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

![](imgf448b3ff18.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 7.01% | &nbsp;&nbsp; 4th <br> Quarter <br> 2023<br>| -6.65% | &nbsp;&nbsp; 1st <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** |
| Portfolio | 8.57% | -0.12% | 3.39% |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg US 5-10 Year Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) | 8.76% | -0.15% | 2.55% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens  | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| June 2022 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA <br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| June 2022  |
|  | &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Richard Piccirillo | &nbsp;&nbsp; Managing Director <br> and co-head of PGIM <br> Multi-Sector Team<br>| January 2008 |
|  |  | Gregory Peters | &nbsp;&nbsp; Co-Chief Investment <br> Officer<br>| August 2019 |
|  |  | Gary Wu, CFA | Executive Director | April 2025 |
|  |  | &nbsp;&nbsp; Matthew Angelucci, <br> CFA<br>| Managing Director | September 2023 |
|  |  | Tyler Thorn | Managing Director | 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.

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**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: AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek capital appreciation consistent with its specified level of risk tolerance.

**PORTFOLIO FEES AND EXPENSES**

The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

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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>|  |
| Management Fees | 0.68% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.03% |
| + Acquired Fund Fees & Expenses | 0.15% |
| = Total Annual Portfolio Operating Expenses | 1.11% |
| - Fee Waiver and/or Expense Reimbursement | (0.15)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| 0.96% |

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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 waiver 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.

<sup>(2)</sup> The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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 Year** | **10 Years** |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | $98 | $338 | $597 | $1338 |

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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 72% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio utilizes a variety of diversifying asset classes and investment styles. Under normal circumstances, the Portfolio will maintain a strategic allocation of approximately 85% of net assets in global equity securities and approximately 15% of net assets in fixed income securities. Depending on market conditions, the global equity exposure may range between 75-95% of net assets, and the fixed income allocation may range between 5-25% of net assets. The subadviser may utilize derivatives to manage the duration of the Portfolio; these positions are not considered part of the Portfolio's fixed income allocation.

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The Portfolio may invest in a wide range of asset classes, including US and non-US fixed income, high yield bonds, convertible bonds, emerging markets bonds, US and non-US equities, emerging markets equities, and real estate investment trusts (REITs) domiciled in and outside of the US. The allocation to these asset classes will vary depending on the tactical views of the Portfolio's subadviser, J.P. Morgan Investment Management Inc ("JPMorgan").

The Portfolio's allocation to global equity, fixed income, and currency markets may be obtained through (i) the purchase of "physical securities" (e.g., common stocks or bonds); (ii) the use of derivative instruments including but not limited to options and futures contracts on securities and indices, swaps (including credit derivatives), forwards (deliverable and non-deliverable), and other futures contracts and options to provide exposure to equity and fixed income asset classes (iii) the purchase of underlying exchange-traded funds (ETFs), including ETFs sponsored by J.P. Morgan.

The Portfolio's strategic asset allocation is designed to account for the liquidity needs of the Portfolio throughout market cycles. The liquidity profile of the Portfolio may cause temporary deviations from the strategic asset allocation due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

The Portfolio may invest, without limitation, its assets in the AST J.P. Morgan Fixed Income Central Portfolio (the J.P. Morgan Central Portfolio). The J.P. Morgan Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The J.P. Morgan Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy intermediate and long-term debt obligations and high-quality money market instruments directly, the Portfolio may invest in the J.P. Morgan Central 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 the J.P. Morgan Central Portfolio or other 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.

**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.

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**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.

**Asset Allocation Risk.** The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**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.

**Asset Transfer Program Risk.** Pre-determined, non-discretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the participating insurance companies' variable annuity contracts may result in systematic transfers of assets among the investment options under the contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which, in certain instances, may result in relatively low asset levels and relatively high operating expense ratios for the Portfolio. These formulas may also adversely affect the Portfolio's returns by requiring the purchase or sale of securities at inopportune times and by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies.

**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.

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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.

**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.

**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.

**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.

**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 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

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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.

**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.

**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 Allocation Risk**. The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

**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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**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.

**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.

**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.

**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.

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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). 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.

The table also demonstrates how the Portfolio's average annual returns compare to the returns of a custom blended index which consists of the MSCI World Index (ND) (85%) and Bloomberg US Aggregate Bond Index (15%).

*Note: The J.P. Morgan Aggressive Multi-Asset Portfolio added and removed a subadviser and changed certain investment strategies, effective November 14, 2024. The performance figures prior to November 14, 2024 for the Portfolio reflect the investment performance, investment operations, investment policies, and investment strategies of former subadvisers, and are not representative of the Portfolio's current subadviser and the Portfolio's predicted performance.*

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![](imgecd4a49419.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 18.74% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -21.15% | &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** |
| Portfolio | 14.03% | 7.43% | 9.06% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio Custom Blended Index (reflects no deduction for fees, expenses or <br> taxes)<br>| 18.99% | 10.27% | 10.71% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>| J.P. Morgan Investment Management Inc. | Navdeep Saini | Portfolio Manager | November 2024 |
|  |  | Morgan Moriarty, CFA | Portfolio Manager | November 2024  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Gary Herbert, CFA | Portfolio Manager | November 2024 |

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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: AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek to maximize return compared to the benchmark through security selection and tactical asset allocation.

**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>|  |
| Management Fees | 0.69% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.02% |
| + Acquired Fund Fees & Expenses | 0.13% |
| = Total Annual Portfolio Operating Expenses | 1.09% |
| - Fee Waiver and/or Expense Reimbursement | (0.17)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| 0.92% |

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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 waiver 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.

<sup>(2)</sup> The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. In addition, the Manager has contractually agreed to waive 0.055% of its investment management fee through June 30, 2027. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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 Year** | **5 Years** | **10 Years** |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | $94 | $330 | $584 | $1313 |

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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 21% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio utilizes a variety of diversifying asset classes and investment styles. Under normal circumstances, the Portfolio will maintain a strategic allocation of approximately 40% of net assets in global equity securities and approximately 60% of net assets in fixed income securities. Depending on market conditions, the global equity exposure may range between 30-50% of net assets, and the fixed income allocation may range between 50-70% of net assets. Fixed income derivatives may also be utilized for duration management and are not considered to have a notional market value and therefore are not included within the fixed income allocation ranges.

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The Portfolio may invest in a wide range of asset classes, including US and non-US fixed income, high yield bonds, convertible bonds, emerging markets bonds, US and non-US equities, emerging markets equities, and real estate investment trusts (REITs) domiciled in and outside of the US. The allocation to these asset classes will vary depending on the tactical views of the Portfolio's subadviser, J.P. Morgan Investment Management Inc. ("J.P. Morgan").

The Portfolio's allocation to global equity, fixed income, and currency markets may be obtained through (i) the purchase of "physical securities" (e.g., common stocks, or bonds); (ii) the use of derivative instruments including but not limited to options and futures contracts on securities and indices, swaps (including credit derivatives), forwards (deliverable and non-deliverable), and other futures contracts and options to provide liquid exposures to applicable equity and fixed income benchmarks (iii) the purchase of underlying exchange-traded funds (ETFs), including ETFs sponsored by J.P. Morgan.

While the Portfolio is expected to remain within the strategic allocation ranges described above, the Portfolio may temporarily deviate from the strategic allocation above to manage the Portfolio's liquidity to meet redemptions or other aspects of the Portfolio's investment process.

The Portfolio may invest, without limitation, its assets in the AST J.P. Morgan Fixed Income Central Portfolio (the J.P. Morgan Central Portfolio). The J.P. Morgan Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The J.P. Morgan Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy intermediate and long-term debt obligations and high-quality money market instruments directly, the Portfolio may invest in the J.P. Morgan Central 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 the J.P. Morgan Central Portfolio or other 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.

**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

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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 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.

**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.

**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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**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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,

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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.

**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.

**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 Custody Risk.** If a Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio's custodian (each, a Subcustodian). Some foreign Subcustodians may be recently organized or new to the foreign custody business. In some countries, Subcustodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Portfolio's ability to recover its assets if a Subcustodian enters bankruptcy or if other disputes or proceedings arise related to a Portfolio's assets. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries and a Portfolio may be limited in its ability to enforce contractual rights or obligations.

**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 Allocation Risk**. The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

**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.

**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.

**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.

**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.

**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). 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.

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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.

The table also demonstrates how the Portfolio's average annual returns compare to the returns of a custom blended index which consists of the Bloomberg US Aggregate Bond Index (60%) and the MSCI World Index (GD) (40%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

*Note: The AST J.P. Morgan Conservative Multi-Asset Portfolio changed its name and certain investment strategies, effective November 14, 2024. The performance figures prior to November 14, 2024 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.*

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![](img6cece55f20.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 11.28% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -13.04% | &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** |
| Portfolio | 10.37% | 3.31% | 5.19% |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% |
| AST J.P. Morgan Conservative Multi-Asset Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 12.94% | 4.82% | 6.41% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc<br>| J.P. Morgan Investment Management Inc. | Navdeep Saini | Vice President | May 2023 |
|  |  | &nbsp;&nbsp; Morgan M. Moriarty, <br> CFA<br>| Executive Director | November 2019 |
|  |  | Gary Herbert, CFA | Managing Director | April 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: AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek capital appreciation consistent with its specified level of risk tolerance.

**PORTFOLIO FEES AND EXPENSES**

The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

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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>|  |
| Management Fees | 0.69% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.02% |
| + Acquired Fund Fees & Expenses | 0.19% |
| = Total Annual Portfolio Operating Expenses | 1.15% |
| - Fee Waiver and/or Expense Reimbursement | (0.18)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.97% |

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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 waiver 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.

<sup>(2)</sup> The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | $99 | $348 | $616 | $1381 |

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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 35% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio utilizes a variety of diversifying asset classes and investment styles. Under normal circumstances, the Portfolio will maintain a strategic allocation of approximately 65% of net assets in global equity securities and approximately 35% of net assets in fixed income securities. Depending on market conditions, the global equity exposure may range between 55-75% of net assets and fixed income allocation may range between 25-45% of net assets. The subadviser may utilize derivatives to manage the duration of the Portfolio; these positions are not considered part of the Portfolio's fixed income allocation.

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The Portfolio may invest in a wide range of asset classes, including US and non-US fixed income, high yield bonds, convertible bonds, emerging markets bonds, US and non-US equities, emerging markets equities, and real estate investment trusts (REITs) domiciled in and outside of the US. The allocation to these asset classes will vary depending on the tactical views of the Portfolio's subadviser, J.P. Morgan Investment Management Inc ("J.P. Morgan").

The Portfolio's allocation to global equity, fixed income, and currency markets may be obtained through (i) the purchase of "physical securities" (e.g., common stocks or bonds); (ii) the use of derivative instruments including but not limited to options and futures securities and indices, swaps (including credit derivatives), forwards (deliverable and non-deliverable), and other futures contracts and options to provide liquid exposure to applicable equity and fixed income benchmarks (iii) the purchase of underlying exchange-traded funds (ETFs), including ETFs sponsored by J.P. Morgan. In implementing its asset allocation strategy, the Portfolio allocates assets to various underlying investment sleeves or implementation vehicles.

While the Portfolio is expected to remain within the strategic allocation ranges described above, the Portfolio may temporarily deviate from the strategic allocation above to manage the Portfolio's liquidity to meet redemptions or other aspects of the Portfolio's investment process.

The Portfolio may invest, without limitation, its assets in the AST J.P. Morgan Fixed Income Central Portfolio (the J.P. Morgan Central Portfolio). The J.P. Morgan Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The J.P. Morgan Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy intermediate and long-term debt obligations and high-quality money market instruments directly, the Portfolio may invest in the J.P. Morgan Central 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 the J.P. Morgan Central Portfolio or other 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.

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**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.

**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 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.

**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.

**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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**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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

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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.

**Commodity Risk**. The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

**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.

**Foreign Custody Risk.** If a Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio's custodian (each, a Subcustodian). Some foreign Subcustodians may be recently organized or new to the foreign custody business. In some countries, Subcustodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Portfolio's ability to recover its assets if a Subcustodian enters bankruptcy or if other disputes or proceedings arise related to a Portfolio's assets. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries and a Portfolio may be limited in its ability to enforce contractual rights or obligations.

**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.

**Liquidity Allocation Risk**. The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

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**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.

**Participation Notes (P-Notes) Risk**. The Portfolio may gain exposure to securities traded in foreign markets through P-notes. In addition to risks similar to those associated with a direct investment in the underlying security, such as foreign investment risk, the holder of a P-note is not entitled to the same rights as an underlying security's direct owner and P-notes are considered general unsecured contractual obligations and are subject to counterparty credit risks.

**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.

**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.

**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.

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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). 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.

The table also demonstrates how the Portfolio's average annual returns compare to the returns of a custom blended index which consists of the MSCI World Index (ND) (65%) and Bloomberg US Aggregate Bond Index (35%).

*Note: The J.P. Morgan Moderate Multi-Asset Portfolio changed certain investment strategies, effective November 14, 2024. The performance figures prior to November 14, 2024 for the Portfolio reflect the investment performance, investment operations, and investment strategies of the former strategy, and are not representative of the Portfolio's current strategy and the Portfolio's predicted performance.*

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![](img0a9be80b21.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 14.44% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -18.10% | &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** |
| Portfolio | 12.53% | 5.61% | 7.30% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST J.P. Morgan Moderate Multi-Asset Portfolio Custom Blended Index (reflects no deduction for fees, expenses or <br> taxes)<br>| 16.21% | 7.76% | 8.73% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>| J.P. Morgan Investment Management Inc. | Navdeep Saini | Vice President | May 2023 |
|  |  | &nbsp;&nbsp; Morgan M. Moriarty, <br> CFA<br>| Executive Director | November 2019  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Gary Herbert, CFA | Managing Director | April 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: AST LARGE-CAP EQUITY PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek long-term 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)** |  |
| Management Fees | 0.56% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.03% |
| = Total Annual Portfolio Operating Expenses | 0.84% |

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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** |
| AST Large-Cap Equity Portfolio | $86 | $268 | $466 | $1037 |

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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 73% 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 equity and equity-related securities of large capitalization companies.

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. For purposes of the Portfolio, a large-cap company is a company with a market capitalization in the range of companies in the S&P 500 Index (between $6.4 billion and $4.6 trillion as of January 31, 2026).

The Portfolio is allocated among four subadvisers: J.P. Morgan Investment Management Inc. (J.P. Morgan), PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), ClearBridge Investments, LLC (ClearBridge) and Dimensional Fund Advisors LP (Dimensional). Further, the Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.

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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.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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

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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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

**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). 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.

**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.

**Growth Risk**. Because the Portfolio normally invests primarily in stocks of growth companies, it is subject to the risk of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the market as a whole.

**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.

**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.

**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.

**Value Style Risk.** Value style investing attempts to identify companies that are believed to be undervalued. Value stocks typically have prices that are low relative to factors such as the company's earnings, cash flow or dividends. Since the Portfolio may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value 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 at all or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value investing style may perform better or worse than equity portfolios that focus on growth stocks or that have a broader investment style.

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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.

*Note: The AST Large-Cap Equity Portfolio replaced subadvisers and changed certain investment strategies, effective January 27, 2025. The performance figures prior to January 27, 2025 for the Portfolio reflect the Portfolio's former investment operations, policies, strategies and subadvisers prior to this date. 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.*

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

![](img96652b5a22.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 19.56% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -22.43% | &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** |
| Portfolio | 14.88% | 13.25% | 12.47% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Rick Babich, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| December 2021 |
|  |  | Jeffrey Peasley | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| December 2021 |
|  | PGIM Quantitative Solutions LLC | Stacie L. Mintz, CFA | &nbsp;&nbsp; Managing Director, <br> Head Quantitative <br> Equity team, Portfolio <br> Manager<br>| April 2013 |
|  |  | Devang Gambhirwala | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| April 2013 |
|  | J.P. Morgan Investment Management, Inc. | Scott Davis | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| April 2020  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Shilpee Raina | &nbsp;&nbsp; Portfolio Manager, <br> Executive Director<br>| November 2021 |
|  | ClearBridge Investments, LLC | Michael A. Kagan | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| January 2025 |
|  |  | Stephen Rigo, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| January 2025 |
|  | Dimensional Fund Advisors LP | John A. Hertzer | &nbsp;&nbsp; Vice President and <br> Senior Portfolio <br> Manager<br>| January 2025 |
|  |  | Jed S. Fogdall | &nbsp;&nbsp; Global Head of <br> Portfolio Management <br> and Vice President<br>| January 2025 |
|  |  | Allen Pu | &nbsp;&nbsp; Deputy Head of <br> Portfolio Management, <br> North America, and <br> Vice President<br>| January 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: AST LARGE-CAP GROWTH PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek 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)**<sup>(1)</sup> <br>|  |
| Management Fees | 0.60% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.01% |
| + Acquired Fund Fees & Expenses | 0.01% |
| = Total Annual Portfolio Operating Expenses | 0.87% |

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<sup>(1)</sup> 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 Acquired Fund Fees and Expenses, which are not required to be disclosed in the Portfolio's Financial Highlights.

**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** |
| AST Large-Cap Growth Portfolio | $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 30% 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 equity and equity-related securities of large capitalization companies.

Large companies are defined as those companies with market capitalizations (measured at the time of purchase) within the market capitalization of the Russell 1000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Index had a median market capitalization of approximately $310 billion as of January 31, 2026, and the largest company by market capitalization was approximately $4.6 trillion as of that date. The size of the companies in the Russell 1000<sup>®</sup> Index will change with market conditions. The Portfolio will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization falls below this level.

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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, real estate investment trusts (REITs), futures contracts and other derivative instruments whose value is based on common stock, such as rights, warrants or options to purchase common stock.

The Portfolio's subadvisers generally look for companies that they believe will provide an above-average rate of earnings and cash flow growth and which have a lucrative niche in the economy that gives them the ability to sustain earnings momentum even during times of slow economic growth. In pursuing its investment objective, the Portfolio has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the Subadvisers believe may provide an opportunity for substantial appreciation. These situations might arise when the Subadvisers believe a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management. The Portfolio may at times invest significantly in certain sectors, such as the technology sector.

The Portfolio is allocated among five subadvisers: ClearBridge Investments, LLC, Jennison Associates LLC, J.P. Morgan Investment Management Inc., Putnam Investment Management, LLC, and T. Rowe Price Associates, Inc. Further, the Strategic Investment Research Group (SIRG) of the Manager determines the allocation among the subadvisers and other investment companies, including ETFs, based on its analysis, taking into account market conditions, risks and other factors.

**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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting

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the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**Growth Risk**. Because the Portfolio normally invests primarily in stocks of growth companies, it is subject to the risk of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the market as a whole.

**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.

**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.

**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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**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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

**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). 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.

**Technology Sector Risk.** The value of Portfolio shares may be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may fluctuate more than that of a portfolio that does not concentrate in companies in the technology sector.

**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.

*Note: The Portfolio added and removed a subadviser and changed certain investment strategies, effective December 16, 2024. The performance figures prior to December 16, 2024 for the Portfolio reflect the investment performance, investment operations, investment policies, and investment strategies of former subadvisers, and it is not representative of the Portfolio's current subadviser and the Portfolio's predicted performance.* 

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

![](imgf25c9da423.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 29.24% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -22.84% | &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** |
| Portfolio | 17.06% | 11.35% | 16.27% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) | 18.56% | 15.32% | 18.13% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Manager** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Rick Babich, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| June 2022 |
|  |  | Jeffrey Peasley | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| June 2022 |
|  | ClearBridge Investments, LLC | Margaret Vitrano | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| June 2022 |
|  |  | Erica Furfaro | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| December 2024 |
|  | Jennison Associates LLC | Blair A. Boyer | &nbsp;&nbsp; Managing Director, <br> Co-Head of Growth <br> Equity and Large Cap <br> Growth Equity Portfolio <br> Manager<br>| June 2022 |
|  |  | Michael A. Del Balso | &nbsp;&nbsp; Managing Director <br> and Large Cap Growth <br> Equity Portfolio <br> Manager<br>| June 2022 |
|  |  | Owuraka Koney, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| July 2025 |
|  |  | Natasha Kuhlkin, CFA | &nbsp;&nbsp; Managing Director, <br> Co-Head of Growth <br> Equity and Large Cap <br> Growth Equity Portfolio <br> Manager<br>| June 2022 |
|  | T. Rowe Price Associates, Inc. | Jon Michael Friar | Portfolio Manager | January 2025 |
|  | J.P. Morgan Investment Management Inc. | Wonseok Choi | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| December 2024 |
|  |  | Ellen Sun | &nbsp;&nbsp; Vice President and <br> Portfolio Manager<br>| December 2024  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Manager** | **Title** | **Service Date** |
|  |  | Grace Liu | &nbsp;&nbsp; Vice President and <br> Portfolio Manager<br>| December 2024 |
|  | Putnam Investment Management, LLC | Richard Bodzy | Portfolio Manager | December 2024 |
|  |  | Greg McCullough, CFA | Portfolio Manager | December 2024 |

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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: AST LARGE-CAP VALUE PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek current income and long-term growth of income, as well as 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>|  |
| Management Fees | 0.54% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.02% |
| = Total Annual Portfolio Operating Expenses | 0.81% |

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

**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** |
| AST Large-Cap Value Portfolio | $83 | $259 | $450 | $1002 |

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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 44% 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 equity and equity-related securities of large capitalization companies.

Large capitalization companies are generally those that have market capitalizations, at the time of purchase, within the market capitalization range of the Russell 1000® Index. The Russell 1000® Index had a median market capitalization of approximately $310 billion as of January 31, 2026, and the largest company by market capitalization was approximately $4.6 trillion as of that date. The size of the companies in the Russell 1000® Index will change with market conditions. The Portfolio will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization falls below this level.

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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.

The Portfolio may also invest up to 20% of its total assets in foreign securities.

The Portfolio is allocated among five subadvisers: ClearBridge Investments, LLC, Dimensional Fund Advisors LP, Hotchkis and Wiley Capital Management, LLC, J.P. Morgan Investment Management Inc., and Putnam Investment Management, LLC. Further, the Strategic Investment Research Group (SIRG) of the Manager determines the allocation among the subadvisers and other investment companies, including ETFs, based on its analysis, taking into account market conditions, risks and other factors.

**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.

**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 Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting

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the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**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.

**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.

**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.

**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

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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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

**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). 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.

**Value Style Risk.** Value style investing attempts to identify companies that are believed to be undervalued. Value stocks typically have prices that are low relative to factors such as the company's earnings, cash flow or dividends. Since the Portfolio may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value 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 at all or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value investing style may perform better or worse than equity portfolios that focus on growth stocks or that have a broader investment style.

**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.

*Note: The Portfolio added and removed subadvisers and changed certain investment strategies, effective December 16, 2024. The performance figures prior to December 16, 2024, for the Portfolio reflect the investment performance, investment operations, investment policies, and investment strategies of former subadvisers, and it is not representative of the Portfolio's current subadvisers and the Portfolio's predicted performance.*

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

![](img3a216ea824.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 29.52% | &nbsp;&nbsp; 4th <br> Quarter <br> 2020<br>| -36.55% | &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** |
| Portfolio | 16.05% | 12.97% | 11.35% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) | 15.91% | 11.33% | 10.53% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Rick Babich, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| February 2022 |
|  |  | Jeffrey Peasley | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| February 2022 |
|  | Hotchkis and Wiley Capital Management, LLC | George Davis | &nbsp;&nbsp; Principal, Portfolio <br> Manager and <br> Executive Chairman<br>| April 2004 |
|  |  | Doug Campbell | Portfolio Manager | July 2024 |
|  |  | Scott McBride | &nbsp;&nbsp; Chief Executive Officer <br> and Portfolio Manager<br>| April 2004 |
|  |  | Patricia McKenna\* | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>| April 2004 |
|  | ClearBridge Investments, LLC | Dmitry Khaykin | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| December 2024 |
|  |  | Deepon Nag | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| December 2024 |
|  | Dimensional Fund Advisors LP | John Hertzer | &nbsp;&nbsp; Senior Portfolio <br> Manager and Vice <br> President<br>| December 2024 |
|  |  | Jed Fogdall | &nbsp;&nbsp; Global Head of <br> Portfolio Management <br> and Vice President<br>| December 2024 |
|  |  | Allen Pu | &nbsp;&nbsp; Deputy Head of <br> Portfolio Management <br> North America and <br> Vice President<br>| December 2024 |
|  | J.P. Morgan Investment Management Inc. | Scott Blasdell | &nbsp;&nbsp; Portfolio Manager and <br> Managing Director<br>| December 2024 |
|  |  | John Piccard | &nbsp;&nbsp; Portfolio Manager and <br> Executive Director<br>| December 2024 |
|  | Putnam Investment Management, LLC | Darren Jaroch, CFA | Portfolio Manager | December 2024 |
|  |  | Lauren DeMore, CFA | Portfolio Manager | December 2024 |

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\*Patricia McKenna has announced her intention to retire from Hotchkis and Wiley Capital Management, LLC effective August 1, 2026, and she will no longer be a portfolio manager of the Portfolio as of that date.

**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: AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek long-term 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>  | **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**<sup>(1)</sup>  |
| Management Fees | 0.76% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.04% |
| + Acquired Fund Fees & Expenses | 0.13% |
| = Total Annual Portfolio Operating Expenses | 1.18% |
| - Fee Waiver and/or Expense Reimbursement | (0.05)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| 1.13% |

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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 waiver 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.

<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 1.13% of the Portfolio's average daily net assets through June 30, 2027. 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. The Manager and the Distributor have also 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 portfolios/funds. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST Multi-Asset Diversified Plus Portfolio | $115 | $370 | $644 | $1427 |

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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.** 

The Portfolio invests in both traditional and non-traditional investment strategies. The Portfolio's asset allocation generally provides for an allotment of approximately 40% of Portfolio assets to a combination of domestic and international equity strategies, an allotment of approximately 20% of Portfolio assets to a combination of US fixed

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income, hedged international bond, and real return strategies, and an allotment of approximately 40% allocation to non-traditional strategies, including, but not limited to, real estate, commodities-related, Treasury Inflation-Protected Securities (TIPS), global macro, tactical currency and other liquid alternative strategies.

The Portfolio's assets are allocated to traditional asset classes and investment strategies, and approximately 40% of the Portfolio's assets are allocated to non-traditional asset classes and investment strategies. The traditional asset classes include US and foreign equity and fixed income securities. The non-traditional asset classes include real estate, commodities-related, and may from time to time include long/short market neutral, global macro, hedge fund replication, and global tactical asset allocation strategies. The Portfolio gains exposure to these traditional and non-traditional asset classes and investment strategies by investing in varying combinations of: (i) other pooled investment vehicles, including, other portfolios of the Trust, other open-end or closed-end investment companies, ETFs, unit investment trusts, and domestic or foreign private investment pools (collectively referred to as underlying portfolios); (ii) securities such as common stocks, preferred stocks, bonds, bond and interest rate futures, options on bonds, options on bond and interest rate futures, interest rate options, interest rate swaps, credit default swaps (on individual securities and/or baskets of securities), commodity and commodity index futures, options (including options on credit default swaps), other futures, swaps and options (including on equities and equity indices), forwards, options on swaps, options on forwards and mortgage-backed securities; and (iii) certain financial and derivative instruments. Strategic Portfolio asset allocations are based on: (i) forward-looking assessments of global macroeconomic, market, financial, currency, security valuation, and other factors; and (ii) quantitative and qualitative evaluations of the risks associated with investments in the relevant investment categories and strategies.

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

Included in the directly managed portion is an overlay strategy for liquidity and asset allocation purposes. The Portfolio allocates approximately 15-25% of its net assets to the overlay strategy, which is employed through an overlay sleeve. The overlay strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The overlay strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The overlay strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity, fixed income, real estate and commodity benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The overlay strategy may also invest in ETFs for additional exposure to relevant markets. The overlay strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

**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 the PGIM Central Portfolio or other 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.

**Asset Allocation Risk.** The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**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.

**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.

**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.

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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.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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

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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.

**Commodity Risk**. The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

**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.

**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 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

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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.

**Exchange-Traded Notes (ETN) Risk.** Because exchange-traded notes ETNs are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Portfolio to the risk that an ETN's issuer may be unable to pay or fulfill its contractual obligations. In addition, the Portfolio will bear its proportionate share of the fees and expenses of the ETN, which may cause the Portfolio's operating expenses to be higher and its performance to be lower.

**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.

**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.

**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 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.

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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.

**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.

**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.

**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). 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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**Restricted Securities Risk.** The Portfolio may invest in restricted securities. Restricted securities are subject to legal and contractual restrictions on resale. Restricted securities are not traded on established markets and may be classified as illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Portfolio.

**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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 average annual returns compare to the returns of a custom blended index which consists of the Russell 3000 Index (20%), MSCI EAFE Index (GD) (20%), Bloomberg US Aggregate Bond Index (20%), ICE BofA US 3-Month Treasury Bill Index (15%), Wilshire US REIT Index (9%), Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index (8%) and Bloomberg Commodity Index (8%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

*Note: The AST Multi-Asset Diversified Plus Portfolio added and removed subadvisers and changed certain investment strategies, effective July 12, 2021. The performance figures prior to July 12, 2021, for the Portfolio reflect the Portfolio's former investment operations, policies, strategies and subadvisers prior to this date. 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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![](img08d12b1325.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 10.59% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -16.81% | &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** |
| Portfolio | 13.55% | 5.58% | 5.73% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST Multi-Asset Diversified Plus Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 13.75% | 6.73% | 6.82% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| July 2008 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2012 |
|  |  | &nbsp;&nbsp; Saleem Z. Banatwala, <br> CFA<br>| &nbsp;&nbsp; Director and Portfolio <br> Manager, Strategic <br> Investment Research <br> Group<br>| February 2021 |
|  |  | Todd L. Kerin | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| October 2024 |
|  | 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 |
|  |  | Rory Cummings, CFA | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| September 2018 |
|  |  | Marco Aiolfi, PhD  | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> and Portfolio Manager<br>| August 2022 |
|  |  | &nbsp;&nbsp; Edward J. Tostanoski, <br> III, CFA<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager <br>| August 2022 |
|  | Jennison Associates LLC |  |  | July 2008 |
|  | J.P. Morgan Investment Management Inc. |  |  | June 2021 |
|  | PGIM Fixed Income\* |  |  | June 2021 |
|  | PGIM Real Estate\*\* |  |  | June 2021 |
|  | Putnam Investment Management, LLC |  |  | December 2024 |

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\*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 sub-subadviser to the Portfolio.

\*\*PGIM Real Estate, an investment group of PGIM, Inc.

**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.

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**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: AST MULTI-ASSET DIVERSIFIED PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek a high level of absolute return by using traditional and non-traditional investment strategies and by investing in domestic and foreign equity and fixed income securities, derivative instruments and other investment companies.

**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>|  |
| Management Fees | 0.61% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.03% |
| + Acquired Fund Fees & Expenses | 0.12% |
| = Total Annual Portfolio Operating Expenses | 1.01% |
| - Fee Waiver and/or Expense Reimbursement | (0.11)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.90% |

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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 waiver 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.

<sup>(2)</sup> The Manager has contractually agreed to waive 0.05% of its investment management fee through June 30, 2027. In addition, the Manager and the Distributor have also 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 portfolios/funds. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST Multi-Asset Diversified Portfolio | $92 | $311 | $547 | $1226 |

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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 73% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio's asset allocation generally provides for an allotment of approximately 60% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately 40% of Portfolio assets to a combination of US fixed income, hedged international bond, real return, and other non-traditional investment strategies, including real estate and commodities. The Portfolio is subadvised by PGIM Quantitative

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Solutions LLC (PGIM Quantitative Solutions), which allocates the Portfolio's net assets across different investment categories and different subadvisers. PGIM Quantitative Solutions also directly manages a portion of the Portfolio's assets. Certain investment categories contain sub-categories. The subadviser for a category or sub-category employs a specific investment strategy for that category or sub-category.

PGIM Quantitative Solutions employs a two-tiered approach to allocating Portfolio assets across the various investment categories, sub-categories, and the subadvisers. First, PGIM Quantitative Solutions analyzes the macro-economic landscape, the capital markets, and the related implications for each investment strategy. Second, PGIM Quantitative Solutions draws on its understanding of the strategies used by the other subadvisers to determine which subadvisers are expected to perform best under the prevailing macro-economic landscape. The Portfolio may use derivative instruments to gain exposure to certain traditional and non-traditional investment strategies. The Portfolio may engage in short sales and may invest in fixed income securities that are rated below investment grade by the major ratings services, or, if unrated, considered to be of comparable quality (i.e., "junk bonds"), in connection with these investment strategies.

In managing the Portfolio's assets, portfolio managers use 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, portfolio managers develop views on economic, policy, and market trends by continually evaluating economic data that affect the movement of markets and securities prices. In their bottom-up research, portfolio managers develop 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 issuer's 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.

PGIM Quantitative Solutions directly manages the Portfolio's liquidity strategy. The Portfolio allocates approximately 15-25% of its net assets to the liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy also invests in exchange-traded funds (ETFs) for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles, including, without limitation, open-end or closed-end investment companies, ETFs, and unit investment trusts (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

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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 the PGIM Central Portfolio or other 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.

**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.

**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.

**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

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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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**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.

**Commodity Risk**. The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

**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.

**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.

**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.

**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.

**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.

**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.

**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.

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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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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 average annual returns compare to the returns of a custom blended index which consists of the Russell 3000 Index (40%), MSCI EAFE Index (GD) (20%), Bloomberg US Aggregate Bond Index (25%), Wilshire US REIT Index (3.33%), Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index (3.33%), Bloomberg Commodity Index (3.33%), and ICE BofA US 3-Month Treasury Bill Index (5%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

*Note: The AST Multi-Asset Diversified Portfolio added and removed subadvisers and 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, strategies and subadvisers prior to this date. 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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](imgb01f2f6626.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 13.96% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -16.87% | &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** |
| Portfolio | 15.55% | 6.86% | 8.28% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST Multi-Asset Diversified Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 16.00% | 7.98% | 8.75% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| July 2006 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2012 |
|  |  | &nbsp;&nbsp; Saleem Z. Banatwala, <br> CFA<br>| &nbsp;&nbsp; Director and Portfolio <br> Manager, Strategic <br> Investment Research <br> Group<br>| February 2021 |
|  |  | Todd L. Kerin | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| October 2024 |
|  | 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 |
|  |  | Marco Aiolfi, PhD | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager<br>| August 2022 |
|  |  | Rory Cummings, CFA | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| August 2022 |
|  |  | &nbsp;&nbsp; Edward Tostanoski III, <br> CFA<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| January 2025 |
|  | Jennison Associates LLC |  |  | December 2023 |
|  | J.P. Morgan Investment Management, Inc. |  |  | December 2023 |
|  | PGIM Fixed Income\* |  |  | January 2015 |
|  | PGIM Real Estate\*\* |  |  | December 2023 |
|  | Putnam Investment Management, LLC |  |  | December 2024 |

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\*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 sub-subadviser to the Portfolio.

\*\* PGIM Real Estate, an investment group of PGIM, Inc.

**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: AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek 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)**<sup>(1)</sup> <br>|  |
| Management Fees | 0.62% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.02% |
| + Acquired Fund Fees & Expenses | 0.01% |
| = Total Annual Portfolio Operating Expenses | 0.90% |

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<sup>(1)</sup> 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 Acquired Fund Fees and Expenses, which are not required to be disclosed in the Portfolio's Financial Highlights.

**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** |
| AST PGIM Aggressive Multi-Asset Portfolio | $92 | $287 | $498 | $1108 |

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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 73% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio's asset allocation generally provides for an allotment of approximately 70% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately 30% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies. The asset allocation strategy for the Portfolio is determined by PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions). PGIM Quantitative Solutions is also responsible for managing the quantitative equity segments of the Portfolio. Jennison Associates LLC (Jennison) is responsible for managing fundamental equity segments of the Portfolio. The PGIM Fixed Income unit of PGIM, Inc. is responsible for managing the fixed income segment of the Portfolio. The PGIM Real Estate unit of PGIM, Inc. is responsible for managing the Portfolio's real estate-related investments.

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In managing the Portfolio's assets, the subadvisers use 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 subadvisers develop views on economic, policy and market trends. In its bottom-up research, the subadvisers develop an internal rating and outlook on issuers. The rating and outlook is determined based on a thorough review of the financial health and trends of the issuer. The subadvisers 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 Portfolio invests in a combination of global equity and equity-related securities, debt obligations and money market instruments in order to achieve diversification in a single Portfolio. In addition, the Portfolio may invest in real estate and real estate related securities. PGIM Quantitative Solutions adjusts the percentage of Portfolio assets in each category in accordance with its expectations regarding the different markets, as those expectations may change from time to time. The Strategic Investment Research Group of the Manager determines the allocation of Portfolio assets among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.

The Portfolio may invest its assets, without limitation, in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio.

The Portfolio allocates approximately 15-25% of its net assets to a liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy also allows PGIM Quantitative Solutions to implement tactical asset allocation based on the subadviser's macro-economic views. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy may also invest in exchange-traded funds (ETFs) for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

**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 the PGIM Central Portfolio or other 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

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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.

**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.

**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.

**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.

**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 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

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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.

**Asset Allocation Risk.** The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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

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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.

**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.

**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 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.

**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

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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.

**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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

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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.

The table also demonstrates how the Portfolio's average annual returns compare to the returns of a custom blended index which consists of the Russell 3000 Index (55%), Bloomberg US Aggregate Bond Index (30%) and MSCI EAFE Index (GD) (15%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

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

![](img9c15b57827.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 15.59% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -20.31% | &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** |
| Portfolio | 16.00% | 8.22% | 8.26% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST PGIM Aggressive Multi-Asset Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 16.36% | 8.59% | 9.91% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| February 2021 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| February 2021 |
|  |  | Todd L. Kerin | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| February 2021 |
|  |  | &nbsp;&nbsp; Saleem Z. Banatwala, <br> CFA<br>| &nbsp;&nbsp; Director and Portfolio <br> Manager, Strategic <br> Investment Research <br> Group<br>| October 2024  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  | 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 |
|  |  | &nbsp;&nbsp; Manoj Rengarajan, <br> CFA<br>| &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>| May 2024 |
|  |  | Marco Aiolfi, PhD  | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager <br>| August 2022  |
|  |  | Rory Cummings, CFA  | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager <br>| August 2022  |
|  | Jennison Associates LLC |  |  | February 2021 |
|  | PGIM Fixed Income\* |  |  | April 2013 |
|  | PGIM Real Estate\*\* |  |  | February 2021 |

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\*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 sub-subadviser to the Portfolio.

\*\*PGIM Real Estate, an investment group of PGIM, Inc.

**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: AST PRESERVATION ASSET ALLOCATION PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to obtain the highest potential total return consistent with its specified level of risk tolerance.

**PORTFOLIO FEES AND EXPENSES**

The table below shows the fees and expenses that you may pay if you invest in shares of the Portfolio. The table does not include Contract charges. Because Contract charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your Contract prospectus for more information about Contract charges.

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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>|  |
| Management Fees | 0.58% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.03% |
| + Acquired Fund Fees & Expenses | 0.08% |
| = Total Annual Portfolio Operating Expenses | 0.94% |
| - Fee Waiver and/or Expense Reimbursement | (0.05)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 0.89% |

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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 waiver 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.

<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 portfolios/funds. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST Preservation Asset Allocation Portfolio | $91 | $295 | $515 | $1150 |

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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 50% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio's asset allocation generally provides for an allotment of approximately 35% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately 65% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles (collectively referred to as underlying portfolios).

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The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), the subadviser to the Portfolio. As a general matter, PGIM Quantitative Solutions begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index (GD) and the Bloomberg US Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of underlying portfolios for the Portfolio generally will be determined by 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying portfolio weights for the Portfolio based upon its views on certain factors.

The Portfolio may invest in other pooled investment vehicles, including other portfolios of the Trust, other open-end or closed-end investment companies, and both active and passive exchange-traded funds (ETFs), unit investment trusts, and domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds" (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

Included in the directly managed portion is an overlay strategy managed by PGIM Quantitative Solutions for liquidity and asset allocation purposes. The Portfolio allocates approximately 15-25% of its net assets to the overlay strategy, which is employed through an overlay sleeve. The overlay strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The overlay strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The overlay strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The overlay strategy may also invest in ETFs for additional exposure to relevant markets. The overlay strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

**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 the PGIM Central Portfolio or other 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.

**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.

**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.

**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.

**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.

**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.

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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 Allocation Risk.** The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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

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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.

**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.

**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.

**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

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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 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.

**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 Allocation Risk**. The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

**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

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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.

**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). 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.

**Sovereign Debt Securities Risk.** Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

**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

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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 average annual returns compare to the returns of a custom blended index which consists of the Russell 3000 Index (28%), MSCI EAFE Index (GD) (7%), and Bloomberg US Aggregate Bond Index (65%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

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

![](img5a64ef9c28.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 9.66% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -9.63% | &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** |
| Portfolio | 11.33% | 3.76% | 5.45% |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% |
| AST Preservation Asset Allocation Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 11.74% | 4.12% | 6.04% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2005 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| April 2012 |
|  |  | 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>| October 2024 |
|  | 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  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Joel M. Kallman, CFA | &nbsp;&nbsp; Principal, Portfolio <br> Manager<br>| March 2011 |
|  |  | Marco Aiolfi, PhD  | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager <br>| August 2022 |
|  |  | &nbsp;&nbsp; Edward J. Tostanoski, <br> III, CFA<br>| &nbsp;&nbsp; Managing Director, <br> Portfolio Manager <br>| August 2022  |
|  | Jennison Associates LLC |  |  | June 2021 |
|  | PGIM Fixed Income\* |  |  | June 2021 |
|  | J.P. Morgan Investment Management Inc. |  |  | June 2021 |
|  | Putnam Investment Management, LLC |  |  | December 2024 |

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\*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 sub-subadviser to the Portfolio.

**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: AST QUANTITATIVE MODELING PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek to obtain a high potential return while attempting to mitigate downside risk during adverse market cycles.

**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>|  |
| Management Fees | 0.72% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.08% |
| + Acquired Fund Fees & Expenses | 0.25% |
| = Total Annual Portfolio Operating Expenses | 1.30% |
| - Fee Waiver and/or Expense Reimbursement | (0.24)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | 1.06% |

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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 waiver 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.

<sup>(2)</sup> The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the Manager and the Distributor have also 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 portfolios/funds. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST Quantitative Modeling Portfolio | $108 | $388 | $690 | $1547 |

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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.** 

The Portfolio's asset allocation generally provides for an allotment of approximately 100% of Portfolio assets to a combination of equity and fixed income strategies and the use of other financial instruments. The Portfolio gains exposure to these investment strategies by investing in varying combinations of: (i) other pooled investment vehicles, including, other portfolios of the Trust, other open-end or closed-end investment companies, ETFs, and domestic or foreign private investment pools (collectively referred to as underlying portfolios) (ii) equity and equity-related

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securities, bonds, bond and interest rate futures, options on bonds, options on bond and interest rate futures, interest rate options, interest rate swaps, credit default swaps, commodity and commodity index futures, options (including options on credit default swaps), other futures, swaps and options (including on equities and equity indices), forwards, options on swaps, options on forwards and mortgage-backed securities and (iii) certain financial and derivative instruments.

Normally 75% of the Portfolio's net assets are allocated to the equity segment and 25% of the Portfolio's net assets are allocated to the fixed income segment. Portfolio assets are transferred between the equity segment and the fixed income segment based on the application of a quantitative model to the Portfolio's overall net asset value (NAV) per share. In general terms, the model seeks to transfer Portfolio assets from the equity segment to the fixed income segment when the Portfolio's NAV per share experiences certain declines and from the fixed income segment to the equity segment when the Portfolio's NAV per share experiences certain increases or remains flat over certain periods of time. The model, however, will not generate: (i) a transfer to the fixed income segment from the equity segment that would result in more than 90% of the Portfolio's net assets being allocated to the fixed income segment, (ii) a large-scale transfer between the Portfolio's segments that exceeds certain pre-determined daily percentage thresholds.

The Portfolio will be directly managed by subadvisers to the Portfolio. The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), a subadviser to the Portfolio. The selection of specific combinations of underlying portfolios for the Portfolio generally will be 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying portfolio weights for the Portfolio based upon its views on certain factors.

The directly managed portion may include an overlay strategy managed by PGIM Quantitative Solutions for liquidity and asset allocation purposes. The Portfolio may allocate up to 25% of its net assets to the overlay strategy, which is employed through an overlay sleeve. The overlay strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The overlay strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The overlay strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The overlay strategy may also invest in ETFs for additional exposure to relevant markets. The overlay strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

**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.

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**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.

**Asset Allocation Risk.** The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**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.

**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.

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**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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.

**Commodity Risk**. The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

**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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**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 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.

**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.

**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.

**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.

**Liquidity Allocation Risk**. The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

**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.

**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.

**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.

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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). 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.

The table also demonstrates how the Portfolio's average annual returns compare to the returns of a custom blended index which consists of the Russell 3000 Index (60%), MSCI EAFE Index (GD) (15%), and Bloomberg US Aggregate Bond Index (25%). PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the blended index.

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

![](imgb7c86a3829.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 12.47% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -16.07% | &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** |
| Portfolio | 14.76% | 7.62% | 8.65% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| AST Quantitative Modeling Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 16.86% | 9.27% | 10.51% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Brian Ahrens | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| May 2011 |
|  |  | &nbsp;&nbsp; Andrei O. Marinich, <br> CFA<br>| &nbsp;&nbsp; Executive Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| May 2011  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **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>| October 2024 |
|  | 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 |
|  |  | Rory Cummings, CFA | &nbsp;&nbsp; Managing Director, <br> Portfolio Manager<br>| April 2014 |
|  |  | Marco Aiolfi, PhD | &nbsp;&nbsp; Managing Director, <br> Head of Multi-Asset <br> team and Portfolio <br> Manager <br>| August 2022  |
|  | Jennison Associates LLC |  |  | April 2022 |
|  | PGIM Fixed Income\*; PGIM Limited |  |  | April 2022 |

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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: AST SMALL-CAP EQUITY PORTFOLIO

**INVESTMENT OBJECTIVE**

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

**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>|  |
| Management Fees | 0.70% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.03% |
| + Acquired Fund Fees & Expenses | 0.03% |
| = Total Annual Portfolio Operating Expenses | 1.01% |

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<sup>(1)</sup> Any differences in total annual portfolio operating expenses shown in the table above and the corresponding expense ratio (both before and after fee waiver 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 and Acquired Fund Fees and Expenses, which are not required to be disclosed in the Portfolio's Financial Highlights.

**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** |
| AST Small-Cap Equity Portfolio | $103 | $322 | $558 | $1236 |

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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 62% 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 equity and equity-related securities of small capitalization companies. Equity and equity-related securities include common and preferred stock, investments in other mutual funds, active and passively managed 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. For purposes of the Portfolio, small-capitalization companies are generally those that have market capitalizations no larger than the largest capitalized company included in the Russell 2000<sup>®</sup> Index at the time of the Portfolio's investment. The size of the companies in the Russell 2000<sup>®</sup> Index and those on which the Portfolio's subadvisers intend to focus the Portfolio's investments will change with market conditions.

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The Portfolio may invest up to 15% of its total assets in foreign securities. The Portfolio may invest directly in foreign securities denominated in foreign currencies or may invest through depositary receipts or passive foreign investment companies. Generally, the same criteria are used to select foreign securities as domestic securities. American Depositary Receipts and foreign issuers traded in the United States are not considered to be foreign securities for purposes of this investment limitation.

The Portfolio is allocated among five subadvisers: Boston Partners Global Investors, Inc., Dimensional Fund Advisors LP, Driehaus Capital Management LLC, Hotchkis and Wiley Capital Management, LLC and TimesSquare Capital Management, LLC. Further, the Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks, and other factors.

**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.

**Asset Transfer Program Risk**. Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

**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

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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.

**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.

**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.

**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.

**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.

**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.

**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

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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.

**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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

**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). 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.

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*Note: The Portfolio added and removed subadvisers and changed certain investment strategies, effective December 16, 2024. The performance figures prior to December 16, 2024 for the Portfolio reflect the investment performance, investment operations, investment policies, and investment strategies of former subadvisers, and it is not representative of the Portfolio's current subadvisers and the Portfolio's predicted performance.*

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

![](img18b4dbfa30.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 36.98% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -24.45% | &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** |
| Portfolio | 7.41% | 1.81% | 10.39% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| Russell 2000 Index (reflects no deduction for fees, expenses or taxes) | 12.81% | 6.09% | 9.62% |

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**MANAGEMENT OF THE PORTFOLIO** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>|  | Rick Babich, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| December 2021 |
|  |  | Jeffrey Peasley | &nbsp;&nbsp; Senior Director and <br> Portfolio Manager, <br> Strategic Investment <br> Research Group<br>| December 2021 |
|  | Driehaus Capital Management LLC | Jeffrey James | &nbsp;&nbsp; Lead Portfolio <br> Manager<br>| September 2022 |
|  |  | Michael Buck | &nbsp;&nbsp; Portfolio Manager and <br> Senior Analyst<br>| September 2022 |
|  |  | Prakash Vijayan, CFA  | &nbsp;&nbsp; Assistant Portfolio <br> Manager and Senior <br> Analyst<br>| September 2022  |
|  | Boston Partners Global Investors, Inc. | George Gumpert | Portfolio Manager | December 2024 |
|  | Dimensional Fund Advisors LP | Marc Corona Leblond | &nbsp;&nbsp; Senior Portfolio <br> Manager and Vice <br> President<br>| December 2024 |
|  |  | Jed Fogdall | &nbsp;&nbsp; Global Head of <br> Portfolio Management <br> and Vice President<br>| December 2024 |
|  |  | Joel Schneider | &nbsp;&nbsp; Deputy Head of <br> Portfolio Management, <br> North America and <br> Vice President<br>| December 2024 |
|  | Hotchkis and Wiley Capital Management, LLC | Judd Peters | Portfolio Manager | December 2024  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadvisers** | **Portfolio Managers** | **Title** | **Service Date** |
|  |  | Ryan Thomes | Portfolio Manager | December 2024 |
|  | TimesSquare Capital Management, LLC | Grant Babyak | &nbsp;&nbsp; Partner, CEO and <br> Portfolio Manager<br>| December 2024 |
|  |  | David Ferreiro | &nbsp;&nbsp; Partner, Portfolio <br> Manager and Analyst<br>| December 2024 |
|  |  | Greg Vasse | &nbsp;&nbsp; Partner, Portfolio <br> Manager and Analyst<br>| July 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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ABOUT THE TRUST

**About the TRUST and its Portfolios** 

This Prospectus provides information about 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 is a diversified investment company as defined by the Investment Company Act of 1940, as amended (the 1940 Act), unless herein noted otherwise.

PGIM Investments LLC (PGIM Investments) and AST Investment Services, Inc. (ASTIS), both indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (Prudential Financial), serve as overall investment managers of the Portfolios covered by this Prospectus other than the following Portfolios, for which PGIM Investments serves as the sole investment manager:

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AST Bond Portfolio 2026

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AST Bond Portfolio 2027

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AST Bond Portfolio 2028

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AST Bond Portfolio 2029

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AST Bond Portfolio 2030

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AST Bond Portfolio 2031

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AST Bond Portfolio 2032

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AST Bond Portfolio 2033

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AST Bond Portfolio 2034

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AST Bond Portfolio 2035

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AST Bond Portfolio 2036

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AST Bond Portfolio 2037

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.

When used in this Prospectus, the term "Manager" refers to (a) PGIM Investments with respect to the AST Bond Portfolio 2026, the AST Bond Portfolio 2027, the AST Bond Portfolio 2028, the AST Bond Portfolio 2029, the AST Bond Portfolio 2030; the AST Bond Portfolio 2031; the AST Bond Portfolio 2032; the AST Bond Portfolio 2033; the AST Bond Portfolio 2034; the AST Bond Portfolio 2035; the AST Bond Portfolio 2036; the AST Bond Portfolio 2037 and (b) PGIM Investments and ASTIS, collectively, with respect to all other Portfolios covered by this Prospectus.

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.

The Trust offers one class of shares in each Portfolio. Shares of the Portfolios are sold only to separate accounts of The Prudential Insurance Company of America, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Pramerica of Bermuda Life Assurance Company, Ltd. (collectively, Prudential), Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation), Empower Annuity Insurance Company (formerly Prudential Retirement Insurance and Annuity Company), Everlake Life Insurance Company (formerly Allstate Life Insurance Company), Wilton Reassurance Life Company of New York (formerly Allstate Life Insurance Company of New York), and Kemper Investors Life Insurance Company (collectively, the Participating Insurance Companies), as investment options under variable life insurance and variable annuity contracts. Shares of each of the Portfolios may also be sold directly to certain qualified retirement plans.

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

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MORE DETAILED INFORMATION ON HOW THE PORTFOLIOS INVEST

**Introduction** 

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 Trust's Board of Trustees (the Board) 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 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.

**AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO**

**Investment Objective:** to obtain the highest potential total return consistent with the Portfolio's specified level of risk tolerance.

**Principal Investment Policies:** The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions, a subadviser to the Portfolio. As a general matter, PGIM Quantitative Solutions begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three

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broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index, and the Bloomberg US Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of underlying portfolios for the Portfolio generally will be determined by 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying portfolio weights for the Portfolio based upon its views on certain factors.

PGIM Quantitative Solutions employs a two-tiered approach to allocating Portfolio assets across the various investment categories, sub-categories, and the Subadvisers. First, PGIM Quantitative Solutions analyzes the macro-economic landscape, the capital markets, and the related implications for investment strategy. Second, PGIM Quantitative Solutions draws on its understanding of the strategies used by the other Subadvisers to determine which advisers are expected to perform best under the prevailing macro-economic landscape. The allocations are reviewed by PGIM Quantitative Solutions periodically and may be altered or adjusted by PGIM Quantitative Solutions without prior notice. Such adjustments will be reflected in the annual update to the prospectus.

The Portfolio's asset allocation generally provides for an allotment of approximately (i) 75% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately (ii) 25% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies.

PGIM Quantitative Solutions directly manages the Portfolio's liquidity strategy. The Portfolio allocates approximately 15-25% of its net assets to the liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps (including total return swaps referencing securities, baskets of securities indices, or investment strategies), forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices or to obtain tactical exposures to quantitative or rules-based investment strategies consistent with the Portfolio's investment process; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy also invests in ETFs for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles, including, without limitation, open-end or closed-end investment companies, ETFs, unit investment trusts, domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds") (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the PGIM Central Portfolio. The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

The Manager has retained the Subadvisers listed below to directly manage the assets allocated to the indicated investment categories and strategies.

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*Quantitative Equity Segment (PGIM Quantitative Solutions)*. PGIM Quantitative Solutions' quantitative equity investment strategy employs a quantitatively driven, fundamentally-based investment process. The stock selection process utilizes an adaptive model that evaluates stocks differently based on their growth expectations. PGIM Quantitative Solutions constructs portfolios that seek to maximize the Portfolio's investment in the most attractive stocks identified by the model subject to risk constraints.

The quantitative equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*Fundamental Equity Segment (Jennison)*. Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

The fundamental equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*Fixed Income Segment (PGIM Fixed Income)*. PGIM Fixed Income invests in a broadly diversified portfolio of global fixed income securities (including emerging markets and non-dollar denominated issued) and fixed income related securities. PGIM Fixed Income invests primarily in debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser. Likewise, PGIM Fixed Income may also invest in high-yield/high-risk debt securities (commonly known as "junk bonds"). PGIM Fixed Income may also invest in collateralized debt obligations. Depending on the amount of its investment in CDOs, 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 CDOs.

In managing the fixed income segment of the Portfolio, 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, PGIM Fixed Income develops views on economic, policy, and market trends by continually evaluating economic data that affects 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. PGIM Fixed Income 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.

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*GLOBAL FIXED INCOME SEGMENT (J.P. Morgan).* This strategy invests primarily in global investment grade debt securities, aiming to achieve returns in excess of global bond markets. The investment process is globally integrated and research-driven, combining fundamental, quantitative, and technical analysis to identify attractive opportunities. Portfolio managers leverage a common research framework to compare opportunities across sectors and geographies, ensuring consistency and rigorous evaluation. Portfolio construction targets diversified sources of return, including duration management, sector rotation, security selection, and FX positioning. Tactical allocations to high yield and emerging market debt may be made, and derivatives are used as appropriate.

Risk management is active and multi-layered, involving portfolio managers, embedded risk teams, and independent firm-wide oversight. Tracking error, stress scenarios, and scenario analyses are used to monitor and control risk exposures. Compliance is ensured through pre- and post-trade monitoring, robust systems, and daily surveillance. Trading is fully integrated with portfolio management, supported by experienced traders and automated systems to optimize execution and maintain compliance. The process is designed to be disciplined, repeatable, and adaptable to evolving market conditions, aiming for strong risk-adjusted returns across market cycles.

*EQUITY INCOME (J.P. Morgan).* J.P. Morgan invests in income-producing equity and equity-related securities. Equity and equity-related securities include common stocks, securities convertible or exchangeable for common stock or the cash value of such common stock, nonconvertible preferred stocks and convertible securities, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and joint ventures and business development companies, securities of REITs and income and royalty trusts, publicly-traded master limited partnerships, ADRs and other similar securities. The strategy may also participate in the initial public offering (IPO) market. The strategy seeks to identify attractively valued companies that exhibit solid cash flow growth and reliable/predictable earnings and revenue to produce attractive levels of dividend income.

J.P. Morgan employs a fundamental bottom-up stock selection process to invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the strategy may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what J.P. Morgan believes to be their long-term investment value. J.P. Morgan seeks to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. These determinations may not be conclusive, and securities of such issuers may be purchased and retained by the strategy.

*US LARGE CAP CORE EQUITY (J.P. Morgan).* J.P. Morgan invests in equity and equity-related securities of large-capitalization companies. Equity and equity-related securities include common and preferred stock, 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.

J.P. Morgan's strategy follows a multi-step process. Within each sector, the strategy focuses on those equity securities that it considers most undervalued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing undervalued equity securities, the strategy seeks to produce returns that exceed those of the S&P 500 Index. In managing the strategy, J.P. Morgan employs a three-step process that combines research, valuation and stock selection. In addition, J.P. Morgan buys and sells equity securities, using the research and valuation rankings as a basis. In general, J.P. Morgan buys equity securities that are identified as undervalued and considers selling them when they appear to be overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: (i) catalysts that could trigger a rise in a stock's price, (ii) high potential reward compared to potential risk; and (iii) temporary mispricings caused by apparent market overreactions.

*INTERNATIONAL VALUE (Putnam).* Putnam invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those Putnam believes are currently undervalued by the market. If Putnam is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam invests mainly in developed countries but may also invest in emerging markets. Putnam may consider, among other factors, a company's valuation, financial strength, growth potential,

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competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Putnam may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, Putnam typically use foreign currency forward contracts in connection with the portfolio's investments in foreign securities in order to hedge the portfolio's currency exposure relative to the portfolio's benchmark index. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the portfolio.

Generally, the Manager and PGIM Quantitative Solutions currently expect the assets of the Portfolio will be invested as set forth in the table below:

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| | |
|:---|:---|
| **Approximate Net Assets Allocated to Investing** <br> **Primarily in Equity Securities**<br>| **Approximate Net Assets Allocated to Investing Primarily in Debt Securities and Money Market Instruments** |
| 75% (generally range from 67.5%-80.0%) | 25% (generally range from 20.0%-32.5%) |

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The Manager and PGIM Quantitative Solutions currently expect that any changes to the asset allocation and underlying portfolio weights will be effected within the above-referenced ranges. Consistent with the Portfolio's principal investment policies, the Manager and PGIM Quantitative Solutions may, however, change the asset allocation and underlying portfolio weights both within and beyond such above-referenced ranges at any time in their sole discretion. In addition, the Manager and PGIM Quantitative Solutions may, at any time in their sole discretion, rebalance the Portfolio's investments to cause its composition to match the asset allocation and underlying portfolio weights.

**AST BALANCED ASSET ALLOCATION PORTFOLIO**

**Investment Objective:** to obtain the highest potential total return consistent with the Portfolio's specified level of risk tolerance.

**Principal Investment Policies:** The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions, a subadviser to the Portfolio. As a general matter, PGIM Quantitative Solutions begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index, and the Bloomberg US Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of underlying portfolios for the Portfolio generally will be determined by 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying portfolio weights for the Portfolio based upon its views on certain factors.

PGIM Quantitative Solutions employs a two-tiered approach to allocating Portfolio assets across the various investment categories, sub-categories, and the Subadvisers. First, PGIM Quantitative Solutions analyzes the macro-economic landscape, the capital markets, and the related implications for investment strategy. Second, PGIM Quantitative Solutions draws on its understanding of the strategies used by the other Subadvisers to determine which advisers are expected to perform best under the prevailing macro-economic landscape. The allocations are reviewed by PGIM Quantitative Solutions periodically and may be altered or adjusted by PGIM Quantitative Solutions without prior notice. Such adjustments will be reflected in the annual update to the prospectus.

The Portfolio's asset allocation generally provides for an allotment of approximately (i) 60% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately (ii) 40% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies.

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PGIM Quantitative Solutions directly manages the Portfolio's liquidity strategy. The Portfolio allocates approximately 15-25% of its net assets to the liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps (including total return swaps referencing securities, baskets of securities indices, or investment strategies), forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices or to obtain tactical exposures to quantitative or rules-based investment strategies consistent with the Portfolio's investment process; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy also invests in ETFs for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles, including, without limitation, including other portfolios of the Trust, open-end or closed-end investment companies, ETFs, unit investment trusts, domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds") (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the PGIM Central Portfolio. The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

The Manager has retained the Subadvisers listed below to directly manage the assets allocated to the indicated investment categories and strategies.

*<u>Quantitative Equity Segment (PGIM Quantitative Solutions)</u>*. PGIM Quantitative Solutions' quantitative equity investment strategy employs a quantitatively driven, fundamentally-based investment process. The stock selection process utilizes an adaptive model that evaluates stocks differently based on their growth expectations. PGIM Quantitative Solutions constructs portfolios that seek to maximize the Portfolio's investment in the most attractive stocks identified by the model subject to risk constraints.

The quantitative equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fundamental Equity Segment (Jennison)</u>*<u>.</u> Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

The fundamental equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts,

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securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fixed Income Segment (PGIM Fixed Income)</u>*. PGIM Fixed Income invests in a broadly diversified portfolio of global fixed income securities (including emerging markets and non-dollar denominated issued) and fixed income related securities. PGIM Fixed Income invests primarily in debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser. Likewise, PGIM Fixed Income may also invest in high-yield/high-risk debt securities (commonly known as "junk bonds"). PGIM Fixed Income may also invest in collateralized debt obligations. Depending on the amount of its investment in CDOs, 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 CDOs.

In managing the fixed income segment of the Portfolio, 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, PGIM Fixed Income develops views on economic, policy, and market trends by continually evaluating economic data that affects 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. PGIM Fixed Income 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.

*<u>Global Fixed Income Segment (J.P. Morgan).</u>* This strategy invests primarily in global investment grade debt securities, aiming to achieve returns in excess of global bond markets. The investment process is globally integrated and research-driven, combining fundamental, quantitative, and technical analysis to identify attractive opportunities. Portfolio managers leverage a common research framework to compare opportunities across sectors and geographies, ensuring consistency and rigorous evaluation. Portfolio construction targets diversified sources of return, including duration management, sector rotation, security selection, and FX positioning. Tactical allocations to high yield and emerging market debt may be made, and derivatives are used as appropriate.

Risk management is active and multi-layered, involving portfolio managers, embedded risk teams, and independent firm-wide oversight. Tracking error, stress scenarios, and scenario analyses are used to monitor and control risk exposures. Compliance is ensured through pre- and post-trade monitoring, robust systems, and daily surveillance. Trading is fully integrated with portfolio management, supported by experienced traders and automated systems to optimize execution and maintain compliance. The process is designed to be disciplined, repeatable, and adaptable to evolving market conditions, aiming for strong risk-adjusted returns across market cycles.

*<u>Equity Income (J.P. Morgan).</u>* J.P. Morgan invests in income-producing equity and equity-related securities. Equity and equity-related securities include common stocks, securities convertible or exchangeable for common stock or the cash value of such common stock, nonconvertible preferred stocks and convertible securities, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and joint ventures and business development companies, securities of REITs and income and royalty trusts, publicly-traded master limited partnerships, ADRs and other similar securities. The strategy may also participate in the IPO market. The strategy seeks to identify attractively valued companies that exhibit solid cash flow growth and reliable/predictable earnings and revenue to produce attractive levels of dividend income.

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J.P. Morgan employs a fundamental bottom-up stock selection process to invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the strategy may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what J.P. Morgan believes to be their long-term investment value. J.P. Morgan seeks to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. These determinations may not be conclusive, and securities of such issuers may be purchased and retained by the strategy.

*<u>US Large Cap Core Equity (J.P. Morgan)</u>.* J.P. Morgan invests in equity and equity-related securities of large-capitalization companies. Equity and equity-related securities include common and preferred stock, 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.

J.P. Morgan's strategy follows a multi-step process. Within each sector, the strategy focuses on those equity securities that it considers most undervalued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing undervalued equity securities, the strategy seeks to produce returns that exceed those of the S&P 500 Index. In managing the strategy, J.P. Morgan employs a three-step process that combines research, valuation and stock selection. In addition, J.P. Morgan buys and sells equity securities, using the research and valuation rankings as a basis. In general, J.P. Morgan buys equity securities that are identified as undervalued and considers selling them when they appear to be overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: (i) catalysts that could trigger a rise in a stock's price, (ii) high potential reward compared to potential risk; and (iii) temporary mispricings caused by apparent market overreactions.

<u>International Value (Putnam).</u> Putnam invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those Putnam believes are currently undervalued by the market. If Putnam is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam invests mainly in developed countries but may also invest in emerging markets. Putnam may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Putnam may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, Putnam typically use foreign currency forward contracts in connection with the portfolio's investments in foreign securities in order to hedge the portfolio's currency exposure relative to the portfolio's benchmark index. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the portfolio.

Generally, the Manager and PGIM Quantitative Solutions currently expect the assets of the Portfolio will be invested as set forth in the table below:

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| | |
|:---|:---|
| **Approximate Net Assets Allocated to Investing** <br> **Primarily in Equity Securities**<br>| **Approximate Net Assets Allocated to Investing Primarily in Debt Securities and Money Market Instruments** |
| 60% (generally range from 52.5%-67.5%) | 40% (generally range from 32.5%-47.5%) |

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The Manager and PGIM Quantitative Solutions currently expect that any changes to the asset allocation and underlying portfolio weights will be effected within the above-referenced ranges. Consistent with the Portfolio's principal investment policies, the Manager and PGIM Quantitative Solutions may, however, change the asset allocation and underlying portfolio weights both within and beyond such above-referenced ranges at any time in their sole discretion. In addition, the Manager and PGIM Quantitative Solutions may, at any time in their sole discretion, rebalance the Portfolio's investments to cause its composition to match the asset allocation and underlying portfolio weights.

**AST TARGET MATURITY PORTFOLIOS (EACH A TARGET MATURITY PORTFOLIO):** 

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**AST Bond Portfolio 2026**

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**AST Bond Portfolio 2027** 

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**AST Bond Portfolio 2028** 

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**AST Bond Portfolio 2029** 

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**AST Bond Portfolio 2030** 

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**AST Bond Portfolio 2031** 

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**AST Bond Portfolio 2032** 

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**AST Bond Portfolio 2033** 

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**AST Bond Portfolio 2034** 

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**AST Bond Portfolio 2035** 

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**AST Bond Portfolio 2036** 

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**AST Bond Portfolio 2037** 

**Investment Objectives:** to seek the highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation.

**AST INVESTMENT GRADE BOND PORTFOLIO**

**Investment Objective:** to seek to maximize total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation.

**Principal Investment Policies of the Target Maturity Portfolios (AST Bond Portfolio 2026-AST Bond Portfolio 2037):** 

Each Target Maturity Portfolio is a target maturity bond portfolio that is managed to provide investment exposure to bonds and other debt instruments that are intended to mature on or about the end of the year identified in the Target Maturity Portfolio's name. In pursuing its investment objective, each Target Maturity Portfolio invests under normal circumstances approximately 95% of its assets in the Central Portfolio and approximately 5% of its assets in a target duration overlay, subject to the conditions described below. The Central Portfolio is an investment vehicle for sole use by the Target Maturity Portfolios. The Central Portfolio is designed to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the Target Maturity Portfolios may invest in the Central Portfolio. As the Portfolio nears its maturity date, before the end of the year identified in the Portfolio's name, it may invest less than 95% of its assets in the Central Portfolio at that time, while still seeking its investment objective.

The Central Portfolio is a diversified investment company registered under the 1940 Act and subject to the 1940 Act. Shares of the Central Portfolio have not been registered under the 1933 Act, or the securities laws of any state. The Central Portfolio issues its shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the 1933 Act.

In pursuing its investment objective, the Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term bonds (debt obligations) that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the Central Portfolio's subadviser, PGIM Fixed Income, and high-quality money market instruments.

In managing the Central 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. 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 Central Portfolio may invest in a security based upon the expected total return rather than the yield of such security.

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The Central Portfolio may also invest up to 10% of its net assets in high-yield/high-risk debt securities (commonly known as junk bonds). The Central Portfolio also may invest up to 10% 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 Central Portfolio may invest in derivatives such as credit default swaps, foreign exchange derivatives, and futures. The Central Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.

PGIM Fixed Income currently intends to maintain an overall weighted average credit quality rating of A- or better for the Central Portfolio. This target overall credit quality for the Central Portfolio will be based on ratings as of the date of purchase. In the event the overall credit quality drops below A- due to downgrades of individual portfolio securities, the PGIM Fixed Income will take appropriate action based upon the relevant facts and circumstances. In addition, PGIM Fixed Income expects to maintain the duration of the Central Portfolio within +/– 1 year of the benchmark index (Bloomberg US Aggregate Bond Index) for the Central Portfolio. For more information, Contract owners should read the Central Portfolio's Prospectus.

Each Target Maturity Portfolio is managed to mature in the year identified in its name in order to match the related liability under certain living benefit programs. As a result, each Target Maturity Portfolio's duration and weighted average maturity is different. In addition, each Target Maturity Portfolio's duration and weighted average maturity will decline over time as the relevant maturity date approaches. To that end, the subadviser expects to maintain the duration of each Target Maturity Portfolio within +/– 0.50 years of the secondary benchmark index for that Target Maturity Portfolio. The primary benchmark index for AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, the AST Bond Portfolio 2032, the AST Bond Portfolio 2033, the AST Bond Portfolio 2034, the AST Bond Portfolio 2035, the AST Bond Portfolio 2036 and the AST Bond Portfolio 2037 is the Bloomberg US Aggregate Bond Index. The secondary benchmark index for AST Bond Portfolio 2026 is the Bloomberg Fixed Maturity (2026) Zero Coupon Swaps Index. The secondary benchmark index for AST Bond Portfolio 2027 is the Bloomberg Fixed Maturity (2027) Zero Coupon Swaps Index. The secondary benchmark index for AST Bond Portfolio 2028 is the Bloomberg Fixed Maturity (2028) Zero Coupon Swaps Index. The secondary benchmark index for AST Bond Portfolio 2029 is the Bloomberg Fixed Maturity (2029) Zero Coupon Swaps Index. The secondary benchmark index for AST Bond Portfolio 2030 is the Bloomberg Fixed Maturity (2030) Zero Coupon Swaps Index. The secondary benchmark index for AST Bond Portfolio 2031 is the Bloomberg Fixed Maturity (2031) Zero Coupon Swaps Index. The secondary benchmark index for AST Bond Portfolio 2032 is the Bloomberg Fixed Maturity (2032) Zero Coupon Swaps Index. The secondary benchmark for AST Bond Portfolio 2033 is the Bloomberg Fixed Maturity (2033) Zero Coupon Swaps Index. The secondary benchmark for the AST Bond Portfolio 2034 is the Bloomberg Fixed Maturity (2034) Zero Coupon Swap Index. The secondary benchmark for the AST Bond Portfolio 2035 is the Bloomberg Fixed Maturity (2035) Zero Coupon Swap Index. The secondary benchmark for the AST Bond Portfolio 2036 is the Bloomberg Fixed Maturity (2036) Zero Coupon Swap Index. The secondary benchmark for the AST Bond Portfolio 2037 is the Bloomberg Fixed Maturity (2037) Zero Coupon Swap Index On or about a Target Maturity Portfolio's maturity date, all of the securities held by that Target Maturity Portfolio will be sold and all of the outstanding shares of beneficial interest of that Target Maturity Portfolio will be redeemed. Proceeds from that redemption will be reallocated in accordance with the procedures applicable to the contact owner's variable Contract. Accordingly, as the Target Maturity Portfolio nears maturity, before the end of the year identified in the Target Maturity Portfolio's name, it will invest less than 95% of its assets in the Central Portfolio at that time, at that time while continuing to seek its investment objective.

The subadviser currently intends to maintain an overall weighted average credit quality rating of A- or better for each Target Maturity Portfolio. This target overall credit quality for each Target Maturity Portfolio will be based on ratings as of the date of purchase. In the event a Target Maturity Portfolio's overall credit quality drops below A- due to downgrades of individual portfolio securities, the subadviser will take appropriate action based upon the relevant facts and circumstances.

**Principal Investment Policies of the Investment Grade Bond Portfolio:** 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 investment grade bonds. For purposes of this 80% policy, investment grade bonds include: (i) all debt securities and

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all fixed income securities, excluding preferred stock, that are issued by both government and non-government issuers and rated BBB- or higher by S&P Global Ratings (S&P), or Baa3 or higher by Moody's Investors Service, Inc. (Moody's), or the equivalent by another NRSRO, or if unrated, are considered by the Portfolio's subadviser to be of comparable quality, and (ii) all derivatives and synthetic instruments that have economic characteristics that are similar to debt securities and fixed income securities with such ratings. All references in this Prospectus to the ratings categories used for determining what constitutes an investment grade bond are without regard to gradations within those categories. The subadviser currently intends to maintain an overall weighted average credit quality rating of A– or better for the Portfolio. This target overall credit quality for the Portfolio will be based on ratings as of the date of purchase. In the event the Portfolio's overall credit quality drops below A– due to downgrades of individual portfolio securities, the subadviser will take appropriate action based upon the relevant facts and circumstances.

Although the Investment Grade Bond Portfolio may invest in individual bonds of any maturity, the subadviser expects to maintain the Portfolio's duration within +/- 0.50 years of its primary benchmark index (i.e., the Bloomberg US 5-10 Year Government/ Credit Bond Index). As of December 31, 2025, the duration of the Bloomberg US 5-10 Year Government/ Credit Bond Index was approximately 6.01 years.

Contract owners cannot select the Portfolio for investment. Instead, if a Contract owner selected certain benefits under their Contract, the Contract owner's account value may be allocated to and from the Portfolio in accordance with a mathematical formula under the Contract. The Contracts using the Portfolio are issued by Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) and Everlake Life Insurance Company (formerly Allstate Life Insurance Company). For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

The Portfolio may invest its assets, without limitation, in the AST PGIM Fixed Income Central Portfolio and the AST J.P. Morgan Fixed Income Central Portfolio (the Central Portfolios). The Central Portfolios are each a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The AST PGIM Fixed Income Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. The AST J.P. Morgan Fixed Income Central Portfolio normally invests at least 80% of their assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy those securities directly, the Portfolio may invest in the Central Portfolios.

**Principal Investments of the Target Maturity Portfolios (AST Bond Portfolio 2026-AST Bond Portfolio 2037) and the AST Investment Grade Bond Portfolio:** The subadviser has a team of fixed income professionals, including credit analysts and traders, with experience in many sectors of the US and foreign fixed income securities markets. The subadviser will use qualitative and quantitative analysis to evaluate each bond issue considered for a Portfolio. In selecting portfolio securities for a Portfolio, the subadviser will consider economic conditions and interest rate fundamentals. The subadviser will also evaluate individual issues within each bond sector based upon their relative investment merit and will consider factors such as yield and potential for price appreciation as well as credit quality, maturity, and risk.

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.

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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.

Further, the Portfolio may invest in other pooled investment vehicles, including, other portfolios of the Trust, other open-end or closed-end investment companies, ETFs, unit investment trusts, and domestic or foreign private investment pools (collectively referred to as underlying portfolios).

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.

Each Portfolio seeks to achieve its investment objective by investing in a diversified portfolio of high-quality bonds and other securities and instruments. To that end, each Portfolio emphasizes investments in several different types of securities and financial instruments, including, without limitation: (i) US Government securities; (ii) certain debt obligations issued or guaranteed by the US Government and government-related entities, including mortgage-related securities; (iii) privately-issued mortgage-related and asset-backed securities; (iv) debt obligations of US corporate issuers; and (v) derivatives and synthetic instruments that have economic characteristics that are similar to these types of securities and obligations. Each Portfolio also may invest up to 50% of its total assets in US dollar denominated debt securities issued in the United States by certain foreign issuers (referred to herein as Yankee obligations).

**US Government Securities.** US Government securities include debt obligations issued by the US Treasury. Treasury securities are all backed by the full faith and credit of the US Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. The Portfolios may also acquire US Government securities in the form of custodial receipts that show ownership of future interest payments, principal payments or both on certain US Treasury notes or bonds. Such notes or bonds are held in custody by a bank on behalf of the owners. These custodial receipts are commonly referred to as Treasury strips.

**Other Debt Obligations Issued or Guaranteed by the US Government and Government-Related Entities.** 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 Government National Mortgage Association (GNMA or Ginnie Mae), the Farmers Home Administration, the Export-Import Bank, and the Small Business Administration are backed by the full faith and credit of the United States. Obligations of the Federal National Mortgage Association (FNMA or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), the Federal Home Loan Bank, the Tennessee Valley Authority and the United States Postal Service are not backed by the full faith and credit of the US Government. In the case of securities not backed by the full faith and credit of the United States, a Portfolio generally 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. The yield and market value of these securities are not guaranteed by the US government or the relevant government sponsored enterprise.

Most mortgage-backed securities are issued by federal government agencies such as Ginnie Mae, or by government sponsored enterprises such as Freddie Mac or 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. Fannie Mae and Freddie Mac are authorized to borrow from the US Treasury to meet their obligations. Although the US government has provided financial support to Fannie Mae and Freddie Mac, there can be no assurance that it will support these or other government-sponsored enterprises in the future.

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**Privately-Issued Mortgage-Related Securities.** Each Portfolio may also invest in privately issued mortgage-related securities. Privately issued mortgage-related securities are issued by private corporations rather than government agencies or government-sponsored enterprises. Privately issued mortgage-related securities are not guaranteed by US governmental entities and generally have one or more types of credit enhancement to ensure timely receipt of payments and to protect against default.

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. Mortgage pass-through securities include CMOs, real estate mortgage investment conduits, multi-class pass-through securities, stripped mortgage-backed securities and balloon payment 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 a bank or by US governmental entities. CMOs rely on assumptions about the timing of cash flows on the underlying mortgages, including expected prepayment rates. The primary risk of a CMO is that these assumptions are wrong, which would either shorten or lengthen the bond's maturity. A real estate mortgage investment conduit (REMIC) is a security issued by a US Government agency or private issuer and secured by real property. REMICs consist of classes of regular interest, some of which may be adjustable-rate, and a class of non-economic residual interests. None of the Portfolios intends to invest in non-economic residual interests. A multi-class pass-through security is an equity interest in a trust composed of underlying mortgage assets. Payments of principal of and interest on the mortgage assets and any reinvestment income thereon provide funds 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. Each Portfolio may also invest in balloon payment mortgage-backed securities, which are amortizing mortgage securities offering payments of principal and interest, the last payment of which is predominantly principal.

**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 that represent an undivided fractional ownership interest in an underlying pool of assets. Pass-through certificates usually provide for payments of principal and interest 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 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.

**Corporate Debt Obligations.** Each Portfolio also may invest in the bonds of corporations. For purposes of this policy, the term "corporations" includes all non-government issuers. Corporate bonds are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to interest rate sensitivity, market perception of the creditworthiness of the issuer, and general market liquidity. When interest rates rise, the value of corporate bonds can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.

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**Derivative Strategies.** The subadviser may use various derivative strategies to try to improve each Portfolio's investment returns. The subadviser may also use hedging techniques to try to protect each Portfolio's assets.

**Junk Bonds.** Each Portfolio may invest up to 10% of its net assets in debt obligations rated below investment grade (also referred to herein as high-yield debt securities or junk bonds) by an NRSRO or considered by the subadviser to be of comparable quality. In the event that a security receives different ratings from different NRSROs, the Portfolio will treat the security as being rated in the highest rating category received from an NRSRO.

**AST CORE FIXED INCOME PORTFOLIO**

**Investment Objective:** to seek to maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified for the Portfolio.

**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 debt and fixed income securities, including mortgage and other asset-backed securities, such as collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs), collateralized loan obligations (CLOs) and, other collateralized debt obligations (CDOs). The Portfolio may invest up to 20% of its net assets in debt securities that are rated, at the time of purchase, below investment grade but rated at least B-/ B3 or higher by a nationally rated statistical rating organization (NRSRO). Obligations rated BB+/ Ba1 or lower by a NRSRO, or if unrated, considered by the subadviser to be of comparable quality, are considered to be speculative with respect to their capacity to pay interest and principal and are commonly referred to as high-yield debt securities or junk bonds.

The target dollar weighted average effective duration of the Portfolio is expected to range within 30% of the duration of the domestic bond market as a whole (as measured by the Bloomberg US Aggregate Bond Index). The Portfolio's dollar weighted average effective duration may fall outside of its expected dollar weighted average effective duration range due to market movements. If this happens, the Portfolio's subadviser will take action to bring the Portfolio's dollar weighted average effective duration back within its expected dollar weighted average effective duration range within a reasonable period of time. Duration refers to the range within which the dollar weighted average effective duration of the Portfolio is expected to fluctuate. Effective duration measures the expected sensitivity of market price to changes in interest rates, taking into account the effects of structural complexities (for example, some bonds can be prepaid by the issuer). The duration of the Bloomberg US Aggregate Bond Index was approximately 5.76 years as of January 31, 2026.

The Portfolio may invest in other pooled investment vehicles, including other portfolios of the Trust, other open-end or closed-end investment companies, and both active and passive ETFs.

In addition to the Portfolio's investment in those underlying pooled investment vehicles, the Portfolio may also invest its assets in the PGIM Central Portfolio. The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio.

The Portfolio may invest in derivatives. The Portfolio may use derivative instruments to hedge its investments or to seek to enhance returns. In addition, the Portfolio may also invest up to 25% of its total assets in the securities of non-US issuers and may invest up to 20% of its total assets in non-US dollar denominated securities.

The Portfolio is allocated among four subadvisers: PGIM Fixed Income/PGIM Limited (collectively, PGIM Fixed Income), and Wellington Management, and J.P. Morgan Investment Management Inc. Further, the Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.

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PGIM Fixed Income is responsible for managing a portion of the Portfolio's assets. PGIM Fixed Income's strategy 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, PGIM Fixed Income develops views on economic, policy, and market trends. 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. PGIM Fixed Income 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 PGIM Fixed Income strategy may invest in a security based upon the expected total return rather than the yield of such security.

Wellington Management is responsible for managing a portion of the Portfolio's assets. Wellington Management's Core Bond strategy is a fundamental investment approach managed in a benchmark-relative style that invests across the major sectors of the domestic, investment grade bond market, including US government and agency securities, mortgage and structured finance securities, and investment-grade US dollar denominated corporate and sovereign securities. The objective is to generate excess returns primarily through research-driven sources of alpha due to our advantage in the depth of our global research. The Wellington Management team aims to run a well-diversified portfolio such that no one source of alpha overwhelms returns. To be considered for inclusion in Wellington Management's allocation portion of the Portfolio, securities must possess the risk/return characteristics appropriate for relatively conservative fixed income investors.

Wellington Management's Core Bond investment process is designed to harness the daily collaboration that occurs across Wellington Management's broad investment platform. The portfolio management team partners with a broad range of specialist investors, researchers, and traders from across fixed income and equities who inform the team's investment views and provide guidance regarding security selection decisions within individual sectors. Included among these resources are fixed income credit analysts, global industry (equity) analysts, macro specialists, and fixed income traders who contribute to the team's investment dialogue.

J.P. Morgan is responsible for managing a portion of the Portfolio's assets. J.P. Morgan's Core Bond strategy is designed to maximize total return by investing in a portfolio of investment grade intermediate- and long-term debt securities. As part of its main investment strategy, J.P. Morgan may principally invest in corporate bonds, U.S. treasury obligations including treasury coupon strips and treasury principal strips, and other U.S. government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, commercial mortgage-backed securities, mortgage pass-through securities and cash and cash equivalents. These securities may be structured such that payments consist of interest-only, principal-only or principal and interest. J.P. Morgan will invest at least 80% of the J.P. Morgan's allocated portion of the Portfolio's assets in bonds. Generally, such bonds will have intermediate to long maturities. J.P. Morgan's allocated portion of the Portfolio's average weighted maturity will ordinarily range between four and twelve years. J.P. Morgan's allocated portion of the Portfolio may have a longer or shorter average weighted maturity under certain market conditions and the Portfolio may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive purposes. Because of holdings in asset- backed, mortgage-backed and similar securities, the J.P. Morgan's allocated portion of the Portfolio's average weighted maturity is equivalent to the average weighted maturity of the cash flows in the securities held given certain prepayment assumptions (also known as weighted average life). Securities will be rated investment grade (or the unrated equivalent) at the time of purchase. In addition, all securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation or a foreign government or its agencies and instrumentalities. J.P. Morgan may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities in the subadviser's discretion. J.P. Morgan's allocated portion of the Portfolio expects to invest no more than 10% of its assets in "sub-prime" mortgage-related securities at the time of purchase.

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J.P. Morgan buys and sells securities and investments for its allocated portion of the Portfolio based on its view of individual securities and market sectors. Taking a long-term approach, J.P. Morgan looks for individual fixed income investments that it believes will perform well over market cycles. J.P. Morgan is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions and the structure of the transaction.

The continued holding of securities downgraded below investment grade or, if unrated, determined by the Subadvisers to be of comparable quality, will be evaluated by the Subadvisers on a case by case basis. Information on the ratings issued to debt securities by certain rating agencies is included in the Appendix to this Prospectus.

In addition, the Portfolio may also:

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invest up to 25% of its total assets in the securities of non-US issuers;

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invest up to 20% of its total assets in non-US dollar denominated securities;

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hold common stock or warrants received as the result of an exchange or tender of fixed income securities;

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invest in derivatives such as futures, options and swaps for both hedging and non-hedging purposes, including for purposes of enhancing returns;

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buy or sell securities on a forward commitment basis;

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lend its portfolio securities;

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engage in non-US currency exchange transactions;

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engage in reverse repurchase agreements; or

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borrow money for temporary or emergency purposes or for investment purposes.

**AST GOVERNMENT MONEY MARKET PORTFOLIO**

**Investment Objective:** to seek high current income and maintain high levels 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 seeks to maintain a stable net asset value of $1.00 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 $1.00. In addition, the income earned by the Portfolio will fluctuate based on market conditions, interest rates and other factors.

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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.

The Portfolio will comply 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 $1.00 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 will invest 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 the 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.

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**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 $1.00. PGIM Investments LLC and AST Investment Services, Inc. may decide to reimburse certain of these expenses to the Portfolio in order to maintain a positive yield, however they are under no obligation to do so and may cease doing so at any time without prior notice.

**AST INTERNATIONAL EQUITY PORTFOLIO**

**Investment Objective:** to seek 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 equity and equity-related securities of issuers that are economically tied to countries other than the United States. Equity and equity-related securities include, but are not limited to, common stocks, securities convertible or exchangeable for common stock or the cash value of common stock, preferred stocks, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and business development companies, investments in other mutual funds, ETFs, securities of REITs and income and royalty trusts, structured securities including P-Notes and LEPWs or other similar securities and ADRs and other similar receipts or shares, in both listed and unlisted form.

The Portfolio has the flexibility to invest on a worldwide basis in companies and organizations of any size, regardless of country of organization or place of principal business activity. The Portfolio normally invests primarily in securities of issuers from at least five different countries, which may include countries with emerging markets, excluding the United States. Although the Portfolio intends to invest at least 80% of its assets in the securities of issuers located outside the United States, it may at times invest in US issuers.

The Portfolio seeks to invest in companies that possess dominant market positions or franchises, a major technological edge, or a unique competitive advantage, as well as in emerging growth companies, which are companies that are expected to experience above-average earnings or cash flow growth or meaningful changes in underlying asset values.

The Portfolio is allocated among five subadvisers: J.P. Morgan, Jennison, MFS, PGIM Quantitative Solutions and Putnam. The Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.

**J.P. Morgan.** J.P. Morgan's investment strategy is an actively managed strategy. J.P. Morgan will invest the Portfolio's assets primarily in foreign companies of various market capitalizations, including foreign subsidiaries of U.S. companies. J.P. Morgan intends to invest in companies (or governments) in the following countries or regions: the Far East (including Japan, Hong Kong, Singapore and Malaysia), Western Europe (including the United Kingdom, Germany, the Netherlands, FrancSwitzerland, Italy, Scandinavia and Spain), Australia, Canada and other countries or areas that J.P. Morgan may select from time to time. A substantial part of the Portfolio's assets managed by J.P. Morgan may be invested in U.S. companies based in countries that are represented in the MSCI EAFE Index. However, J.P. Morgan may also invest in companies or governments in emerging markets. J.P. Morgan may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. The strategy typically consists of between 70 and 100 stocks. The investment team is comprised of four portfolio managers who draw on the insights of fundamental research analysts situated around the world.

The global network of approximately 80 career equity research analysts is divided into sector teams that have their own global sector leads, tasked with leading the discussion in their respective forums. These regional investment professionals conduct primary research into companies worldwide and offer truly in-depth specialist analysis of companies within their sector and region. Each analyst is a career specialist in a particular industry sector. Analysts

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spend their time interacting and/or visiting and speaking not only with company managements, but with suppliers, competitors, end-users, trade associations and other sources to gain a full understanding of the investment drivers of the stocks under their coverage.

J.P. Morgan's research resources are therefore structured to deliver a range of high conviction ideas with differentiated drivers of return, which is the foundation for constructing a diversified portfolio.

To ensure that their strategy offers consistently diversified exposure to the international investment landscape, the team incorporates guardrails around the MSCI EAFE Index that allow sector deviations of +/-5% and region deviations of +/-15%.

**Jennison.** Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

Jennison's fundamental equity segment of the Portfolio is invested in non-US (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock. Jennison's investment strategy may invest in ADRs, American Depositary Shares ("ADSs") and similar securities and may invest a large portion of its assets in a single country (for example, China) or region of the world. Jennison's investment strategy may be geographically concentrated relative to broad diversified indexes of international stocks. Jennison's investment strategy is not limited by specific industry, sector or geographic requirements or limits. As such, sector and industry weightings are incidental to Jennison's bottom-up stock selection process.

Jennison's investment team seeks to invest in companies in the early stages of accelerating growth, with attributes such as sustainable competitive advantages, the ability to execute a business strategy, and an appropriate valuation. Jennison's investment strategy may eliminate or reduce investment in a portfolio holding due to an unfavorable change in that portfolio holding's fundamentals, such as a weakening financial or competitive position or a significant change in management or governance issues. The emergence of what is believed to be a more attractive portfolio candidate may also lead to eliminating or reducing the weight of a position in the strategy.

**MFS.** MFS actively identifies potential investments based on fundamental and quantitative analysis and then constructs a portfolio from these potential investments while managing various risk factors (e.g., issuer, industry, and sector weightings, market capitalization, and volatility) compared to the MSCI All Country World (ex-US) Index. MFS normally invests its sleeve primarily in equity securities. MFS normally invests its sleeve's assets primarily in foreign securities, including emerging market securities. In selecting investments for its sleeve, MFS is not constrained by any particular investment style. MFS may invest the sleeve's assets in the stocks of companies MFS believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies MFS believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. While MFS may invest the sleeve's assets in securities of companies of any size, MFS primarily invests in securities of companies with large capitalizations. MFS normally invests the sleeve's assets across different industries, sectors, countries, and regions, but MFS may invest a significant percentage of the sleeve's assets in issuers in a single industry, sector, country, or region.

MFS uses an active bottom-up approach to buying and selling investments for its sleeve. Investments are selected primarily based on blending fundamental and quantitative research. MFS uses fundamental analysis of individual issuers and their potential in light of their financial condition and market, economic, political, and regulatory conditions to determine a fundamental rating for an issuer. Factors considered may include analysis of an issuer's earnings, cash flows, competitive position, and management ability. MFS uses quantitative analysis, including

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quantitative models that systematically evaluate an issuer's valuation, price and earnings momentum, earnings quality, and other factors, to determine a quantitative rating for an issuer. MFS combines the fundamental rating with the quantitative rating to create a blended rating for an issuer. (When the fundamental rating is not available, MFS treats the issuer as having a neutral fundamental rating. MFS quantitative research generates ratings on a greater number of issuers than MFS fundamental research.)

MFS constructs the sleeve using an optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, volatility, and other factors. The portfolio managers have the discretion to adjust the inputs and parameters used in the optimization process and the sleeve's holdings based on factors such as the desired portfolio characteristics and the portfolio managers' qualitative assessment of the optimization results. MFS' goal is to construct an actively managed sleeve with a target predicted tracking error of approximately 2% compared to the MSCI All Country World (ex-US) Index. Tracking error generally measures how the differences between the sleeve's returns and the MSCI All Country World (ex-US) Index's returns have varied over a period of time. A lower tracking error means that there is generally less variation between the sleeve's returns compared to the applicable index. Third-party quantitative risk models are used in the portfolio construction process and to measure the predicted tracking error of the sleeve.

**PGIM Quantitative Solutions.** PGIM Quantitative Solutions employs a quantitative investment approach that combines bottom-up fundamentals with top-down insights. PGIM Quantitative Solutions employs a bottom-up stock selection process that is modestly enhanced by top-down signals that target industry and country factors. PGIM Quantitative Solutions constructs portfolios to maximize exposure to companies that scored highest in both PGIM Quantitative Solutions' stock selection and macroeconomic models, while managing risk relative to the benchmark. Portfolio constraints limit portfolio deviations from the benchmark with respect to sector, country, region, size, growth, and individual stock weight, among others. In addition, PGIM Quantitative Solutions' optimizer considers expected transaction costs and trading liquidity, which are critical in non-US markets.

**Putnam.** Putnam invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those Putnam believes are currently undervalued by the market. If Putnam is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam invests mainly in developed countries but may also invest in emerging markets. Putnam may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Putnam may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, Putnam typically use foreign currency forward contracts in connection with the portfolio's investments in foreign securities in order to hedge the portfolio's currency exposure relative to the portfolio's benchmark index. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the portfolio.

**Other Investments:** 

The Portfolio may invest to a lesser degree in debt securities, including bonds rated below investment grade ("junk" bonds), mortgage and asset-backed securities and zero coupon, pay-in-kind and step coupon securities (securities that do not, or may not under certain circumstances, make regular interest payments).

The Portfolio may make short sales "against the box." In addition, the Portfolio may invest in the following types of securities and engage in the following investment techniques:

**Short Sales and Short Sales "Against the Box."** The Portfolio 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 the 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. The 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.

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The 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, the Portfolio is required to (i) 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 (ii) the Portfolio must otherwise cover its short position. 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. Depending on arrangements made with the broker-dealer from which the Portfolio borrowed the security, regarding payment over of any payments received by the Portfolio on such security, the 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 the Portfolio to the risks associated with those securities, such short sales involve speculative exposure risk. As a result, if the Portfolio makes short sales in securities that increase in value, it will likely underperform similar mutual funds that do not make short sales in securities they do not own. The 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. Theoretically, the amount of these losses can be unlimited, although for fixed income securities an interest rate of 0% forms an effective limit on how high a securities' price would be expected to rise. The Portfolio will realize a gain if the security declines in price between those dates. The Portfolio's gain is limited to the price at which it sold the security short. No assurance can be given that the Portfolio will be able to close out a short sale position at any particular time or at an acceptable price. To that end, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

The Portfolio 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. However, if further consideration is required in connection with the conversion or exchange, cash or other liquid assets, in an amount equal to such consideration must be segregated on the Portfolio's records or with the Trust's Custodian.

**Futures, Options and Other Derivative Instruments**. The Portfolio may enter into futures contracts on securities, financial indices and foreign currencies and options on such contracts and may invest in options on securities, financial indices and foreign currencies, forward contracts and interest rate swaps and swap-related products (collectively derivative instruments). Other types of derivatives in which the Portfolio may invest include P-notes or LEPWs or similar instruments as a way to access certain non-US markets. These instruments are derivative securities which provide investors with economic exposure to an individual stock, basket of stocks or equity.

The Portfolio intends to use most derivative instruments primarily to hedge the value of its portfolio against potential adverse movements in securities prices, foreign currency markets or interest rates. To a limited extent, the Portfolio may also use derivative instruments for non-hedging purposes such as seeking to increase income. The Portfolio may also use a variety of currency hedging techniques, including forward currency contracts, to manage exchange rate risk with respect to investments exposed to foreign currency fluctuations.

**Index/Structured Securities.** The Portfolio may invest in indexed/structured securities, which typically are short-to intermediate-term debt securities whose value at maturity or interest rate is linked to currencies, interest rates, equity securities, indices, commodity prices or other financial indicators. Such securities may offer growth potential because of anticipated changes in interest rates, credit standing, currency relationships or other factors

**AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** 

**Investment Objective:** to seek capital appreciation consistent with its specified level of risk tolerance.

**Principal Investment Policies:** The Portfolio utilizes a variety of diversifying asset classes and investment styles. Under normal circumstances, the Portfolio will maintain a strategic allocation of approximately 85% of net assets in global equity securities and approximately 15% of net assets in fixed income securities. Depending on market conditions,

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the global equity exposure may range between 75-95% of net assets, and the fixed income allocation may range between 5-25% of net assets. The subadviser may utilize derivatives to manage the duration of the Portfolio; these positions are not considered part of the Portfolio's fixed income allocation.

The Portfolio may invest in a wide range of asset classes, including US and non-US fixed income, high yield bonds, convertible bonds, emerging markets bonds, US and non-US equities, emerging markets equities, and REITs domiciled in and outside of the US. The allocation to these asset classes will vary depending on the tactical views of the Portfolio's subadviser, J.P. Morgan.

The Portfolio's allocation to global equity, fixed income, and currency markets may be obtained through (i) the purchase of "physical securities" (e.g., common stocks or bonds); (ii) the use of derivative instruments including but not limited to options and futures contracts on securities and indices, swaps (including credit derivatives), forwards (deliverable and non-deliverable), and other futures contracts and options to provide exposure to equity and fixed income asset classes (iii) the purchase of underlying ETFs, including ETFs sponsored by J.P. Morgan. As of December 31, 2025, the Portfolio allocated 38.98% of its assets to J.P. Morgan ETFs.

The Portfolio's strategic asset allocation is designed to account for the liquidity needs of the Portfolio throughout market cycles. The liquidity profile of the Portfolio may cause temporary deviations from the strategic asset allocation due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

The Portfolio may invest, without limitation, its assets in the J.P. Morgan Central Portfolio. The J.P. Morgan Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The J.P. Morgan Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy intermediate and long-term debt obligations and high-quality money market instruments directly, the Portfolio may invest in the J.P. Morgan Central Portfolio.

**General.** While the Portfolio invests primarily in equity securities, the precise mix of equity and fixed income investments will depend on the Subadviser's outlook for the markets. When deciding upon asset allocations, the Subadviser may increase investments in equity securities when strong economic growth is expected. The opposite may be true if the Subadviser believes that the economy is expected to slow sufficiently enough to hurt corporate profit growth. The Portfolio's investments in foreign equity and debt securities are intended to provide additional diversification.

Securities may be sold for a variety of reasons, such as to effect a change in asset allocation, to seek to secure gains or limit losses, or to re-deploy assets into more promising opportunities.

As a fund that will invest primarily in equity securities, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be greater than funds investing in with a lower percentage allocation to equity and funds investing primarily in fixed income securities. Of course, both equity and fixed income securities may decline in value.

**Equity Securities.** When selecting particular stocks to purchase, the Subadviser will examine relative values and prospects among growth and value-oriented stocks, domestic and international stocks, and small- to large-cap stocks. Domestic stocks will be drawn from the overall US market while international equities will be selected primarily from large companies in developed countries. Investments in non-US dollar denominated stocks may be made solely for capital appreciation or solely for income or any combination of both for the purpose of seeking a higher overall return. Stocks of companies in developing countries may also be included. The equity portion of the Portfolio also may include convertible securities, preferred stocks and warrants.

**Fixed Income Securities.** Bond investments will be primarily investment grade (top four credit ratings) and are chosen from across the entire government and corporate bond markets. A portion of the Portfolio's fixed income assets may be invested in high yield bonds. A significant portion of the Portfolio's fixed income investments may be in

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mortgage-related securities (including mortgage dollar rolls, CMOs, and stripped mortgage-backed securities) and asset-backed securities. Bank debt and loan participations and assignments may also be purchased. Maturities and duration of the fixed income portion of the Portfolio will reflect the Subadviser's outlook for interest rates. The cash reserves component will consist of high-quality domestic and foreign money market instruments.

**Other Investments:** 

**Swap Agreements**. The Portfolio may enter into interest rate, index, total return, credit default and currency exchange rate swap agreements. Swaps can be used for a variety of purposes, including: to manage exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk exposure.

**Futures and Options.** The Portfolio may enter into stock index, interest rate, or currency futures contracts (or options thereon) for hedging purposes or to provide an efficient means of adjusting the Portfolio's exposure to the equity and fixed income markets. The Portfolio may write covered call options and purchase put and call options on foreign currencies, securities, and financial indices. The Portfolio may also invest up to 10% of its total assets in hybrid instruments, which generally combine the characteristics of stocks, bonds, futures and options. Additionally, the Portfolio may enter into forward foreign currency exchange contracts in connection with its foreign investments.

**Hybrid Instruments.** These derivative instruments can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, securities, or securities index. Such securities may or may not bear interest or pay dividends. Under certain conditions, the redemption value of a hybrid could be zero. Hybrids can have volatile prices and limited liquidity, and their use may not be successful. Portfolio investments in hybrid instruments are limited to 10% of total assets.

**AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO**

**Investment Objective:** to seek to maximize return compared to the benchmark through security selection and tactical asset allocation.

**Principal Investment Policies:** The Portfolio utilizes a variety of diversifying asset classes and investment styles. Under normal circumstances, the Portfolio will maintain a strategic allocation of approximately 40% of net assets in global equity securities and approximately 60% of net assets in fixed income securities. Depending on market conditions, the global equity exposure may range between 30-50% of net assets, and the fixed income allocation may range between 50-70% of net assets. Fixed income derivatives may also be utilized for duration management and are not considered to have a notional market value and therefore are not included within the fixed income allocation ranges.

The Portfolio may invest in a wide range of asset classes, including US and non-US fixed income, high yield bonds, convertible bonds, emerging markets bonds, US and non-US equities, emerging markets equities, and REITs domiciled in and outside of the US. The allocation to these asset classes will vary depending on the tactical views of the Portfolio's subadviser, J.P. Morgan.

The Portfolio's allocation to global equity, fixed income, and currency markets may be obtained through (i) the purchase of "physical securities" (e.g., common stocks, or bonds); (ii) the use of derivative instruments including but not limited to options and futures contracts on securities and indices, swaps (including credit derivatives), forwards (deliverable and non-deliverable), and other futures contracts and options to provide liquid exposures to applicable equity and fixed income benchmarks (iii) the purchase of underlying ETFs, including ETFs sponsored by J.P. Morgan. As of December 31, 2025, the Portfolio allocated 29.59% of its assets to J.P. Morgan ETFs.

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While the Portfolio is expected to remain within the strategic allocation ranges described above, the Portfolio may temporarily deviate from the strategic allocation above to manage the Portfolio's liquidity to meet redemptions or other aspects of the Portfolio's investment process.

The Portfolio may invest, without limitation, its assets in the J.P. Morgan Central Portfolio. The J.P. Morgan Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The J.P. Morgan Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy intermediate and long-term debt obligations and high-quality money market instruments directly, the Portfolio may invest in the J.P. Morgan Central Portfolio.

**AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** 

**Investment Objective:** to seek capital appreciation consistent with its specified level of risk tolerance.

**Principal Investment Policies:** The Portfolio utilizes a variety of diversifying asset classes and investment styles. Under normal circumstances, the Portfolio will maintain a strategic allocation of approximately 65% of net assets in global equity securities and approximately 35% of net assets in fixed income securities. Depending on market conditions, the global equity exposure may range between 55-75% of net assets and fixed income allocation may range between 25-45% of net assets. The subadviser may utilize derivatives to manage the duration of the Portfolio; these positions are not considered part of the Portfolio's fixed income allocation.

The Portfolio may invest in a wide range of asset classes, including US and non-US fixed income, high yield bonds, convertible bonds, emerging markets bonds, US and non-US equities, emerging markets equities, and REITs domiciled in and outside of the US. The allocation to these asset classes will vary depending on the tactical views of the Portfolio's subadviser, J.P. Morgan.

The Portfolio's allocation to global equity, fixed income, and currency markets may be obtained through (i) the purchase of "physical securities" (e.g., common stocks or bonds); (ii) the use of derivative instruments including but not limited to options and futures securities and indices, swaps (including credit derivatives), forwards (deliverable and non-deliverable), and other futures contracts and options to provide liquid exposure to applicable equity and fixed income benchmarks (iii) the purchase of underlying ETFs, including ETFs sponsored by J.P. Morgan. In implementing its asset allocation strategy, the Portfolio allocates assets to various underlying investment sleeves or implementation vehicles.

The Portfolio's allocation to global equity, fixed income, and currency markets may be obtained through (i) the purchase of "physical securities" (e.g., common stocks or bonds); (ii) the use of derivative instruments including but not limited to options and futures contracts on securities and indices, swaps (including credit derivatives), forwards (deliverable and non-deliverable), and other futures contracts and options to provide exposure to equity and fixed income asset classes (iii) the purchase of underlying ETFs, including ETFs sponsored by J.P. Morgan. As of December 31, 2025, the Portfolio allocated 43.99% of its assets to J.P. Morgan ETFs.

While the Portfolio is expected to remain within the strategic allocation ranges described above, the Portfolio may temporarily deviate from the strategic allocation above to manage the Portfolio's liquidity to meet redemptions or other aspects of the Portfolio's investment process.

The Portfolio may invest, without limitation, its assets in the J.P. Morgan Central Portfolio. The J.P. Morgan Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The J.P. Morgan Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in intermediate and long-term debt obligations and high-quality money market instruments. Rather than buy intermediate and long-term debt obligations and high-quality money market instruments directly, the Portfolio may invest in the J.P. Morgan Central Portfolio.

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**AST LARGE-CAP EQUITY PORTFOLIO**

**Investment Objective:** to seek long-term capital appreciation.

**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 equity and equity-related securities of large capitalization companies.

Equity and equity-related securities include common and preferred stock, other investment companies, including 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. For purposes of the Portfolio, a large-cap company is a company with a market capitalization in the range of companies in the S&P 500 Index (between $6.4 billion and $4.6 trillion as of January 31, 2026).

The Portfolio is allocated among four subadvisers: J.P. Morgan, PGIM Quantitative Solutions, ClearBridge and Dimensional. Further, the Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks and other factors.

<u>J.P. Morgan Segment.</u> J.P. Morgan is responsible for managing a portion of the Portfolio's assets. J.P. Morgan's strategy follows a multi-step process. Within each sector, the strategy focuses on those equity securities that it considers most attractively valued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing attractively valued securities, the strategy seeks to produce returns that exceed those of the S&P 500 Index. In managing the strategy, J.P. Morgan employs a three-step process that combines research, valuation and stock selection. J.P. Morgan takes an in-depth look at company prospects, which is designed to provide insight into a company's real growth potential. The research findings allow J.P. Morgan to rank the companies in each sector group according to their relative value. In addition, J.P. Morgan buys and sells equity securities, using the research and valuation rankings as a basis. In general, J.P. Morgan buys equity securities that are identified as attractively valued and considers selling them when they appear to be overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: (i) catalysts that could trigger a rise in a stock's price, (ii) high potential reward compared to potential risk; and (iii) temporary mispricings caused by apparent market overreactions.

<u>PGIM Quantitative Solutions Segment</u>**<u>.</u>** PGIM Quantitative Solutions employs a quantitative investment approach that combines bottom-up fundamentals with top-down insights. PGIM Quantitative Solutions employs a bottom-up stock selection process that is modestly enhanced by top-down signals that target industry and country factors. PGIM Quantitative Solutions constructs portfolios to maximize exposure to companies that scored highest in both PGIM Quantitative Solutions' stock selection and macroeconomic models, while managing risk relative to the benchmark. Portfolio constraints limit portfolio deviations from the benchmark with respect to sector, country, region, size, growth, and individual stock weight, among others. In addition, PGIM Quantitative Solutions' optimizer considers expected transaction costs and trading liquidity, which are critical in non-US markets.

<u>ClearBridge Segment.</u> ClearBridge's strategy seeks to outperform the S&P 500 over a full market cycle with materially less risk. The strategy invests in both growth and value stocks consisting primarily of large cap, blue chip companies that have dominant market positions. As these businesses are identified, ClearBridge leverages a multi-step, valuations focused process that, alongside the strategy's long-term view, seeks to invest when cyclical factors, market fluctuations, or shorter-term dynamics create opportunity to purchase companies with an attractive risk/reward profile. ClearBridge believes that by investing in businesses with leading market positions and a track record of resilience, especially in challenging economic environments, the strategy can systematically generate superior risk-adjusted returns over a full market cycle.

<u>Dimensional Segment.</u> Dimensional is responsible for managing a portion of the Portfolio's assets. To achieve the Portfolio's investment objective, Dimensional implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio's design emphasizes long-term drivers of expected returns identified by Dimensional's research, while balancing risk through

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broad diversification across companies and sectors. Dimensional's portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. The Portfolio is designed to purchase a broad and diverse group of readily marketable securities of large U.S. companies that Dimensional determines to have high profitability relative to other U.S. large cap companies at the time of purchase. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the large-cap high profitability segment of the U.S. market. Dimensional may also increase or reduce the Portfolio's exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company's price momentum and short-run reversals. In addition, Dimensional seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.

**AST LARGE-CAP GROWTH PORTFOLIO**

**Investment Objective:** to seek 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 equity and equity-related securities of large capitalization companies.

Large companies are defined as those companies with market capitalizations (measured at the time of purchase) within the market capitalization of the Russell 1000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Index had a median market capitalization of approximately $310 billion as of January 31, 2026, and the largest company by market capitalization was approximately $4.6 trillion as of that date. The size of the companies in the Russell 1000<sup>®</sup> Index will change with market conditions. The Portfolio will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization falls below this level.

Equity and equity-related securities include common and preferred stock, other investment companies, including ETFs, securities convertible into common stock, securities having common stock characteristics, REITs, futures contracts and other derivative instruments whose value is based on common stock, such as rights, warrants or options to purchase common stock.

The Portfolio's subadvisers generally look for companies that they believe will provide an above-average rate of earnings and cash flow growth and which have a lucrative niche in the economy that gives them the ability to sustain earnings momentum even during times of slow economic growth. In pursuing its investment objective, the Portfolio has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the Subadvisers believe may provide an opportunity for substantial appreciation. These situations might arise when the Subadvisers believe a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management. The Portfolio may at times invest significantly in certain sectors, such as the technology sector.

The assets of the Portfolio are independently managed by five subadvisers under a multi-manager structure. The subadvisers are ClearBridge Investments, LLC, Jennison Associates LLC, J.P. Morgan Investment Management Inc., Putnam Investment Management, LLC, and T. Rowe Price Associates, Inc. The SIRG of the Manager determines the allocation among the subadvisers and other investment companies, including ETFs, based on its analysis, taking into account market conditions, risks and other factors.

<u>ClearBridge Segment</u>. ClearBridge normally invests its segment of the Portfolio primarily in equity securities or other instruments with similar economic characteristics of US companies with large market capitalizations. The core holdings of the strategy are large capitalization companies that ClearBridge believes to be dominant in their industries due to product, distribution, or service strength. ClearBridge emphasizes individual security selection while diversifying the strategy's investments across industries, which may help to reduce risk. The portfolio managers

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attempt to identify established large capitalization companies with the highest growth potential. The portfolio managers then analyze each company in detail, ranking its management, strategy, and competitive market position. Finally, the portfolio managers attempt to identify the best values available among the growth companies identified. The portfolio managers may sell a security if it no longer meets the strategy's investment criteria or for other reasons, including to meet redemptions or to redeploy assets to better investment opportunities.

<u>Jennison Associates Segment</u>. Jennison normally invests its segment of the Portfolio's assets primarily in the equity and equity-related securities of large capitalization companies. Jennison follows a highly disciplined investment selection and management process of identifying companies that show superior absolute and relative earnings growth and that Jennison believes are attractively valued. Earnings predictability and confidence in earnings forecasts are important parts of the selection process for its segment of the Portfolio. Securities in which Jennison invests have historically been more volatile than the S&P 500 Index. Also, companies that have an earnings growth rate higher than that of the average S&P 500 company tend to reinvest their earnings rather than distribute them, so the Jennison segment of the Portfolio is not likely to receive significant dividend income on its portfolio securities. Jennison's portfolio managers may focus on companies experiencing some or all of the following: strong market position, improving profitability and distinctive attributes such as unique marketing ability, strong research and development and productive new product flow, superior management, and financial strength. Such companies generally trade at high prices relative to their current earnings. Jennison considers selling or reducing a stock position when, in the opinion of its portfolio managers, the stock has experienced a fundamental disappointment in earnings; it has reached an intermediate-term price objective and its outlook no longer seems sufficiently

<u>J.P. Morgan Segment</u>. In pursuing its investment objective, J.P. Morgan normally invests at least 80% of the portion of the Portfolio's assets assigned to it in equity securities of large and medium-sized US companies, including common stocks and REITs. In implementing its strategies for the portion of the Portfolio's assets assigned to it, J.P. Morgan invests primarily in a broad portfolio of equity securities that the adviser believes are high quality growth companies that have strong fundamental and are trading at what J.P. Morgan determines to be attractive valuations. Generally, these will be equity securities of companies within the Russell 1000 Growth Index.

J.P. Morgan may invest the portion of the Portfolio's assets assigned to it in derivatives as substitutes for securities in which the Portfolio can invest. To the extent J.P. Morgan uses derivatives, it will primarily use futures contracts to more effectively gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing the Portfolio, J.P. Morgan employs a bottom-up approach to stock selection, focusing on high quality growth companies that have strong fundamentals and are trading at what J.P. Morgan determines to be attractive valuations. J.P. Morgan's determination of valuation is based on proprietary fundamental research and data analysis, including information about earnings and cash flow. Because J.P. Morgan's approach to managing the portion of the Portfolio's assets seeks to identify growth companies with reasonable valuations, it is generally characterized as GARP (Growth at a Reasonable Price).

<u>Putnam Segment</u>. Putnam invests mainly in common stocks of large U.S. companies, with a focus on growth stocks. Growth companies purchased for the Portfolio include those with above average growth and leading competitive positions that can achieve sustainable growth. Putnam may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings and cash flows when deciding whether to buy or sell investments. Putnam invests at least 80% of the portfolio's net assets (plus the amount of any borrowings for investment purposes) in companies of a size similar to those in the Russell 1000 Growth Index. This policy may be changed only after 60 days' notice to shareholders. Putnam may also invest in small and midsize companies. Putnam may invest in foreign investments, although they do not represent a primary focus of the strategy. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the Portfolio. Putnam employs a risk aware process that combines bottom-up fundamental research with top-down investment themes to identify stocks that have a durable, above average growth profile.

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<u>T. Rowe Price Segment</u>. T. Rowe Price normally invests its segment of the Portfolio primarily in common stocks of large capitalization companies. As growth investors, T. Rowe Price believes that when a company increases its earnings faster than both inflation and the overall economy, the market will eventually reward it with a higher stock price. T. Rowe Price uses a growth style of investing. Accordingly, T. Rowe Price will generally look for companies with an above-average rate of earnings and cash flow growth and a lucrative niche in the economy that gives them the ability to sustain earnings momentum even during times of slow economic growth. While the majority of the assets attributed to this investment category managed by T. Rowe Price will be invested in US common stocks, assets may also be invested in foreign stocks. T. Rowe Price may also invest a portion of its segment of the Portfolio in privately held companies and companies that only recently began to trade publicly. In pursuing its investment objective, T. Rowe Price has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that it believes will provide an opportunity for substantial appreciation. These situations might arise when T. Rowe Price believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.

**AST LARGE-CAP VALUE PORTFOLIO**

**Investment Objective:** to seek current income and long-term growth of income, as well as capital appreciation.

**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 equity and equity-related securities of large capitalization companies.

Large capitalization companies are generally those that have market capitalizations, at the time of purchase, within the market capitalization range of the Russell 1000® Index. The Russell 1000® Index had a median market capitalization of approximately $310 billion as of January 31, 2026, and the largest company by market capitalization was approximately $4.6 trillion as of that date. The size of the companies in the Russell 1000® Index will change with market conditions. The Portfolio will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization falls below this level.

Equity and equity-related securities include common and preferred stock, other investment companies, including 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.

The Portfolio may also invest up to 20% of its total assets in foreign securities.

The Portfolio is allocated among five subadvisers: ClearBridge Investments, LLC, Dimensional Fund Advisors LP, Hotchkis and Wiley Capital Management, LLC, J.P. Morgan Investment Management Inc., and Putnam Investment Management, LLC. SIRG of the Manager determines the allocation among the subadvisers and other investment companies, including ETFs, based on its analysis, taking into account market conditions, risks and other factors.

<u>ClearBridge Investments Segment.</u> ClearBridge is responsible for managing a portion of the Portfolio's assets. ClearBridge normally invests its segment of the Portfolio primarily in equity securities or other instruments with similar economic characteristics of US companies with large market capitalizations. The core holdings of the strategy are large capitalization companies that ClearBridge believes to be dominant in their industries due to product, distribution, or service strength. ClearBridge emphasizes individual security selection while diversifying the strategy's investments across industries, which may help to reduce risk. The portfolio managers attempt to identify established large capitalization companies with the highest value potential. The portfolio managers then analyze each company in detail, ranking its management, strategy, and competitive market position. Finally, the portfolio managers attempt to identify the best values available among the value companies identified. The portfolio managers may sell a security if it no longer meets the strategy's investment criteria or for other reasons, including to meet redemptions or to redeploy assets to better investment opportunities.

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<u>Dimensional Segment.</u> Dimensional is responsible for managing a portion of the Portfolio's assets. To achieve the Portfolio's investment objective, Dimensional implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio's design emphasizes long-term drivers of expected returns identified by Dimensional's research, while balancing risk through broad diversification across companies and sectors. Dimensional's portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. The Portfolio is designed to purchase a broad and diverse group of readily marketable securities of large U.S. companies that Dimensional determines to be value stocks. A company's market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. Dimensional may overweight certain stocks, including smaller companies, lower relative price stocks, and/or higher profitability stocks within the large-cap value segment of the U.S. market. Dimensional may also increase or reduce the Portfolio's exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company's price momentum and short-run reversals. In addition, Dimensional seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.

<u>Hotchkis and Wiley Segment.</u> Hotchkis and Wiley is responsible for managing a portion of the Portfolio's assets. Hotchkis and Wiley's strategy invests primarily in stock and other equity securities and normally focuses on stocks that have a high cash dividend or payout yield relative to the market. Payout yield is defined as dividend yield plus net share repurchases. Hotchkis and Wiley also may invest in stocks that don't pay dividends, but have growth potential unrecognized by the market or changes in business or management that indicate growth potential. Hotchkis and Wiley's strategy seeks current income and long-term growth of income, as well as capital appreciation using a disciplined, value investment process. Through a consistent process and independent research, Hotchkis and Wiley identifies large cap companies that they believe are undervalued relative to their tangible assets, have sustainable cash flow and potential for improving business performance. The strategy seeks to own large, financially strong companies that offer the best combination of value and potential for price appreciation. Hotchkis and Wiley emphasizes rigorous in-house fundamental research to identify undervalued large cap companies, employs a disciplined and repeatable investment process and incorporates multiple perspectives to enhance understanding of risks.

<u>J.P. Morgan Segment.</u> J.P. Morgan is responsible for managing a portion of the Portfolio's assets. In pursuing its investment objective, J.P. Morgan normally invests at least 80% of the portion of the Portfolio's assets assigned to it in equity securities of large-sized US companies, including common stocks and debt securities and preferred stocks that are convertible to common stocks. J.P. Morgan invests the portion of the Portfolio's assets assigned to it primarily in common stocks of large-sized US companies that it believes are capable of achieving sustained value.

J.P. Morgan may invest the portion of the Portfolio's assets assigned to it in derivatives as substitutes for securities in which the Portfolio can invest. To the extent J.P. Morgan uses derivatives, it will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. In managing the Portfolio, J.P. Morgan employs a process that combines research, valuation and stock selection. J.P. Morgan takes an in-depth look at company prospects over a period as long as five year, which is designed to provide insight into a company's real growth potential. The research findings allows J.P. Morgan to rank the companies in each industry group according to their relative value.

<u>Putnam Segment.</u> Putnam is responsible for managing a portion of the Portfolio's assets. Putnam invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for current income and long term growth of income. Under normal circumstances, Putnam invests at least 80% of the portfolio's net assets in large-cap companies, which, for purposes of this policy, are of a size similar to those in the Russell 1000 Value Index. This policy may be changed only after 60 days' notice to shareholders. Putnam may also invest in small and midsize companies. Value stocks are issued by companies that Putnam believes are currently undervalued by the market. If Putnam is correct and other investors ultimately recognize the value of the company, the price of its stock may rise.

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Putnam consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Putnam may invest in foreign investments, although they do not represent a primary focus of the strategy. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the Portfolio.

**AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO**

**Investment Objective:** to seek long-term capital appreciation.

**Principal Investment Policies:** The asset class allocation strategy for the Portfolio is determined by PGIM Quantitative Solutions. PGIM Quantitative Solutions allocates the net assets of the Portfolio across different investment categories and different Subadvisers. PGIM Quantitative Solutions also directly manages a portion of the assets of the Portfolio. Certain investment categories will contain sub-categories. The subadviser for a category or sub-category will employ a specific investment strategy for that category or sub-category.

PGIM Quantitative Solutions employs a two-tiered approach to allocating Portfolio assets across the various investment categories, sub-categories, and the Subadvisers. First, PGIM Quantitative Solutions analyzes the macro-economic landscape, the capital markets, and the related implications for investment strategy. Second, PGIM Quantitative Solutions draws on its understanding of the strategies used by the other Subadvisers to determine which advisers are expected to perform best under the prevailing macro-economic landscape. The allocations are reviewed by PGIM Quantitative Solutions periodically and may be altered or adjusted by PGIM Quantitative Solutions without prior notice. Such adjustments will be reflected in the annual update to the prospectus.

The Portfolio invests in both traditional and non-traditional investment strategies. The Portfolio's asset allocation generally provides for an allotment of approximately (i) 40% of Portfolio assets to a combination of domestic and international equity strategies, an allotment of approximately (ii) 20% of Portfolio assets to a combination of US fixed income, hedged international bond, and real return strategies, and an allotment of approximately (iii) 40% allocation to non-traditional strategies, including, but not limited to, real estate, commodities-related, TIPS, global macro, tactical currency and other liquid alternative strategies.

The Portfolio may use derivative instruments to gain exposure to certain traditional and non-traditional investment strategies. The Portfolio may engage in short sales and may invest in fixed income securities that are rated below investment grade by the major ratings services (Ba1 or lower by Moody's, or equivalently rated by S&P or Fitch Ratings, Inc. (Fitch), or, if unrated, considered to be of comparable quality, in connection with these investment strategies. Fixed income debt obligations rated below investment grade by the major ratings services or, if unrated, considered to be of comparable quality, are commonly referred to as "junk bonds" and are regarded as having predominantly speculative characteristics with respect to capacity to pay principal and interest. The Portfolio may engage in active and frequent trading of portfolio securities to try to achieve its investment objective.

PGIM Quantitative Solutions directly manages the Portfolio's liquidity strategy. The Portfolio allocates approximately 15-25% of its net assets to the liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps (including total return swaps referencing securities, baskets of securities indices, or investment strategies), forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices or to obtain tactical exposures to quantitative or rules-based investment strategies consistent with the Portfolio's investment process; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy also invests in ETFs for additional exposure to relevant markets. The liquidity strategy may

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temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles, including, without limitation, other portfolios of the Trust, open-end or closed-end investment companies, ETFs, unit investment trusts, domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds") (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the PGIM Central Portfolio. The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

The Portfolio may engage in active and frequent trading of portfolio securities to try to achieve its investment objective.

**Description of Traditional Investment Categories and Strategies.** The traditional investment categories and strategies for which PGIM Quantitative Solutions, Jennison, PGIM Fixed Income, J.P Morgan and Putnam directly manage the assets allocated to the indicated traditional investment strategies include the following:

<u>Quantitative Equity Segment (PGIM Quantitative Solutions)</u>. PGIM Quantitative Solutions' quantitative equity investment strategy employs a quantitatively driven, fundamentally-based investment process. The stock selection process utilizes an adaptive model that evaluates stocks differently based on their growth expectations. PGIM Quantitative Solutions constructs portfolios that seek to maximize the Portfolio's investment in the most attractive stocks identified by the model subject to risk constraints.

The quantitative equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

<u>Fundamental Equity Segment (Jennison)</u>. Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

The fundamental equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

<u>Fixed Income Segment (PGIM Fixed Income)</u>. PGIM Fixed Income invests in a broadly diversified portfolio of global fixed income securities (including emerging markets and non-dollar denominated issued) and fixed income related securities. PGIM Fixed Income invests primarily in debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser. Likewise, PGIM Fixed

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Income may also invest in high-yield/high-risk debt securities (commonly known as "junk bonds"). PGIM Fixed Income may also invest in collateralized debt obligations. Depending on the amount of its investment in CDOs, 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 CDOs.

In managing the fixed income segment of the Portfolio, 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, PGIM Fixed Income develops views on economic, policy, and market trends by continually evaluating economic data that affects 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. PGIM Fixed Income 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.

<u>US Large Cap Core Equity (J.P. Morgan)</u>. J.P. Morgan invests in equity and equity-related securities of large-capitalization companies. Equity and equity-related securities include common and preferred stock, 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.

J.P. Morgan's strategy follows a multi-step process. Within each sector, the strategy focuses on those equity securities that it considers most undervalued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing undervalued equity securities, the strategy seeks to produce returns that exceed those of the S&P 500 Index. In managing the strategy, J.P. Morgan employs a three-step process that combines research, valuation and stock selection. In addition, J.P. Morgan buys and sells equity securities, using the research and valuation rankings as a basis. In general, J.P. Morgan buys equity securities that are identified as undervalued and considers selling them when they appear to be overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: (i) catalysts that could trigger a rise in a stock's price, (ii) high potential reward compared to potential risk; and (iii) temporary mispricings caused by apparent market overreactions.

<u>International Value (Putnam)</u>. Putnam invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those Putnam believes are currently undervalued by the market. If Putnam is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam invests mainly in developed countries but may also invest in emerging markets. Putnam may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Putnam may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, Putnam typically use foreign currency forward contracts in connection with the portfolio's investments in foreign securities in order to hedge the portfolio's currency exposure relative to the portfolio's benchmark index. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the portfolio.

**Description of Non-Traditional Investment Categories and Sub-categories**. The investment categories and sub-categories for which PGIM Quantitative Solutions, PGIM Fixed Income and PGIM Real Estate pursue non-traditional investment strategies include the following:

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Currency

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Commodities Related

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Treasury Inflation-Protected Securities (TIPS)

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Market Participation Strategy

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US Real Estate

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Global Macro

Brief descriptions of the investment strategies used by PGIM Quantitative Solutions, PGIM Fixed Income and PGIM Real Estate are set forth below:

<u>Commodities Related (PGIM Quantitative Solutions)</u>. This strategy seeks to provide broad exposure to commodities while seeking to outperform the Bloomberg Commodity Index with a tracking error target of 1.5% - 2.5%. PGIM Quantitative Solutions Commodity Strategy has been designed to combine uncorrelated active opportunities using a rigorous risk management approach to add value over the Bloomberg Commodity Index. The strategy trades futures on commodities both for index exposure as well as active positioning.

<u>TIPS (PGIM Fixed Income)</u>. This strategy seeks to achieve excess return through security selection by employing a conservative, quantitatively driven strategy that obtains exposure to the TIPS asset class through bonds or derivative instruments, with minimal risk, versus the Bloomberg US Treasury Inflation-Protected Index.

In managing the strategy's assets, PGIM Fixed Income will use 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, PGIM Fixed Income 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. PGIM Fixed Income 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 strategy may invest in a security based upon the expected total return rather than the yield of such security.

<u>Market Participation Strategy (PGIM Quantitative Solutions)</u>. PGIM Quantitative Solutions' Market Participation strategy is designed to provide upside equity participation, while seeking to reduce downside risk over the course of a full market cycle. The strategy does not invest directly in equity securities but gains equity exposure primarily through investments in options and futures, and seeks to reduce downside risk through investing is US government securities. Under normal circumstances, the strategy is primarily invested in US equity index options, futures, and US government securities (including its agencies and instrumentalities). From time to time, the strategy may also invest in corporate bonds and supranational securities.

<u>US Real Estate (PGIM Real Estate)</u>. PGIM Real Estate seeks to maximize total return by seeking, with approximately equal emphasis, capital growth and current income. Generally, the equity securities of real estate related issuers will consist of: (i) common stocks (including shares in REITs), (ii) rights or warrants to purchase common stocks, (iii) securities convertible into common stocks where the conversion feature represents, in PGIM Real Estate's view, a significant element of the securities' value, and (iv) preferred stocks.

**AST MULTI-ASSET DIVERSIFIED PORTFOLIO**

**Investment Objective:** to seek a high level of absolute return by using traditional and non-traditional investment strategies and by investing in domestic and foreign equity and fixed income securities, derivative instruments and other investment companies.

**Principal Investment Policies:** The asset class allocation strategy for the Portfolio is determined by PGIM Quantitative Solutions. PGIM Quantitative Solutions allocates the net assets of the Portfolio across different investment categories and different Subadvisers. PGIM Quantitative Solutions also directly manages a portion of the assets of the Portfolio. Certain investment categories will contain sub-categories. The Subadviser for a category or sub-category will employ a specific investment strategy for that category or sub-category.

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PGIM Quantitative Solutions employs a two-tiered approach to allocating Portfolio assets across the various investment categories, sub-categories, and the Subadvisers. First, PGIM Quantitative Solutions analyzes the macro-economic landscape, the capital markets, and the related implications for investment strategy. Second, PGIM Quantitative Solutions draws on its understanding of the strategies used by the other Subadvisers to determine which advisers are expected to perform best under the prevailing macro-economic landscape. The allocations are reviewed by PGIM Quantitative Solutions periodically and may be altered or adjusted by PGIM Quantitative Solutions without prior notice. Such adjustments will be reflected in the annual update to the prospectus.

The Portfolio invests in both traditional and non-traditional investment strategies. The Portfolio's asset allocation generally provides for an allotment of approximately (i) 60% of Portfolio assets to a combination of domestic and international equity strategies, including investments in securities of any market capitalization, growth and value strategies, and developed, emerging, and frontier markets, and (ii) and an allotment of approximately 40% of Portfolio assets to a combination of US fixed income, hedged international bond, real return, and other non-traditional investment strategies, including real estate and commodities.

The Portfolio may use derivative instruments to gain exposure to certain traditional and non-traditional investment strategies. The Portfolio may engage in short sales and may invest in fixed income securities that are rated below investment grade by the major ratings services (Ba1 or lower by Moody's, or equivalently rated by S&P or Fitch), or, if unrated, considered to be of comparable quality, in connection with these investment strategies. Fixed income debt obligations rated below investment grade by the major ratings services or, if unrated, considered to be of comparable quality, are commonly referred to as "junk bonds" and are regarded as having predominantly speculative characteristics with respect to capacity to pay principal and interest. The Portfolio may engage in active and frequent trading of portfolio securities to try to achieve its investment objective.

PGIM Quantitative Solutions directly manages the Portfolio's liquidity strategy. The Portfolio allocates approximately 15-25% of its net assets to the liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps (including total return swaps referencing securities, baskets of securities indices, or investment strategies), forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices or to obtain tactical exposures to quantitative or rules-based investment strategies consistent with the Portfolio's investment process; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy also invests in ETFs for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles, including, without limitation, open-end or closed-end investment companies, ETFs, or unit investment trusts (collectively referred to as underlying portfolios).

In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the PGIM Central Portfolio. The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio.

The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

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The Portfolio may engage in active and frequent trading of portfolio securities to try to achieve its investment objective.

**Description of Traditional Investment Categories and Strategies.** The traditional investment categories and strategies for which PGIM Quantitative Solutions, Jennison, PGIM Fixed Income, J.P Morgan, and Putnam directly manage the assets allocated to the indicated traditional investment strategies include the following:

*<u>Quantitative Equity Segment (PGIM Quantitative Solutions)</u>*. PGIM Quantitative Solutions' quantitative equity investment strategy employs a quantitatively driven, fundamentally-based investment process. The stock selection process utilizes an adaptive model that evaluates stocks differently based on their growth expectations. PGIM Quantitative Solutions constructs portfolios that seek to maximize the Portfolio's investment in the most attractive stocks identified by the model subject to risk constraints.

The quantitative equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fundamental Equity Segment (Jennison)</u>*. Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

The fundamental equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fixed Income Segment (PGIM Fixed Income)</u>*. PGIM Fixed Income invests in a broadly diversified portfolio of global fixed income securities (including emerging markets and non-dollar denominated issued) and fixed income related securities. PGIM Fixed Income invests primarily in debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser. Likewise, PGIM Fixed Income may also invest in high-yield/high-risk debt securities (commonly known as "junk bonds"). PGIM Fixed Income may also invest in collateralized debt obligations. Depending on the amount of its investment in CDOs, 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 CDOs.

In managing the fixed income segment of the Portfolio, 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, PGIM Fixed Income develops views on economic, policy, and market trends by continually evaluating economic data that affects 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.

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PGIM Fixed Income may also consider factors such as yield, spread and potential for price appreciation as well as credit quality, maturity, and risk. PGIM Fixed Income 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.

*<u>Global Fixed Income Segment (J.P. Morgan).</u>* This strategy invests primarily in global investment grade debt securities, aiming to achieve returns in excess of global bond markets. The investment process is globally integrated and research-driven, combining fundamental, quantitative, and technical analysis to identify attractive opportunities. Portfolio managers leverage a common research framework to compare opportunities across sectors and geographies, ensuring consistency and rigorous evaluation. Portfolio construction targets diversified sources of return, including duration management, sector rotation, security selection, and FX positioning. Tactical allocations to high yield and emerging market debt may be made, and derivatives are used as appropriate.

Risk management is active and multi-layered, involving portfolio managers, embedded risk teams, and independent firm-wide oversight. Tracking error, stress scenarios, and scenario analyses are used to monitor and control risk exposures. Compliance is ensured through pre- and post-trade monitoring, robust systems, and daily surveillance. Trading is fully integrated with portfolio management, supported by experienced traders and automated systems to optimize execution and maintain compliance. The process is designed to be disciplined, repeatable, and adaptable to evolving market conditions, aiming for strong risk-adjusted returns across market cycles.

*<u>U.S. Large Cap Core Equity (J.P. Morgan)</u>*. J.P. Morgan invests in equity and equity-related securities of large-capitalization companies. Equity and equity-related securities include common and preferred stock, 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.

J.P. Morgan's strategy follows a multi-step process. Within each sector, the strategy focuses on those equity securities that it considers most undervalued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing undervalued equity securities, the strategy seeks to produce returns that exceed those of the S&P 500 Index. In managing the strategy, J.P. Morgan employs a three-step process that combines research, valuation and stock selection. In addition, J.P. Morgan buys and sells equity securities, using the research and valuation rankings as a basis. In general, J.P. Morgan buys equity securities that are identified as undervalued and considers selling them when they appear to be overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: (i) catalysts that could trigger a rise in a stock's price, (ii) high potential reward compared to potential risk; and (iii) temporary mispricings caused by apparent market overreactions.

*<u>International Value (Putnam).</u>* Putnam invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those Putnam believes are currently undervalued by the market. If Putnam is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam invests mainly in developed countries but may also invest in emerging markets. Putnam may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Putnam may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, Putnam typically use foreign currency forward contracts in connection with the portfolio's investments in foreign securities in order to hedge the portfolio's currency exposure relative to the portfolio's benchmark index. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the portfolio.

**Description of Non-Traditional Investment Categories and Sub-categories.** The investment categories and sub-categories for which PGIM Quantitative Solutions, PGIM Fixed Income, PGIM Real Estate and PGIM Investments pursue non-traditional investment strategies include the following:

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*<u>Commodities Related (PGIM Quantitative Solutions)</u>*<u>.</u> This strategy seeks to provide broad exposure to commodities while seeking to outperform the Bloomberg Commodity Index with a tracking error target of 1.5% - 2.5%. PGIM Quantitative Solutions Commodity Strategy has been designed to combine uncorrelated active opportunities using a rigorous risk management approach to add value over the Bloomberg Commodity Index. The strategy trades futures on commodities both for index exposure as well as active positioning.

*<u>TIPS (PGIM Fixed Income)</u>*<u>.</u> This strategy seeks to achieve excess return through security selection by employing a conservative, quantitatively driven strategy that obtains exposure to the TIPS asset class through bonds or derivative instruments, with minimal risk, versus the Bloomberg US Treasury Inflation-Protected Index.

In managing the strategy's assets, PGIM Fixed Income will use 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, PGIM Fixed Income 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. PGIM Fixed Income 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 strategy may invest in a security based upon the expected total return rather than the yield of such security.

*<u>US Real Estate (PGIM Real Estate)</u>*. PGIM Real Estate seeks to maximize total return by seeking, with approximately equal emphasis, capital growth and current income. Generally, the equity securities of real estate related issuers will consist of: (i) common stocks (including shares in REITs), (ii) rights or warrants to purchase common stocks, (iii) securities convertible into common stocks where the conversion feature represents, in PGIM Real Estate's view, a significant element of the securities' value, and (iv) preferred stocks.

**The following paragraphs describe some specific types of fixed income investments that the Portfolio may invest in, and some of the investment practices used by the Portfolio.** 

**US Government Securities.** The Portfolio may invest in various types of US Government securities, including those that are supported by the full faith and credit of the United States; those that are supported by the right of the issuing agency to borrow from the US Treasury; those that are supported by the discretionary authority of the US Government to purchase the agency's obligations; and still others that are supported only by the credit of the instrumentality.

**Corporate Debt Securities.** Corporate debt securities include corporate bonds, debentures, notes and other similar instruments, including convertible securities and preferred stock. Debt securities may be acquired with warrants attached. The rate of return or return of principal on some debt obligations may be linked or indexed to exchange rates between the US dollar and a foreign currency or currencies. While a Subadviser may regard some countries or companies as favorable investments, pure fixed income opportunities may be unattractive or limited due to insufficient supply or legal or technical restrictions. In such cases, the Portfolio may consider equity securities or convertible bonds to gain exposure to such investments.

**Variable and Floating Rate Securities.** Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The interest rates on these securities are tied to other interest rates, such as money-market indices or Treasury bill rates, and reset periodically. While these securities provide the Portfolio with a certain degree of protection against losses caused by rising interest rates, they will cause the Portfolio's interest income to decline if market interest rates decline.

**Inflation-Indexed Bonds.** Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is fixed at issuance, and is generally lower than the interest rate on typical bonds. Over the life of the bond, however, this interest will be paid based on a principal value that has been adjusted for inflation. Repayment of the adjusted principal upon maturity may be

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guaranteed, but the market value of the bonds is not guaranteed, and will fluctuate. The Portfolio may invest in inflation-indexed bonds that do not provide a repayment guarantee. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to losses.

**Event-Linked Bonds.** Event-linked bonds are fixed income securities for which the return of principal and payment of interest is contingent upon the non-occurrence of a specific "trigger" event, such as a hurricane, earthquake or other physical or weather-related phenomenon. Some event-linked bonds are commonly referred to as "catastrophe bonds." If the trigger event occurs, the Portfolio may lose all or a portion of the amount it 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 the Portfolio to certain unanticipated risks including credit risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked bonds may also be subject to liquidity risk.

**Mortgage-Related and Other Asset-Backed Securities.** The Portfolio may invest in mortgage-backed and other asset backed securities, including CMOs. The value of some mortgage-backed and asset-backed securities in which the Portfolio invests may be particularly sensitive to changes in market interest rates.

**Reverse Repurchase Agreements and Dollar Rolls.** In addition to entering into reverse repurchase agreements, the Portfolio may also enter into dollar rolls. In a dollar roll, the Portfolio sells mortgage-backed or other securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date. The Portfolio forgoes principal and interest paid on the securities sold in a dollar roll, but the Portfolio is compensated by the difference between the sales price and the lower price for the future purchase, as well as by any interest earned on the proceeds of the securities sold. The Portfolio also could be compensated through the receipt of fee income. Reverse repurchase agreements and dollar rolls can be viewed as collateralized borrowings and, like other borrowings, will tend to exaggerate fluctuations in Portfolio's share price and may cause the Portfolio to need to sell portfolio securities at times when it would otherwise not wish to do so.

Short Sales and Short Sales "Against the Box." The Portfolio 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 the 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. The 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.

The 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, the 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) the 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 the Portfolio on such security, the 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 the Portfolio to the risks associated with those securities, such short sales involve speculative exposure risk. As a result, if the Portfolio makes short sales in securities that increase in value, it will likely underperform similar mutual Portfolios that do not make short sales in securities they do not own. The 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. The Portfolio will realize a gain if the security declines in price between those dates. There can be no assurance that the Portfolio will be able to close out a short sale position at any particular time or at an acceptable price. Although the 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.

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The Portfolio 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. However, if further consideration is required in connection with the conversion or exchange, cash or other liquid assets, in an amount equal to such consideration must be segregated on a Portfolio's records or with its Custodian.

**Derivative Instruments.** The Portfolio may purchase and write call and put options on securities, securities indices and on foreign currencies. The Portfolio may invest in interest rate futures contracts, stock index futures contracts and foreign currency futures contracts and options thereon that are traded on US or foreign exchanges or boards of trade. The Portfolio may also enter into swap agreements with respect to foreign currencies, interest rates and securities indices. The Portfolio may use these techniques to hedge against changes in interest rates, currency exchange rates or securities prices or as part of its overall investment strategy. The Portfolio's investments in swap agreements are described directly below.

**Swap Agreements.** The Portfolio may enter into interest rate, index, total return, credit and currency exchange rate swap agreements for the purposes of attempting to obtain a desired return at a lower cost than if the Portfolio had invested directly in an instrument that yielded the desired return. The Portfolio may also enter into options on swap agreements. A swap option is a contract that gives a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. 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, the two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular investments or instruments. The returns to be exchanged between the parties are calculated with respect to a "notional amount," i.e., a specified dollar amount that is hypothetically invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. Commonly used swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate or "cap"; interest floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified level or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

The Portfolio may enter into credit default swap agreements. The "buyer" in a credit default contract is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or "par value," of the reference obligation in exchange for the reference obligation. The Portfolio may be either the buyer or seller in a credit default swap transaction. If the Portfolio is a buyer and no event of default occurs, the Portfolio will lose its investment and recover nothing.

However, if an event of default occurs, the Portfolio (if the buyer) will receive the full notional value of the reference obligation that may have little or no value. As a seller, the Portfolio receives a fixed rate of income throughout the term of the contract, which typically is between six months and three years, provided that there is no default event. If an event of default occurs, the seller must pay the buyer the full notional value of the reference obligation. Credit default swap transactions involve greater risks than if the Portfolio had invested in the reference obligation directly.

Under most swap agreements entered into by the Portfolio, the parties' obligations are determined on a "net basis." Consequently, the Portfolio's obligations (or rights) under a swap agreement will generally be equal only to a net amount based on the relative values of the positions held by each party.

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Whether the Portfolio's use of swap agreements will be successful will depend on the Subadviser's ability to predict that certain types of investments are likely to produce greater returns than other investments. Moreover, the Portfolio may not receive the expected amount under a swap agreement if the other party to the agreement defaults or becomes bankrupt.

For purposes of applying the Portfolio's investment policies and restrictions (as stated in the Prospectus and the Statement of Additional Information) swap agreements are generally valued by the Portfolio at market value. In the case of a credit default swap, however, in applying certain of the Portfolio's investment policies and restrictions the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolios' other investment policies and restrictions. For example, a Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines because such value reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

**Collateralized Debt Obligations.** The Portfolio may invest in each of CBOs, CLOs, other CDOs and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. 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, including loans that may be rated below investment grade or equivalent unrated loans.

For both CBOs 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 CBO trust or CLO trust typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO 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 CBO or CLO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be classified by the Portfolio as illiquid investments, however an active dealer market may exist for CDOs allowing a CDO to qualify for Rule144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this Prospectus and the SAI (e.g., interest rate risk and default risk), CDOs carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Portfolio may invest in CDOs that are subordinate to other classes; 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.

**AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO**

**Investment Objective:** to seek total return.

**Principal Investment Policies:** The asset class allocation strategy for the Portfolio is determined by PGIM Quantitative Solutions. PGIM Quantitative Solutions is also responsible for managing the quantitative equity segment of the Portfolio. Jennison is responsible for managing fundamental equity segment of the Portfolio. PGIM Fixed Income is

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responsible for managing the fixed income segment of the Portfolio. In addition, the Portfolio may invest in real estate or real estate related securities. PGIM Real Estate is responsible for managing the Portfolio's real estate-related investments.

In managing the Portfolio's assets, the subadvisers use 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 subadvisers develop views on economic, policy, and market trends. In its bottom-up research, the subadvisers develop 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 subadvisers 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 Portfolio invests in a combination of global equity and equity-related securities, debt obligations and money market instruments in order to achieve diversification in a single Portfolio. PGIM Quantitative Solutions adjusts the percentage of Portfolio assets in each category in accordance with its expectations regarding the different markets, as those expectations may change from time to time. The Strategic Investment Research Group of the Manager determines the allocation of Portfolio assets among the subadvisers based on its analysis, taking into account market conditions, risks, and other factors.

The Portfolio allocates approximately 15-25% of its net assets to a liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy also allows PGIM Quantitative Solutions to implement tactical asset allocation based on the subadviser's macro-economic views. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps (including total return swaps referencing securities, baskets of securities indices, or investment strategies), forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices or to obtain tactical exposures to quantitative or rules-based investment strategies consistent with the Portfolio's investment process; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy may also invest in ETFs for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process.

*<u>Asset Class Allocation of the Portfolio</u>*. In seeking to add value, PGIM Quantitative Solutions tactically overweights or underweights asset classes based on perceived investment opportunities. It may actively change allocations among the underlying asset classes based on changing market and economic conditions, and may also periodically rebalance asset allocation portfolios to target asset class weights. Within broad asset classes, PGIM Quantitative Solutions may also allocate among sub-asset classes such as US large cap equity, small cap equity, and emerging markets.

*<u>Quantitative Equity Segment</u>*. PGIM Quantitative Solutions' quantitative equity investment strategy employs a quantitatively driven, fundamentally-based investment process. The stock selection process utilizes an adaptive model that evaluates stocks differently based on their growth expectations. PGIM Quantitative Solutions constructs portfolios that seek to maximize the Portfolio's investment in the most attractive stocks identified by the model subject to risk constraints.

The quantitative equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts,

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securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fundamental Equity Segment.</u>* Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

The fundamental equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fixed Income Segment</u>*. The fixed income segment of the Portfolio invests in a broadly diversified portfolio of global fixed income securities (including emerging markets and non-dollar denominated issued) and fixed income related securities. PGIM Fixed Income invests primarily in debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser. Likewise, PGIM Fixed Income may also invest in high-yield/high-risk debt securities (commonly known as "junk bonds"). PGIM Fixed Income may also invest in collateralized debt obligations. Depending on the amount of its investment in CDOs, 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 CDOs.

In managing the fixed income segment of the Portfolio, 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, PGIM Fixed Income develops views on economic, policy, and market trends by continually evaluating economic data that affects 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. PGIM Fixed Income 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.

*<u>Real Estate Segment.</u>* The real estate segment of the Portfolio seeks to maximize total return by seeking, with approximately equal emphasis, capital growth and current income. Generally, the equity securities of real estate related issuers will consist of: (i) common stocks (including shares in REITs), (ii) rights or warrants to purchase common stocks, (iii) securities convertible into common stocks where the conversion feature represents, in PGIM Real Estate's view, a significant element of the securities' value, and (iv) preferred stocks.

*<u>Market Participation Strategy.</u>* This strategy is designed to provide upside equity participation, while seeking to reduce downside risk over the course of a full market cycle. The strategy does not invest directly in equity securities but gains equity exposure primarily through investments in options and futures. Under normal circumstances, the strategy is primarily invested in US equity index options, futures, and US government securities (including its agencies and instrumentalities). From time to time, the strategy may also invest in corporate bonds and supranational securities.

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The Portfolio may invest, without limitation, its assets in the PGIM Central Portfolio. The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio.

**AST PRESERVATION ASSET ALLOCATION PORTFOLIO**

**Investment Objective:** to obtain the highest potential total return consistent with the Portfolio's specified level of risk tolerance.

**Principal Investment Policies:** The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions, a subadviser to the Portfolio. As a general matter, PGIM Quantitative Solutions begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three broad-based securities benchmark indexes. These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index, and the Bloomberg US Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of underlying portfolios for the Portfolio generally will be determined by 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying portfolio weights for the Portfolio based upon its views on certain factors.

PGIM Quantitative Solutions employs a two-tiered approach to allocating Portfolio assets across the various investment categories, sub-categories, and the Subadvisers. First, PGIM Quantitative Solutions analyzes the macro-economic landscape, the capital markets, and the related implications for investment strategy. Second, PGIM Quantitative Solutions draws on its understanding of the strategies used by the other Subadvisers to determine which advisers are expected to perform best under the prevailing macro-economic landscape. The allocations are reviewed by PGIM Quantitative Solutions periodically and may be altered or adjusted by PGIM Quantitative Solutions without prior notice. Such adjustments will be reflected in the annual update to the prospectus.

The Portfolio's asset allocation generally provides for an allotment of approximately (i) 35% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately (ii) 65% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies.

PGIM Quantitative Solutions directly manages the Portfolio's liquidity strategy. The Portfolio allocates approximately 15-25% of its net assets to the liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps (including total return swaps referencing securities, baskets of securities indices, or investment strategies), forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices or to obtain tactical exposures to quantitative or rules-based investment strategies consistent with the Portfolio's investment process; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy also invests in ETFs for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles, including, without limitation, open-end or closed-end investment companies, ETFs, unit investment trusts, domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds") (collectively referred to as underlying portfolios).

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In addition to the Portfolio's investment in those underlying portfolios, the Portfolio may also invest its assets in the PGIM Central Portfolio. The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions.

The Manager has retained the Subadvisers listed below to directly manage the assets allocated to the indicated investment categories and strategies.

*<u>Quantitative Equity Segment (PGIM Quantitative Solutions</u>)*. PGIM Quantitative Solutions' quantitative equity investment strategy employs a quantitatively driven, fundamentally-based investment process. The stock selection process utilizes an adaptive model that evaluates stocks differently based on their growth expectations. PGIM Quantitative Solutions constructs portfolios that seek to maximize the Portfolio's investment in the most attractive stocks identified by the model subject to risk constraints.

The quantitative equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fundamental Equity Segment (Jennison)</u>*<u>.</u> Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

The fundamental equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fixed Income Segment (PGIM Fixed Income)</u>*. PGIM Fixed Income invests in a broadly diversified portfolio of global fixed income securities (including emerging markets and non-dollar denominated issued) and fixed income related securities. PGIM Fixed Income invests primarily in debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser. Likewise, PGIM Fixed Income may also invest in high-yield/high-risk debt securities (commonly known as "junk bonds"). PGIM Fixed Income may also invest in collateralized debt obligations. Depending on the amount of its investment in CDOs, 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 CDOs.

In managing the fixed income segment of the Portfolio, 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, PGIM Fixed Income develops views on economic, policy, and market trends by continually evaluating economic data that affects the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into PGIM Fixed Income's bottom-up research which informs

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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. PGIM Fixed Income 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.

*<u>Global Fixed Income Segment (J.P. Morgan).</u>* This strategy invests primarily in global investment grade debt securities, aiming to achieve returns in excess of global bond markets. The investment process is globally integrated and research-driven, combining fundamental, quantitative, and technical analysis to identify attractive opportunities. Portfolio managers leverage a common research framework to compare opportunities across sectors and geographies, ensuring consistency and rigorous evaluation. Portfolio construction targets diversified sources of return, including duration management, sector rotation, security selection, and FX positioning. Tactical allocations to high yield and emerging market debt may be made, and derivatives are used as appropriate.

Risk management is active and multi-layered, involving portfolio managers, embedded risk teams, and independent firm-wide oversight. Tracking error, stress scenarios, and scenario analyses are used to monitor and control risk exposures. Compliance is ensured through pre- and post-trade monitoring, robust systems, and daily surveillance. Trading is fully integrated with portfolio management, supported by experienced traders and automated systems to optimize execution and maintain compliance. The process is designed to be disciplined, repeatable, and adaptable to evolving market conditions, aiming for strong risk-adjusted returns across market cycles.

*<u>Equity Income (J.P. Morgan).</u>* J.P. Morgan invests in income-producing equity and equity-related securities. Equity and equity-related securities include common stocks, securities convertible or exchangeable for common stock or the cash value of such common stock, nonconvertible preferred stocks and convertible securities, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and joint ventures and business development companies, securities of REITs and income and royalty trusts, publicly-traded master limited partnerships, ADRs and other similar securities. The strategy may also participate in the IPO market. The strategy seeks to identify attractively valued companies that exhibit solid cash flow growth and reliable/predictable earnings and revenue to produce attractive levels of dividend income.

J.P. Morgan employs a fundamental bottom-up stock selection process to invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the strategy may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what J.P. Morgan believes to be their long-term investment value. J.P. Morgan seeks to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. These determinations may not be conclusive, and securities of such issuers may be purchased and retained by the strategy.

*<u>US Large Cap Core Equity (J.P. Morgan).</u>* J.P. Morgan invests in equity and equity-related securities of large-capitalization companies. Equity and equity-related securities include common and preferred stock, 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.

J.P. Morgan's strategy follows a multi-step process. Within each sector, the strategy focuses on those equity securities that it considers most undervalued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing undervalued equity securities, the strategy seeks to produce returns that exceed those of the S&P 500 Index. In managing the strategy, J.P. Morgan employs a three-step process that combines research, valuation and stock selection. In addition, J.P. Morgan buys and sells equity securities, using the research and valuation rankings as

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a basis. In general, J.P. Morgan buys equity securities that are identified as undervalued and considers selling them when they appear to be overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: (i) catalysts that could trigger a rise in a stock's price, (ii) high potential reward compared to potential risk; and (iii) temporary mispricings caused by apparent market overreactions.

*<u>International Value (Putnam).</u>* Putnam invests mainly in common stocks of large and midsize companies outside the United States, with a focus on value stocks. Value stocks are those Putnam believes are currently undervalued by the market. If Putnam is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam invests mainly in developed countries but may also invest in emerging markets. Putnam may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Putnam may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, Putnam typically use foreign currency forward contracts in connection with the portfolio's investments in foreign securities in order to hedge the portfolio's currency exposure relative to the portfolio's benchmark index. In addition, Putnam may engage in transactions involving equity-related derivatives, such as futures, options, certain foreign currency transactions and swap contracts, although they do not represent a primary focus of the portfolio.

Generally, the Manager and PGIM Quantitative Solutions currently expect the assets of the Portfolio will be invested as set forth in the table below:

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| | |
|:---|:---|
| **Approximate Net Assets Allocated to Investing** <br> **Primarily in Equity Securities**<br>| **Approximate Net Assets Allocated to Investing Primarily in Debt Securities and Money Market Instruments** |
| 35% (generally range from 27.5%-42.5%) | 65% (generally range from 57.5%-72.5%) |

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The Manager and PGIM Quantitative Solutions currently expect that any changes to the asset allocation and underlying portfolio weights will be effected within the above-referenced ranges. Consistent with the Portfolio's principal investment policies, the Manager and PGIM Quantitative Solutions may, however, change the asset allocation and underlying portfolio weights both within and beyond such above-referenced ranges at any time in their sole discretion. In addition, the Manager and PGIM Quantitative Solutions may, at any time in their sole discretion, rebalance the Portfolio's investments to cause its composition to match the asset allocation and underlying portfolio weights.

**AST QUANTITATIVE MODELING PORTFOLIO**

**Investment Objective:** to seek to obtain a high potential return while attempting to mitigate downside risk during adverse market cycles.

**Principal Investment Policies:** The Portfolio's asset allocation generally provides for an allotment of approximately 100% of Portfolio assets to a combination of equity and fixed income strategies and the use of other financial instruments. The Portfolio gains exposure to these investment strategies by investing in varying combinations of: (i) other pooled investment vehicles, including, other portfolios of the Trust, other open-end or closed-end investment companies, ETFs, and domestic or foreign private investment pools (collectively referred to as underlying portfolios) (ii) equity and equity-related securities, bonds, bond and interest rate futures, options on bonds, options on bond and interest rate futures, interest rate options, interest rate swaps, credit default swaps, commodity and commodity index futures, options (including options on credit default swaps), other futures, swaps and options (including on equities and equity indices), forwards, options on swaps, options on forwards and mortgage-backed securities and (iii) certain financial and derivative instruments. The Portfolio may invest in underlying portfolios. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio.

Normally 75% of the Portfolio's net assets are allocated to the equity segment and 25% of the Portfolio's net assets are allocated to the fixed income segment. Portfolio assets are transferred between the equity segment and the fixed income segment based on the application of a quantitative model to the Portfolio's overall NAV per share. In general

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terms, the model seeks to transfer Portfolio assets from the equity segment to the fixed income segment when the Portfolio's NAV per share experiences certain declines and from the fixed income segment to the equity segment when the Portfolio's NAV per share experiences certain increases or remains flat over certain periods of time. The model, however, will not generate: (i) a transfer to the fixed income segment from the equity segment that would result in more than 90% of the Portfolio's net assets being allocated to the fixed income segment or (ii) a large-scale transfer between the Portfolio's segments that exceeds certain pre-determined daily percentage thresholds.

The Portfolio will be directly managed by subadvisers to the Portfolio. The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions, a subadviser to the Portfolio. The selection of specific combinations of underlying portfolios for the Portfolio generally will be 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. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying portfolio weights for the Portfolio based upon its views on certain factors.

PGIM Quantitative Solutions directly manages the Portfolio's liquidity strategy. The Portfolio allocates approximately 15-25% of its net assets to the liquidity strategy, which is employed through an overlay sleeve. The liquidity strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolio's asset levels, liquidity, and asset allocations. The liquidity strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The liquidity strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The liquidity strategy also invests in ETFs for additional exposure to relevant markets. The liquidity strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolio's overall investment process. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles, including, without limitation, open-end or closed-end investment companies, ETFs, unit investment trusts, domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as "hedge funds") (collectively referred to as underlying portfolios).

The Manager has retained the Subadvisers listed below to directly manage the assets allocate to the indicated investment categories and strategies.

*<u>Quantitative Equity Segment (PGIM Quantitative Solutions)</u>*<u>.</u> PGIM Quantitative Solutions' quantitative equity investment strategy employs a quantitatively driven, fundamentally-based investment process. The stock selection process utilizes an adaptive model that evaluates stocks differently based on their growth expectations. PGIM Quantitative Solutions constructs portfolios that seek to maximize the Portfolio's investment in the most attractive stocks identified by the model subject to risk constraints.

The quantitative equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fundamental Equity Segment (Jennison)</u>*<u>.</u> Jennison's investment strategy is based on rigorous internal fundamental research and a highly interactive investment process. Jennison uses a bottom-up approach to stock selection. This means that Jennison's investment team selects securities on a company-by-company basis using fundamental analysis

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to identify companies with some or all of the following: projected high long-term earnings growth, positive earnings revision trends, strong or improving revenue growth, high or improving returns on equity and invested capital, and sufficient trading liquidity.

The fundamental equity segment of the Portfolio is invested in a broadly diversified portfolio of global (including emerging markets) equity and equity-related securities across all market capitalizations. Equity and equity-related securities include common and preferred stock, ETFs, securities convertible into common stock, depositary receipts, securities having common stock characteristics, futures contracts (generally collateralized with Treasury Bills), and other derivative instruments whose value is based on common stock, such as rights, warrants, swaps or options to purchase common stock.

*<u>Fixed Income Segment (PGIM Fixed Income)</u>*<u>.</u> PGIM Fixed Income invests in a broadly diversified portfolio of global fixed income securities (including emerging markets and non-dollar denominated issued) and fixed income related securities. PGIM Fixed Income primarily invests in debt obligations that are rated investment grade by the major ratings services, or, if unrated, considered to be of comparable quality by the subadviser. Likewise, PGIM Fixed Income may invest up to 20% of its net assets in high-yield/high-risk debt securities (commonly known as "junk bonds"). PGIM Fixed Income may also invest in collateralized debt obligations. Depending on the amount of its investment in CDOs, 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 CDOs.

In managing the fixed income segment of the Portfolio, 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, PGIM Fixed Income develops views on economic, policy, and market trends by continually evaluating economic data that affects 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. PGIM Fixed Income 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.

**AST SMALL-CAP EQUITY PORTFOLIO** 

**Investment Objective:** to seek long-term capital growth.

**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 equity and equity-related securities of small capitalization companies. Equity and equity-related securities include common and preferred stock, investments in other mutual funds, active and passively managed 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. For purposes of the Portfolio, small-capitalization companies are generally those that have market capitalizations no larger than the largest capitalized company included in the Russell 2000<sup>®</sup> Index at the time of the Portfolio's investment. The size of the companies in the Russell 2000<sup>®</sup> Index and those on which the Portfolio's subadvisers intend to focus the Portfolio's investments will change with market conditions.

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The Portfolio may invest up to 15% of its total assets in foreign securities. The Portfolio may invest directly in foreign securities denominated in foreign currencies, or may invest through depositary receipts or passive foreign investment companies. Generally, the same criteria are used to select foreign securities as domestic securities. American Depositary Receipts and foreign issuers traded in the United States are not considered to be foreign securities for purposes of this investment limitation. The Portfolio is allocated among five subadvisers: Boston Partners Global Investors, Inc., Dimensional Fund Advisors LP, Driehaus Capital Management LLC, Hotchkis and Wiley Capital Management, LLC and TimesSquare Capital Management, LLC. The Strategic Investment Research Group of the Manager determines the allocation among the subadvisers based on its analysis, taking into account market conditions, risks, and other factors.

Driehaus Capital Management LLC (Driehaus) is responsible for managing a portion of the Portfolio's assets. Driehaus uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers. Investment decisions are based on the belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. These decisions involve evaluating a company's competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the company. The decision is also informed by the evaluation of relative valuation, macroeconomic and behavioral factors affecting the company and its stock price. Driehaus sells holdings for a variety of reasons, including to take profits, changes to the fundamental investment thesis, changes in the risk/reward assessment of the holding, an assessment that the holding is efficiently priced, to make room for more attractive ideas or for other portfolio or risk management considerations.

Boston Partners Global Investors, Inc. (Boston Partners) is responsible for managing a portion of the Portfolio's assets. Boston Partners' investment process is grounded in bottom-up fundamental analysis. Efficient and repeatable, it is designed to identify a few simple and time-honored investment principles: attractive valuation, sound business fundamentals and improving business momentum. The process is executed within a team-oriented culture that upholds individual accountability and provides the clarity of having final decision makers at the portfolio manager level.

Boston Partners' investment philosophy is grounded in certain "fundamental truths" to investing, each validated over meaningful periods of time and in a variety of market environments: (1) low valuation stocks outperform high valuation stocks; (2) companies with strong fundamentals, e.g., high and sustainable returns on invested capital, outperform companies with weak fundamentals; (3) stocks with positive business momentum, e.g., rising earnings estimates, outperform stocks with negative business momentum.

Boston Partners construct well-diversified portfolios that consistently possess these three characteristics; they are simple rules that limit downside risk, preserve capital and maximize the power of compounding.

Dimensional is responsible for managing a portion of the Portfolio's assets. To achieve the Portfolio's investment objective, Dimensional implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Portfolio's design emphasizes long-term drivers of expected returns identified by Dimensional's research, while balancing risk through broad diversification across companies and sectors. Dimensional's portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. The Portfolio, using a market capitalization weighted approach, is designed to purchase a broad and diverse group of readily marketable securities of U.S. small cap companies. A company's market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Portfolio than companies with relatively lower market capitalizations. The Portfolio may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the small-cap segment of the U.S. market. Dimensional may also increase or reduce the Portfolio's exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company's price momentum,

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short-run reversals, and investment characteristics. In addition, Dimensional seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs.

TimesSquare Capital Management, LLC (TimesSquare) is responsible for managing a portion of the Portfolio's assets. TimesSquare employs a bottom-up investment process driven by fundamental equity growth research conducted by its investment analysts, with a particular emphasis on the assessment of management quality, an in-depth understanding of business models, and valuation discrepancies. TimesSquare invests the Portfolio's assets assigned to it in a diversified portfolio of common stocks that it believes, based on its research, will seek to generate risk-adjusted returns. TimesSquare's research process begins with a collaborative team of skilled and experienced analysts, who identify small-cap businesses. Once a company is identified, rigorous fundamental analysis is performed, projected growth rate and return potential is calculated, and the company's valuation is assessed on a relative and absolute basis. A company's relative value is compared to industry peers, as well as firms with similar business models. TimesSquare's sell decisions are based on the same research process, and securities are generally sold when, among other things, there is no longer high conviction in the return potential of the investment, or when TimesSquare identifies a significantly more attractive investment candidate.

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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 AST 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 AST 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 AST 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 AST 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.

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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, which may include a Central Portfolio.

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.

**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.

**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.

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**Asset Allocation Risk.** A Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause a Portfolio to underperform other funds with a similar investment objective. Funds that have a larger allocation to equity securities relative to their fixed income allocation will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. It is possible that judgments about the attractiveness, value, and potential performance of those various asset classes and market sectors may prove to be incorrect and may not anticipate actual market movements or the impact of economic conditions generally. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**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.

**Asset Transfer Program Risk.** The Portfolios may be used in connection with certain benefit programs under the Contracts. In order for the Participating Insurance Companies to manage the guarantees offered in connection with these benefit programs, the Participating Insurance Companies generally require Contract owners to participate in certain specialized algorithmic asset transfer programs under which the Participating Insurance Companies will

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monitor each Contract owner's account value and, if necessary, will systematically transfer amounts among investment options. The transfers are based on pre-determined, non-discretionary mathematical formulas that generally focus on the amounts guaranteed at specific future dates or the present value of the estimated lifetime payments to be made.

As an example of how the asset transfer formulas operate under certain market environments, a downturn in the equity markets (i.e., a reduction in a Contract owner's account value within the selected investment options) and certain market return scenarios involving "flat" returns over a period of time may cause the Participating Insurance Companies to transfer some or all of such Contract owner's account value to a fixed income investment option. In general terms, such transfers are designed to ensure that an appropriate percentage of the projected guaranteed amounts are supported by fixed income investments. The formulas may also trigger transfers from a fixed income investment option back to selected equity and other asset allocation options. Under some benefit programs using bond investment options with specific maturities, the transfer formulas may transfer account value among bond investment options with differing maturities based on guarantee calculations, not necessarily market movements. For more information on the benefit programs and asset transfer formulas, please see your Contract prospectus.

These formulas may result in large-scale asset flows into and out of the Portfolios, which, in certain instances, could adversely affect the Portfolios, including their risk profiles, expenses, and performance. For example, the asset flows may adversely affect performance by requiring a Portfolio to purchase or sell securities at inopportune times, by otherwise limiting a Subadviser's ability to fully implement a Portfolio's investment strategies, or by requiring a Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may cause high turnover, which can result in increased transaction costs. The asset flows may also result in low asset levels and high operating expense ratios for a Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the assets flows may not operate as intended. For example, it is possible that illiquid markets or other market stress could cause delays in the transfer of cash from one Portfolio to another Portfolio, which in turn could adversely affect performance.

**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.

**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 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

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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.

**Commodity Risk**. A commodity-linked derivative instrument is a financial instrument, the value of which is determined by the value of one or more commodities, such as precious metals and agricultural products, or an index of various commodities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments. The prices of commodity-linked derivative instruments also may be more volatile than the prices of investments in traditional equity and debt securities.

**Correlation Risk**. The effectiveness of a Portfolio's equity index option overlay strategy may be reduced if the Portfolio's equity portfolio holdings do not sufficiently correlate to that of the index underlying its option positions. In such situations, the Portfolio may underperform its benchmark.

**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.

**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

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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.

**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 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

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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 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

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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. 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 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.

**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

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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.

**Exchange-Traded Notes Risk.** Exchange-traded notes (ETNs) are subject to the credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or assets remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. ETNs are also subject to the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs to the Portfolio. When the Portfolio invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the ETN.

**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.

**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 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

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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.

**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 Custody Risk.** If a Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio's custodian (each, a Subcustodian). Some foreign Subcustodians may be recently organized or new to the foreign custody business. In some countries, Subcustodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Portfolio's ability to recover its assets if a Subcustodian enters bankruptcy or if other disputes or proceedings arise related to a Portfolio's assets. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody

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services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries and a Portfolio may be limited in its ability to enforce contractual rights or obligations.

**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 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

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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, 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.

**Fund of Funds Risk**. A Portfolio that is structured as a "fund of funds" invests primarily in a combination of underlying investment companies and other underlying portfolios describes in such Portfolio's Prospectus. In addition to the risks associated with the investment in the underlying portfolios, these Portfolios are subject to the following risks:

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To the extent that a Portfolio concentrates its assets among underlying portfolios that invest principally in one or several asset classes, a Portfolio may from time to time underperform mutual funds exposed primarily to other asset classes. For example, a Portfolio may be overweighed in the equity asset class when the stock market is falling and the fixed income market is rising. Likewise, a Portfolio may be overweighted in the fixed income asset class when the fixed income market is falling and the stock market is rising.

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The ability of a Portfolio to achieve its investment objective depends on the ability of the selected underlying portfolios to achieve their investment objectives. There is a risk that the selected underlying portfolios will underperform relevant markets, relevant indices, or other portfolios with similar investment objectives and strategies.

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A Portfolio will incur its pro rata share of the expenses of an underlying portfolio in which the Portfolio invests, such as investment advisory and other management expenses, and shareholders incur the operating expenses of these underlying portfolios.

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The performance of a Portfolio may be affected by large purchases and redemptions of underlying portfolio shares. For example, large purchases and redemptions may cause an underlying portfolio to hold a greater percentage of its assets in cash than other portfolios pursuing similar strategies, and large redemptions may cause an underlying portfolio to sell assets at inopportune times. Underlying portfolios that have experienced significant redemptions may, as a result, have higher expense ratios than other portfolios pursuing similar strategies. The Manager and a Portfolio's Subadviser(s) seek to minimize the impact of large purchases and redemptions of underlying portfolio shares, but their abilities to do so may be limited.

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There is a potential conflict of interest between a Portfolio and its Manager and a Portfolio's Subadviser(s). Because the amount of the management fees to be retained by the Manager and their affiliates may differ depending upon which underlying portfolios are used in connection with a Portfolio, there is a potential conflict of interest for the Manager and a Portfolio's Subadviser(s) in selecting the underlying portfolios. In addition, the Manager and a Portfolio's Subadviser(s) may have an incentive to take into account the effect on an underlying portfolio in which the Portfolio may invest in determining whether, and under what circumstances, to purchase or sell shares in that underlying portfolio. Although the Manager and a Portfolio's Subadviser(s) take steps to address the potential conflicts of interest, it is possible that the potential conflicts could impact the Portfolios.

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**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.

**Growth Risk**. Because the Portfolio normally invests primarily in stocks of growth companies, it is subject to the risk of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the market as a whole.

**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 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.

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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.

**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.

**Inflation-Protected Securities Risk.** Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates can be described as nominal interest rates minus the expected impact of inflation. In general, the price of an inflation-protected debt security falls when real interest rates rise and rises when real interest rates fall. Interest payments on inflation-protected debt securities will vary as the principal and/or interest is adjusted for inflation and may be more volatile than interest paid on ordinary bonds. In periods of deflation, a Portfolio may have no income at all from such investments. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the security's inflation measure.

**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

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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.

**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.

**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

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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.

**License Risk**. A Portfolio, the Manager or a Subadviser may rely on licenses from third parties that permit the use of intellectual property in connection with the Portfolio's investment strategies. Such licenses may be terminated by the licensors under certain circumstances, and, as a result, a Portfolio may have to change its investment strategies. Accordingly, the termination of a license may have a significant effect on the operation of the affected Portfolio.

**Liquidity Allocation Risk.** A Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities, as applicable, and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

**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 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

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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 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

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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, 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.

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**Master Limited Partnerships Risk.** A Portfolio may invest in MLPs. An MLP is an investment that combines the tax benefits of a limited partnership with the liquidity of publicly-traded securities. The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. An investment in MLPs also subjects the Portfolio to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

**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.

**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.

**Option Cash Flow Risk**. A Portfolio may use the net index option premiums it receives from selling both index call options and index put options to lessen the costs of purchasing index put options. The net index option premiums to be received by a Portfolio may, however, vary widely over the short and long-term and may not be sufficient to cover the Portfolio's costs of purchasing index put options.

**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

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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 and the above-referenced asset transfer programs. 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 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 Asset Risk.** The real asset industries in general can be significantly affected by a variety of factors, including exploration and production spending; government regulation or deregulation; energy conservation; changes in tax laws and government regulations; raw materials prices, energy prices and the supply and demand for oil and gas; interest rates; commodity prices; international monetary and political developments such as currency devaluations or revaluations; and central bank movements. Investor sentiment may also cause real assets to become out of favor and decline in value.

The rate of earnings growth of natural resource companies may be irregular since these companies are strongly affected by natural forces, global economic cycles, and international politics. For example, stock prices of energy companies can fall sharply when oil prices fall and mining companies can suffer from resource availability, governmental restrictions, and fluctuations in supply and demand.

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Exposure to the commodities markets may subject a Portfolio to greater volatility than investments in traditional securities. The values of investments related directly to commodities may be affected by changes in overall market movements, commodity index volatility, interest rates, and other factors such as drought, floods, weather, tariffs and international economic, political and regulatory developments.

**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.

**Redemption Risk.** A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or purchases. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance. In addition, when a fund of funds reallocates or redeems significant assets away from an underlying fund, the loss of assets to the underlying fund could result in increased expense ratios for that fund.

**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 Commodity Futures Trading Commission (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.

**Restricted Securities Risk.** A Portfolio may invest in restricted securities. Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities include private placement securities, such as those normally purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933.

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Restricted securities may be less liquid and more difficult to value than publicly traded securities. Although these securities may be resold in privately negotiated transactions, an insufficient number of eligible buyers interested in purchasing restricted securities at a particular time could adversely affect their marketability and a Portfolio may be unable to dispose of them promptly or at reasonable prices, subjecting the Portfolio to liquidity risk. A Portfolio may invest in restricted securities determined to be liquid as well as those determined to be illiquid. Even if determined to be liquid, a Portfolio's holdings of restricted securities may increase the level of Portfolio illiquidity to the extent that eligible buyers become unable or unwilling, for a time, to purchase them. Issuers of restricted securities are not subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Thus, a Portfolio investing in restricted securities may be less able to predict future losses. In addition, if a Portfolio's management team receives material nonpublic information about an issuer of a restricted security, the Portfolio may be unable to sell the security when it would otherwise be advantageous to do so and, as such, could incur a loss. Restricted securities also may be difficult to value because market quotations may not be readily available, and the values of such securities may have significant volatility. When registration of a security is required, a Portfolio may have to bear all or part of the registration expenses and the risk of substantial delays in effecting the registration. Certain restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the Portfolio.

**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.

**Selection Risk.** The subadviser will actively manage a Portfolio by applying investment techniques and risk analyses in making investment decisions. There can be no guarantee that these investment decisions will produce the desired results. Selection risk is the risk that the securities, derivatives, and other instruments selected by the subadviser will underperform the market, the relevant indices, or other funds with similar investment objectives and investment strategies, or that securities sold short will experience positive price performance.

**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.

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**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.

**Sovereign Debt Securities Risk.** Investing in sovereign debt securities exposes a Portfolio to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of sovereign debt securities held by a Portfolio. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors. In addition, foreign governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

**Technology Sector Risk.** The value of Portfolio shares may be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may fluctuate more than that of a portfolio that does not concentrate in companies in the technology sector.

**Treasury Inflation-Protected Securities (TIPS) Risk.** TIPS are fixed income securities issued by the US government, the principal amounts of which are periodically adjusted based upon changes in the rate of inflation. Inflation-protected debt securities, like TIPS, tend to react to changes in real interest rates. In general, the price of an inflation-protected debt security falls when real interest rates rise, and rises when real interest rates fall. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to losses. TIPs are subject to inflation and deflation risk.

**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

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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.

**Value Style Risk.** Value style investing attempts to identify companies that are believed to be undervalued. Value stocks typically have prices that are low relative to factors such as the company's earnings, cash flow or dividends. Since a Portfolio may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value 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 at all or that a stock judged to be undervalued may actually appropriately priced or overvalued. A value investing style may perform better or worse than equity portfolios that focus on growth stocks or that have a broader investment style. In addition, the Portfolio's value investment style may go out of favor with investors, negatively affecting the Portfolio's 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 Manager may discontinue any temporary voluntary fee limitation.

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HOW THE TRUST IS MANAGED

**Board of Trustees** 

The board of trustees of the Trust (the "Board") oversees the actions of the investment managers and the Subadvisers 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 Managers** 

**PGIM Investments**, 655 Broad Street, Newark, New Jersey, and ASTIS, One Corporate Drive, Shelton, Connecticut, serve as the investment managers of the Portfolios; PGIM Investments and ASTIS serve as co-investment managers for each Portfolio covered by this Prospectus, except for AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035, AST Bond Portfolio 2036 and AST Bond Portfolio 2037 for which PGIM Investments serves as the sole investment manager. When used in this Prospectus, the "Manager" refers to (a) PGIM Investments with respect to the AST Bond Portfolio 2026, the AST Bond Portfolio 2027, the AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035, AST Bond Portfolio 2036, AST Bond Portfolio 2037 and (b) PGIM Investments and ASTIS, collectively, with respect to all other Portfolios covered by this Prospectus.

PGIM Investments has been in the business of providing advisory services since 1996. PGIM Investments is registered with the Commodity Futures Trading Commission (CFTC) as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to several other portfolios of the Trust not included in this prospectus. ASTIS has been in the business of providing advisory services since 1992.

The Trust's Investment Management Agreements, on behalf of each Portfolio, with ASTIS and PGIM Investments, as applicable (the Management Agreements), provide that the Manager will furnish each applicable Portfolio with investment advice and administrative services subject to the supervision of the Board and in conformity with the stated policies of the applicable Portfolio. The Manager 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.

The Manager 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. The Manager is responsible for monitoring the activities of the Subadvisers and reporting on such activities to the Board. The Trust has obtained an exemptive order from the SEC that permits the Manager, 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. This exemptive order (which is similar to exemptive orders granted to other investment companies that are organized in a manner similar to the Trust) is intended to facilitate the efficient supervision and management of the Subadvisers by the Manager and the Board. The Manager also participates in the day-to-day management of several Portfolios, as noted both in the Summary section for the relevant Portfolios earlier in this Prospectus and the "Portfolio Managers" section later in this Prospectus.

If there is more than one Subadviser for a Portfolio, the Manager 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 the Manager deems appropriate. The Manager, 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, the Manager may allocate assets or cash flows from a portfolio segment that has appreciated more to another portfolio segment.

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Reallocations of assets among the Subadvisers and PGIM Investments may result in additional costs since sales of securities may result in higher portfolio turnover. Also, because the Subadvisers and the Manager select portfolio securities independently, it is possible that a security held by a portfolio segment may also be held by another portfolio segment of the Portfolio or that certain Subadvisers or the Manager may simultaneously favor the same industry. The Manager will monitor the overall portfolio to ensure that any such overlaps do not create an unintended industry concentration. In addition, if a Subadviser or the Manager buys a security as another Subadviser or the Manager sells it, the net position of the Portfolio in the security may be approximately the same as it would have been with a single portfolio and no such sale and purchase, but the Portfolio will have incurred additional costs. The Manager will consider these costs in determining the allocation of assets or cash flows. The Manager will consider the timing of asset and cash flow reallocations based upon the best interests of each Portfolio and its shareholders.

A discussion regarding the basis for the Board's approval of the Trust's Management Agreements 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 management fees paid (as a percentage of average net assets) net of waivers by each Portfolio of the Trust to the Manager during 2025:

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| | |
|:---|:---|
| **Portfolio** | **Total Effective Annualized Management Fees Paid** |
| AST Aggressive Asset Allocation Portfolio | 0.50% |
| AST Balanced Asset Allocation Portfolio | 0.52% |
| AST Bond Portfolio 2026 | 0.14% |
| AST Bond Portfolio 2027 | 0.24% |
| AST Bond Portfolio 2028 | 0.39% |
| AST Bond Portfolio 2029 | -# |
| AST Bond Portfolio 2030 | 0.33% |
| AST Bond Portfolio 2031 | 0.42% |
| AST Bond Portfolio 2032 | 0.41% |
| AST Bond Portfolio 2033 | -# |
| AST Bond Portfolio 2034 | -# |
| AST Bond Portfolio 2035 | -# |
| AST Bond Portfolio 2036 | -# |
| AST Core Fixed Income Portfolio | 0.41% |
| AST Government Money Market Portfolio | 0.30% |
| AST International Equity Portfolio | 0.69% |
| AST Investment Grade Bond Portfolio | 0.47% |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | 0.53% |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | 0.52% |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | 0.51% |
| AST Large-Cap Equity Portfolio | 0.56% |
| AST Large-Cap Growth Portfolio | 0.60% |
| AST Large-Cap Value Portfolio | 0.53% |
| AST Multi-Asset Diversified Plus Portfolio | 0.71% |
| AST Multi-Asset Diversified Portfolio | 0.52% |
| AST PGIM Aggressive Multi-Asset Portfolio | 0.62% |
| AST Preservation Asset Allocation Portfolio | 0.54% |
| AST Quantitative Modeling Portfolio | 0.54% |
| AST Small-Cap Equity Portfolio | 0.69% |

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**Notes to Management Fees Table:**

**AST Bond Portfolio 2037:** The AST Bond Portfolio 2037 is not included in the above table, because it commenced investment operations on January 2, 2026.

#The management fee amount waived exceeds the management fee that would otherwise be payable due to an expense cap.

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**Investment Subadvisers** 

The Portfolios each have one or more investment Subadvisers providing the day-to-day investment management of each Portfolio. PGIM Investments also participates in the day-to-day management of several Portfolios, as noted in the "Portfolio Managers" section later in this Prospectus. The Manager pays each investment Subadviser a subadvisory fee out of the Manager's own assets. The Subadvisers for each Portfolio of the Trust are described below:

**Boston Partners Global Investors, Inc. (Boston Partners)** is located at One Beacon Street, 30th Floor, Boston, Massachusetts 02108. Boston Partners Global Investors, Inc. is a registered investment adviser organized in Delaware. As of December 31, 2025, Boston Partners' total assets under management were approximately $126.97 billion.

**ClearBridge Investments, LLC (ClearBridge)** is a wholly-owned indirect subsidiary of Franklin Resources, Inc. ClearBridge has offices at One Madison Avenue, New York, NY 10010 and is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and real assets and income. ClearBridge has been committed to delivering long-term results through active management for more than 60 years, and bases its investment decisions on fundamental research and the insights of seasoned portfolio management teams. As of December 31, 2025, ClearBridge's assets under management were approximately $212 billion, including $45.2 billion for which ClearBridge provides non-discretionary investment models to managed account sponsors. For purposes of this statement, ClearBridge Investments consists of ClearBridge Investments, LLC and its affiliated managers whose businesses have been operationally integrated with ClearBridge's, including ClearBridge Investments Limited and its subsidiary in Australia, a part of Franklin Templeton Australia Limited doing business as ClearBridge Investments in Australia, a part of Franklin Templeton Investments Corp. doing business as ClearBridge Investments in Canada and ClearBridge Investment Management Limited in the United Kingdom. The business of Franklin Real Asset Advisors has been aligned with ClearBridge Investments.

**Dimensional Fund Advisors LP (Dimensional)** is located at 6300 Bee Cave Road, Building One, Austin, Texas 78746, has been engaged in the business of providing investment management services since May 1981. Dimensional is currently organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation. As of December 31, 2025, assets under management for all Dimensional affiliated advisors totaled approximately $944.27 billion.

**Driehaus Capital Management LLC (Driehaus)** is an independent investment adviser with a 40-year heritage of managing active investment strategies. Driehaus is structured as a multi-boutique and manages active equity and alternative investment strategies on behalf of institutional and wealth management clients. To promote diversification, Driehaus offers strategies across: US Growth Equities, Life Sciences, International Growth Equities, Emerging Markets Equities and Global Equities. As of December 31, 2025, Driehaus had $26.1 billion in assets under management. Driehaus is located at 25 East Erie Street, Chicago, Illinois 60611.

**Hotchkis and Wiley Capital Management, LLC (Hotchkis and Wiley)** is a registered investment adviser, the primary members of which are HWCap Holdings, a limited liability company whose members are current and former employees of Hotchkis and Wiley and Stephens-HW, LLC, a limited liability company whose primary member is SF Holding Corp., which is a diversified holding company. As of December 31, 2025, Hotchkis and Wiley had approximately $36.9 billion in assets under management. Hotchkis and Wiley's address is 601 South Figueroa Street, 39th Floor, Los Angeles, California 90017.

**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.

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**J.P. Morgan Investment Management Inc. (J.P. Morgan)** is an indirect wholly-owned subsidiary of J.P. Morgan Chase Co., a publicly held bank holding company and global financial services firm. J.P. Morgan manages assets for governments, corporations, endowments, foundations and individuals worldwide. As of December 31, 2025, J.P. Morgan and its affiliated companies had approximately $4.1 trillion in assets under management worldwide. J.P. Morgan's address is 383 Madison Avenue, New York, NY 10179.

**Massachusetts Financial Services Company (MFS)** is the oldest US mutual fund organization. MFS and its predecessor organizations have managed money since 1924 and founded the first mutual fund in the United States. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company). The principal address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199. Net assets under management of the MFS organization were approximately $651 billion as of December 31, 2025.

**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 Real Estate** is an investment group of PGIM, Inc. (PGIM), which in turn is an indirect wholly-owned subsidiary of Prudential Financial, Inc. PGIM Real Estate's address is 655 Broad Street, 14<sup>th</sup> Floor, Newark, New Jersey 07102. PGIM Real Estate, comprised of fund management centers in the United States in New Jersey and Atlanta, GA, and globally in Munich, London, Singapore and Mexico City, is supported by a network of local offices throughout the world. Its specialized operating units offer a broad range of real estate investment opportunities and investment management services in the United States, Europe, Asia and Latin America. PGIM Real Estate managed $217.51 billion in gross real estate assets ($189.06 billion net) as of December 31, 2025.

**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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**Putnam Investment Management, LLC (Putnam)** Putnam, whose history reaches back to 1937, is based in Boston, MA and is an active asset manager providing investment advice to individuals and institutions worldwide through separately managed accounts and pooled investment funds. Putnam is registered as an investment advisor with the SEC under the Investment Advisers Act of 1940.

Putnam is a wholly-owned subsidiary of Putnam U.S. Holdings I, LLC, which is a wholly-owned subsidiary of Templeton Worldwide, Inc., which is a wholly-owned subsidiary of Legg Mason, Inc., which is a wholly-owned subsidiary of Franklin Resources, Inc.

Franklin Resources, Inc. is the holding company for various subsidiaries that form the global investment management organization known as Franklin Templeton. As of December 31, 2025, Putnam managed total assets of $151.6 billion.

**T. Rowe Price Associates, Inc. (T. Rowe Price)** is a wholly-owned subsidiary of T. Rowe Price Group, Inc. T. Rowe Price and its affiliates managed approximately $1.8 trillion in assets as of December 31, 2025. T. Rowe Price's address is 1307 Point Street Baltimore, MD 21231.

**TimesSquare Capital Management, LLC (TimesSquare).** TimesSquare, based in New York, New York, is a registered investment advisor that specializes in small- and mid-cap growth equities. TimesSquare's institutional partner, Affiliated Managers Group, Inc. (AMG), a publicly traded global asset management company, indirectly holds a majority equity interest in TimesSquare, with the remaining portion owned by TimesSquare's principals. As of December 31, 2025, TimesSquare's assets under management was $7.9 billion. TimesSquare is located at 75 Rockefeller Plaza, 30th Floor, New York, NY 10019.

**Wellington Management Company LLP (Wellington Management)** is a Delaware limited liability partnership. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of December 31, 2025, Wellington Management had investment management authority with respect to approximately $1.3 trillion in assets. The address of Wellington Management is 280 Congress Street, Boston, Massachusetts 02210.

Shareholders of AST Balanced Asset Allocation Portfolio, AST Aggressive Asset Allocation Portfolio, AST Preservation Asset Allocation Portfolio and AST Multi-Asset Diversified Portfolio voted to approve a proposal permitting PGIM to act as a Subadviser for each of the Portfolios pursuant to a subadvisory agreement with the Manager. The Manager has no current plans or intention to utilize PGIM to provide any investment advisory services to any of the Portfolios. Depending on future circumstances and other factors, however, the Manager, in its discretion, and subject to further approval by the Board, may in the future elect to utilize PGIM to provide investment advisory services to any or all of the Portfolios.

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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.

**AST Aggressive Asset Allocation Portfolio** 

**PGIM Investments**. Brian Ahrens, Andrei O. Marinich, CFA, Todd L. Kerin and Saleem Z. Banatwala, CFA, are jointly and primarily responsible for the Portfolio's manager allocations.

Brian Ahrens is a Managing Director, Portfolio Manager and Head of the Strategic Investment Research Group 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, CFA, is an Executive Director and Portfolio Manager 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, Portfolio Manager 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**. The PGIM Quantitative Solutions portfolio managers who are jointly and primarily responsible for the asset allocation strategy for the Portfolio are George N. Patterson, PhD, CFA, CFP, Joel M, Kallman, CFA, Marco Aiolfi, PhD, and Edward J. Tostanoski, III, CFA.

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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.

Joel M. Kallman, CFA, is a Principal and Portfolio Manager for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management and investment strategy. Prior to joining PGIM Quantitative Solutions, Joel held various positions for PGIM Fixed Income that involved high-yield credit analysis and performance reporting. He earned a BS and MBA in finance from Rutgers University. Joel is a member of the CFA Society New York.

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.

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.

**AST Balanced Asset Allocation Portfolio** 

**PGIM Investments**. Brian Ahrens, Andrei O. Marinich, CFA, Todd L. Kerin and Saleem Z. Banatwala, CFA, are jointly and primarily responsible for the Portfolio's manager allocations.

Brian Ahrens is a Managing Director, Portfolio Manager and Head of the Strategic Investment Research Group 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, CFA, is an Executive Director and Portfolio Manager 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.

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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, Portfolio Manager 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**. The PGIM Quantitative Solutions portfolio managers who are jointly and primarily responsible for the asset allocation strategy for the Portfolio are George N. Patterson, PhD, CFA, CFP, Joel M, Kallman, CFA, Marco Aiolfi, PhD, and Edward J. Tostanoski III, CFA.

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.

Joel M. Kallman, CFA, is a Principal and Portfolio Manager for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management and investment strategy. Prior to joining PGIM Quantitative Solutions, Joel held various positions for PGIM Fixed Income that involved high-yield credit analysis and performance reporting. He earned a BS and MBA in finance from Rutgers University. Joel is a member of the CFA Society New York.

Marco Aiolfi, PhD, 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

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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.

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.

**AST Target Maturity Bond Portfolios** 

**PGIM Fixed Income/PGIM Limited.** Richard Piccirillo, Gregory Peters, Gary Wu, CFA, Matthew Angelucci, CFA and Tyler Thorn are jointly and primarily responsible for the day-to-day management of each Portfolio.

Richard Piccirillo is a Managing Director and one of the co-heads on the PGIM 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 PGIM 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. 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) 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. In October 2025, Mr. Peters was inducted into the Fixed Income Analysts Society Inc. (FIASI) Fixed Income Hall of Fame. He received a BA in Finance from The College of New Jersey and an MBA from Fordham University.

Gary Wu, CFA, is an Executive Director for PGIM Fixed Income's Multi-Sector and Liquidity Team. He has been responsible for managing U.S. Treasury products since joining the Team in 2000. Previously, Mr. Wu was a portfolio manager on PGIM Fixed Income's Money Markets Desk. From 1997 to 1999, Mr. Wu was a risk analyst in PGIM Fixed Income's quantitative research group. Mr. Wu joined the Firm in 1994 in the Guaranteed Products Unit, where he was responsible for annuity pricing. Mr. Wu received a BS in Business Administration and Mathematics from The State University of New York, at Albany. He holds the Chartered Financial Analyst (CFA) designation.

Matthew Angelucci, CFA**,** is a Managing Director on the PGIM 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 on the PGIM Multi-Sector Team at PGIM Fixed Income. 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.

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**AST Core Fixed Income Portfolio** 

**PGIM Investments.** Rick Babich, CFA, and Jeffrey Peasley are jointly and primarily responsible for the Portfolio's asset allocations.

Rick Babich, CFA, serves as a Managing Director, Portfolio Manager and the Head of Manager Research for the Strategic Investment Research Group (SIRG). He is responsible for the day-to-day management of single asset class, multi-manager portfolios, the overall manager research effort and the management of the analyst team. Prior to joining Prudential, Mr. Babich was a Director of Research for Parker Global Strategies, an alternative investment firm specializing in fund of fund solutions for insurance companies, pensions, endowments and high net worth individuals, where he served on their Investment and Executive committees. Prior, he was a research analyst at Commerzbank in the Alternative Investment Strategies group, responsible for sourcing managers, performing due diligence, and monitoring the investment portfolio. Mr. Babich also worked in various roles at Morgan Stanley and JP Morgan & Co. He began his career in finance as a Trader Assistant at the Caxton Corporation. Mr. Babich has a B.S. from Rutgers University in Environmental and Business Economics. He received his MBA from Fordham University with a concentration in Finance.

Jeffrey Peasley is a Senior Director, Portfolio Manager and Senior Research Analyst in PGIM Investments' Strategic Investment Research Group (SIRG). He joined SIRG in February 2009 and is responsible for the management of single asset class, multi-manager portfolios and oversees a team of analysts who are responsible for the due diligence of equity subadvisors. Prior to joining SIRG, Mr. Peasley was a product manager within the Retirement Plan Strategies department of Prudential Retirement. In this role, Jeff managed the Large Cap Value, Mid Cap Value, Mid Cap Blend and International mandate teams, where his responsibilities included product development, platform management, contract negotiations, sub- advisor relations, and communications. Before joining Prudential in 2009, Mr. Peasley spent the 15 years at Advest, Inc., a regional broker/dealer located in Hartford, CT. His last position at Advest was vice president of due diligence, where he was responsible for the day-to-day management of the department that selected money managers for Advest's wrap fee programs. Prior to that, Mr. Peasley was vice president and team leader of Managed Accounts Consulting at Advest, where he directed the group that oversaw the management of $1.5 billion in assets by institutional money managers. Mr. Peasley has a B.S. in Finance from the University of Connecticut.

**PGIM Fixed Income Segment.** The PGIM Fixed Income portfolio managers responsible for the day-to-day management of the Portfolio are Richard Piccirillo, Gregory Peters, Matthew Angelucci and Tyler Thorn.

Gregory Peters is Co-Chief Investment Officer of PGIM Fixed Income. Mr. Peters is one of the co-heads on the PGIM 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. 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) 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. In October 2025, Mr. Peters was inducted into the Fixed Income Analysts Society Inc. (FIASI) Fixed Income Hall of Fame. He received a BA in Finance from The College of New Jersey and an MBA from Fordham University.

Tyler Thorn is a Managing Director on the PGIM Multi-Sector Team at PGIM Fixed Income. 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

Richard Piccirillo is a Managing Director and one of the co-heads on the PGIM 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

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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.

Matthew Angelucci, CFA**,** is a Managing Director and senior portfolio manager on the PGIM 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.

**Wellington Management Segment.** The Wellington Management portfolio managers who are primarily responsible for the day-to-day management of the segment of the Portfolio managed by Wellington Management are Joseph F. Marvan, CFA\*, Connor Fitzgerald, CFA, Jeremy Forster, Campe Goodman, CFA, and Robert D. Burn, CFA.

Joseph F. Marvan, CFA, Senior Managing Director, Partner, and Fixed Income Portfolio Manager. Joe is a fixed income portfolio manager and serves as chair of the Broad Markets Team. As chair, he is responsible for setting aggregate risk levels and investment strategy in Core Bond Plus, Core Bond, Intermediate Bond, and Long Bond portfolios.

Prior to joining Wellington Management in 2003, Joe was a senior portfolio manager and head of US Fixed Income at State Street Global Advisors, working on a wide range of fixed income portfolios, including those concentrating on total return, mortgage-backed securities, nondollar bonds, and investment-grade credit (1996 — 2003). Prior to that, he worked at both The Boston Company and Shearson Lehman Brothers in Fixed Income Portfolio Management and Trading (1988 — 1996).

Joe earned his MBA, magna cum laude, from Babson College (Olin, 2001) and his BS in finance from Ithaca College (1987). Additionally, he holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

Connor Fitzgerald, CFA, Senior Managing Director, Partner, and Fixed Income Portfolio Manager. Connor is a fixed income portfolio manager, managing both benchmark-relative and total return-oriented portfolios for institutional investors and sub-advisory partners. As a lead portfolio manager on Credit Total Return and Intermediate Credit and co-lead portfolio manager on Core Bond, Core Bond Plus and Intermediate Bond, he develops investment ideas, evaluates relative value opportunities and manages risk across portfolios.

Connor joined Wellington Management in 2015. Previously, he was a portfolio manager at BlackRock where he was responsible for investment-grade credit sleeves within multisector bond portfolios, as well as absolute return sleeves in unconstrained non benchmark-oriented portfolios (2010 – 2015). Prior to that, he was an associate working as a trader for BlackRock's Investment Grade platform and a portfolio manager on a credit-centric hedge fund book. Before his time at BlackRock, he was with R3 Capital Management (2008 – 2009) and Lehman Brothers (2006 –2008).

Connor received his BA in economics and government studies from Bowdoin College (2006). Additionally, he holds the Chartered Financial Analyst designation.

Jeremy Forster, Senior Managing Director, Partner, and Fixed Income Portfolio Manager. Jeremy is a fixed income portfolio manager on the Broad Markets Team and the lead portfolio manager for the firm's US government bond approaches including Treasuries and STRIPS, as well as TIPS and Global Inflation-linked bonds. He focuses on global macroeconomics and developed market interest rates. He leads the team's research efforts on economic cycles including developing fundamental and market-driven valuation models for interest rates and credit markets and determining relative value across sectors and countries.

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Prior to joining Wellington Management in 2011, Jeremy worked as a fixed income portfolio manager and trader on the Open Market Desk at the Federal Reserve Bank of New York (2006 – 2011). He began his career there as an assistant economist in the Research Group (2004 – 2006). University (2008) and his BS in economics and finance, magna cum laude, from the University of Wyoming (2004).

Campe Goodman, CFA, Senior Managing Director, Partner, and Fixed Income Portfolio Manager. Campe is a portfolio manager on the Broad Markets Team and lead portfolio manager on the Multi Sector Credit and Impact Bond portfolios. His focus is sector rotation —asset allocation across the major fixed income sectors — and he leads the specialist team responsible for the development of the top-down sector rotation strategy that is utilized in the Core Bond, Core Bond Plus, Impact Bond, Intermediate Bond, and Multi Sector Credit portfolios.

Prior to joining Wellington Management in 2000, Campe spent four years at the Massachusetts Institute of Technology studying macroeconomics and finance in a doctoral program in economics.

He received his AB in mathematics, magna cum laude, from Harvard College (1995). In addition, he holds the Chartered Financial Analyst designation.

Robert D. Burn, CFA, Senior Managing Director, Partner, and Fixed Income Portfolio Manager. As a fixed income portfolio manager, Rob develops strategic and tactical investment strategies using both fundamental and quantitative analysis and implements those strategies in portfolios. He also focuses on portfolio construction and risk management, and is a member of the Broad Markets Team.

Prior to joining Wellington Management in 2007, Rob worked as a senior mechanical engineer modeling high power lasers at Lockheed Martin Corporation (2003 — 2005). Before that, he held engineering positions in the telecom and manufacturing industries (1998 — 2003).

Rob earned his MBA with high honors from the University of Chicago (2007) and his MS and BS in mechanical engineering from MIT (1998, 1997). Additionally, he holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society Boston.

**J.P. Morgan Segment.** The J.P. Morgan segment of the Portfolio is managed by a team of portfolio managers comprised of Richard Figuly, Justin Rucker, Edward Fitzpatrick and Andy Melchiorre.

Richard Figuly, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Columbus, Rick is the lead portfolio manager for the U.S. Core Bond team and is responsible for managing institutional taxable bond portfolios. An employee since 1993, Rick previously served as a fixed income trader trading all taxable fixed income securities while specializing in structured products. Prior to joining the firm, Rick was a fiduciary tax accountant at the Bank One Ohio Trust Company. Rick is also a retired Major of the Ohio Army National Guard. He holds a B.S. in finance from The Ohio State University.

Justin Rucker, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Columbus, Justin is a portfolio manager for the Core Bond team and is responsible for managing Long Duration & Core Bond institutional taxable bond portfolios and fund vehicles. Justin is responsible for long duration strategies with benchmarks that span the range from actively managed to custom liability-based across a broad spectrum of fixed income sectors. An employee since 2006, Justin most recently was a member of the Mid Institutional Portfolio Management team specializing in structured product sectors & managing Core Bond portfolios. He also spent three years in the client portfolio management group for Global Fixed Income & three years as an Internal Client Advisor for JPMorgan Mutual Funds. Prior to joining the firm, Justin worked the trade desk for Open E Cry, LLC, a brokerage firm specializing in Futures and FX trading. Justin holds a B.S. in finance from the University of Dayton, an M.B.A. from Capital University, and is a CFA charterholder.

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Edward Fitzpatrick, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Ed is the Head of U.S. Rates Team, responsible for managing government bond portfolios for institutional clients as well as recommending U.S. rates & derivatives strategies across GFICC portfolios. Prior to joining the firm in 2013, Ed was the head of U.S. Short-Intermediate Fixed income and government specialist at Schroders Investment Management NA. Previously, Ed spent six years as a repo and FX trade at subsidiary of The Bank of New York. Ed holds B.S. degrees in finance and information technology from Boston College, an M.B.A. in finance from New York University and is a CFA charterholder.

Andy Melchiorre, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Columbus, Andy is a portfolio manager on the Core Bond strategy and is responsible for managing institutional taxable bond portfolios and fund vehicles. Before joining the firm in 2012, he worked at Wells Capital Management in structured products, focused on trading and portfolio management. Prior to this, he worked as an analyst for Summit Investment Partners covering all structured products. Andy holds a B.S. in finance and real estate & urban analysis from The Ohio State University and is a CFA charterholder.

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\*Joseph Marvan will retire from the Portfolio's portfolio management team effective June 30, 2026.

**AST International Equity Portfolio** 

**PGIM Investments.** Rick Babich, CFA, and Jeffrey Peasley are jointly and primarily responsible for the Portfolio's asset allocations.

Rick Babich, CFA, serves as a Managing Director, Portfolio Manager and the Head of Manager Research for the Strategic Investment Research Group (SIRG). He is responsible for the day-to-day management of single asset class, multi-manager portfolios, the overall manager research effort and the management of the analyst team. Prior to joining Prudential, Mr. Babich was a Director of Research for Parker Global Strategies, an alternative investment firm specializing in fund of fund solutions for insurance companies, pensions, endowments and high net worth individuals, where he served on their Investment and Executive committees. Prior, he was a research analyst at Commerzbank in the Alternative Investment Strategies group, responsible for sourcing managers, performing due diligence, and monitoring the investment portfolio. Mr. Babich also worked in various roles at Morgan Stanley and JP Morgan & Co. He began his career in finance as a Trader Assistant at the Caxton Corporation. Mr. Babich has a B.S. from Rutgers University in Environmental and Business Economics. He received his MBA from Fordham University with a concentration in Finance.

Jeffrey Peasley is a Senior Director, Portfolio Manager and Senior Research Analyst in PGIM Investments' Strategic Investment Research Group (SIRG). He joined SIRG in February 2009 and is responsible for the management of single asset class, multi-manager portfolios and oversees a team of analysts who are responsible for the due diligence of equity subadvisors. Prior to joining SIRG, Mr. Peasley was a product manager within the Retirement Plan Strategies department of Prudential Retirement. In this role, Jeff managed the Large Cap Value, Mid Cap Value, Mid Cap Blend and International mandate teams, where his responsibilities included product development, platform management, contract negotiations, sub- advisor relations, and communications. Before joining Prudential in 2009, Mr. Peasley spent the 15 years at Advest, Inc., a regional broker/dealer located in Hartford, CT. His last position at Advest was vice president of due diligence, where he was responsible for the day-to-day management of the department that selected money managers for Advest's wrap fee programs. Prior to that, Mr. Peasley was vice president and team leader of Managed Accounts Consulting at Advest, where he directed the group that oversaw the management of $1. 5 billion in assets by institutional money managers. Mr. Peasley has a B.S. in Finance from the University of Connecticut.

**MFS Segment.** The portfolio managers from MFS who will be primarily responsible for the day-to-day management of the MFS segment of the Portfolio are Jed Stocks, CFA, Nathan Bryant, CFA, Jenney Zhang, CFA, Jim Fallon, Jonathan Sage, CFA and Matt Krummell, CFA.

Jed Stocks, CFA, an Investment Officer of MFS, is the lead portfolio manager of the MFS segment of the Portfolio. He has been employed in the investment area of MFS since 2001.

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Nathan Bryant, CFA, an Investment Officer of MFS, is a co-manager of the MFS segment of the Portfolio. He has been employed in the investment area of MFS since 2015.

Jim Fallon, an Investment Officer of MFS, is a co-manager of the MFS segment of the Portfolio. He has been employed in the investment area of MFS since 1999.

Matt Krummell, CFA, an Investment Officer of MFS, is a co-manager of the MFS segment of the Portfolio. He has been employed in the investment area of MFS since 2001. Mr. Krummell has announced his intention to retire from MFS effective April 7, 2027, and he will no longer be a portfolio manager of the portfolio as of that date.

Jonathan Sage, CFA, an Investment Officer of MFS, is a co-manager of the MFS segment of the Portfolio. He has been employed in the investment area of MFS since 2000.

Jenney Zhang, CFA, an Investment Officer of MFS, is a co-manager of the MFS segment of the Portfolio. She has been employed in the investment area of MFS since 2011.

**PGIM Quantitative Solutions Segment.** PGIM Quantitative Solutions uses a team of portfolio managers and analysts to manage the PGIM Quantitative Solutions segment of the Portfolio. The following portfolio managers share joint and primary responsibility for managing the Portfolio's day-to-day activities:

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.

Ken D'Souza, CFA, is a Managing Director and Portfolio Manager for PGIM Quantitative Solutions working within the Quantitative Equity team. He oversees the analysts on the Quantitative Equity Team and is responsible for portfolio management, analysis and research. Previously, Ken was a portfolio manager at Batterymarch utilizing a blend of quantitative, fundamental and macroeconomic insights. He has also held various roles in engineering, management and product development at Shaw Industries Group, a subsidiary of Berkshire Hathaway. He is a member of the Board of Directors of the CFA Society New York, and is a past president and current member of the Board of Directors of the Society of Quantitative Analysts. He has also lectured on Financial Risk Management at Columbia University. Ken earned a BS in chemical engineering from the Georgia Institute of Technology, an MS in both management science and engineering from Stanford University and an MBA from the University of Chicago, graduating as an Amy and Richard F. Wallman Scholar.

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.

**J.P. Morgan Segment.** The portfolio managers jointly responsible for the day-to-day management of the J.P. Morgan segment of the Portfolio are Tom Murray, James Sutton and Zenah Shuhaiber. As lead portfolio manager for the strategy, Tom Murray has ultimate responsibility.

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Tom Murray, managing director, is a portfolio manager in the International Equity Group, based in London, with particular responsibility for International Equity, ACWI ex US, and International Focus portfolios. An employee since 1996, Tom was previously a research analyst covering the energy sector. Tom holds a BA (Hons) in Classics from Bristol University and is a CFA charterholder.

James Sutton, executive director, is a portfolio manager in the International Equity Group, based in London, with particular responsibility for International Equity and ACWI ex US portfolios. An employee since February 2010, James was previously a research analyst specializing in metals and mining, and prior to this, he was an Investment Specialist on the International Equity Group, primarily responsible for natural resources products. James achieved a BA in Modern History from the University of Oxford and is a CFA charterholder.

Zenah Shuhaiber, executive director, is a portfolio manager in the International Equity Group, based in London, with particular responsibility for International Equity and ACWI ex US portfolios. An employee since 2005, she obtained an MA in Economics and Management at the University of Oxford. Zenah is a CFA charterholder.

**Jennison Segment.** Mark B. Baribeau and Thomas F. Davis are jointly and primarily responsible for the day-to-day management of the segment of the Portfolio managed by Jennison and have final authority over all aspects of the segment's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio construction, risk assessment and management of cash flows.

Mark B. Baribeau, CFA, is a Managing Director, the Head of Global Equity, and a global equity, global sustainable strategies, international and emerging markets equity portfolio manager. He joined Jennison in April 2011. He was previously with Loomis, Sayles & Company for more than 21 years, where he was a global equity and large cap growth portfolio manager. Prior to Loomis, Mr. Baribeau was an economist at John Hancock Financial Services. He earned a BA in economics from the University of Vermont, an MA from the University of Maryland, and he holds the Chartered Financial Analyst (CFA) designation. Mr. Baribeau is a member of CFA Society Boston and the National Association of Business Economists.

Thomas F. Davis, is a Managing Director and a global and international equity portfolio manager. He joined Jennison in April 2011. He was previously with Loomis, Sayles & Company for 11 years, most recently as a co-portfolio manager of global equity portfolios. He began his tenure at Loomis as a research analyst. Prior to that, Mr. Davis was a global equity research analyst at Putnam Investments. He earned a BA in economics from Dartmouth College and an MBA from Duke University.

The portfolio managers 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.

**Putnam Segment**. The portfolio managers jointly responsible for the day-to-day management of the Putnam Investment segment of the Portfolio are Darren Jaroch, CFA and Lauren DeMore, CFA.

Darren Jaroch, CFA, is a Portfolio Manager of Putnam Investment's U.S. Large Cap Value, Non-U.S. Value, and Global Value Equity strategies. He joined Putnam Investments in 1999 and has been in the investment industry since 1996. Previously at Putnam Investments, Mr. Jaroch managed global core equity strategies and worked on quantitative models as a member of the U.S. Value team. Prior to joining Putnam Investments, he was a Senior Auditor, Client Service, at State Street Bank & Trust from 1996 to 1998 and a Research Associate at Abt Associates from 1995 to 1996. Mr. Jaroch earned a B.A. in Economics from Hartwick College.

Lauren DeMore, CFA is a Portfolio Manager of Putnam Investment's U.S. Large Cap Value and Non-U.S. Value Equity strategies. She joined Putnam Investments in 2006 and has been in the investment industry since 2002. Previously at Putnam Investments, Ms. DeMore served as an Assistant Portfolio Manager of Putnam Investment's U.S. Large Cap

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Value and Non-U.S. Value Equity strategies, and as an Analyst in the Equity Research group, covering the non-U.S. financials, telecommunications, and utilities sectors. Prior to joining Putnam Investments, she was an Analyst at EnCapital from 2002 to 2006.Ms. DeMore earned a B.A. in Economics from the University of California, Los Angeles.

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**AST Investment Grade Bond Portfolio** 

**PGIM Investments.** Brian Ahrens and Andrei O. Marinich, CFA, are jointly and primarily responsible for the Portfolio's asset allocations.

Brian Ahrens is a Managing Director, Portfolio Manager 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, CFA, is an Executive Director and Portfolio Manager 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.

**PGIM Fixed Income/PGIM Limited.** Richard Piccirillo, Gregory Peters, Gary Wu, CFA, Matthew Angelucci, CFA, and Tyler Thorn are jointly and primarily responsible for the day-to-day management of each Portfolio.

Gregory Peters is Co-Chief Investment Officer of PGIM Fixed Income. Mr. Peters is one of the co-heads on the PGIM 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. 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) 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. In October 2025, Mr. Peters was inducted into the Fixed Income Analysts Society Inc. (FIASI) Fixed Income Hall of Fame. He received a BA in Finance from The College of New Jersey and an MBA from Fordham University.

Tyler Thorn is a Managing Director on the PGIM Multi-Sector Team at PGIM Fixed Income. 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

Richard Piccirillo is a Managing Director and one of the co-heads on the PGIM 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.

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Matthew Angelucci, CFA**,** is a Managing Director and senior portfolio manager on the PGIM 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.

Gary Wu, CFA, is a Principal and a U.S. government portfolio manager for PGIM Fixed Income's Multi-Sector and Liquidity Team. He has been responsible for managing U.S. Treasury products since joining the Team in 2000. Previously, Mr. Wu was a portfolio manager on PGIM Fixed Income's Money Markets Desk. From 1997 to 1999, Mr. Wu was a risk analyst in PGIM Fixed Income's quantitative research group. Mr. Wu joined the Firm in 1994 in the Guaranteed Products Unit, where he was responsible for annuity pricing. Mr. Wu received a BS in Business Administration and Mathematics from The State University of New York, at Albany. He holds the Chartered Financial Analyst (CFA) designation.

**AST J.P. Morgan Aggressive Multi-Asset Portfolio** 

The J.P. Morgan co-portfolio managers who are jointly and primarily responsible for the day-to-day management of the Portfolio are Navdeep Saini, Morgan Moriarty, CFA, and Gary Herbert, CFA.

Navdeep Saini, Vice President, is a portfolio manager in Multi-Asset Solutions (MAS) focused on global tactical asset allocation strategies, based in New York. An employee since 2012, Navi's current responsibilities include portfolio construction, manager selection and tactical asset allocation. Previously, Navi worked on the Portfolio Implementation team within MAS, covering day-to-day order management and liquidity monitoring across various books of business (e.g., sub-advised clients, target date funds). Prior to working in MAS, Navi held a role in the Internal Audit department where he helped investment product teams identify gaps in their processes to enhance their control environment, and improve operational efficiency. Navi earned a B.A. in accountancy from Baruch College.

Morgan Moriarty, CFA, Executive Director, is a portfolio manager in Multi-Asset Solutions based in New York. An employee since 2011, Morgan focuses on portfolio construction, manager selection, and driving global tactical asset allocation (GTAA) decisions across a range of multi-asset class investment solutions as well as driving development of end to end portfolio management functionality in Spectrum. She is the key portfolio manager on mandates such as New York's 529 Advisor-Guided College Savings Age-Based and Asset Allocation portfolios, and the JPMorgan Diversified Fund. Morgan holds a B.S. in Business Administration with majors in finance and entrepreneurship and a minor in psychology from the University of Dayton. Morgan is a CFA charterholder.

Gary Herbert, CFA, Managing Director, is US Head of Global Asset Tactical Asset Allocation (GTAA) and Diversified Portfolios for J.P. Morgan Asset Management's Multi-Asset Solutions business. In this role, Gary oversees the investment process for GTAA. He joined J.P. Morgan in 2020 from Brandywine Global LLC, where he was responsible for $7 billion in AUM as Global Head of Credit and Multisector strategies. At Brandywine, he helped build and implement proprietary research processes to improve macroeconomic, fundamental and quantitative research and decision-making, and led global marketing efforts for credit strategies. His more than 25 years research and portfolio management experience also includes positions at Guggenheim Partners, Dreman Value Management, LLC and Morgan Stanley Investment Management. Gary has an M.B.A. in Finance with Honors from Columbia University and a bachelor's degree in Business Administration and International Business from Villanova University.

**AST J.P. Morgan Conservative Multi-Asset Portfolio** 

Navdeep Saini, Morgan M. Moriarty, CFA, and Gary Herbert, CFA, are jointly and primarily responsible for the day-to-day management of the Portfolio.

Navdeep Saini, vice president, is a portfolio manager in Multi-Asset Solutions (MAS) focused on global tactical asset allocation strategies, based in New York. An employee since 2012, Navi's current responsibilities include portfolio construction, manager selection and tactical asset allocation. Previously, Navi worked on the Portfolio Implementation team within MAS, covering day-to-day order management and liquidity monitoring across various

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books of business (e.g., sub-advised clients, target date funds). Prior to working in MAS, Navi held a role in the Internal Audit department where he helped investment product teams identify gaps in their processes to enhance their control environment and improve operational efficiency. Navi earned a B.A. in accountancy from Baruch College.

Morgan Moriarty, CFA, executive director, is a portfolio manager in Multi-Asset Solutions based in New York. An employee since 2011, Morgan focuses on portfolio construction, manager selection, and driving global tactical asset allocation (GTAA) decisions across a range of multi-asset class investment solutions as well as driving development of end to end portfolio management functionality in Spectrum. She is the key portfolio manager on mandates such as New York's 529 Advisor-Guided College Savings Age-Based and Asset Allocation portfolios, and the JPMorgan Diversified Fund. Morgan holds a B.S. in Business Administration with majors in finance and entrepreneurship and a minor in psychology from the University of Dayton. Morgan is a CFA charterholder.

Gary Herbert, CFA, managing director, is US Head of Global Asset Tactical Asset Allocation (GTAA) and Diversified Portfolios for J.P. Morgan Asset Management's Multi-Asset Solutions business. In this role, Gary oversees the investment process for GTAA. He joined J.P. Morgan in 2020 from Brandywine Global LLC, where he was responsible for $7 billion in AUM as Global Head of Credit and Multisector strategies. At Brandywine, he helped build and implement proprietary research processes to improve macroeconomic, fundamental and quantitative research and decision-making, and led global marketing efforts for credit strategies. His more than 25 years research and portfolio management experience also includes positions at Guggenheim Partners, Dreman Value Management, LLC and Morgan Stanley Investment Management. Gary has an M.B.A. in Finance with Honors from Columbia University and a bachelor's degree in Business Administration and International Business from Villanova University.

**AST J.P. Morgan Moderate Multi-Asset Portfolio** 

**J.P. Morgan.** Navdeep Saini, Morgan Moriarty, CFA, and Gary Herbert, CFA, are jointly and primarily responsible for the day-to-day management of the Portfolio.

Navdeep Saini, vice president, is a portfolio manager in Multi-Asset Solutions (MAS) focused on global tactical asset allocation strategies, based in New York. An employee since 2012, Navi's current responsibilities include portfolio construction, manager selection and tactical asset allocation. Previously, Navi worked on the Portfolio Implementation team within MAS, covering day-to-day order management and liquidity monitoring across various books of business (e.g., sub-advised clients, target date funds). Prior to working in MAS, Navi held a role in the Internal Audit department where he helped investment product teams identify gaps in their processes to enhance their control environment, and improve operational efficiency. Navi earned a B.A. in accountancy from Baruch College.

Morgan Moriarty, CFA, executive director, is a portfolio manager in Multi-Asset Solutions based in New York. An employee since 2011, Morgan focuses on portfolio construction, manager selection, and driving global tactical asset allocation (GTAA) decisions across a range of multi-asset class investment solutions as well as driving development of end to end portfolio management functionality in Spectrum. She is the key portfolio manager on mandates such as New York's 529 Advisor-Guided College Savings Age-Based and Asset Allocation portfolios, and the JPMorgan Diversified Fund. Morgan holds a B.S. in Business Administration with majors in finance and entrepreneurship and a minor in psychology from the University of Dayton. Morgan is a CFA charterholder.

Gary Herbert, CFA, managing director*,* is US Head of Global Asset Tactical Asset Allocation (GTAA) and Diversified Portfolios for J.P. Morgan Asset Management's Multi-Asset Solutions business. In this role, Gary oversees the investment process for GTAA. He joined J.P. Morgan in 2020 from Brandywine Global LLC, where he was responsible for $7 billion in AUM as Global Head of Credit and Multisector strategies. At Brandywine, he helped build and implement proprietary research processes to improve macroeconomic, fundamental and quantitative research and decision-making, and led global marketing efforts for credit strategies. His more than 25 years research and portfolio management experience also includes positions at Guggenheim Partners, Dreman Value Management, LLC and Morgan Stanley Investment Management. Gary has an M.B.A. in Finance with Honors from Columbia University and a bachelor's degree in Business Administration and International Business from Villanova University.

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**AST Large-Cap Equity Portfolio** 

**PGIM Investments.** Rick Babich, CFA, and Jeffrey Peasley are jointly and primarily responsible for the Portfolio's asset allocations.

Rick Babich, CFA, serves as a Managing Director, Portfolio Manager and the Head of Manager Research for the Strategic Investment Research Group (SIRG). He is responsible for the day-to-day management of single asset class, multi-manager portfolios, the overall manager research effort and the management of the analyst team. Prior to joining Prudential, Mr. Babich was a Director of Research for Parker Global Strategies, an alternative investment firm specializing in fund of fund solutions for insurance companies, pensions, endowments and high net worth individuals, where he served on their Investment and Executive committees. Prior, he was a research analyst at Commerzbank in the Alternative Investment Strategies group, responsible for sourcing managers, performing due diligence, and monitoring the investment portfolio. Mr. Babich also worked in various roles at Morgan Stanley and JP Morgan & Co. He began his career in finance as a Trader Assistant at the Caxton Corporation. Mr. Babich has a B.S. from Rutgers University in Environmental and Business Economics. He received his MBA from Fordham University with a concentration in Finance.

Jeffrey Peasley is a Senior Director, Portfolio Manager and Senior Research Analyst in PGIM Investments' Strategic Investment Research Group (SIRG). He joined SIRG in February 2009 and is responsible for the management of single asset class, multi-manager portfolios and oversees a team of analysts who are responsible for the due diligence of equity subadvisors. Prior to joining SIRG, Mr. Peasley was a product manager within the Retirement Plan Strategies department of Prudential Retirement. In this role, Jeff managed the Large Cap Value, Mid Cap Value, Mid Cap Blend and International mandate teams, where his responsibilities included product development, platform management, contract negotiations, sub-advisor relations, and communications. Before joining Prudential in 2009, Mr. Peasley spent the 15 years at Advest, Inc., a regional broker/dealer located in Hartford, CT. His last position at Advest was vice president of due diligence, where he was responsible for the day-to-day management of the department that selected money managers for Advest's wrap fee programs. Prior to that, Mr. Peasley was vice president and team leader of Managed Accounts Consulting at Advest, where he directed the group that oversaw the management of $1.5 billion in assets by institutional money managers. Mr. Peasley has a B.S. in Finance from the University of Connecticut.

**PGIM Quantitative Solutions Segment.** The PGIM Quantitative Solutions co-portfolio managers who are jointly and primarily responsible for the day-to-day management of the segment of the Portfolio managed by PGIM Quantitative Solutions are Stacie L. Mintz, CFA, and Devang Gambhirwala.

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.

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.

**J.P. Morgan Segment.** The J.P. Morgan co-portfolio managers who are jointly and primarily responsible for the day-to-day management of the segment of the Portfolio are Scott Davis and Shilpee Raina.

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Scott B. Davis, managing director, is a portfolio manager in the US Equity Group. An employee since 2006, Scott was previously a media and internet analyst in the US Equity Research Group. Prior to joining J.P. Morgan, Scott was an analyst at Jennison Associates, First Union, and Schroder Wertheim. He holds a B.S. from Drexel University and an M.B.A. from Columbia Business School.

Shilpee Raina, Executive Director, is a portfolio manager on the Large Cap Core Equity Strategy within the US Equity Group. An employee since 2005, Shilpee was previously a research analyst on the JPMorgan Equity Income and US Value Funds, concentrating on the consumer sectors. Shilpee holds a B.S. in Commerce with concentrations in Finance and Accounting from The University of Virginia's McIntire School of Commerce and is a CFA charterholder.

**ClearBridge Segment.** The ClearBridge portfolio managers who will be jointly and primarily responsible for the day-to-day management of the segment of the Portfolio managed by ClearBridge are Michael A. Kagan, and Stephen Rigo, CFA.

Michael Kagan is a Managing Director and Portfolio Manager. Michael co-manages the Appreciation strategy. He joined a predecessor organization in 1994 and has 41 years of investment industry experience. Michael is a member of the ClearBridge Proxy and Brokerage Committees. Michael previously was employed as an equity analyst for Zweig Advisors and was portfolio manager of the Fidelity Select Construction and Housing Fund at Fidelity Investments. He received his BA in Economics from Harvard College and attended the Massachusetts Institute of Technology Sloan School of Management.

Stephen Rigo, CFA, is a Managing Director and Portfolio Manager. Stephen co-manages the Appreciation Strategy. He joined ClearBridge in 2016 as a Sector Analyst covering financials, and in 2019 was named a Senior Portfolio Analyst on the Appreciation Strategy. He has 26 years of investment industry experience. Prior to joining ClearBridge, he was a Portfolio Strategist at Moore Capital Management. He was previously an Analyst at York Capital Management and a Senior Analyst at Green Arrow Capital, covering financials in both roles. He was also a Research Associate at Friedman, Billings, Ramsey, covering Life Insurance. Stephen received at BSBA in Finance from Boston College. He is a member of the CFA Institute.

**Dimensional Segment.** The Dimensional portfolio managers who are jointly and primarily responsible for the day-to-day management of the segment of the Portfolio managed by Dimensional are John A. Hertzer, Jed S. Fogdall, and Allen Pu.

John A. Hertzer is a Vice President and a Senior Portfolio Manager of the Sub-Adviser. Mr. Hertzer holds an MBA from the University of California, Los Angeles and a BA from Dartmouth College. Mr. Hertzer joined the Sub-Adviser in 2013, has been a portfolio manager since 2016, and has been responsible for the Portfolio since January 2025.

Jed S. Fogdall is Global Head of Portfolio Management, Chairman of the Investment Committee, Vice President and a Senior Portfolio Manager of the Sub- Adviser. Mr. Fogdall has an MBA from the University of California, Los Angeles and a BS from Purdue University. Mr. Fogdall joined the Sub-Adviser as a portfolio manager in 2004 and has been responsible for the Portfolio since January 2025.

Allen Pu is Deputy Head of Portfolio Management, North America, a member of the Investment Committee, Vice President and a Senior Portfolio Manager of the Sub-Adviser. Mr. Pu has an MBA from the University of California, Los Angeles, an MS and PhD from Caltech, and a BS from Cooper Union for the Advancement of Science and Art. Mr. Pu joined the Sub-Adviser as a portfolio manager in 2006 and has been responsible for the Portfolio since January 2025.

**AST Large-Cap Growth Portfolio** 

**PGIM Investments.** Rick Babich, CFA, and Jeffrey Peasley are jointly and primarily responsible for the Portfolio's asset allocations.

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Rick Babich, CFA, serves as a Managing Director, Portfolio Manager and the Head of Manager Research for the Strategic Investment Research Group (SIRG). He is responsible for the day-to-day management of single asset class, multi-manager portfolios, the overall manager research effort and the management of the analyst team. Prior to joining Prudential, Mr. Babich was a Director of Research for Parker Global Strategies, an alternative investment firm specializing in fund of fund solutions for insurance companies, pensions, endowments and high net worth individuals, where he served on their Investment and Executive committees. Prior, he was a research analyst at Commerzbank in the Alternative Investment Strategies group, responsible for sourcing managers, performing due diligence, and monitoring the investment portfolio. Mr. Babich also worked in various roles at Morgan Stanley and JP Morgan & Co. He began his career in finance as a Trader Assistant at the Caxton Corporation. Mr. Babich has a B.S. from Rutgers University in Environmental and Business Economics. He received his MBA from Fordham University with a concentration in Finance.

Jeffrey Peasley is a Senior Director, Portfolio Manager and Senior Research Analyst in PGIM Investments' Strategic Investment Research Group (SIRG). He joined SIRG in February 2009 and is responsible for the management of single asset class, multi-manager portfolios and oversees a team of analysts who are responsible for the due diligence of equity subadvisors. Prior to joining SIRG, Mr. Peasley was a product manager within the Retirement Plan Strategies department of Prudential Retirement. In this role, Jeff managed the Large Cap Value, Mid Cap Value, Mid Cap Blend and International mandate teams, where his responsibilities included product development, platform management, contract negotiations, sub- advisor relations, and communications. Before joining Prudential in 2009, Mr. Peasley spent the 15 years at Advest, Inc., a regional broker/dealer located in Hartford, CT. His last position at Advest was vice president of due diligence, where he was responsible for the day-to-day management of the department that selected money managers for Advest's wrap fee programs. Prior to that, Mr. Peasley was vice president and team leader of Managed Accounts Consulting at Advest, where he directed the group that oversaw the management of $1.5 billion in assets by institutional money managers. Mr. Peasley has a B.S. in Finance from the University of Connecticut.

**Jennison Segment.** The Jennison portfolio managers who are jointly and primarily responsible for the day-to-day management of the Jennison segment of the Portfolio are Michael A. Del Balso, Blair A. Boyer, Natasha Kuhlkin, CFA, and Owuraka Koney, CFA.

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 Jennison segment of 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.

**T. Rowe Price Segment.** T. Rowe Price manages the T. Rowe Price segment of the Portfolio through an Investment Advisory Committee. The Committee Chairman has day-to-day responsibility for managing the T. Rowe Price segment of the Portfolio and works with the Committee in developing and executing the T. Rowe Price segment of the Portfolio's investment program.

Jon Michael Friar is co-portfolio manager of the US Large-Cap Growth Equity Strategy in the Global Equity Division. Previously, he was the portfolio manager for the business service strategy in the U.S. Equity Division. Jon is a member of the Investment Advisory Committees of the US Dividend Growth Equity, Financial Services Equity, US Growth Stock, US Small-Cap Growth II Equity, and US Structured Research Equity Strategies. In addition, he is a member of the Global Equity Steering Committee. Jon is a vice president of T. Rowe Price Group, Inc.

Jon's investment experience began in 2007, and he has been with T. Rowe Price since 2011, beginning in the U.S. Equity Division following financial companies. Previously, Jon was an intern covering health care facility outsourcers for the U.S. Equity Division in the summer of 2010. Prior to this, Jon was employed by Barclays Capital as an associate in structured product sales.

Jon earned a B.A. in government and foreign affairs from the University of Virginia and an M.B.A. from the University of Virginia, Darden School of Business.

**ClearBridge Segment.** The ClearBridge portfolio managers who are jointly and primarily responsible for the day-to-day management of the ClearBridge segment of the Portfolio are Margaret Vitrano and Erica Furfaro.

Margaret Vitrano is a Managing Director and Portfolio Manager and co-manages the Large Cap Growth and All Cap Growth strategies. Margaret has 30 years of investment industry experience and joined a ClearBridge predecessor organization in 1997. Margaret is a member of the ClearBridge Management Committee. From 2006-2009, Margaret served on the firm's 401(k) Investment Committee, which is responsible for choosing and overseeing investments for the firm's employee retirement plan. Prior to her role at ClearBridge, Margaret was a Research Analyst for the Consumer Discretionary sector at Citigroup. Margaret earned her MBA from the Wharton School of the University of Pennsylvania and a BA in Public Policy Studies and Art History from Duke University.

Erica Furfaro is a Managing Director and Portfolio Manager on the All Cap Growth and Large Cap Growth strategies at ClearBridge Investments. She joined ClearBridge in 2019 and has 21 years of investment industry experience. Erica joined ClearBridge as a Sector Analyst covering internet/media, was named a Portfolio Analyst supporting the All Cap Growth and Large Cap Growth strategies in 2021, and became a Portfolio Manager in 2024. Prior to joining ClearBridge, she worked as an Analyst/Sector Head at Millennium Partners and an Analyst at York Capital Management, covering technology, media and telecommunications in both roles; Analyst for private equity at the Carlyle Group; and an Investment Banking Analyst at Merrill Lynch. Erica received an M.B.A. from the Stanford Graduate School of Business and a B.A. in economics and government from Cornell University.

**J.P. Morgan Segment.** The J.P. Morgan portfolio managers who are jointly and primarily responsible for the day-to-day management of the J.P. Morgan segment of the Portfolio are Wonseok Choi, Ellen Sun, and Grace Liu.

Wonseok Choi, managing director, is head of quantitative research for the U.S. Structured Equity Group, and a portfolio manager. An employee since 2006, he is responsible for conducting quantitative research on proprietary models utilized in portfolio management. Prior to joining the firm, Wonseok worked as a research manager at Arrowstreet Capital, L.P., where he was involved in developing and enhancing the firm's forecasting, risk, and transaction-cost models. Wonseok holds a Ph.D. in economics from Harvard University and a B.A. in economics from Seoul National University.

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Ellen Sun, vice president, is a portfolio manager and quantitative researcher within the J.P. Morgan Asset Management U.S. Disciplined Core Equity Group. An employee since February 2019, Ellen works on quantitative research on proprietary models related to portfolio investment process. Ellen graduated summa cum laude with B.A in mathematics and B.A in psychology from New York University. Ellen also holds a M.S. in Financial Engineering from Columbia University. Ellen is a CFA charterholder.

Grace Liu, vice president, is a portfolio manager on the U.S. Disciplined Core Equity Group. An employee since 2012, Grace was previously a generalist research analyst and junior portfolio manager for Core strategies, and a research associate covering the financial sector. Grace holds a M.S. in data science from Columbia University, a M.S in Finance from Massachusetts Institute of Technology and a B.A. in Economics from Shanghai Jiao Tong University. She is also is a CFA charterholder.

**Putnam Segment.** The Putnam Investments portfolio managers who are jointly and primarily responsible for the day-to-day management of the Putnam Investments segment of the Portfolio are Richard Bodzy and Greg McCullough, CFA.

Richard Bodzy, Portfolio Manager at Putnam Investments. Mr. Bodzy is a Portfolio Manager of Putnam's U.S. Large Cap Growth Equity and U.S. Multi-Cap Growth Equity strategies. He joined Putnam in 2009 and has been in the investment industry since 2008. Previously at Putnam, Mr. Bodzy was an Analyst in the Equity Research group, covering the telecommunication services, media, and software industries. Prior to joining Putnam, he served as an Equity Analyst, covering the industrials sector at RiverSource Investments in 2008, and was a Hedge Fund Data Analyst at Morningstar from 2004 to 2006. Mr. Bodzy earned an M.B.A. from the Darden School of Business at the University of Virginia and a B.A. from the University of Michigan.

Greg McCullough, CFA, Portfolio Manager at Putnam Investments. Mr. McCullough is a Portfolio Manager of Putnam's U.S. Large-Cap Growth Equity and Multi-Cap Growth Equity strategies. He joined Putnam in 2019 and has been in the investment industry since 2008. Prior to joining Putnam, Mr. McCullough served at Loomis Sayles as a Vice President and Senior Global Equity Analyst, covering multiple sectors including technology, consumer, and industrials for the Global Equity Opportunities Strategy, from 2014 to 2019, and as a Vice President and Global Equity Analyst, covering the energy sector, from 2008 to 2013. Mr. McCullough earned an M.B.A. from the Darden School of Business at the University of Virginia and a B.A. from Davidson College.

**AST Large-Cap Value Portfolio** 

**PGIM Investments.** Rick Babich, CFA and Jeffrey Peasley are jointly and primarily responsible for the Portfolio's asset allocations.

Rick Babich, CFA, serves as a Managing Director, Portfolio Manager and the Head of Manager Research for the Strategic Investment Research Group (SIRG). He is responsible for the day-to-day management of single asset class, multi-manager portfolios, the overall manager research effort and the management of the analyst team. Prior to joining Prudential, Mr. Babich was a Director of Research for Parker Global Strategies, an alternative investment firm specializing in fund of fund solutions for insurance companies, pensions, endowments and high net worth individuals, where he served on their Investment and Executive committees. Prior, he was a research analyst at Commerzbank in the Alternative Investment Strategies group, responsible for sourcing managers, performing due diligence, and monitoring the investment portfolio. Mr. Babich also worked in various roles at Morgan Stanley and JP Morgan & Co. He began his career in finance as a Trader Assistant at the Caxton Corporation. Mr. Babich has a B.S. from Rutgers University in Environmental and Business Economics. He received his MBA from Fordham University with a concentration in Finance.

Jeffrey Peasley is a Senior Director, Portfolio Manager, and Senior Research Analyst in PGIM Investments' Strategic Investment Research Group (SIRG). He joined SIRG in February 2009 and is responsible for the management of single asset class, multi-manager portfolios and oversees a team of analysts who are responsible for the due diligence of equity subadvisors. Prior to joining SIRG, Mr. Peasley was a product manager within the Retirement Plan Strategies department of Prudential Retirement. In this role, Jeff managed the Large Cap Value, Mid Cap Value, Mid Cap Blend

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and International mandate teams, where his responsibilities included product development, platform management, contract negotiations, sub- advisor relations, and communications. Before joining Prudential in 2009, Mr. Peasley spent the 15 years at Advest, Inc., a regional broker/dealer located in Hartford, CT. His last position at Advest was vice president of due diligence, where he was responsible for the day-to-day management of the department that selected money managers for Advest's wrap fee programs. Prior to that, Mr. Peasley was vice president and team leader of Managed Accounts Consulting at Advest, where he directed the group that oversaw the management of $1.5 billion in assets by institutional money managers. Mr. Peasley has a B.S. in Finance from the University of Connecticut.

**Hotchkis and Wiley Segment.** Hotchkis and Wiley manages institutional separate accounts and is the adviser and subadviser to mutual funds, including the Hotchkis and Wiley segment of the Portfolio. The investment process employed is the same for similar accounts, including the Portfolio and is team based utilizing primarily in-house, fundamental research. The investment research staff is organized by industry and sector and supports all of the accounts managed in each of the Hotchkis and Wiley investment strategies. Portfolio managers for each strategy ensure that the best thinking of the investment team is reflected in the "target portfolios." Investment ideas for the Portfolio are generated by Hotchkis and Wiley's investment team. Hotchkis and Wiley has identified the portfolio managers with the most significant responsibility for the Portfolio. The list does not include all members of the investment team.

Doug Campbell, George Davis, Scott McBride, and Patricia McKenna\* participate in the investment research review and decision-making process for the Hotchkis and Wiley segment of the Acquiring Portfolio (both current and as repositioned). Mr. Campbell, Portfolio Manager, joined Hotchkis and Wiley's investment team in 2017. Mr. Davis, Principal, Portfolio Manager and Executive Chairman, joined Hotchkis and Wiley's investment team in 1988. Mr. McBride, Chief Executive Officer and Portfolio Manager, joined Hotchkis and Wiley's investment team in 2001. Ms. McKenna, Principal and Portfolio Manager, joined Hotchkis and Wiley's investment team in 1995.

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\*Patricia McKenna has announced her intention to retire from Hotchkis and Wiley Capital Management, LLC effective August 1, 2026, and she will no longer be a portfolio manager of the Portfolio as of that date.

**ClearBridge Segment.** The ClearBridge portfolio managers who are jointly and primarily responsible for the day-to-day management of the segment of the Portfolio managed by ClearBridge are Dmitry Khaykin and Deepon Nag.

Dmitry Khaykin is a Portfolio Manager and Managing Director of ClearBridge Investments. Dmitry co-manages the Large Cap Value strategy products. He joined a predecessor organization in 2003, and has 30 years of investment industry experience. Prior to joining the organization, Dmitry was a research analyst at Gabelli & Co., where he concentrated on the telecommunications sector. He began his career at Morgan Stanley & Co. as an associate in the Risk Management Division. Dmitry received his BA in Economics and Computer Science from New York University. He obtained his MBA in Finance and Accounting from the Wharton School at the University of Pennsylvania.

Deepon Nag is a Portfolio Manager and Managing Director and the Co-Director of Research at ClearBridge Investments. Deepon co-manages the Large Cap Value strategy products. He joined ClearBridge Investments in 2016 as a Senior Sector Analyst, covering technology hardware, later joining the Large Cap Value team as a Portfolio Analyst. Deepon has 17 years of investment industry experience, as well as five years technology industry experience. Prior to joining ClearBridge, Deepon was a Senior Research Analyst at Macquarie Capital, covering semiconductors. He was previously a Research Analyst at Millennium Partners, covering semiconductors and telecom, and a Lead Software Engineer in Design Automation at Intel Corp. Deepon received an MBA from Columbia Business School and holds a BS in Computer Science and Mathematics from the University of Puget Sound.

**Dimensional Segment.** The Dimensional portfolio managers who are primarily responsible for the day-to-day management of the segment of the Portfolio managed by Dimensional are John Hertzer, Jed Fogdall and Allen Pu.

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John A. Hertzer is a Vice President and a Senior Portfolio Manager of the Sub-Adviser. Mr. Hertzer holds an MBA from the University of California, Los Angeles and a BA from Dartmouth College. Mr. Hertzer joined the Sub-Adviser in 2013, has been a portfolio manager since 2016, and has been responsible for the Portfolio since December 2024.

Jed S. Fogdall is Global Head of Portfolio Management, Chairman of the Investment Committee, Vice President and a Senior Portfolio Manager of the Sub- Adviser. Mr. Fogdall has an MBA from the University of California, Los Angeles and a BS from Purdue University. Mr. Fogdall joined the Sub-Adviser as a portfolio manager in 2004 and has been responsible for the Portoflio since December 2024.

Allen Pu is Deputy Head of Portfolio Management, North America, a member of the Investment Committee, Vice President and a Senior Portfolio Manager of the Sub-Adviser. Mr. Pu has an MBA from the University of California, Los Angeles, an MS and PhD from Caltech, and a BS from Cooper Union for the Advancement of Science and Art. Mr. Pu joined the Sub-Adviser as a portfolio manager in 2006 and has been responsible for the Portfolio since December 2024.

**J.P. Morgan Segment.** The J.P. Morgan portfolio managers who are primarily responsible for the day-to-day management of the segment of the Portfolio managed by J.P. Morgan are Scott Blasdell and John Piccard.

Scott Blasdell, managing director, is a portfolio manager in the U.S. Equity Group responsible for Large Cap Value, Value Advantage, Active Value ETF (JAVA) and REIT portfolios. An employee since 1999, Scott started as a research analyst covering REITs then in 2001 became portfolio manager of J.P. Morgan's REIT strategies. In 2008, Scott moved to the U.S. Disciplined Equity Team to manage large cap core and value strategies. Prior to J.P. Morgan, Scott worked as a research analyst at Merrill Lynch Asset Management and Wellington Management. Scott earned a B.A. in economics from Williams College and an M.B.A. from the Wharton School of the University of Pennsylvania. He is also a C.F.A. charterholder.

John Piccard, executive director, is a portfolio manager in the U.S. Equity Group responsible for Large Cap Value & Active Value ETF (JAVA) portfolio's. He rejoined the firm after spending 10 years at Lord, Abbett & Co. as a portfolio manager and research analyst. Previously, John served as a portfolio manager at J.P. Morgan Investment Management and UBS Global Investment Management. He originally joined the firm as an associate in asset-liability and proprietary portfolio management. John holds a B.A. in economics and philosophy from Fordham University and an M.A. in Economics from New York University. He is a CFA charterholder.

**Putnam Investments Segment.** The Putnam Investments portfolio managers who are primarily responsible for the day-to-day management of the segment of the Portfolio managed by Putnam Investments are Darren Jaroch, CFA, and Lauren DeMore, CFA.

Darren Jaroch, CFA, Portfolio Manager at Putnam Investments. Mr. Jaroch is a Portfolio Manager of Putnam's U.S. Large Cap Value, Non-U.S. Value, and Global Value Equity strategies. He joined Putnam Investments in 1999 and has been in the investment industry since 1996. Previously at Putnam, Mr. Jaroch managed global core equity strategies and worked on quantitative models as a member of the U.S. Value team. Prior to joining Putnam Investments, he was a Senior Auditor, Client Service, at State Street Bank & Trust from 1996 to 1998 and a Research Associate at Abt Associates from 1995 to 1996. Mr. Jaroch earned a B.A. in Economics from Hartwick College.

Lauren DeMore, CFA, Portfolio Manager Putnam Investments. Ms. DeMore is a Portfolio Manager of Putnam's U.S. Large Cap Value and Non-U.S. Value Equity strategies. She joined Putnam Investments in 2006 and has been in the investment industry since 2002. Previously at Putnam, Ms. DeMore served as an Assistant Portfolio Manager of Putnam's U.S. Large Cap Value and Non-U.S. Value Equity strategies, and as an Analyst in the Equity Research group, covering the non-U.S. financials, telecommunications, and utilities sectors. Prior to joining Putnam, she was an Analyst at EnCapital from 2002 to 2006.Ms. DeMore earned a B.A. in Economics from the University of California, Los Angeles.

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**AST Multi-Asset Diversified Plus Portfolio** 

**PGIM Investments.** Brian Ahrens, Andrei O. Marinich, CFA, Saleem Z. Banatwala, CFA and Todd L. Kerin are jointly and primarily responsible for the Portfolio's manager allocations.

Brian Ahrens is a Managing Director, Portfolio Manager and Head of the Strategic Investment Research Group 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, CFA, is an Executive Director and Portfolio Manager 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.

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.

Todd L. Kerin is a Senior Director, Portfolio Manager 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.

**PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions).** The PGIM Quantitative Solutions portfolio managers who are jointly and primarily responsible for the asset allocation strategy for the Portfolio are George N. Patterson, PhD, CFA, CFP, Rory Cummings, CFA, Marco Aiolfi, PhD and Edward J. Tostanoski, III, CFA.

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

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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.

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.

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.

**AST Multi-Asset Diversified Portfolio** 

**PGIM Investments.** Brian Ahrens, Andrei O. Marinich, CFA, Saleem Z. Banatwala, CFA and Todd L. Kerin are jointly and primarily responsible for the Portfolio's manager allocations.

Brian Ahrens is a Managing Director, Portfolio Manager and Head of the Strategic Investment Research Group 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, CFA, is an Executive Director and Portfolio Manager 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.

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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.

Todd L. Kerin is a Senior Director, Portfolio Manager 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.

**PGIM Quantitative Solutions Segment.** George N. Patterson, PhD, CFA, CFP, Marco Aiolfi, PhD, Rory Cummings, CFA, and Edward J. Tostanoski III, CFA, are jointly and primarily responsible for the day-to-day management of the portion of the Portfolio directly managed by PGIM Investments.

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.

Marco Aiolfi, PhD, 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.

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.

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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.

**AST PGIM Aggressive Multi-Asset Portfolio** 

**PGIM Investments.** Brian Ahrens, Andrei O. Marinich, CFA, Todd L. Kerin and Saleem Z. Banatwala, CFA, are jointly and primarily responsible for the overall management of the Portfolio.

Brian Ahrens is a Managing Director, Portfolio Manager and Head of the Strategic Investment Research Group 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. Currently, this team consults on over $250 billion in total assets and assists in the management of almost $13.1 billion in asset allocation portfolios. 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, CIMA certified, and holds the Chartered Financial Analyst (CFA) designation.

Andrei O. Marinich, CFA, is an Executive Director and Portfolio Manager 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, Portfolio Manager 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.** The PGIM Quantitative Solutions portfolio managers who are jointly and primarily responsible for the asset allocation strategy for the Portfolio are George N. Patterson, PhD, CFA, CFP, Marco Aiolfi, PhD, Rory Cummings, CFA and Manoj Rengarajan, CFA.

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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.

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.

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.

Manoj Rengarajan, CFA, is a Principal and Portfolio Manager for PGIM Quantitative Solutions, working within the Multi-Asset team. He is responsible for portfolio management, investment strategy, and multi-asset research. Prior to joining PGIM Quantitative Solutions, Manoj was a Senior Portfolio Manager of PGIM Global Partners, where he provided portfolio advisory services for global and regional portfolios. Previously, Manoj was an Analyst at Allianz Hedge Fund Partners and a Program Manager at Pershing, a division of BNY Mellon. Manoj received a BE in engineering from the Birla Institute of Technology and Science, Pilani, in India, an MBA from the Indian Institute of Management Calcutta in India, and an MFE from the University of California, Berkeley. He is a member of the CFA Society New York.

**AST Preservation Asset Allocation Portfolio** 

**PGIM Investments**. Brian Ahrens, Andrei O. Marinich, CFA, Todd L. Kerin and Saleem Z. Banatwala, CFA, are jointly and primarily responsible for the Portfolio's manager allocations.

Brian Ahrens is a Managing Director, Portfolio Manager and Head of the Strategic Investment Research Group 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.

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Andrei O. Marinich, CFA, is an Executive Director and Portfolio Manager 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, Portfolio Manager 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 LLC**. The PGIM Quantitative Solutions LLC portfolio managers who are jointly and primarily responsible for the asset allocation strategy for the Portfolio are George N. Patterson, PhD, CFA, CFP, Joel M. Kallman, CFA., Marco Aiolfi, PhD, and Edward J. Tostanoski, III, CFA.

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.

Joel M. Kallman, CFA, is a Principal and Portfolio Manager for PGIM Quantitative Solutions working within the Multi-Asset team. He is responsible for portfolio management and investment strategy. Prior to joining PGIM Quantitative Solutions, Joel held various positions for PGIM Fixed Income that involved high-yield credit analysis and performance reporting. He earned a BS and MBA in finance from Rutgers University. Joel is a member of the CFA Society New York.

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

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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.

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.

**AST Quantitative Modeling Portfolio** 

**PGIM Investments: Underlying Portfolio Fulfillment.** Brian Ahrens, Andrei O. Marinich, CFA, Todd L. Kerin and Saleem Z. Banatwala, CFA, are jointly and primarily responsible for the overall management of the Portfolio.

Brian Ahrens is a Managing Director, Portfolio Manager and Head of the Strategic Investment Research Group 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. Currently, this team consults on over $250 billion in total assets and assists in the management of almost $13.1 billion in asset allocation portfolios. 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, CIMA certified, and holds the Chartered Financial Analyst (CFA) designation.

Andrei O. Marinich, CFA, is an Executive Director and Portfolio Manager 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, Portfolio Manager 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

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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: Asset Allocation and Maintenance of Quantitative Model.** George N. Patterson, PhD, CFA, CFP, Rory Cummings, CFA and Marco Aiolfi, PhD are jointly and primarily responsible for the day-to-day management of asset allocations and the quantitative model 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.

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.

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.

**AST Small-Cap Equity Portfolio** 

**PGIM Investments.** Rick Babich, CFA, and Jeffrey Peasley are jointly and primarily responsible for the Portfolio's asset allocations.

Rick Babich, CFA, serves as a Managing Director, Portfolio Manager and the Head of Manager Research for the Strategic Investment Research Group (SIRG). He is responsible for the day-to-day management of single asset class, multi-manager portfolios, the overall manager research effort and the management of the analyst team. Prior to joining Prudential, Mr. Babich was a Director of Research for Parker Global Strategies, an alternative investment firm specializing in fund of fund solutions for insurance companies, pensions, endowments and high net worth individuals, where he served on their Investment and Executive committees. Prior, he was a research analyst at Commerzbank in the Alternative Investment Strategies group, responsible for sourcing managers, performing due diligence, and monitoring the investment portfolio. Mr. Babich also worked in various roles at Morgan Stanley and JP

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Morgan & Co. He began his career in finance as a Trader Assistant at the Caxton Corporation. Mr. Babich has a B.S. from Rutgers University in Environmental and Business Economics. He received his MBA from Fordham University with a concentration in Finance.

Jeffrey Peasley is a Senior Director, Portfolio Manager and Senior Research Analyst in PGIM Investments' Strategic Investment Research Group (SIRG). He joined SIRG in February 2009 and is responsible for the management of single asset class, multi-manager portfolios and oversees a team of analysts who are responsible for the due diligence of equity subadvisors. Prior to joining SIRG, Mr. Peasley was a product manager within the Retirement Plan Strategies department of Prudential Retirement. In this role, Jeff managed the Large Cap Value, Mid Cap Value, Mid Cap Blend and International mandate teams, where his responsibilities included product development, platform management, contract negotiations, sub- advisor relations, and communications. Before joining Prudential in 2009, Mr. Peasley spent the 15 years at Advest, Inc., a regional broker/dealer located in Hartford, CT. His last position at Advest was vice president of due diligence, where he was responsible for the day-to-day management of the department that selected money managers for Advest's wrap fee programs. Prior to that, Mr. Peasley was vice president and team leader of Managed Accounts Consulting at Advest, where he directed the group that oversaw the management of $1.5 billion in assets by institutional money managers. Mr. Peasley has a B.S. in Finance from the University of Connecticut.

**Driehaus Capital Management LLC (Driehaus).** The portfolio managers who will be jointly and primarily responsible for management of the segment of the Portfolio managed by Driehaus are Jeffrey James, Michael Buck and Prakash Vijayan.

Jeffrey James is the lead portfolio manager for the Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies. In his role as portfolio manager, Mr. James has final responsibility for the strategies' portfolio construction, risk management and buy/sell decisions. Additionally, Mr. James is responsible for implementation of the investment philosophy, idea generation as well as the evaluation of macro-level trends and the market environment. Mr. James began his career with Lehman Brothers in 1990. From 1991 to 1997, Mr. James worked at the Federal Reserve Bank of Chicago as an analyst and joined Driehaus Capital Management in 1997 as a sector analyst covering the information technology and energy sectors for the firm's Small Cap Growth and Mid Cap Growth strategies. In 1998, Mr. James began managing the Driehaus Micro Cap Growth strategy. From 2001 to 2005, Mr. James also served as portfolio manager for the firm's long/short hedge fund. Mr. James was named portfolio manager of the Driehaus Small Cap Growth strategy in 2006 and portfolio manager of the Driehaus Small/Mid Cap Growth strategy in 2012. Mr. James received his B.S. in finance from Indiana University in 1990 and his M.B.A. from DePaul University in 1995.

Michael Buck is a portfolio manager and a senior analyst on the US Growth Equities Team with a focus on the consumer discretionary, consumer staples and financials sectors. Mr. Buck's in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across the Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies. As portfolio manager for these three strategies, Mr. Buck is also responsible for providing depth of leadership to the team. Mr. Buck began his career at Deloitte Consulting, LLC as a business analyst until he joined Driehaus Capital Management in 2002. Mr. Buck received his B.A. and B.M. in economics and cello performance from Northwestern University in 2000.

Prakash Vijayan is an assistant portfolio manager and senior analyst on the US Growth Equities Team with a focus on the information technology and communication services sectors. Mr. Vijayan in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across the Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies. Mr. Vijayan began his career as an equity research analyst for Beekman Capital Management in 2005 covering the technology, media and telecommunications sectors prior to joining Driehaus Capital Management in 2010. Mr. Vijayan received his Bachelors of Technology degree in mechanical engineering from Indian Institute of Technology in 2003 and a Masters of Science in mechanical engineering from Arizona State University in 2005. Mr. Vijayan is a CFA charterholder.

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**Hotchkis and Wiley Capital Management, LLC (Hotchkis and Wiley).** Hotchkis and Wiley manages institutional separate accounts and is the adviser and subadviser to mutual funds, including the Hotchkis and Wiley segment of the Portfolio. The investment process employed is the same for similar accounts, including the Portfolio and is team based utilizing primarily in-house, fundamental research. The investment research staff is organized by industry and sector and supports all of the accounts managed in each of the Hotchkis and Wiley investment strategies. Portfolio managers for each strategy ensure that the best thinking of the investment team is reflected in the "target portfolios." Investment ideas for the Portfolio are generated by Hotchkis and Wiley's investment team. Hotchkis and Wiley has identified the portfolio managers with the most significant responsibility for the Portfolio. The list does not include all members of the investment team.

The portfolio managers jointly and primarily responsible for day-to-day management of the portion of the Portfolio managed by Hotchkis and Wiley are Judd Peters and Ryan Thomes. Mr. Peters, Portfolio Manager, joined Hotchkis and Wiley's investment team in 1999. Mr. Thomes, Portfolio Manager, joined Hotchkis and Wiley's investment team in 2008.

**TimesSquare Capital Management LLC (TimesSquare).** The TimesSquare co-portfolio managers who are jointly and primarily responsible for the day-to-day management of the segment of the Portfolio managed by TimesSquare are Grant Babyak, David Ferreiro, Ph.D and Greg Vasse.

Grant Babyak is a Partner and CEO/Portfolio Manager. He is also a member of the Management Committee that oversees TimesSquare. Prior to joining TimesSquare in 2000, Grant managed small cap and mid cap portfolios at Fiduciary Trust Company International. He previously worked for six years at Avatar Associates as an institutional portfolio manager and for two years at U.S. Trust Company of New York as an analyst covering the consumer and basic industrial sectors. Grant has a B.A. in Political Science from Yale University and an M.B.A. in Finance from the Leonard N. Stern School of Business at New York University.

David Ferreiro, Ph.D. is a Partner and Portfolio Manager/Analyst on TimesSquare's U.S. Equity team. He is also a member of the Management Committee that oversees TimesSquare. He is responsible for research coverage of the biotechnology, pharmaceuticals and medical devices industries. Prior to joining TimesSquare in 2015, David was a Vice President at GMT Capital Corporation covering global health care stocks. His previous health care and biotechnology research analyst experiences were as an Executive Director at Oppenheimer, an Associate at JMP Securities, a Strategist at First Brokers Securities/Linkbrokers and an Associate at Banc of America Securities. David has a B.A. in Biology from Middlebury College, and an M.S. and Ph.D. in Microbiology and Immunology from the Albert Einstein College of Medicine.

Greg Vasse is a Partner and Portfolio Manager/Analyst on TimesSquare's U.S. equity team and is responsible for research coverage of Automotive, Commercial Services, Construction & Engineering, and Transportation. Prior to joining TimesSquare as a Research Associate in 2008, Greg was an Associate at Lehman Brothers working with the firm's Institutional Investor-ranked Machinery and Bank equity research teams. Prior to Lehman Brothers, Greg was an investment banking analyst at Needham & Company focused on Industrial Growth and Technology M&A and equity capital transactions. Greg graduated Cum Laude with a B.S. in Business Administration from Babson College with concentrations in finance and economics.

**Boston Partners Global Investors, Inc. (Boston Partners).** The portfolio manager primarily responsible for day-to-day management of the portion of the Portfolio managed by Boston Partners is George Gumpert.

George Gumpert, CFA Mr. Gumpert is a Senior Portfolio Manager of the Boston Partners Small Cap Value, Boston Partners SmallCap Value II, and Boston Partners Small/Mid Cap Value strategies. Prior to managing Boston Partners' small-cap value portfolios, he was a research analyst specializing in the small-cap sectors of the equity market. Mr. Gumpert joined the firm in May 2000. He holds a B.A. in Economics from Amherst College and the Chartered Financial Analyst® designation. Mr. Gumpert began his career in the investment industry in 1999.

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**Dimensional Fund Advisors LP (Dimensional).** The Dimensional portfolio managers who are jointly and primarily responsible for the day-to-day management of the segment of the Portfolio managed by Dimensional are Marc Corona Leblond, Jed Fogdall and Joel Schneider.

Marc C. Leblond is a Vice President and a Senior Portfolio Manager of the Sub-Adviser. Mr. Leblond holds an MBA from the University of Chicago Booth School of Business and an MS and BS from Columbia University. Mr. Leblond joined the Sub-Adviser in 2015, has been a portfolio manager since 2017, and has been responsible for the Portfolio since December 2024.

Jed S. Fogdall is Global Head of Portfolio Management, Chairman of the Investment Committee, Vice President and a Senior Portfolio Manager of the Sub-Adviser. Mr. Fogdall has an MBA from the University of California, Los Angeles and a BS from Purdue University. Mr. Fogdall joined the Sub-Adviser as a portfolio manager in 2004 and has been responsible for the Portfolio since December 2024.

Joel P. Schneider is Deputy Head of Portfolio Management, North America, a member of the Investment Committee, Vice President and a Senior Portfolio Manager of the Sub-Adviser. Mr. Schneider holds an MBA from the University of Chicago Booth School of Business, an MS from the University of Minnesota, and a BS from Iowa State University. Mr. Schneider joined the Sub-Adviser in 2011, has been a portfolio manager since 2013, and has been responsible for the Portfolio since December 2024.

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HOW TO BUY AND SELL SHARES OF THE PORTFOLIOS

**Purchasing and Redeeming PORTFOLIO Shares** 

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. The Trust does not provide investment advice. You should contact your financial advisor for advice regarding selection of Portfolios.

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.

**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

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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.

Investors seeking to engage in frequent trading activities may use a variety of strategies to avoid detection and, despite the efforts of the Trust and the Participating Insurance Companies to prevent such trading, there is no guarantee that the Trust or the Participating Insurance Companies will be able to identify these investors or curtail their trading practices. Therefore, some Trust investors may be able to engage in frequent trading, and, if they do, the other Trust investors would bear any harm caused by that frequent trading. The Trust does not have any arrangements intended to permit trading in contravention of the policies described above.

For information about the trading limitations applicable to you, please see the prospectus for your contract or contact your insurance company.

Each of the Portfolios structured as a fund of funds (the Fund of Funds) invests primarily or exclusively in other Portfolios of the Trust that are not operated as Funds of Funds. These portfolios in which the Funds of Funds invest are referred to as Underlying Fund Portfolios. The policies that have been implemented by the Participating Insurance Companies to discourage frequent trading apply to transactions in Funds of Funds shares. Transactions by the Funds of Funds in Underlying Fund Portfolio shares, however, are not subject to any limitations and are not considered frequent or short-term trading. For example, the Funds of Funds may engage in significant transactions in Underlying Fund Portfolio shares in order to: (i) change their investment focus, (ii) rebalance their investments to match the then-current asset allocation mix, (iii) respond to significant purchases or redemptions of Fund of Funds shares, or (iv) respond to changes required by the underlying contracts. These transactions by the Funds of Funds in Underlying Fund Portfolio shares may be disruptive to the management of an Underlying Fund Portfolio because such transactions may: (i) cause the Underlying Fund Portfolio to sell portfolio securities at inopportune times to have the

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cash necessary to pay redemption requests, hurting their investment performance, (ii) make it difficult for the Subadvisers for the Underlying Fund Portfolios to fully implement their investment strategies, and (iii) lead to increased transaction and tax costs.

The AST Bond Portfolios 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036 and 2037 (the Target Maturity Portfolios), the AST Investment Grade Bond Portfolio and certain other Portfolios are used in connection with certain living benefit programs, including, without limitation, certain "guaranteed minimum accumulation benefit" programs and certain "guaranteed minimum withdrawal benefit" programs. The Contracts investing in these Portfolios are issued by the Participating Insurance Companies, and Contract owners cannot select the Target Maturity Portfolios or the Investment Grade Bond Portfolio for investment. In order for the Participating Insurance Companies to manage the guarantees offered in connection with these benefit programs, the Participating Insurance Companies generally: (i) limit the number and types of variable sub-accounts in which contract owners may allocate their account values (referred to in this Prospectus as the Permitted Sub-Accounts) and (ii) require contract owners to participate in certain specialized algorithmic asset transfer programs. Under these asset transfer programs, the Participating Insurance Companies will monitor each owner's account value from time to time and, if necessary, will systematically transfer amounts among the Permitted Sub-Accounts as dictated by certain non-discretionary mathematical formulas. These mathematical formulas will generally focus on the amounts guaranteed at specific future dates or the present value of the estimated lifetime payments to be made, as applicable.

As an example of how these asset transfer programs might operate under certain market environments, a downturn in the equity markets (i.e., a reduction in a contract owner's account value within the Permitted Sub-Accounts) and certain market return scenarios involving "flat" returns over a period of time will cause Participating Insurance Companies to transfer some or all of such owner's account value to a Target Maturity Portfolio or the AST Investment Grade Bond Portfolio. In general terms, such transfers are designed to ensure that an appropriate percentage of the projected guaranteed amounts are offset by assets in investments like the Target Maturity Portfolios or the AST Investment Grade Bond Portfolio. As such, asset transfers could also adversely affect a Portfolio's risk profile or expenses.

The operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended, which could adversely affect performance.

The above-referenced asset transfer programs are an important part of the guarantees offered in connection with the applicable living benefit programs. Such asset transfers may, however, result in large-scale asset flows into and out of the relevant Portfolios. Such asset transfers could adversely affect a Portfolio's investment performance by requiring the relevant Manager or Subadviser to purchase and sell securities at inopportune times and by otherwise limiting the ability of the relevant Manager or Subadviser to fully implement the Portfolio's investment strategies. In addition, these asset transfers may result in relatively small asset bases and relatively high transaction costs and operating expense ratios for a Portfolio compared to other similar funds.

**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 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

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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 AST 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 AST Government Money Market Portfolio will ordinarily remain at $1 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:

**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.

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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).

**All short-term debt securities** held by the 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 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 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).

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**DISTRIBUTION ARRANGEMENTS** 

The Trust offers a single class of shares on behalf of each Portfolio. Prudential Annuities Distributors, Inc. (PAD) serves as the distributor for the shares of each Portfolio of the Trust. The class of shares is offered and redeemed at its net asset value without any sales load. PAD is an affiliate of PGIM Investments and ASTIS. PAD 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. PAD's principal business address is 1 Corporate Drive, Shelton, Connecticut 06484.

The Trust has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the 12b-1 Plan) for the shares of each Portfolio. Under the 12b-1Plan, the shares of each covered Portfolio are charged an annual fee to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The maximum annual shareholder services and distribution (12b-1) fee for each covered Portfolio's shares is 0.25% of the average daily net assets of each Portfolio. Because these fees are paid out of each covered Portfolio's assets on an ongoing basis, over time, the fees will increase your cost of investing and may cost you more than other types of charges.

PAD has contractually agreed to reduce its 12b-1 fees for each of the AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035, AST Bond Portfolio 2036, AST Bond Portfolio 2037 and the AST Investment Grade Bond Portfolio (collectively, the Bond Portfolios), so that the effective distribution and service fee rate paid by each Bond Portfolio is reduced based on the average daily net assets of each Bond Portfolio. The contractual waiver does not include an expiration or termination date as it is contractually guaranteed by PAD on a permanent basis, and the Manager and PAD cannot terminate or otherwise modify the waiver. The contractual waiver is calculated as follows for each Bond Portfolio:

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| | |
|:---|:---|
| **Average Daily Net Assets of Portfolio** | **Distribution and Service Fee Rate Including Waiver** |
| Up to and including $300 million | 0.25% (no waiver) |
| Over $300 million up to and including $500 million | 0.23% |
| Over $500 million up to and including $750 million | 0.22% |
| Over $750 million | 0.21% |

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PAD may receive payments from certain Subadvisers of the Portfolios or their affiliates to help defray expenses for sales meetings or seminar sponsorships that may relate to the Contracts and/or the Subadvisers' respective Portfolios. These sales meetings or seminar sponsorships may provide the Subadvisers with increased access to persons involved in the distribution of the Contracts. PAD also may receive marketing support from the Subadvisers in connection with the distribution of the Contracts.

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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 ASTIS and their affiliates, including a Subadviser or PAD, may compensate affiliates of PGIM Investments and ASTIS, 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:

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sponsoring or co-sponsoring 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 or ASTIS, the Subadviser, or PAD, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of PGIM Investments', ASTIS', the Subadviser's or PAD's participation. These payments or reimbursements may not be offered by PGIM Investments, ASTIS, Subadvisers, or PAD and the amounts of such payments may vary between and among PGIM Investments, ASTIS, the Subadviser and PAD, 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 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 each such fiscal year or period, 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Aggressive Asset Allocation Portfolio**  |  |  |  |  |  |
|  | **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 | $32.41 | $28.33 | $23.99 | $28.87 | $24.68 |
| **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) | 0.37 | 0.42 | 0.42 | 0.25 | 0.02 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 4.87 | 3.66 | 3.92 | (5.13) | 4.17 |
| Total from investment operations | 5.24 | 4.08 | 4.34 | (4.88) | 4.19 |
| Net Asset Value, end of Year | $37.65 | $32.41 | $28.33 | $23.99 | $28.87 |
| **Total Return**<sup>(b)</sup> | 16.17% | 14.40% | 18.09% | (16.90)% | 16.98% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $11601 | $12094 | $12379 | $10464 | $15317 |
| Average net assets (in millions) | $11636 | $12571 | $11615 | $12222 | $15150 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.73% | 0.74% | 0.77% | 0.76% | 0.47% |
| Expenses before waivers and/or expense reimbursement | 0.85% | 0.88% | 0.89% | 0.89% | 0.57% |
| Net investment income (loss) | 1.08% | 1.36% | 1.61% | 0.98% | 0.07% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 65% | 79% | 83% | 65% | 84% |

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(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Balanced Asset Allocation Portfolio**  |  |  |  |  |  |
|  | **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 | $28.02 | $25.04 | $21.63 | $25.83 | $22.89 |
| **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) | 0.38 | 0.41 | 0.40 | 0.24 | 0.02 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 3.64 | 2.57 | 3.01 | (4.44) | 2.92 |
| Total from investment operations | 4.02 | 2.98 | 3.41 | (4.20) | 2.94 |
| Net Asset Value, end of Year | $32.04 | $28.02 | $25.04 | $21.63 | $25.83 |
| **Total Return**<sup>(b)</sup> | 14.35% | 11.90% | 15.77% | (16.26)% | 12.84% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $23202 | $24474 | $11724 | $10950 | $11348 |
| Average net assets (in millions) | $23455 | $12682 | $11270 | $9397 | $11379 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.76% | 0.77% | 0.79% | 0.78% | 0.46% |
| Expenses before waivers and/or expense reimbursement | 0.85% | 0.89% | 0.89% | 0.89% | 0.57% |
| Net investment income (loss) | 1.27% | 1.50% | 1.72% | 1.06% | 0.09% |
| Portfolio turnover rate<sup>(d)</sup> | 61% | 138% | 76% | 76% | 83% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2026**  |  |  |  |  |  |
|  | **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 | $12.13 | $11.60 | $10.95 | $12.26 | $12.75 |
| **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) | (0.09) | (0.08) | (0.07) | —<sup>(b)</sup> | 0.16 |
| Net realized and unrealized gain (loss) on investment transactions | 0.72 | 0.61 | 0.72 | (1.31) | (0.65) |
| Total from investment operations | 0.63 | 0.53 | 0.65 | (1.31) | (0.49) |
| Net Asset Value, end of Year | $12.76 | $12.13 | $11.60 | $10.95 | $12.26 |
| **Total Return**<sup>(c)</sup> | 5.19% | 4.57% | 5.94% | (10.69)% | (3.84)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $32 | $20 | $24 | $27 | $30 |
| Average net assets (in millions) | $33 | $21 | $25 | $29 | $39 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.92% | 0.93% |
| Expenses before waivers and/or expense reimbursement | 1.24% | 1.48% | 1.31% | 1.21% | 1.18% |
| Net investment income (loss) | (0.72)% | (0.66)% | (0.59)% | 0.03% | 1.25% |
| Portfolio turnover rate<sup>(e)</sup> | 65% | 25% | 42% | 47% | 30% |

---

&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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2027**  |  |  |  |  |  |
|  | **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 | $11.52 | $11.10 | $10.52 | $12.05 | $12.63 |
| **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) | (0.09) | (0.08) | (0.07) | (0.03) | 0.10 |
| Net realized and unrealized gain (loss) on investment transactions | 0.78 | 0.50 | 0.65 | (1.50) | (0.68) |
| Total from investment operations | 0.69 | 0.42 | 0.58 | (1.53) | (0.58) |
| Net Asset Value, end of Year | $12.21 | $11.52 | $11.10 | $10.52 | $12.05 |
| **Total Return**<sup>(b)</sup> | 5.99% | 3.78% | 5.51% | (12.70)% | (4.59)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $36 | $41 | $49 | $52 | $48 |
| Average net assets (in millions) | $40 | $45 | $50 | $54 | $56 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.92% | 0.93% |
| Expenses before waivers and/or expense reimbursement | 1.14% | 1.06% | 1.02% | 0.98% | 1.04% |
| Net investment income (loss) | (0.72)% | (0.67)% | (0.62)% | (0.26)% | 0.79% |
| Portfolio turnover rate<sup>(d)</sup> | 9% | 5% | 15% | 40% | 40% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2028**  |  |  |  |  |  |
|  | **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 | $11.39 | $11.10 | $10.52 | $12.24 | $12.81 |
| **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) | (0.09) | (0.08) | (0.07) | (0.03) | —<sup>(b)</sup> |
| Net realized and unrealized gain (loss) on investment transactions | 0.89 | 0.37 | 0.65 | (1.69) | (0.57) |
| Total from investment operations | 0.80 | 0.29 | 0.58 | (1.72) | (0.57) |
| Net Asset Value, end of Year | $12.19 | $11.39 | $11.10 | $10.52 | $12.24 |
| **Total Return**<sup>(c)</sup> | 7.02% | 2.61% | 5.51% | (14.05)% | (4.45)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $60 | $69 | $86 | $102 | $89 |
| Average net assets (in millions) | $64 | $77 | $93 | $112 | $50 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.90% | 0.86% | 0.83% | 0.93% |
| Expenses before waivers and/or expense reimbursement | 0.99% | 0.92% | 0.88% | 0.84% | 1.06% |
| Net investment income (loss) | (0.72)% | (0.70)% | (0.62)% | (0.29)% | 0.01% |
| Portfolio turnover rate<sup>(e)</sup> | 1% | 1% | 1% | 41% | 230% |

---

&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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2029**  |  |  |  |  |  |
|  | **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 | $11.05 | $10.89 | $10.31 | $12.27 | $12.85 |
| **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) | (0.08) | (0.07) | (0.06) | (0.05) | 0.10 |
| Net realized and unrealized gain (loss) on investment transactions | 0.94 | 0.23 | 0.64 | (1.91) | (0.68) |
| Total from investment operations | 0.86 | 0.16 | 0.58 | (1.96) | (0.58) |
| Net Asset Value, end of Year | $11.91 | $11.05 | $10.89 | $10.31 | $12.27 |
| **Total Return**<sup>(b)</sup> | 7.78% | 1.47% | 5.63% | (15.97)% | (4.51)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $4 | $6 | $8 | $9 | $3 |
| Average net assets (in millions) | $6 | $7 | $9 | $8 | $3 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.91% | 0.93% |
| Expenses before waivers and/or expense reimbursement | 3.80% | 2.83% | 2.47% | 2.54% | 6.01% |
| Net investment income (loss) | (0.72)% | (0.67)% | (0.60)% | (0.43)% | 0.80% |
| Portfolio turnover rate<sup>(d)</sup> | 2% | 5% | 15% | 98% | 68% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2030**  |  |  |  |  |  |
|  | **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 | $11.07 | $10.96 | $10.39 | $12.55 | $13.10 |
| **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) | (0.08) | (0.08) | (0.07) | (0.02) | 0.10 |
| Net realized and unrealized gain (loss) on investment transactions | 0.97 | 0.19 | 0.64 | (2.14) | (0.65) |
| Total from investment operations | 0.89 | 0.11 | 0.57 | (2.16) | (0.55) |
| Net Asset Value, end of Year | $11.96 | $11.07 | $10.96 | $10.39 | $12.55 |
| **Total Return**<sup>(b)</sup> | 8.04% | 1.00% | 5.38% | (17.13)% | (4.20)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $49 | $53 | $60 | $58 | $73 |
| Average net assets (in millions) | $52 | $56 | $58 | $64 | $103 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
| Expenses before waivers and/or expense reimbursement | 1.05% | 1.00% | 0.98% | 0.93% | 0.91% |
| Net investment income (loss) | (0.70)% | (0.69)% | (0.64)% | (0.15)% | 0.83% |
| Portfolio turnover rate<sup>(d)</sup> | 4% | 3% | 12% | 14% | 56% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2031**  |  |  |  |  |  |
|  | **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 | $9.25 | $9.23 | $8.76 | $10.78 | $11.32 |
| **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) | (0.07) | (0.06) | (0.06) | (0.02) | 0.04 |
| Net realized and unrealized gain (loss) on investment transactions | 0.85 | 0.08 | 0.53 | (2.00) | (0.58) |
| Total from investment operations | 0.78 | 0.02 | 0.47 | (2.02) | (0.54) |
| Net Asset Value, end of Year | $10.03 | $9.25 | $9.23 | $8.76 | $10.78 |
| **Total Return**<sup>(b)</sup> | 8.43% | 0.22% | 5.37% | (18.74)% | (4.77)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $66 | $73 | $83 | $94 | $90 |
| Average net assets (in millions) | $71 | $77 | $87 | $110 | $148 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.90% | 0.87% | 0.84% | 0.88% |
| Expenses before waivers and/or expense reimbursement | 0.96% | 0.92% | 0.89% | 0.85% | 0.88% |
| Net investment income (loss) | (0.69)% | (0.70)% | (0.63)% | (0.25)% | 0.40% |
| Portfolio turnover rate<sup>(d)</sup> | 23% | 14% | 6% | 48% | 102% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2032**  |  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **January 04,** <br> **2021**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2021** |
|  | **2025** | **2024** | **2023** | **2022** | **January 04,** <br> **2021**<sup>(a)</sup> <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 | $7.90 | $7.95 | $7.56 | $9.47 | $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) | (0.06) | (0.05) | (0.04) | (0.01) | 0.04 |
| Net realized and unrealized gain (loss) on investment transactions | 0.75 | —<sup>(c)</sup> | 0.43 | (1.90) | (0.57) |
| Total from investment operations | 0.69 | (0.05) | 0.39 | (1.91) | (0.53) |
| Net Asset Value, end of Period | $8.59 | $7.90 | $7.95 | $7.56 | $9.47 |
| **Total Return**<sup>(d)</sup> | 8.73% | (0.63)% | 5.16% | (20.17)% | (5.30)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Period (in millions) | $67 | $70 | $103 | $125 | $103 |
| Average net assets (in millions) | $70 | $85 | $113 | $141 | $33 |
| Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.88% | 0.83% | 0.81% | 0.93%<sup>(f)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.97% | 0.90% | 0.85% | 0.82% | 1.17%<sup>(f)</sup> |
| Net investment income (loss) | (0.71)% | (0.65)% | (0.55)% | (0.17)% | 0.44%<sup>(f)</sup> |
| Portfolio turnover rate<sup>(g)</sup> | 14% | 2% | 4% | 34% | 375% |

---

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

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Amount rounds to zero.

(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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2033**  |  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **January 03,** <br> **2022**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2022** |
|  | **2025** | **2024** | **2023** | **January 03,** <br> **2022**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2022** |
| **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 | $8.17 | $8.32 | $7.95 | $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:** |
| Net investment income (loss) | (0.05) | (0.07) | (0.06) | (0.02) |
| Net realized and unrealized gain (loss) on investment transactions | 0.78 | (0.08) | 0.43 | (2.03) |
| Total from investment operations | 0.73 | (0.15) | 0.37 | (2.05) |
| Net Asset Value, end of Period | $8.90 | $8.17 | $8.32 | $7.95 |
| **Total Return**<sup>(c)</sup> | 8.94% | (1.80)% | 4.65% | (20.50)% |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets, end of Period (in millions) | $5 | $4 | $5 | $5 |
| Average net assets (in millions) | $4 | $4 | $5 | $5 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.91%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 4.61% | 4.36% | 4.04% | 3.67%<sup>(e)</sup> |
| Net investment income (loss) | (0.64)% | (0.83)% | (0.74)% | (0.24)%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 0% | 2% | 37% | 87% |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **AST Bond Portfolio 2034**  |  |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **January 03,** <br> **2023**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2023** |
|  | **2025** | **2024** | **January 03,** <br> **2023**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2023** |
| **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 | $10.11 | $10.37 | $10.00 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.08) | (0.07) | (0.05) |
| Net realized and unrealized gain (loss) on investment transactions | 1.00 | (0.19) | 0.42 |
| Total from investment operations | 0.92 | (0.26) | 0.37 |
| Net Asset Value, end of Period | $11.03 | $10.11 | $10.37 |
| **Total Return**<sup>(c)</sup> | 9.10% | (2.51)% | 3.70% |
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets, end of Period (in millions) | $11 | $7 | $5 |
| Average net assets (in millions) | $9 | $7 | $5 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 2.56% | 2.97% | 3.66%<sup>(e)</sup> |
| Net investment income (loss) | (0.71)% | (0.70)% | (0.48)%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 205% | 96% | 11% |

---

&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;

---

| | | |
|:---|:---|:---|
| **AST Bond Portfolio 2035**  |  |  |
|  | **Year Ended** <br> **December 31,**<br>**2025** | **January 02,** <br> **2024**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2024** |
|  | **Year Ended** <br> **December 31,**<br>**2025** | **January 02,** <br> **2024**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2024** |
| **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 | $9.77 | $10.00 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.07) | (0.06) |
| Net realized and unrealized gain (loss) on investment transactions | 0.97 | (0.17) |
| Total from investment operations | 0.90 | (0.23) |
| Net Asset Value, end of Period | $10.67 | $9.77 |
| **Total Return**<sup>(c)</sup> | 9.21% | (2.30)% |
| **Ratios/Supplemental Data:** |  |  |
| Net assets, end of Period (in millions) | $8 | $5 |
| Average net assets (in millions) | $7 | $5 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |
| Expenses after waivers and/or expense reimbursement | 0.91% | 0.91%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 3.36% | 3.85%<sup>(e)</sup> |
| Net investment income (loss) | (0.65)% | (0.60)%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 153% | 33% |

---

&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;

---

| | |
|:---|:---|
| **AST Bond Portfolio 2036**  |  |
|  | **January 02,** <br> **2025**<sup>(a)</sup> <br>**through** <br>**December 31,**<br>**2025** |
|  | **January 02,** <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) | (0.06) |
| Net realized and unrealized gain (loss) on investment transactions | 0.85 |
| Total from investment operations | 0.79 |
| Net Asset Value, end of period | $10.79 |
| **Total Return**<sup>(c)</sup> | 7.90% |
| **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 | 0.91%<sup>(e)</sup> |
| Expenses before waivers and/or expense reimbursement | 4.72%<sup>(e)</sup> |
| Net investment income (loss) | (0.62)%<sup>(e)</sup> |
| Portfolio turnover rate<sup>(f)</sup> | 3% |

---

&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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Core Fixed Income Portfolio**  |  |  |  |  |  |
|  | **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 | $13.42 | $13.23 | $12.44 | $14.86 | $15.20 |
| **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) | 0.54 | 0.52 | 0.47 | 0.34 | 0.25 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 0.43 | (0.33) | 0.32 | (2.76) | (0.59) |
| Total from investment operations | 0.97 | 0.19 | 0.79 | (2.42) | (0.34) |
| Net Asset Value, end of Year | $14.39 | $13.42 | $13.23 | $12.44 | $14.86 |
| **Total Return**<sup>(b)</sup> | 7.15% | 1.44% | 6.35% | (16.29)% | (2.24)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $4157 | $3798 | $3980 | $3882 | $2303 |
| Average net assets (in millions) | $4098 | $3916 | $3860 | $4299 | $3366 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.68% | 0.68% | 0.68% | 0.69% | 0.77% |
| Expenses before waivers and/or expense reimbursement | 0.68% | 0.71% | 0.72% | 0.73% | 0.77% |
| Net investment income (loss) | 3.85% | 3.90% | 3.73% | 2.57% | 1.68% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 175% | 266% | 315% | 408% | 106% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Government Money Market Portfolio**  |  |  |  |  |  |
|  | **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 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **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) | 0.04 | 0.05 | 0.05 | 0.01 | —<sup>(b)</sup> |
| **Less Dividends and Distributions** | (0.04) | (0.05) | (0.05) | (0.01) | —<sup>(b)</sup> |
| Net Asset Value, end of Year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return**<sup>(c)</sup> | 3.78% | 4.76% | 4.62% | 1.22% | —%<sup>(b)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $766 | $825 | $872 | $969 | $844 |
| Average net assets (in millions) | $804 | $844 | $914 | $941 | $893 |
| Ratios to average net assets: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.44% | 0.06% |
| Expenses before waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.57% | 0.57% |
| Net investment income (loss) | 3.72% | 4.66% | 4.51% | 1.26% | —%<sup>(b)</sup> |

---

&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.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST International Equity Portfolio**  |  |  |  |  |  |
|  | **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 | $26.86 | $25.47 | $21.63 | $30.33 | $26.96 |
| **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) | 0.61 | 0.56 | 0.62 | 0.10 | 0.03 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 8.22 | 0.83 | 3.22 | (8.80) | 3.34 |
| Total from investment operations | 8.83 | 1.39 | 3.84 | (8.70) | 3.37 |
| Net Asset Value, end of Year | $35.69 | $26.86 | $25.47 | $21.63 | $30.33 |
| **Total Return**<sup>(b)</sup> | 32.84% | 5.46% | 17.75% | (28.68)% | 12.50% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $1656 | $1236 | $1269 | $456 | $770 |
| Average net assets (in millions) | $1541 | $1293 | $1063 | $548 | $1393 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 1.00% | 1.01% | 0.99% | 1.06% | 1.07% |
| Expenses before waivers and/or expense reimbursement | 1.01% | 1.03% | 1.05% | 1.15% | 1.10% |
| Net investment income (loss) | 1.93% | 2.05% | 2.60% | 0.42% | 0.11% |
| Portfolio turnover rate<sup>(d)</sup> | 84% | 57% | 109% | 64% | 27% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Investment Grade Bond Portfolio**  |  |  |  |  |  |
|  | **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 | $8.87 | $8.70 | $8.17 | $9.48 | $9.69 |
| **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) | 0.27 | 0.24 | 0.26 | 0.23 | 0.27 |
| Net realized and unrealized gain (loss) on investment transactions | 0.49 | (0.07) | 0.27 | (1.54) | (0.48) |
| Total from investment operations | 0.76 | 0.17 | 0.53 | (1.31) | (0.21) |
| Net Asset Value, end of Year | $9.63 | $8.87 | $8.70 | $8.17 | $9.48 |
| **Total Return**<sup>(b)</sup> | 8.57% | 1.95% | 6.49% | (13.82)% | (2.17)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $6590 | $7947 | $10449 | $15380 | $1715 |
| Average net assets (in millions) | $8057 | $8561 | $13314 | $8953 | $1755 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.69% | 0.69% | 0.69% | 0.69% | 0.72% |
| Expenses before waivers and/or expense reimbursement | 0.73% | 0.73% | 0.73% | 0.73% | 0.76% |
| Net investment income (loss) | 2.88% | 2.74% | 3.11% | 2.76% | 2.83% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 105% | 99% | 195% | 299% | 75% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST J.P. Morgan Aggressive Multi-Asset Portfolio**  |  |  |  |  |  |
|  | **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 | $22.60 | $20.13 | $17.11 | $20.84 | $18.01 |
| **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) | 0.27 | 0.31 | 0.24 | 0.15 | 0.06 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 2.90 | 2.16 | 2.78 | (3.88) | 2.77 |
| Total from investment operations | 3.17 | 2.47 | 3.02 | (3.73) | 2.83 |
| Net Asset Value, end of Year | $25.77 | $22.60 | $20.13 | $17.11 | $20.84 |
| **Total Return**<sup>(b)</sup> | 14.03% | 12.27% | 17.65% | (17.90)% | 15.71% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $2495 | $2776 | $2732 | $1800 | $3630 |
| Average net assets (in millions) | $2520 | $2931 | $2318 | $2590 | $3578 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.81% | 0.95% | 0.98% | 0.98% | 0.97% |
| Expenses before waivers and/or expense reimbursement | 0.96% | 0.98% | 0.99% | 0.99% | 0.98% |
| Net investment income (loss) | 1.13% | 1.40% | 1.28% | 0.85% | 0.32% |
| Portfolio turnover rate<sup>(d)</sup> | 72% | 240% | 160% | 219% | 147% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST J.P. Morgan Moderate Multi-Asset Portfolio**  |  |  |  |  |  |
|  | **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 | $23.79 | $21.67 | $19.02 | $22.91 | $20.38 |
| **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) | 0.18 | 0.23 | 0.26 | 0.20 | 0.12 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 2.80 | 1.89 | 2.39 | (4.09) | 2.41 |
| Total from investment operations | 2.98 | 2.12 | 2.65 | (3.89) | 2.53 |
| Net Asset Value, end of Year | $26.77 | $23.79 | $21.67 | $19.02 | $22.91 |
| **Total Return**<sup>(b)</sup> | 12.53% | 9.83% | 13.88% | (16.98)% | 12.41% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $1989 | $2124 | $2293 | $2163 | $3376 |
| Average net assets (in millions) | $2024 | $2272 | $2196 | $2612 | $3416 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.78% | 0.96% | 0.99% | 1.03% | 1.04%<sup>(d)</sup> |
| Expenses before waivers and/or expense reimbursement | 0.96% | 1.04% | 1.04% | 1.04% | 1.04%<sup>(d)</sup> |
| Net investment income (loss) | 0.70% | 0.98% | 1.30% | 1.00% | 0.56% |
| Portfolio turnover rate<sup>(e)</sup> | 35% | 105% | 76% | 136% | 113% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The expense ratio includes interest and dividend expenses on securities sold short and broker fees and expenses on short sales of 0.01% for the year ended December 31, 2021.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST J.P. Morgan Conservative Multi-Asset Portfolio**  |  |  |  |  |  |
|  | **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 | $24.68 | $23.24 | $21.06 | $24.99 | $23.16 |
| **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) | 0.06 | 0.16 | 0.18 | 0.26 | 0.15 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 2.50 | 1.28 | 2.00 | (4.19) | 1.68 |
| Total from investment operations | 2.56 | 1.44 | 2.18 | (3.93) | 1.83 |
| Net Asset Value, end of Year | $27.24 | $24.68 | $23.24 | $21.06 | $24.99 |
| **Total Return**<sup>(b)</sup> | 10.37% | 6.20% | 10.35% | (15.73)% | 7.95% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $3937 | $4176 | $4560 | $2808 | $4912 |
| Average net assets (in millions) | $3985 | $4468 | $4281 | $3620 | $4656 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.79% | 0.90% | 0.91% | 0.91% | 0.92% |
| Expenses before waivers and/or expense reimbursement | 0.96% | 1.02% | 1.02% | 1.03% | 1.03% |
| Net investment income (loss) | 0.25% | 0.66% | 0.84% | 1.16% | 0.60% |
| Portfolio turnover rate<sup>(d)</sup> | 21% | 72% | 73% | 192% | 192% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Large-Cap Equity Portfolio**  |  |  |  |  |  |
|  | **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 | $38.97 | $31.39 | $25.50 | $30.72 | $24.03 |
| **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) | 0.18 | 0.17 | 0.21 | 0.23 | 0.16 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 5.62 | 7.41 | 5.68 | (5.45) | 6.53 |
| Total from investment operations | 5.80 | 7.58 | 5.89 | (5.22) | 6.69 |
| Net Asset Value, end of Year | $44.77 | $38.97 | $31.39 | $25.50 | $30.72 |
| **Total Return**<sup>(b)</sup> | 14.88% | 24.15% | 23.10% | (16.99)% | 27.84% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $1949 | $448 | $404 | $358 | $749 |
| Average net assets (in millions) | $1803 | $441 | $374 | $473 | $1854 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.84% | 0.86% | 0.83% | 0.80% | 0.80% |
| Expenses before waivers and/or expense reimbursement | 0.84% | 0.90% | 0.90% | 0.89% | 0.83% |
| Net investment income (loss) | 0.45% | 0.48% | 0.76% | 0.86% | 0.62% |
| Portfolio turnover rate<sup>(d)</sup> | 73% | 73% | 66% | 58% | 48% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Large-Cap Growth Portfolio**  |  |  |  |  |  |
|  | **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 | $94.35 | $72.49 | $50.47 | $75.56 | $64.52 |
| **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) | (0.29) | (0.25) | (0.11) | (0.13) | (0.38) |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 16.39 | 22.11 | 22.13 | (24.96) | 11.42 |
| Total from investment operations | 16.10 | 21.86 | 22.02 | (25.09) | 11.04 |
| Net Asset Value, end of Year | $110.45 | $94.35 | $72.49 | $50.47 | $75.56 |
| **Total Return**<sup>(b)</sup> | 17.06% | 30.16% | 43.63% | (33.21)% | 17.11% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $8059 | $8461 | $5627 | $4137 | $2783 |
| Average net assets (in millions) | $7954 | $6644 | $4925 | $3503 | $3128 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.86% | 0.87% | 0.87% | 0.87% | 0.88% |
| Expenses before waivers and/or expense reimbursement | 0.86% | 0.92% | 0.93% | 0.93% | 0.93% |
| Net investment income (loss) | (0.29)% | (0.30)% | (0.17)% | (0.22)% | (0.54)% |
| Portfolio turnover rate<sup>(d)</sup> | 30% | 46% | 29% | 64% | 16% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Large-Cap Value Portfolio**  |  |  |  |  |  |
|  | **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 | $52.59 | $47.84 | $43.59 | $42.86 | $33.18 |
| **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) | 0.69 | 0.86 | 0.86 | 0.76 | 0.42 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 7.75 | 3.89 | 3.39 | (0.03) | 9.26 |
| Total from investment operations | 8.44 | 4.75 | 4.25 | 0.73 | 9.68 |
| Net Asset Value, end of Year | $61.03 | $52.59 | $47.84 | $43.59 | $42.86 |
| **Total Return**<sup>(b)</sup> | 16.05% | 9.93% | 9.75% | 1.70% | 29.21% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $3940 | $4036 | $3071 | $2775 | $1218 |
| Average net assets (in millions) | $3863 | $3319 | $2803 | $2841 | $1748 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.80% | 0.81% | 0.80% | 0.80% | 0.81% |
| Expenses before waivers and/or expense reimbursement | 0.81% | 0.83% | 0.83% | 0.82% | 0.83% |
| Net investment income (loss) | 1.24% | 1.66% | 1.94% | 1.76% | 1.06% |
| Portfolio turnover rate<sup>(d)</sup> | 44% | 99% | 35% | 79% | 24% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Multi-Asset Diversified Plus Portfolio**  |  |  |  |  |  |
|  | **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 | $19.41 | $18.02 | $16.35 | $18.89 | $16.80 |
| **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) | 0.39 | 0.40 | 0.40 | 0.24 | 0.07 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 2.24 | 0.99 | 1.27 | (2.78) | 2.02 |
| Total from investment operations | 2.63 | 1.39 | 1.67 | (2.54) | 2.09 |
| Net Asset Value, end of Year | $22.04 | $19.41 | $18.02 | $16.35 | $18.89 |
| **Total Return**<sup>(b)</sup> | 13.55% | 7.71% | 10.21% | (13.45)% | 12.44% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $2280 | $2330 | $2522 | $2488 | $4423 |
| Average net assets (in millions) | $2277 | $2477 | $2463 | $3246 | $4490 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 1.00% | 1.02% | 1.07% | 1.06% | 0.94%<sup>(d)</sup> |
| Expenses before waivers and/or expense reimbursement | 1.05% | 1.11% | 1.11% | 1.11% | 0.99%<sup>(d)</sup> |
| Net investment income (loss) | 1.90% | 2.10% | 2.37% | 1.39% | 0.39% |
| Portfolio turnover rate<sup>(e)(f)</sup> | 77% | 100% | 103% | 96% | 257% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The expense ratio includes dividend expense and broker fees and expenses on short sales of 0.02% for the year ended December 31, 2021.

(e) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Multi-Asset Diversified Portfolio**  |  |  |  |  |  |
|  | **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 | $28.87 | $26.01 | $22.73 | $27.25 | $23.95 |
| **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 | 0.52 | 0.42 | 0.27 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 4.02 | 2.41 | 2.76 | (4.94) | 3.03 |
| Total from investment operations | 4.49 | 2.86 | 3.28 | (4.52) | 3.30 |
| Net Asset Value, end of Year | $33.36 | $28.87 | $26.01 | $22.73 | $27.25 |
| **Total Return**<sup>(b)</sup> | 15.55% | 11.00% | 14.48% | (16.62)% | 13.83% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $5310 | $5599 | $6044 | $5836 | $8610 |
| Average net assets (in millions) | $5386 | $5960 | $5900 | $6884 | $8754 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.78% | 0.73% | 0.87% | 0.87% | 0.85% |
| Expenses before waivers and/or expense reimbursement | 0.89% | 0.92% | 0.92% | 0.91% | 0.89% |
| Net investment income (loss) | 1.51% | 1.63% | 2.18% | 1.74% | 1.06% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 73% | 87% | 298% | 537% | 467% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST PGIM Aggressive Multi-Asset Portfolio**  |  |  |  |  |  |
|  | **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 | $24.75 | $21.77 | $18.44 | $22.57 | $19.34 |
| **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) | 0.31 | 0.36 | 0.36 | 0.24 | 0.18 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 3.65 | 2.62 | 2.97 | (4.37) | 3.05 |
| Total from investment operations | 3.96 | 2.98 | 3.33 | (4.13) | 3.23 |
| Net Asset Value, end of Year | $28.71 | $24.75 | $21.77 | $18.44 | $22.57 |
| **Total Return**<sup>(b)</sup> | 16.00% | 13.69% | 18.06% | (18.30)% | 16.70% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $13731 | $14147 | $14385 | $10810 | $18295 |
| Average net assets (in millions) | $13609 | $14662 | $13110 | $13622 | $18224 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.89% | 0.88% | 0.89% | 0.89% | 0.87% |
| Expenses before waivers and/or expense reimbursement | 0.89% | 0.88% | 0.89% | 0.89% | 0.87% |
| Net investment income (loss) | 1.19% | 1.54% | 1.83% | 1.22% | 0.83% |
| Portfolio turnover rate<sup>(d)</sup> | 73% | 75% | 83% | 88% | 116% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Preservation Asset Allocation Portfolio**  |  |  |  |  |  |
|  | **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 | $21.28 | $19.74 | $17.66 | $20.93 | $19.70 |
| **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) | 0.29 | 0.34 | 0.34 | 0.21 | 0.02 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 2.12 | 1.20 | 1.74 | (3.48) | 1.21 |
| Total from investment operations | 2.41 | 1.54 | 2.08 | (3.27) | 1.23 |
| Net Asset Value, end of Year | $23.69 | $21.28 | $19.74 | $17.66 | $20.93 |
| **Total Return**<sup>(b)</sup> | 11.33% | 7.80% | 11.78% | (15.62)% | 6.24% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $3128 | $3323 | $3614 | $3554 | $6028 |
| Average net assets (in millions) | $3177 | $3526 | $3518 | $4535 | $6263 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.81% | 0.83% | 0.84% | 0.82% | 0.45% |
| Expenses before waivers and/or expense reimbursement | 0.86% | 0.91% | 0.91% | 0.90% | 0.57% |
| Net investment income (loss) | 1.28% | 1.63% | 1.84% | 1.12% | 0.10% |
| Portfolio turnover rate<sup>(d)(e)</sup> | 50% | 70% | 85% | 69% | 79% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Quantitative Modeling Portfolio**  |  |  |  |  |  |
|  | **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 | $26.55 | $23.26 | $19.80 | $24.37 | $21.11 |
| **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) | 0.37 | 0.32 | 0.31 | 0.18 | (0.06) |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 3.55 | 2.97 | 3.15 | (4.75) | 3.32 |
| Total from investment operations | 3.92 | 3.29 | 3.46 | (4.57) | 3.26 |
| Net Asset Value, end of Year | $30.47 | $26.55 | $23.26 | $19.80 | $24.37 |
| **Total Return**<sup>(b)</sup> | 14.76% | 14.14% | 17.47% | (18.75)% | 15.44% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $501 | $684 | $921 | $1023 | $1464 |
| Average net assets (in millions) | $558 | $838 | $980 | $1191 | $1449 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.81% | 0.75% | 0.76% | 0.59% | 0.26% |
| Expenses before waivers and/or expense reimbursement | 1.05% | 1.02% | 1.01% | 0.74% | 0.26% |
| Net investment income (loss) | 1.31% | 1.26% | 1.46% | 0.85% | (0.26)% |
| Portfolio turnover rate<sup>(d)</sup> | 95% | 92% | 147% | 316% | 9% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Small-Cap Equity Portfolio**  |  |  |  |  |  |
|  | **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 | $80.16 | $69.79 | $59.60 | $82.29 | $78.72 |
| **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) | 0.24 | (0.29) | (0.21) | (0.23) | (0.54) |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 5.70 | 10.66 | 10.40 | (22.46) | 4.11 |
| Total from investment operations | 5.94 | 10.37 | 10.19 | (22.69) | 3.57 |
| Net Asset Value, end of Year | $86.10 | $80.16 | $69.79 | $59.60 | $82.29 |
| **Total Return**<sup>(b)</sup> | 7.41% | 14.86% | 17.10% | (27.57)% | 4.54% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $2010 | $2189 | $1140 | $1054 | $934 |
| Average net assets (in millions) | $2001 | $1179 | $1091 | $821 | $1004 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.97% | 0.99% | 0.98% | 0.99% | 0.99% |
| Expenses before waivers and/or expense reimbursement | 0.98% | 1.00% | 1.00% | 1.01% | 0.99% |
| Net investment income (loss) | 0.30% | (0.39)% | (0.33)% | (0.36)% | (0.65)% |
| Portfolio turnover rate<sup>(d)</sup> | 62% | 173% | 92% | 88% | 44% |

---

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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.

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GLOSSARY: PORTFOLIO INDEXES

**Bloomberg US 5-10 Year Government/Credit Bond Index.** The Bloomberg US 5-10 Year Government/Credit Bond Index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar denominated bonds that have maturities between 5 and 10 years and are publicly issued. 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 Fixed Maturity Zero Coupon Swaps Index.** The Bloomberg Fixed Maturity Zero Coupon Swaps Index reflects the returns of nominal zero-coupon bonds that are priced in the relevant swap curve. A zero coupon bond is a bond that makes no periodic interest payments, but rather sells at a deep discount from its face value. Upon maturity, the owner receives the face value of the bond. The index is expected to mature on or about the end of the year identified as the specific index for a given portfolio. 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 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 Treasury Inflation-Protected Securities (TIPS) Index**. The Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index includes all publicly issued, US Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. 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 Commodity Index.** The Bloomberg Commodity Index is made up of 22 exchange-traded futures on physical commodities. It currently represents the total return of 20 commodities, which are weighted to account for economic significance and market liquidity. 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.

**ICE BofA US 3-Month Treasury Bill Index.** The ICE BofA US 3-Month Treasury Bill Index is an unmanaged market index of US Treasury securities maturing in 90 days that assumes reinvestment of all income. 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 All Country World Index (ACWI) (GD).** The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The GD (gross dividends) version of the MSCI ACWI 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.

**MSCI EAFE Index (GD).** The MSCI EAFE Index (GD) is a weighted, unmanaged index of performance that reflects stock price movements in Europe, Australasia and the Far East. The GD (gross dividends) version of the MSCI EAFE 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.

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**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.

**MSCI World Index (ND).** 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 net dividend version of the MSCI World Index reflects the impact of withholding taxes on reinvested dividends.

**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 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.

**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 2000 Index.** The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index which is designed to represent approximately 98% of the investable US equity market. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

**Russell 2000 Growth Index.** The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years).

**Russell 3000 Index.** The Russell 3000 Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. 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.

**Wilshire US REIT Index.** The Wilshire US REIT Index seeks to provide a broad representation of the US real estate securities markets. In order to be included in the Index, a company must be an equity owner and operator of commercial or residential real estate and must generate at least 75% of its revenue from such assets. It also must meet minimum requirements for market capitalization and liquidity. Certain types of securities, such as mortgage REITs, are excluded, as are companies with more than 25% of their assets in direct mortgage investments. 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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**AST Aggressive Asset Allocation Portfolio Custom Blended Index.** The Custom Blended Index consists of the Russell 3000 Index (60%), MSCI EAFE Index (GD) (15%) and Bloomberg US Aggregate Bond Index (25%). These returns do not include the effect of any management expenses. These returns would have been lower if they included the effect of these expenses.

**AST Balanced Asset Allocation Portfolio Custom Blended Index.** The Custom Blended Index consists of the Russell 3000 Index (48%), Bloomberg US Aggregate Bond Index (40%) and MSCI EAFE Index (GD) (12%). These returns do not include the effect of any management expenses. These returns would have been lower if they included the effect of these expenses.

**AST J.P. Morgan Aggressive Multi-Asset Portfolio Custom Blended Index.** The Custom Blended Index consists of the MSCI World Index (ND) (85%) and Bloomberg US Aggregate Bond Index (15%).

**AST J.P. Morgan Conservative Multi-Asset Custom Blended Index.** The Custom Blended Index consists of the Bloomberg US Aggregate Bond Index (60%) and the MSCI World Index (GD) (40%). These returns do not include the effect of any management expenses. These returns would have been lower if they included the effect of these expenses.

**AST J.P. Morgan Moderate Multi-Asset Portfolio Custom Blended Index.** The custom blended index consists of the MSCI World Index (ND) (65%) and Bloomberg US Aggregate Bond Index (35%).

**AST Multi-Asset Diversified Plus Portfolio Custom Blended Index.** The Custom Blended Index consists of the Russell 3000 Index (20%), MSCI EAFE Index (GD) (20%), Bloomberg US Aggregate Bond Index (20%), ICE BofA US 3-Month Treasury Bill Index (15%), Wilshire US REIT Index (9%), Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index (8%) and Bloomberg Commodity Index (8%). These returns do not include the effect of any management expenses. These returns would have been lower if they included the effect of those expenses.

**AST Multi-Asset Diversified Portfolio Custom Blended Index.** The Custom Blended Index consists of the Russell 3000 Index (40%), MSCI EAFE Index (GD) (20%), Bloomberg US Aggregate Bond Index (25%), Wilshire US REIT Index (3.33%), Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index (3.33%), Bloomberg Commodity Index (3.33%), and ICE BofA US 3-Month Treasury Bill Index (5%). These returns do not include the effect of any investment management expenses. These returns would have been lower if they included the effect of those expenses.

**AST PGIM Aggressive Multi-Asset Portfolio Custom Blended Index.** The Custom Blended Index consists of the Russell 3000 Index (55%), Bloomberg US Aggregate Bond Index (30%) and MSCI EAFE Index (GD) (15%). These returns do not include the effect of any management expenses. These returns would have been lower if they included the effect of these expenses.

**AST Preservation Asset Allocation Portfolio Custom Blended Index.** The Custom Blended Index consists of the Russell 3000 Index (28%), MSCI EAFE Index (GD) (7%), and Bloomberg US Aggregate Bond Index (65%). These returns do not include the effect of any management expenses. These returns would have been lower if they included the effect of these expenses.

**AST Quantitative Modeling Portfolio Custom Blended Index.** The Custom Blended Index consists of the Russell 3000 Index (60%), MSCI EAFE Index (GD) (15%), and Bloomberg US Aggregate Bond Index (25%). These returns do not include the effect of any management expenses. These returns would have been lower if they included the effect of these expenses.

\* 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

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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 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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**INVESTOR INFORMATION SERVICES:** 

Shareholder inquiries should be made by calling 1-800-346-3778 or by writing to Advanced Series Trust at 655 Broad Street, Newark, New Jersey 07102. Additional information about the Portfolios is included in the SAI, which is incorporated by reference into this Prospectus. Additional information about the Portfolio's investments is available in the Portfolio's annual and semi-annual report to shareholders and in Form N-CSR. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the 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 SAI, financial statements, and additional copies of the annual and semi-annual report will be available without charge by calling the above number. The SAI, financial statements, and the annual and semi-annual report will be available without charge on the Trust's website at <u>www.prudential.com/variableinsuranceportfolios</u>.

*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 Securities and Exchange Commission (including the SAI) is available from the SEC. 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 SEC, Washington, DC 20549-0102. Finally, information about the Trust is available on the EDGAR database on the SEC's internet site at www.sec.gov.

Investment Company File Act No. 811-05186

ASTFUNDPROS

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![](img6d71d4651.gif)

**ADVANCED SERIES TRUST** 

**PROSPECTUS • May 1, 2026**

The Advanced Series Trust (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). Shares of the Trust may also be sold directly to certain tax-deferred retirement plans. 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 portfolio offered in this Prospectus is set forth on this cover (the Portfolio).

**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.

**AST Multi-Sector Fixed Income Portfolio**

![](img7a6cecf72.gif)

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**Table of Contents**

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

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| | |
|:---|:---|
| **1** | **[SUMMARY: AST MULTI-SECTOR FIXED INCOME](#xx_a25f0e6c-fd0f-40be-b64c-49a1115546a7_1)[PORTFOLIO](#xx_a25f0e6c-fd0f-40be-b64c-49a1115546a7_1)** |
| **8** | **[ABOUT THE](#xx_b1ee2eae-6d2e-4ace-857a-3c385e5a6725_1)[TRUST](#xx_b1ee2eae-6d2e-4ace-857a-3c385e5a6725_1)** |
| **9** | **[MORE DETAILED INFORMATION ON HOW THE PORTFOLIO](#xx_b1ee2eae-6d2e-4ace-857a-3c385e5a6725_2)[INVESTS](#xx_b1ee2eae-6d2e-4ace-857a-3c385e5a6725_2)** |
| **15** | **[MORE DETAILED INFORMATION ABOUT OTHER INVESTMENTS &](#xx_b1ee2eae-6d2e-4ace-857a-3c385e5a6725_8)**<br> **[STRATEGIES USED BY THE](#xx_b1ee2eae-6d2e-4ace-857a-3c385e5a6725_8)[PORTFOLIO](#xx_b1ee2eae-6d2e-4ace-857a-3c385e5a6725_8)**<br>|
| **18** | **[PRINCIPAL](#xx_f66ac641-103f-44ee-b143-4449c4bb22b3_1)[RISKS](#xx_f66ac641-103f-44ee-b143-4449c4bb22b3_1)** |
| **30** | **[HOW THE TRUST IS](#xx_562d9f96-fc25-4dd7-9491-7b6f82c61132_1)[MANAGED](#xx_562d9f96-fc25-4dd7-9491-7b6f82c61132_1)** |
| **33** | **[HOW TO BUY AND SELL SHARES OF THE](#xx_03e9691e-2abc-48d5-aa0e-b2540cd5a662_1)[PORTFOLIO](#xx_03e9691e-2abc-48d5-aa0e-b2540cd5a662_1)** |
| **37** | **[OTHER INFORMATION](#xx_abba871b-e30a-4274-b7f7-1cfad4ea5153_1)** |
| **39** | **[FINANCIAL](#xx_ebe2f3ae-f15b-4688-a0a4-8e39ee813494_1)[HIGHLIGHTS](#xx_ebe2f3ae-f15b-4688-a0a4-8e39ee813494_1)** |
| **40** | **[APPENDIX I: DESCRIPTION OF BOND](#xx_241f675f-edcd-47e4-b149-590128209de9_1)[RATINGS](#xx_241f675f-edcd-47e4-b149-590128209de9_1)** |
| **45** | **[GLOSSARY: PORTFOLIO](#xx_78b962cc-1c03-4ca0-96de-f2bc9f76ef09_1)[INDEXES](#xx_78b962cc-1c03-4ca0-96de-f2bc9f76ef09_1)** |

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SUMMARY: AST MULTI-SECTOR FIXED INCOME PORTFOLIO

**INVESTMENT OBJECTIVE**

The investment objective of the Portfolio is to seek to maximize total return, consistent with the preservation of capital. Total return is comprised of current income and 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)** |  |
| Management Fee | 0.49% |
| + Distribution and/or Service Fees (12b-1 Fees) | 0.25% |
| + Other Expenses | 0.01% |
| =Total Annual Portfolio Operating Expenses | 0.75% |
| -Fee Waiver and/or Expense Reimbursement | (0.03)% |
| = Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> <br>| 0.72% |

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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 net operating expenses do not exceed 0.7195% of the Portfolio's average daily net assets through June 30, 2027. 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. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**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** |
| AST Multi-Sector Fixed Income Portfolio | $74 | $237 | $414 | $928 |

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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 and may result in higher taxes. 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, the Portfolio's portfolio turnover rate was 21% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** 

The Portfolio seeks to achieve its investment objective by investing in a diversified portfolio of high-quality bonds and other securities and instruments. To that end, the Portfolio's multi-sector investments may include: (i) investment grade debt obligations of US and foreign corporate issuers; (ii) privately-issued mortgage-related and asset-backed securities; (iii) certain debt obligations issued or guaranteed by the US Government and government-related entities, including mortgage-related securities; (iv) US Government securities; and (v) derivatives and synthetic instruments that have economic characteristics that are similar to these types of securities and obligations. At times, the Portfolio may focus its investments in certain sectors.

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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. For purposes of this 80% policy, bonds include: (i) all debt securities and all fixed income securities, excluding preferred stock, issued by corporate and government issuers, and (ii) all derivatives and synthetic instruments that have economic characteristics that are similar to such debt securities and such fixed income securities.

Although the Portfolio may invest in instruments of any duration or maturity, the Portfolio normally seeks to maintain a weighted average portfolio duration within +/- one year of its custom blended secondary benchmark index (Bloomberg US Long Corporate Index (65%) and Bloomberg US Intermediate Corporate Index (35%), which has a cap of 7.5% on investments in the financials sector). As of December 31, 2025, the duration of the custom blended secondary benchmark index was approximately 9.36 years.

The Portfolio may invest up to 10% of investable assets in instruments that are rated below investment grade or, if unrated, are considered by the Portfolio's subadviser to be of comparable quality to instruments rated below investment grade. The Portfolio may invest up to 15% of total assets in instruments in the financials sector. The Portfolio may invest up to 30% of total assets in US currency-denominated and foreign currency-denominated fixed income instruments issued by foreign issuers, including those issued by issuers in emerging markets. The Portfolio may invest in derivative instruments, including futures, forwards, options, and swaps, to try to enhance return or to reduce investment risks.

In determining which securities to buy and sell, the Portfolio's subadviser will consider, among other things, the financial history and condition, earnings trends, analysts' recommendations, and the prospects and the management of an issuer. The Portfolio's subadviser generally employs fundamental analysis in making such determinations. Fundamental analysis involves review of financial statements and other data to assess an issuer's prospects and to determine whether its securities are undervalued or overvalued.

In managing the Portfolio's assets, the 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.

The Portfolio is the sole investment option for certain Contracts issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey (collectively, the Participating Insurance Companies) known as the Prudential Defined Income Variable Annuity. Contract owners will have their account value allocated to the Portfolio. For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

**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

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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, the 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.

**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.

**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 the 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 the 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, the Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

**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

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information available about issuers in emerging market countries, which could negatively affect the ability of the manager or the Portfolio's subadviser(s) to evaluate local companies or their potential impact on the 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 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 the 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. The 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 the 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.

**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.

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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 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.

**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.

**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)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

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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 average annual returns compare to the returns of a custom blended index which consists of the Bloomberg US Long Corporate Index (65%) and Bloomberg US Intermediate Corporate Index (35%), which includes a cap of 7.5% on investments in the financials sector. PGIM Investments LLC and AST Investment Services, Inc. determined the weight of each index comprising the custom blended index.

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![](imgebc43cd33.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 11.49% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -10.11% | &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** |
| Portfolio | 6.61% | -1.62% | 3.26% |
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% |
| AST Multi-Sector Fixed Income Portfolio Custom Blended Index (reflects no deduction for fees, expenses or taxes) | 7.51% | -1.36% | 3.43% |

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**MANAGEMENT OF THE PORTFOLIO** 

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|:---|:---|:---|:---|:---|
| **Investment Managers** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC / AST Investment <br> Services, Inc.<br>| &nbsp;&nbsp; PGIM Fixed Income\*;<br> PGIM Limited<br>| Alyssa Davis | &nbsp;&nbsp; Executive Director and <br> Portfolio Manager<br>| June 2018 |
|  |  | Lee Friedman, CFA | &nbsp;&nbsp; Managing Director <br> and Portfolio Manager<br>| June 2018 |
|  |  | Paul Zetterstrom, CFA | &nbsp;&nbsp; Executive Director and <br> Portfolio Manager<br>| August 2019 |
|  |  | Rajat Shah, CFA | &nbsp;&nbsp; Managing Director <br> and Co-Head of U.S. <br> Investment Grade <br> Corporate Bond Team<br>| April 2024 |

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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

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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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ABOUT THE TRUST

**ABOUT THE TRUST AND THE PORTFOLIO** 

This Prospectus provides information about the Trust and the AST Multi-Sector Fixed Income Portfolio. The Portfolio is a diversified investment company as defined by the Investment Company Act of 1940, as amended (the 1940 Act).

PGIM Investments LLC (PGIM Investments) and AST Investment Services, Inc. (ASTIS and together with PGIM Investments, the Manager), both indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (Prudential Financial), serve as overall investment managers of the Portfolio. 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 PGIM Fixed Income (the Subadviser), a unit of PGIM, Inc., to manage the day-to-day investment of the assets of the Portfolio in a manager-of-managers structure. More information about the Manager, the Subadviser, and the manager-of-managers structure is included in "How the Trust is Managed" later in this Prospectus.

The Trust offers one class of shares in the Portfolio. As of the date of this prospectus, shares of the Portfolio are sold only to separate accounts of Participating Insurance Companies as investment options under variable life insurance and variable annuity contracts. Shares of the Portfolio may be sold directly to certain qualified retirement plans.

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

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MORE DETAILED INFORMATION ON HOW THE PORTFOLIO INVESTS

**Investment Objective of the Portfolio.** The investment objective of the Portfolio is to seek to maximize total return consistent with the preservation of capital. Total return is comprised of current income and capital appreciation. This investment objective is not a fundamental investment policy for the Portfolio and, therefore, may be changed by the Board without shareholder approval.

**Principal Investment Policies of the Portfolio.** The Portfolio seeks to achieve its investment objective by investing in a diversified portfolio of high-quality bonds and other securities and instruments. To that end, the Portfolio's investments may include: (i) investment grade debt obligations of US and foreign corporate issuers; (ii) privately-issued mortgage-related and asset-backed securities; (iii) certain debt obligations issued or guaranteed by the US Government and government-related entities, including mortgage-related securities; (iv) US Government securities; and (v) derivatives and synthetic instruments that have economic characteristics that are similar to these types of securities and obligations. At times, the Portfolio may focus its investments in certain sectors.

In pursuing its investment objective, the Portfolio invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in bonds. For purposes of this 80% policy, bonds include: (i) all debt securities and all fixed income securities, excluding preferred stock, issued by corporate and government issuers, and (ii) all derivatives and synthetic instruments that have economic characteristics that are similar to such debt securities and such fixed income securities.

The above-described 80% policy is a non-fundamental investment policy of the Portfolio and may be changed by the Board without shareholder approval. The Portfolio, however, will provide 60 days' prior written notice to shareholders of any change in its 80% policy as described above. There is no guarantee that the Portfolio will achieve its investment objective.

The Portfolio may invest up to 10% of its investable assets in instruments which are rated below investment grade (i.e., "high yield securities" or "junk bonds") or, if unrated, are considered by the Subadviser to be of comparable quality to instruments rated below investment grade. The term "investment grade" refers to instruments which are either rated BAA1 or higher by Moody's Investors Service, Inc. (Moody's), or BBB- or higher by S&P Global Ratings (S&P), or are comparably rated by another nationally recognized statistical rating organization or, if unrated, are considered by the Subadviser to be of comparable quality. The Subadviser currently intends to maintain a weighted average credit quality rating of BBB+ or better with respect to instruments held by the Portfolio.

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

Although the Portfolio may invest in instruments of any duration or maturity, the Portfolio normally seeks to maintain a weighted average portfolio duration within +/- one year of its custom blended secondary benchmark index. As of December 31, 2025, the duration of the custom blended secondary benchmark index was approximately 9.36 years. The Portfolio's secondary custom blended index consists of the Bloomberg US Long Corporate Index (65%) and Bloomberg US Intermediate Corporate Index (35%). (Which has a cap of 7.5% on investments in the financials sector). The Portfolio's Manager determined the weight of each index comprising the secondary index. Effective duration measures the expected sensitivity of market price to changes in interest rates, taking into account the effects of structural complexities (for example, the fact that some bonds can be prepaid by the issuer). In general, each year of duration represents an expected 1% change in the value for every 1% immediate change in interest rates. For example, if a portfolio of fixed income securities has an average duration of four years, its value can be expected to fall about 4% if interest rates rise by 1%. Conversely, the Portfolio's value can be expected to rise about 4% if interest rates fall by 1%. As a result, prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations.

In addition, under normal market conditions, the Portfolio may invest subject to the following limitations:

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Up to 15% of total assets in instruments categorized in the financials sector;

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Up to 30% of total assets in US currency-denominated and foreign currency-denominated fixed income instruments issued by foreign issuers (foreign fixed income instruments), including those issued by issuers in emerging markets;

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Up to 10% of investable assets in non-investment grade debt (commonly known as "high yield securities" or "junk bonds").

A change in the securities held by the Portfolio is known as "portfolio turnover." The 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 Portfolio is the sole investment option for certain Contracts issued by the Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey (collectively, the Participating Insurance Companies) known as the Prudential Defined Income Variable Annuity. Contract owners that select this benefit under their Contract will have their account value allocated to the Portfolio. For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

**Principal Investments of the Portfolio**

*General*. The Subadviser has a team of fixed income professionals, including credit analysts and traders, with experience in many sectors of the US and foreign fixed income securities markets. In determining which securities to buy and sell, the Subadviser will consider, among other things, the financial history and condition, earnings trends, analysts' recommendations, and the prospects and the management of an issuer. The Subadviser generally will employ fundamental analysis in making such determinations. Fundamental analysis involves review of financial statements and other data to assess an issuer's prospects and to determine whether its securities are undervalued or overvalued.

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 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.

The Portfolio seeks to achieve its investment objective by investing in a diversified portfolio of high-quality bonds and other securities and instruments. To that end, the Portfolio's investments may include: (i) investment grade debt obligations of US and foreign corporate issuers; (ii) privately-issued mortgage-related and asset-backed securities; (iii) certain debt obligations issued or guaranteed by the US Government and government-related entities, including mortgage-related securities; (iv) US Government securities; and (v) derivatives and synthetic instruments that have economic characteristics that are similar to these types of securities and obligations. The Portfolio may invest in derivative instruments, including futures, forwards, options, and swaps, to try to enhance return or to reduce ("hedge") investment risks.

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*<u>Asset-Backed Securities</u>*<u>.</u> 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 that represent an undivided fractional ownership interest in an underlying pool of assets. Pass-through certificates usually provide for payments of principal and interest 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 directly bear 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 debt obligations (CDOs) and collateralized loan obligations (CLOs), 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.

Asset-backed securities, CDOs, and CLOs are subject to credit risk, liquidity risk, valuation risk, prepayment risk, and extension risk. These risks are described in greater detail below under the caption "Principal Risks."

*<u>Corporate Debt Obligations</u>*<u>.</u> The Portfolio may also invest in the bonds of corporations. For purposes of this policy, the term "corporations" includes all non-government issuers. Corporate bonds are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to interest rate sensitivity, market perception of the creditworthiness of the issuer, and general market liquidity. When interest rates rise, the value of corporate bonds can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.

*<u>Credit-Linked Securities</u>*<u>.</u> The Portfolio may invest in credit-linked securities. Credit-linked securities are securities that are collateralized by one or more credit default swaps on corporate credits. The 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.

*<u>Derivative Strategies</u>*<u>.</u> The Portfolio may use instruments referred to as derivatives. Derivatives are financial instruments the value of which is derived from another 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 allow the Portfolio to increase or decrease the level of risk to which the Portfolio is exposed more quickly and efficiently than transactions in other types of instruments. The Portfolio may also use derivatives to seek to enhance returns and for hedging purposes. 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.

The use of derivatives by the Portfolio—including, without limitation, futures, foreign currency forward contracts, options on futures, and various types of swaps—involves costs and can be volatile. With derivatives, the Subadviser will try to predict if the underlying investment—a security, market index, currency, interest rate, or some other benchmark—will go up or down at some future date. The Subadviser may use derivatives to try to reduce risk or to increase return consistent with the Portfolio's overall investment objectives. The Subadviser will consider other factors

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(such as cost) in deciding whether to employ any particular strategy or technique, or use any particular instrument. Any derivatives the Portfolio may use may not match or offset its underlying positions and this could result in losses to the Portfolio that would not otherwise have occurred. Derivatives that involve leverage could magnify losses.

The use of derivatives involves a variety of risks and is described in greater detail below under the caption "Principal Risks."

Some of the specific types of derivative instruments expected to be used by the Portfolio are described in more detail immediately below:

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Futures Contracts and Related 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 in the case of an option on a futures contract or an option on a swap, the right to buy or sell a futures contract or swap, respectively, in exchange for a premium.

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Swap Transactions. The Portfolio may enter into swap transactions. 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 particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, credit default swaps, interest rate swaps, total return swaps, and index swaps.

*<u>Temporary Defensive Investments</u>*<u>.</u> In response to adverse or unstable market, economic, political, or other conditions or to satisfy redemptions, the Portfolio may take a temporary defensive position and invest up to 100% of its assets in money market instruments, including short-term obligations of, or securities guaranteed by, the 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 the 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, the 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 the Portfolio's investment objective.

*<u>Privately-Issued Mortgage-Related Securities</u>*<u>.</u> The Portfolio may also invest in privately issued mortgage-related securities. Privately issued mortgage-related securities are issued by private corporations rather than government agencies or government sponsored enterprises. Privately issued mortgage-related securities are not guaranteed by US governmental entities but generally have one or more types of credit enhancement to ensure timely receipt of payments and to protect against default.

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. Mortgage pass-through securities include collateralized mortgage obligations (CMO), real estate mortgage investment conduits (REMIC), multi-class pass-through securities, stripped mortgage-backed securities (MBS strip), and balloon payment 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 a bank or by US governmental entities.

CMOs rely on assumptions about the timing of cash flows on the underlying mortgages, including expected prepayment rates. The primary risk of a CMO is that these assumptions are wrong, which would either shorten or lengthen the bond's maturity. A REMIC is a security issued by a US Government agency or private issuer and secured by real property. REMICs consist of classes of regular interest, some of which may be adjustable rate, and a single

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class of residual interests. The Portfolio does not intend to invest in residual interests. A multi-class pass-through security is an equity interest in a trust composed of underlying mortgage assets. Payments of principal of and interest on the mortgage assets and any reinvestment income thereon provide funds 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. The Portfolio may also invest in balloon payment mortgage-backed securities, which are amortizing mortgage securities offering payments of principal and interest, the last payment of which is predominantly principal.

Mortgage-related securities, asset-backed securities, and CMOs are subject to credit risk, interest rate risk, liquidity risk, valuation risk, prepayment risk, and extension risk. The risks associated with investments in mortgage-related securities, particularly credit risk and liquidity risk, are heightened for investments in sub-prime mortgage-related securities. Although the Portfolio does not currently intend to invest in sub-prime mortgage-related securities, the Portfolio may invest a portion of its assets in such securities in the future depending upon then-current market, financial, and economic conditions. These risks are described in greater detail below under the caption "Principal Risks."

*<u>US Government Securities</u>*<u>.</u> 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 the 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.

*<u>Other Debt Obligations Issued or Guaranteed by the US Government and Government-Related Entities</u>*<u>. Securities</u> 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 Government National Mortgage Association (GNMA or Ginnie Mae), the Federal Housing Administration, the Export-Import Bank, and the Small Business Administration are backed by the full faith and credit of the United States. Obligations of the Federal National Mortgage Association (FNMA or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), the Federal Home Loan Bank, the Tennessee Valley Authority and the United States Postal Service are not backed by the full faith and credit of the US Government. In the case of securities not backed by the full faith and credit of the United States, the Portfolio generally 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. The yield and market value of these securities are not guaranteed by the US Government or the relevant government sponsored enterprise.

Most mortgage-backed securities are issued by federal government agencies such as Ginnie Mae, or by government sponsored enterprises such as Freddie Mac or 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

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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. Fannie Mae and Freddie Mac are authorized to borrow from the US Treasury to meet their obligations. Although the US Government has provided financial support to Fannie Mae and Freddie Mac, there can be no assurance that it will support these or other government-sponsored enterprises in the future.

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MORE DETAILED INFORMATION ABOUT OTHER INVESTMENTS & STRATEGIES USED BY THE PORTFOLIO

**Additional Investments & Strategies** 

In addition to the principal investment strategies described above, the Portfolio may invest in the following types of securities and/or use the following investment strategies to increase the Portfolio's return or protect its assets if market conditions warrant.

**Bank Loans.** The Portfolio may invest in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, delayed draw loans, synthetic letters of credit, and other instruments issued in the bank loan market. The Portfolio may acquire 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). Under a bank loan assignment, the Portfolio generally will succeed to all the rights and obligations of an assigning lending institution and will become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Portfolio generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolio generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower.

**Convertible Securities and Preferred Stock.** The Portfolio may invest in convertible securities, which include preferred stocks and debt securities of a corporation that may be converted into underlying shares of common stock either because they have warrants attached or otherwise permit the holder to buy common stock of the corporation at a set price. Convertible securities provide an income stream (usually lower than non-convertible bonds) and give investors opportunities to participate in the capital appreciation of the underlying common stock. Convertible securities typically offer greater potential for appreciation than non-convertible debt securities. The Portfolio will sell common stock received upon conversion.

**Dollar Rolls.** The Portfolio may enter into dollar rolls in which the Portfolio sells securities to be delivered in the current month and repurchases substantially similar (same type and coupon) securities to be delivered on a specified future date by the same party. The Portfolio is paid the difference between the current sales price and the forward price for the future purchase as well as the interest earned on the cash proceeds of the initial 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.

**Exchange-Traded Funds (ETFs).** The Portfolio may invest its assets in ETFs, including in ETFs managed by PGIM Investments or its affiliates. In addition, the Portfolio may temporarily invest its assets in ETFs during stressed and/or volatile 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 the Portfolio could lose money investing in an ETF if the prices of the securities 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.

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An allocation to ETFs managed by an affiliate results in incremental revenues to Prudential. To the extent the 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.

**Junk Bonds.** The Portfolio may invest up to 10% of its investable assets in non-investment grade bonds (commonly known as "high yield securities" or "junk bonds"). Non-investment grade bonds are debt securities that are rated BB+ or lower by S&P, Ba1 or lower by Moody's, BB+ or lower by Fitch Ratings, Inc. (Fitch) or, if unrated, are determined by the Subadviser to be of comparable quality. If the rating of a debt obligation is downgraded after the Portfolio purchases it (or if the debt obligation is no longer rated), the Portfolio will not be required to sell that security, but will take this fact into consideration in deciding whether the Portfolio should continue to hold the security. As set forth above, all references in this Prospectus to the ratings categories for determining what constitutes a non-investment grade bond are without regard to gradations within those categories.

**Money Market Instruments.** The Portfolio may invest in money market instruments, including commercial paper of a US or foreign company, foreign government securities, certificates of deposit, bankers' acceptances, time deposits of domestic and foreign banks, and obligations issued or guaranteed by the US Government or its agencies. These obligations may be US dollar-denominated or denominated in a foreign currency. Money market instruments typically have a maturity of one year or less as measured from the date of purchase. The Portfolio also may invest in shares of affiliated money market funds or short-term bond funds.

If the Subadviser believes it is necessary, it may temporarily invest up to 100% of the Portfolio's total assets in money market instruments or shares of affiliated money market or short-term bond funds. Investing heavily in these securities will limit the Subadviser's ability to achieve the Portfolio's investment objectives, but may help to preserve the Portfolio's assets when global or international markets are unstable.

**Repurchase Agreements.** The Portfolio may use repurchase agreements, where a party agrees to sell a security to the Portfolio and then repurchases it at an agreed-upon price at a stated time. This creates a fixed return for the Portfolio, and is, in effect, a loan by the Portfolio.

**Reverse Repurchase Agreements.** The Portfolio may use reverse repurchase agreements, where the Portfolio sells a security with an obligation to repurchase it at an agreed-upon price and time. Reverse repurchase agreements that involve borrowing to take advantage of investment opportunities, a practice known as leverage, could magnify losses.

If the Portfolio borrows money to purchase securities and those securities decline in value, then the value of the Portfolio's shares will decline faster than if the Portfolio were not leveraged. In addition, interest costs and investment fees relating to leverage may exceed potential investment gains.

**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 will borrow 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. Short sales involve costs and risk. The Portfolio must pay the lender any dividends or interest that accrues on the security it borrows, and the Portfolio will lose money if the price of the security increases between the time of the short sale and the date when the Portfolio replaces the borrowed security.

The Portfolio also may make short sales "against the box." In a short sale "against the box," the Portfolio owns or has the right to acquire the security at no additional cost through conversion or exchange of other securities it owns. When selling short against the box, the Portfolio gives up the opportunity for capital appreciation of the security.

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**When-Issued and Delayed-Delivery Securities.** The Portfolio may purchase securities, including money market obligations or other obligations on a when-issued or delayed-delivery basis. When the Portfolio makes this type of purchase, the price and interest rate are fixed at the time of purchase, but delivery and payment for the obligations take place at a later time. The Portfolio will not earn interest income until the date the obligations are delivered.

**Zero Coupon Bonds, Pay-in-Kind (PIK) and Deferred Payment Securities.** The Portfolio may invest in zero coupon bonds, pay-in-kind (PIK) or deferred payment securities. Zero coupon bonds do not pay interest during the life of the security. An investor purchases the security at a price that is less than the amount the investor will receive when the borrower repays the amount borrowed (face value). PIK securities pay interest in the form of additional securities. Deferred payment securities pay regular interest after a predetermined date. The Portfolio will record the amount these securities rise in price each year for accounting and US federal income tax purposes, but does not receive income currently.

**Additional Strategies.** The Portfolio follows certain policies when it borrows money (the Portfolio can borrow up to 33 1/3% of the value of its total assets); lends its securities to others (the Portfolio can lend up to 33 1/3% of the value of its total assets); and holds illiquid investments. The 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 an investment that the 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. The Subadviser will monitor the Portfolio's liquidity on an ongoing basis and will determine whether, in light of then-current circumstances, an adequate level of liquidity is being maintained. In the event the market value of the Portfolio's illiquid investments exceeds 15% of the Portfolio's net assets due to an increase in the aggregate value of its illiquid securities and/or a decline in the aggregate value of its other securities, 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. The Portfolio is subject to certain other investment restrictions that are fundamental policies, which means they cannot be changed without shareholder approval. For more information about these restrictions, please 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. The 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 Portfolio. The Summary lists the principal risks applicable to the Portfolio. This section provides more detailed information about each risk. The Portfolio may be subject to additional risks other than those identified and described below because the types of investments made by the Portfolio can change over time. The order of the below risk factors does not indicate the significance of any particular risk factor.

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.

In addition, the 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.

**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 the 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 the 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.

**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

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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.

**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.

**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

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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.

**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 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

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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.

**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 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 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

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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.

**Exchange-Traded Funds (ETF) Risk**. The 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 the 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 the 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.

**Expense Risk**. Your actual cost of investing in the 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 the 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.

**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 the 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 the 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 the 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, the Portfolio's Subadviser may determine which rating it believes best reflects the security's quality and risk at that time. The 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 the 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 the 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 the 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 the Portfolio to have to liquidate portfolio securities at disadvantageous prices or times and/or unfavorable conditions and, thus, could reduce the returns of the 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 the 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 the 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, the 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 the 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 the Portfolio. During periods of very low or negative interest rates, the 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.

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**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 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

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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, 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.

**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 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.

**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

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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.

**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**. From time to time, the 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, the Portfolio may have difficulty determining the values of those securities for the purpose of determining the Portfolio's net asset value. The 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, the 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 the 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 can be given that the fair value prices accurately reflect the price the Portfolio would receive upon the sale of the investment. The 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.

**Market and Management Risk**. Market risk is the risk that the markets in which the 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,

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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 the 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 the 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 the Portfolio invests.

During periods of severe market stress, it is possible that the market for some or all of the Portfolio's investments may become highly volatile and/or illiquid. While the 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, 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. These events can adversely affect the liquidity and volatility of investments held by the Portfolio, and there is no assurance the 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, the Portfolio being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, the Portfolio may rely on various third-party sources to calculate its net asset value. As a result, the 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

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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. The 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 the 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 the 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 the Portfolio will be achieved.

**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.

**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.

**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. Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. These laws and regulations are subject to change. Changes in laws and regulations may materially impact the 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 the Portfolio to achieve its investment objective, may impact the Portfolio's investment policies and/or strategies, or may reduce the attractiveness of an investment.

**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.

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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.

**Additional Risks of Investing in the Portfolio**. Set forth below is a description of certain other non-principal risks associated with an investment in the Portfolio.

**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.

**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.

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HOW THE TRUST IS MANAGED

**Board of Trustees** 

The board of trustees of the Trust (the Board) oversees the actions of the Investment Managers and the Subadviser 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 Managers**

**PGIM Investments**, 655 Broad Street, Newark, New Jersey, and ASTIS, One Corporate Drive, Shelton, Connecticut, serve as the investment managers of the Portfolio. ASTIS has been in the business of providing advisory services since 1992. PGIM Investments has been in the business of providing advisory services since 1996.

The Trust's Investment Management Agreement, on behalf of the Portfolio, with ASTIS and PGIM Investments (the Management Agreement), provides that the Manager will furnish the Portfolio with investment advice and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolio. The Manager 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.

The Manager has engaged PGIM, Inc., through its PGIM Fixed Income unit, to conduct the investment programs of the Portfolio, including the purchase, retention and sale of portfolio securities and other financial instruments. The Manager is responsible for monitoring the activities of the Subadviser and reporting on such activities to the Board. The Trust has obtained an exemption from the SEC that permits the Manager, subject to approval by the Board, to change Subadvisers for the Portfolio by entering into new subadvisory agreements with affiliated and non-affiliated Subadvisers, without obtaining shareholder approval of such changes. This exemption (which is similar to exemptions granted to other investment companies that are organized in a manner similar to the Trust) is intended to facilitate the efficient supervision and management of the Subadvisers by the Manager and the Board.

If at any point in time there is more than one Subadviser for the Portfolio, the Manager will determine the division of the assets for the 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 the Manager deems appropriate. The Manager 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, the Manager 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 Portfolio's investment advisory agreements is available in the Trust's Form N-CSRS dated June 30.

**INVESTMENT SUBADVISERS** 

**PGIM, Inc.** is an indirect, wholly-owned subsidiary of Prudential Financial, Inc. PGIM, Inc. was formed in June 1984 and was registered with the SEC as an investment adviser in December 1984. PGIM Fixed Income is the principal public fixed income asset management unit of PGIM, Inc. As of December 31, 2025, PGIM, Inc. had approximately $1.47 trillion in assets under management. PGIM Inc.'s address is 655 Broad Street, Newark, New Jersey 07102.

**PGIM Fixed Income**<sup>†</sup> is the primary public fixed-income asset management investment group of PGIM, Inc., with $909.2 billion in assets under management as of December 31, 2025, and is the unit of PGIM, Inc. that provides investment advisory services.<sup>\*</sup>

PGIM Fixed Income is organized into groups specializing in different sectors of the fixed-income market: US and non-US government bonds, mortgages and asset-backed securities, US and non-US investment grade corporate bonds, high-yield bonds, emerging markets bonds, municipal bonds, and money market securities.

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**PGIM Limited** is an indirect, wholly-owned subsidiary of PGIM, Inc. 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 PGIM Limited's assets under management listed above.

<sup>†</sup> PGIM Fixed Income is now known as PGIM Credit.

**PORTFOLIO MANAGERS** 

Information about the portfolio managers responsible for the day-to-day management of the Portfolio is set forth below. In addition to the information set forth below, the Trust's SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of shares of the Portfolio.

Alyssa Davis, Lee Friedman, CFA, Paul Zetterstrom, CFA and Rajat Shah are primarily responsible for the day-to-day management of the Portfolio.

**Alyssa Davis** is an Executive Director and portfolio manager for PGIM Fixed Income's US Investment Grade Corporate Bond Team. Prior to her current role, Ms. Davis was a credit analyst in the Credit Research Group. As an analyst, Ms. Davis helped cover the retail, supermarket, consumer products, gaming, food and beverage, tobacco, leisure, and lodging sectors for investment grade and non-investment grade bond portfolios. Previously, she was an investment analyst for the Firm's Investment Strategy Team and an investment operations specialist for two different investment management product teams. Ms. Davis joined the Firm in 1997. She received a BS in Finance from Bryant College.

**Lee Friedman, CFA,** is a Managing Director and portfolio manager for PGIM Fixed Income's US. Investment Grade Corporate Bond Team. Mr. Friedman focuses on taxable municipal bonds. Prior to assuming this position, Mr. Friedman assisted in managing tax-exempt and taxable municipal assets for retail funds, institutional clients, and affiliated accounts on the Municipal Bond Team. Prior to that, he was an Associate for the Credit Research Group where he covered higher education, not-for-profits (501(c)(3)), state and local government obligations, and transportation bonds and also supported the senior municipal credit analysts. Previously, Mr. Friedman held positions in both the Firm's Asset Liability and Risk Management groups where he supported the attribution and forecasting processes. Prior to joining the Firm in 2003, Mr. Friedman was an auditor at The Vanguard Group. He received a BS in Finance with High Distinction from Pennsylvania State University. Mr. Friedman holds the Chartered Financial Analyst (CFA) designation.

**Paul Zetterstrom, CFA,** is an Executive Director and portfolio manager for PGIM Fixed Income's US Investment Grade Corporate Bond Team. He joined the Firm in 2008 as a member of the High Yield Credit Research team. After three years working in credit research and prior to joining the US Investment Grade Corporate Bond Team, he worked as a member the Portfolio Analysis Group as an Associate covering the US Investment Grade Corporate and Global Investment Grade desks. Mr. Zetterstrom received a BS in Finance from Rutgers University in 2008 and holds the Chartered Financial Analyst (CFA) designation.

**Rajat Shah, CFA**, is a Managing Director and Co-Head of PGIM Fixed Income's U.S. Investment Grade Corporate Bond Team. Mr. Shah is the Senior PM for the General Account and third-party insurance mandates. Prior to his current insurance mandate responsibilities, he was a Senior PM on several mandates including Long Corporates and Core Plus. Mr. Shah also co-led the Global Corporate mandate investing in Corporates across multiple currencies. Prior to becoming a Portfolio Manager, he was an associate in PGIM Fixed Income's Credit Research Group, covering the investment grade cable, media and technology and high yield aerospace/defense sectors. Mr. Shah joined the Firm in 1999. Mr. Shah received a BS in Finance from Rutgers University and holds the Chartered Financial Analyst (CFA) designation.

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**Fees and Expenses**

*Investment Management Fees.* The total effective annualized management fee (as a percentage of net assets) for the Portfolio was 0.46% for the fiscal year ended December 31, 2025.

The management fees for the Portfolio are accrued daily for the purposes of determining the purchase and redemption price of Portfolio shares. More information about management fees for the Portfolio is set forth under the captions "Management and Advisory Arrangements" in the SAI.

The Manager pays the Subadviser a portion of its management fees for the performance of the subadvisory services at no additional cost to the Portfolio. More information about the subadvisory fees payable by the Manager to the Subadviser is set forth under the caption "Management and Advisory Arrangements" in the SAI.

*Other Expenses*. As used in connection with the Portfolio, "Other Expenses" includes expenses for accounting and valuation services, custodian fees, audit and legal fees, transfer agency fees, fees paid to non-interested Trustees, and certain other miscellaneous items.

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HOW TO BUY AND SELL SHARES OF THE PORTFOLIO

**Purchasing and Redeeming Shares of the Portfolio** 

Investments in the Portfolio are made through certain 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 Portfolio. The Portfolio is the sole investment option for certain Contracts issued by the Participating Insurance Companies known as the Prudential Defined Income Variable Annuity. Contract owners will have their account value allocated to the Portfolio. For more information, Contract owners should see their Contract prospectus or contact the relevant Participating Insurance Company or their financial professional.

The Portfolio typically expects to pay redemption proceeds within three days after receipt of a proper notice of the redemption request. Such notice requirements are described in further detail in the prospectus for the applicable contract. However, it may take the 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, the 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). The 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 the Portfolio's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances. The Portfolio's 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.

**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 Portfolio. When an investor engages in frequent or short-term trading, the PGIM Investments Funds may have to sell portfolio securities to have the cash necessary to pay the redemption amounts. This may cause the PGIM Investments 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 Investments Funds to use long-term investment strategies because they cannot predict how much cash they will have to invest. In addition, if a PGIM Investments Fund is forced to liquidate investments due to short-term trading activity, it may incur increased transaction costs. However, because the Portfolio is the sole investment option for certain Contracts issued by the Participating Insurance Companies, the risk of frequent purchases and redemptions of shares by investors is minimized with respect to the Portfolio.

Similarly, the PGIM Investments 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 Investments Fund shares held by other investors. PGIM Investments Funds that invest in foreign securities may be particularly susceptible to frequent trading, because time

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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. PGIM Investments Funds that invest in certain fixed-income securities, such as high yield bonds or certain asset-backed securities, may also constitute effective vehicles for an investor's frequent trading strategies.

The Boards of Directors/Trustees of the PGIM Investments 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 the Participating Insurance Companies' separate accounts that fund the Contracts. Therefore, the Participating Insurance Companies, not the Trust, maintain the individual Contract owner account records. The Participating Insurance Companies submit 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 the Participating Insurance Companies that the Trust expects the insurance company to impose restrictions on transfers by Contract owners. The Trust receives reports on the trading restrictions imposed by the Participating Insurance Companies on Contract owners investing in the Portfolio. In addition, the Trust has entered shareholder information agreements with the 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 the Participating Insurance Companies 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.

Investors seeking to engage in frequent trading activities may use a variety of strategies to avoid detection and, despite the efforts of the Trust and the Participating Insurance Companies to prevent such trading, there is no guarantee that the Trust or the Participating Insurance Companies will be able to identify these investors or curtail their trading practices. Therefore, some Trust investors may be able to engage in frequent trading, and, if they do, the other Trust investors would bear any harm caused by that frequent trading. The Trust does not have any arrangements intended to permit trading in contravention of the policies described above.

For information about the trading limitations applicable to you, please see the prospectus for your Contract or contact your insurance company.

**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 based on the next calculation of the NAV after the order is received in good order. The NAV of the 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. Eastern time). 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, Portfolio shares on days when the NYSE is closed but the primary markets for the Portfolio's foreign securities are open, even though the value of these securities may have changed. Conversely, the Trust will ordinarily price Portfolio 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 the Portfolio 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 for the Portfolio if it determines that a market quotation for a security is not reliable based, among other things, on events or market conditions that occur

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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 the Portfolio determines its NAV.

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. The Trust may also use fair value pricing with respect to the Portfolio's US traded securities if, for example, trading in a particular security is halted and does not resume before the 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 the Manager (or the Subadviser) does not represent fair value. Different valuation methods may result in differing values for the same security. The fair value of the Portfolio security that the Portfolio uses to determine its NAV may differ from the security's published or quoted price. If the 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 Portfolio's NAV, the Trust will value the Portfolio's futures contracts 15 minutes after the close of regular trading on the NYSE. Except when the Trust fair values securities, the Trust will normally value each foreign security held by the Portfolio as of the close of the security's primary market.

Fair value pricing procedures are designed to result in prices for the Portfolio's securities and its NAV that are reasonable in light of 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 the Portfolio's NAV by short-term traders.

The NAV for the Portfolio is determined by a simple calculation. It is the total value of the Portfolio (assets minus liabilities) divided by the total number of shares outstanding.

To determine the 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.

The Portfolio may own securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Portfolio does not price its shares. Therefore, the value of the 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 the 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.

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**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). The 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**, 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 and Distribution Arrangements** 

The Trust offers a single class of shares on behalf of the Portfolio. Prudential Annuities Distributors, Inc. (PAD) serves as the distributor for the shares of the Portfolio. Shares of the Portfolio are offered and redeemed at their net asset value without any sales load. PAD is an affiliate of the Manager and AST. PAD 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. PAD's principal business address is 1 Corporate Drive, Shelton, Connecticut 06484.

The Trust has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the 12b-1 Plan) for the shares of the Portfolio. Under the 12b-1 Plan, the shares of the Portfolio are charged an annual fee to compensate PAD and its affiliates for providing various administrative and distribution services to the Portfolio. The maximum annual shareholder services and distribution (12b-1) fee for the Portfolio's shares is 0.25% of the average daily net assets of the Portfolio. Because these fees are paid out of the Portfolio's assets on an ongoing basis, over time, the fees will increase your cost of investing and may cost you more than other types of charges.

PAD may receive payments from the Portfolio's Subadviser or its affiliates to help defray expenses for sales meetings or seminar sponsorships that may relate to the Contracts and/or the Portfolio. These sales meetings or seminar sponsorships may provide the Subadviser with increased access to persons involved in the distribution of the Contracts. PAD also may receive marketing support from the Subadviser in connection with the distribution of the Contracts.

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OTHER INFORMATION

**US Federal Income Taxes** 

The 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) for US federal income tax purposes. If the Portfolio were not to qualify for such treatment, it could be subject to US federal income tax at the Portfolio level, which would generally reduce the value of an investment in the Portfolio. As a result of the Portfolio's treatment as a partnership that is not a publicly traded partnership, the Portfolio is generally not itself subject to US federal income tax. Instead, its 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 the 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.

The 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 the 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.

Owners of Contracts should consult the applicable prospectus or description of the plan for a discussion of 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 the 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 did 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 the Portfolio's portfolio securities is described in the SAI and is available at www.prudential.com/variableinsuranceportfolios.

**Payments to Affiliates** 

The Manager and its affiliates, including the Subadviser or PAD, may compensate affiliates of the Manager, 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 Portfolio as an investment option. These services may include, but are not limited to: sponsoring or co-sponsoring 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 Portfolio.

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The amounts paid depend on the nature of the meetings, the number of meetings attended by the Manager, the Subadviser, or PAD, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of PGIM Investments', ASTIS', the Subadviser's, or PAD's participation. These payments or reimbursements may not be offered by PGIM Investments, ASTIS, the Subadviser, or PAD and the amounts of such payments may vary between and among PGIM Investments, ASTIS, the Subadviser, and PAD 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 Portfolio as an investment option.

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FINANCIAL HIGHLIGHTS

The financial highlights that follow will help you evaluate the financial performance for the past 5 years of the Portfolio. The total return in the chart represents the rate that a shareholder earned on an investment in 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 the chart.

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 each 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Multi-Sector Fixed Income Portfolio**  |  |  |  |  |  |
|  | **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 | $13.47 | $13.44 | $12.24 | $15.52 | $15.58 |
| **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 | 0.55 | 0.51 | 0.46 | 0.43 |
| Net realized and unrealized gain (loss) on investment and foreign currency <br> transactions<br>| 0.30 | (0.52) | 0.69 | (3.74) | (0.49) |
| Total from investment operations | 0.89 | 0.03 | 1.20 | (3.28) | (0.06) |
| Net Asset Value, end of Year | $14.36 | $13.47 | $13.44 | $12.24 | $15.52 |
| **Total Return**<sup>(b)</sup> | 6.61% | 0.22% | 9.80% | (21.13)% | (0.39)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $9196 | $10111 | $11645 | $11992 | $16914 |
| Average net assets (in millions) | $9663 | $10874 | $11628 | $13573 | $17448 |
| Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.72% | 0.72% | 0.72% | 0.73% | 0.72% |
| Expenses before waivers and/or expense reimbursement | 0.75% | 0.74% | 0.74% | 0.73% | 0.72% |
| Net investment income (loss) | 4.22% | 4.07% | 4.09% | 3.52% | 2.83% |
| Portfolio turnover rate<sup>(d)</sup> | 21% | 16% | 11% | 12% | 12% |

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

(a) Calculated based on average shares outstanding during the year.

(b) 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.

(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.

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APPENDIX I: DESCRIPTION OF BOND 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.

**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.

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**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.

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**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.

**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.

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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.

**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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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 Intermediate Corporate Index**. The Bloomberg US Intermediate Corporate Index reflects the returns of USD-denominated, non-convertible, publicly-issued securities that are fixed-rate or step-ups with a maturity less than 10 years that are rated investment-grade (Baa3/BBB-/BBB-) or better by Moody's, S&P or Fitch. 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 Long Corporate Index**. The Bloomberg US Long Corporate Index reflects the returns of USD-denominated, non-convertible, publicly- issued securities that are fixed-rate or step-ups with a maturity of 10 years or more that are rated investment-grade (Baa3/BBB-/BBB-) or better by Moody's, S&P or Fitch. 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.

**AST Multi-Sector Fixed Income Portfolio Custom Blended Index.** The Custom Blended Index consists of the Bloomberg US Long Corporate Index (65%) and Bloomberg US Intermediate Corporate Index (35%), which includes a cap of 7.5% on investments in the financials sector. These returns do not include the effect of any investment management expenses. These returns would have been lower if they included the effect of these expenses.

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**INVESTOR INFORMATION SERVICES:** 

Shareholder inquiries should be made by calling 1-800-346-3778 or by writing to Advanced Series Trust at 655 Broad Street, Newark, New Jersey 07102. Additional information about the Portfolios is included in the SAI, which is incorporated by reference into this Prospectus. Additional information about the Portfolio's investments is available in the Portfolio's annual and semi-annual report to shareholders and in Form N-CSR. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the 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 SAI, financial statements, and additional copies of the annual and semi-annual report will be available without charge by calling the above number. The SAI, financial statements, and the annual and semi-annual report will be available without charge on the Trust's website at <u>www.prudential.com/variableinsuranceportfolios</u>.

*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 Securities and Exchange Commission (including the SAI) is available from the SEC. 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 SEC, Washington, DC 20549-0102. Finally, information about the Trust is available on the EDGAR database on the SEC's internet site at www.sec.gov.

Investment Company File Act No. 811-05186

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![](img009bd80b1.gif)

**ADVANCED SERIES TRUST** 

**STATEMENT OF ADDITIONAL INFORMATION • May 1, 2026**

This Statement of Additional Information (SAI) of Advanced Series Trust (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).

**AST Aggressive Asset Allocation Portfolio** 

**AST Balanced Asset Allocation Portfolio** 

**AST Bond Portfolio 2026**

**AST Bond Portfolio 2027** 

**AST Bond Portfolio 2028** 

**AST Bond Portfolio 2029** 

**AST Bond Portfolio 2030** 

**AST Bond Portfolio 2031** 

**AST Bond Portfolio 2032** 

**AST Bond Portfolio 2033** 

**AST Bond Portfolio 2034** 

**AST Bond Portfolio 2035** 

**AST Bond Portfolio 2036** 

**AST Bond Portfolio 2037** 

**AST Core Fixed Income Portfolio** 

**AST Government Money Market Portfolio** 

**AST International Equity Portfolio** 

**AST Investment Grade Bond Portfolio** 

**AST J.P. Morgan Aggressive Multi-Asset Portfolio** 

**AST J.P. Morgan Conservative Multi-Asset Portfolio** 

**AST J.P. Morgan Moderate Multi-Asset Portfolio** 

**AST Large-Cap Equity Portfolio** 

**AST Large-Cap Growth Portfolio** 

**AST Large-Cap Value Portfolio** 

**AST Multi-Asset Diversified Plus Portfolio** 

**AST Multi-Asset Diversified Portfolio** 

**AST Multi-Sector Fixed Income Portfolio** 

**AST PGIM Aggressive Multi-Asset Portfolio** 

**AST Preservation Asset Allocation Portfolio** 

**AST Quantitative Modeling Portfolio** 

**AST Small-Cap Equity Portfolio**![](img7ab258462.gif)

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**Table of Contents**

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| | |
|:---|:---|
| **3** | **[PART I](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_1)** |
| 3 | [INTRODUCTION](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_1) |
| 4 | [Trust PORTFOLIOS, INVESTMENT POLICIES & STRATEGIES](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_2) |
| 5 | [FUNDAMENTAL INVESTMENT RESTRICTIONS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_3) |
| 12 | [NON-FUNDAMENTAL INVESTMENT RESTRICTIONS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_10) |
| 15 | [INFORMATION ABOUT BOARD MEMBERS AND OFFICERS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_13) |
| 24 | [MANAGEMENT AND ADVISORY ARRANGEMENTS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_22) |
| 35 | [PORTFOLIO MANAGERS: OTHER ACCOUNTS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_33) |
| 45 | [PORTFOLIO MANAGERS: COMPENSATION & CONFLICTS POLICIES](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_43) |
| 79 | [OTHER SERVICE PROVIDERS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_77) |
| 84 | [PORTFOLIO TRANSACTIONS & BROKERAGE](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_82) |
| 88 | [ADDITIONAL INFORMATION](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_86) |
| 91 | [PRINCIPAL SHAREHOLDERS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_89) |
| 99 | [FINANCIAL STATEMENTS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_97) |
| **100** | **[PART II](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_98)** |
| 100 | [INVESTMENT RISKS & CONSIDERATIONS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_98) |
| 138 | [NET ASSET VALUES](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_136) |
| 140 | [TAXATION](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_138) |
| 142 | [DISCLOSURE OF PORTFOLIO HOLDINGS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_140) |
| 144 | [PROXY VOTING](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_142) |
| 144 | [CODES OF ETHICS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_142) |
| 144 | [APPENDIX I: DESCRIPTIONS OF SECURITY RATINGS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_142) |
| 148 | [APPENDIX II: PROXY VOTING POLICIES OF THE SUBADVISERS](#xx_7c8e7749-5f7e-4acd-8e89-de9bfd3317b8_146) |

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PART I

**INTRODUCTION**

This SAI sets forth information about the Trust and the Portfolios covered by the SAI. Part I provides additional information about the Trust's Board of Trustees, certain investments restrictions that apply to the 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 |
| 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 |
| 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, Investment Manager or Manager | PGIM Investments LLC or ASTIS, as designated in the Prospectus |
| 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 |
| World Bank | International Bank for Reconstruction and Development |

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**3**

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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 Portfolios, each of which is, for investment purposes, in effect a separate fund. The Portfolios offered by the Trust which are discussed in this SAI are set forth below:

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AST Aggressive Asset Allocation Portfolio

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AST Balanced Asset Allocation Portfolio

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AST Bond Portfolio 2026

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AST Bond Portfolio 2027

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AST Bond Portfolio 2028

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AST Bond Portfolio 2029

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AST Bond Portfolio 2030

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AST Bond Portfolio 2031

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AST Bond Portfolio 2032

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AST Bond Portfolio 2033

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AST Bond Portfolio 2034

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AST Bond Portfolio 2035

■

AST Bond Portfolio 2036

■

AST Bond Portfolio 2037

■

AST Core Fixed Income Portfolio

■

AST Government Money Market Portfolio

■

AST International Equity Portfolio

■

AST Investment Grade Bond Portfolio

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AST J.P. Morgan Aggressive Multi-Asset Portfolio

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AST J.P. Morgan Conservative Multi-Asset Portfolio

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AST J.P. Morgan Moderate Multi-Asset Portfolio

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AST Large-Cap Equity Portfolio

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AST Large-Cap Growth Portfolio

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AST Large-Cap Value Portfolio

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AST Multi-Asset Diversified Plus Portfolio

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AST Multi-Asset Diversified Portfolio

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AST Multi-Sector Fixed Income Portfolio

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AST PGIM Aggressive Multi-Asset Portfolio

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AST Preservation Asset Allocation Portfolio

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AST Quantitative Modeling Portfolio

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AST Small-Cap Equity Portfolio

Each Portfolio is a diversified investment company as defined by the 1940 Act (except as otherwise indicated). In general, this means that each 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, each Portfolio can invest more than 5% of its assets in one issuer.

The Trust offers one class of shares in each Portfolio. Shares of the Portfolios are sold only to separate accounts of The Prudential Insurance Company of America, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Pramerica of Bermuda Life Assurance Company, Ltd. (collectively, Prudential), Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation), Empower Annuity Insurance Company (formerly Prudential Retirement Insurance and Annuity Company), Everlake Life Insurance Company (formerly Allstate Life Insurance Company), Wilton Reassurance Life Company of New York (formerly Allstate Life Insurance Company of New York), and Kemper Investors Life Insurance Company (collectively, the Participating Insurance Companies), as investment options under variable life insurance and variable annuity contracts (the Contracts). Shares of each of the Portfolios may also be sold directly to certain qualified retirement plans. (A separate account keeps the assets supporting certain insurance contracts separate from the general assets and liabilities of the insurance company.)

**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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PGIM Investments and ASTIS, both wholly-owned subsidiaries of Prudential Financial, Inc. (Prudential Financial), serve as overall investment managers of the Portfolios covered by this SAI other than the following Portfolios, for which PGIM Investments serves as the sole investment manager:

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AST Bond Portfolio 2026

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AST Bond Portfolio 2027

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AST Bond Portfolio 2028

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AST Bond Portfolio 2029

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AST Bond Portfolio 2030

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AST Bond Portfolio 2031

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AST Bond Portfolio 2032

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AST Bond Portfolio 2033

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AST Bond Portfolio 2034

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AST Bond Portfolio 2035

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AST Bond Portfolio 2036

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AST Bond Portfolio 2037

When used in this SAI, the "Investment Manager" or "Manager" refers to (a) PGIM Investments with respect to the AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035, AST Bond Portfolio 2036 and AST Bond Portfolio 2037; and (b) PGIM Investments and ASTIS, collectively, with respect to all other Portfolios covered by this SAI. 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 a different set of 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.

Each Portfolio operating as a fund of funds, as identified in the Prospectus, may engage in all of the investments and investment strategies discussed in Part II of this SAI, either by such Portfolio's investments in an underlying fund or by investing the Portfolio's assets in the investments or strategies.

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.

**FUNDAMENTAL 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.

The investment restrictions set forth below are "fundamental" policies. These fundamental policies may not be changed without the approval of the lesser of (i) 67% or more of the shares of a Portfolio present at a meeting, if the holders of more than 50% of the outstanding shares of the Portfolio are present or represented by proxy, or (ii) more than 50% of the shares of the Portfolio.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

■

**AST J.P. Morgan Conservative Multi-Asset Portfolio** 

■

**AST Large-Cap Growth Portfolio** 

■

**AST Small-Cap Equity Portfolio** 

1. No Portfolio may issue senior securities, except as permitted under the 1940 Act.

2. No Portfolio may borrow money, except that a Portfolio may (i) borrow money for non-leveraging, temporary or emergency purposes, and (ii) engage in reverse repurchase agreements and make other investments or engage in other transactions, which may involve a borrowing, in a manner consistent with the Portfolio's investment objective and policies; provided that the combination of (i) and (ii) shall not exceed 33 <sup>1</sup>∕3% of the value of the Portfolio's assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by law. For the avoidance of doubt, notwithstanding the foregoing, if a Portfolio elects to treat reverse repurchase agreements as derivative transactions, it shall comply with the requirements of Rule 18f-4 under the 1940 Act rather than being subject to the 33 <sup>1</sup>∕3% limit. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.

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**5**

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Subject to the above limitations, a Portfolio may borrow from persons to the extent permitted by applicable law, including the 1940 Act, or to the extent permitted by any exemption from the 1940 Act that may be granted by the SEC, or any SEC releases, no-action letters or similar relief or interpretive guidance.

3. No Portfolio may underwrite securities issued by other persons, except to the extent that the Portfolio may be deemed to be an underwriter (within the meaning of the 1933 Act) in connection with the purchase and sale of portfolio securities.

4. No Portfolio may purchase or sell real estate unless acquired as a result of the ownership of securities or other instruments; provided that this restriction shall not prohibit a Portfolio from investing in securities or other instruments backed by real estate or in securities of companies engaged in the real estate business.

5. No Portfolio may purchase or sell physical commodities unless acquired as a result of the ownership of securities or instruments; provided that this restriction shall not prohibit a Portfolio from (i) engaging in permissible options and futures transactions and forward foreign currency contracts in accordance with the Portfolio's investment policies, or (ii) investing in securities of any kind.

6. No Portfolio may make loans, except that a Portfolio may (i) lend portfolio securities in accordance with the Portfolio's investment policies in amounts up to 33 <sup>1</sup>∕3% of the total assets of the Portfolio taken at market value, (ii) purchase money market securities and enter into repurchase agreements, (iii) acquire publicly distributed or privately placed debt securities, and (iv) make loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption therefrom that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance.

7. No Portfolio may purchase any security if, as a result, more than 25% of the value of the Portfolio's assets would be invested in the securities of issuers having their principal business activities in the same industry; provided that this restriction does not apply to investments in obligations issued or guaranteed by the US Government or any of its agencies or instrumentalities (or repurchase agreements with respect thereto).

8. No Portfolio may, with respect to 75% of the value of its total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the US Government or any of its agencies or instrumentalities) if, as a result, (i) more than 5% of the value of the Portfolio's total assets would be invested in the securities of such issuer, or (ii) more than 10% of the outstanding voting securities of such issuer would be held by the Portfolio.

If a restriction on a Portfolio's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Portfolio assets invested in certain securities or other instruments, or a change in average duration of the Portfolio's investment portfolio, resulting from changes in the value of the Portfolio's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to investment restrictions (2) and (6), a Portfolio will not borrow or lend to any other fund unless it applies for and receives an exemptive order from the SEC, if so required, or the SEC issues rules permitting such transactions.

With respect to investment restriction (6), the restriction on making loans is not considered to limit a Portfolio's investments in loan participations and assignments.

With respect to investment restriction (7), the AST J.P. Morgan Conservative Multi-Asset Portfolio will not consider a bank-issued guaranty or financial guaranty insurance as a separate security for purposes of determining the percentage of the Portfolio's assets invested in the securities of issuers in a particular industry.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

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**AST Government Money Market Portfolio** 

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**AST Large-Cap Value Portfolio** 

1. A Portfolio will not underwrite securities issued by others except to the extent that the Portfolio may be deemed an underwriter when purchasing or selling securities.

2. A Portfolio will not issue senior securities.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

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**AST Core Fixed Income Portfolio** 

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**AST J.P. Morgan Moderate Multi-Asset Portfolio** 

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**AST Multi-Asset Diversified Portfolio** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6**

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■

**AST PGIM Aggressive Multi-Asset Portfolio** 

Under its fundamental investment restrictions, each Portfolio may not:

1. Issue senior securities, except as permitted under the 1940 Act.

2. Borrow money, except that a Portfolio may (i) borrow money for non-leveraging, temporary or emergency purposes, and (ii) engage in reverse repurchase agreements and make other investments or engage in other transactions, which may involve a borrowing, in a manner consistent with the Portfolio's investment objective and policies; provided that the combination of (i) and (ii) shall not exceed 33 <sup>1</sup>∕3% of the value of the Portfolio's assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by law. For the avoidance of doubt, notwithstanding the foregoing, if a Portfolio elects to treat reverse repurchase agreements as derivative transactions, it shall comply with the requirements of Rule 18f-4 under the 1940 Act rather than being subject to the 33 <sup>1</sup>∕3% limit. Any borrowings that come to exceed this amount will be reduced in accordance with applicable law. Subject to the above limitations, a Portfolio may borrow from persons to the extent permitted by applicable law, including the 1940 Act, or to the extent permitted by any exemption from the 1940 Act that may be granted by the SEC, or any SEC releases, no-action letters or similar relief or interpretive guidance.

3. Underwrite securities issued by other persons, except to the extent that a Portfolio may be deemed to be an underwriter (within the meaning of the 1933 Act) in connection with the purchase and sale of portfolio securities.

4. Purchase or sell real estate unless acquired as a result of the ownership of securities or other instruments; provided that this restriction shall not prohibit a Portfolio from investing in securities or other instruments backed by real estate or in securities of companies engaged in the real estate business.

5. Purchase or sell physical commodities unless acquired as a result of the ownership of securities or instruments; provided that this restriction shall not prohibit a Portfolio from (i) engaging in permissible options and futures transactions and forward foreign currency contracts in accordance with the Portfolio's investment policies, or (ii) investing in securities of any kind.

6. Make loans, except that a Portfolio may (i) lend portfolio securities in accordance with the Portfolio's investment policies in amounts up to 33 <sup>1</sup>∕3% of the total assets of the Portfolio taken at market value, (ii) purchase money market securities and enter into repurchase agreements, (iii) acquire publicly distributed or privately placed debt securities, and (iv) make loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption therefrom that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance.

7. Purchase any security if, as a result, more than 25% of the value of the Portfolio's assets would be invested in the securities of issuers having their principal business activities in the same industry; provided that this restriction does not apply to investments in obligations issued or guaranteed by the US Government or any of its agencies or instrumentalities or to municipal securities (or repurchase agreements with respect thereto). For purposes of this limitation, investments in other investment companies shall not be considered an investment in any particular industry.

8. With respect to 75% of the value of its total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the US Government or any of its agencies or instrumentalities) if, as a result, (i) more than 5% of the value of the Portfolio's total assets would be invested in the securities of such issuer, or (ii) more than 10% of the outstanding voting securities of such issuer would be held by the Portfolio.

If a restriction on a Portfolio's investments is adhered to at the time an investment is made, a subsequent change in the percentage of the Portfolio assets invested in certain securities or other instruments, or a change in average duration of the Portfolio's investment portfolio, resulting from changes in the value of the Portfolio's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to investment restriction (6), the restriction on making loans is not considered to limit Portfolio's investments in loan participations and assignments.

With respect to investment restriction (7), a Portfolio will not consider a bank-issued guaranty or financial guaranty insurance as a separate security for purposes of determining the percentage of the Portfolio's assets invested in the securities of issuers in a particular industry.

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**7**

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With respect to investment restrictions (2) and (6), a Portfolio will not borrow or lend to any other fund unless it applies for and receives an exemptive order from the SEC, if so required, or the SEC issues rules permitting such transactions.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

■

**AST Aggressive Asset Allocation Portfolio** 

■

**AST Balanced Asset Allocation Portfolio** 

■

**AST Multi-Asset Diversified Plus Portfolio** 

■

**AST Preservation Asset Allocation Portfolio** 

Under its fundamental investment restrictions, each Portfolio may not:

1. Issue senior securities, except as permitted under the 1940 Act.

2. The Portfolios may not borrow money, except to the extent permitted by applicable law from time to time. *Note:* The 1940 Act currently permits an open-end investment company to borrow money from a bank so long as the ratio which the value of the total assets of the investment company (including the amount of any such borrowing), less the amount of all liabilities and indebtedness (other than such borrowing) of the investment company, bears to the amount of such borrowing is at least 300%. An open-end investment company may also borrow money from other lenders in accordance with applicable law and positions of the SEC and its staff. The Portfolio may engage in reverse repurchase arrangements without limit, subject to the requirements of Rule 18f-4 under the 1940 Act.

3. Underwrite securities issued by other persons, except to the extent that a Portfolio may be deemed to be an underwriter (within the meaning of the 1933 Act) in connection with the purchase and sale of portfolio securities.

4. Purchase or sell real estate unless acquired as a result of the ownership of securities or other instruments; provided that this restriction shall not prohibit a Portfolio from investing in securities or other instruments backed by real estate or in securities of companies engaged in the real estate business.

5. Purchase or sell physical commodities unless acquired as a result of the ownership of securities or instruments; provided that this restriction shall not prohibit a Portfolio from (i) engaging in permissible options and futures transactions and forward foreign currency contracts in accordance with the Asset Allocation Portfolio's investment policies, or (ii) investing in securities of any kind.

6. Make loans, except that a Portfolio may (i) lend portfolio securities in accordance with the Portfolio's investment policies in amounts up to 33 <sup>1</sup>∕3% of the total assets of the Portfolio taken at market value, (ii) purchase money market securities and enter into repurchase agreements, (iii) acquire publicly distributed or privately placed debt securities, and (iv) make loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption therefrom that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance.

7. Purchase any security if, as a result, more than 25% of the value of the Portfolio's assets would be invested in the securities of issuers having their principal business activities in the same industry; provided that this restriction does not apply to investments in obligations issued or guaranteed by the US Government or any of its agencies or instrumentalities or to municipal securities (or repurchase agreements with respect thereto). For purposes of this limitation, investments in other investment companies shall not be considered an investment in any particular industry.

If a restriction on a Portfolio's investments is adhered to at the time an investment is made, a subsequent change in the percentage of the Portfolio's assets invested in certain securities or other instruments, or a change in average duration of the Portfolio's investment portfolio, resulting from changes in the value of the Portfolio's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to investment restrictions (2) and (6), a Portfolio will not borrow or lend to any other fund unless it applies for and receives an exemptive order from the SEC, if so required, or the SEC issues rules permitting such transactions.

With respect to investment restriction (6), the restriction on making loans is not considered to limit an Asset Allocation Portfolio's investments in loan participations and assignments.

With respect to investment restriction (7), each Portfolio will not consider a bank-issued guaranty or financial guaranty insurance as a separate security for purposes of determining the percentage of the Portfolio's assets invested in the securities of issuers in a particular industry.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8**

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**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO AST INTERNATIONAL EQUITY PORTFOLIO:** 

1. The Portfolio may borrow money for temporary or emergency purposes (not for leveraging or investment) in an amount not exceeding 33 <sup>1</sup>∕3% of the value of its total assets (including the amount borrowed) less liabilities (other than borrowings). If borrowings exceed 33 <sup>1</sup>∕3% of the value of the Portfolio's total assets by reason of a decline in net assets, the Portfolio will reduce its borrowings within three business days to the extent necessary to comply with the 33 <sup>1</sup>∕3% limitation. This policy shall not prohibit reverse repurchase agreements, deposits of assets to margin or guarantee positions in futures, options, swaps or forward contracts. Subject to the above limitations, the Portfolio may borrow from persons to the extent permitted by applicable law, including the 1940 Act, or to the extent permitted by any exemption from the 1940 Act that may be granted by the SEC, or any SEC releases, no-action letters or similar relief or interpretive guidance.

2. The Portfolio will not, as to 75% of the value of its total assets, own more than 10% of the outstanding voting securities of any one issuer, or purchase the securities of any one issuer (except cash items and "government securities" as defined under the 1940 Act), if immediately after and as a result of such purchase, the value of the holdings of the Portfolio in the securities of such issuer exceeds 5% of the value of its total assets.

3. The Portfolio will not invest more than 25% of the value of its assets in any particular industry (other than US government securities).

4. The Portfolio will not invest directly in real estate or interests in real estate; however, the Portfolio may own debt or equity securities issued by companies engaged in those businesses.

5. The Portfolio will not purchase or sell physical commodities other than foreign currencies unless acquired as a result of ownership of securities (but this limitation shall not prevent the Portfolio from purchasing or selling options, futures, swaps and forward contracts or from investing in securities or other instruments backed by physical commodities).

6. The Portfolio may not make loans, except that the Portfolio may (i) lend portfolio securities in accordance with the Portfolio's investment policies in amounts up to 33 <sup>1</sup>∕3% of the total assets of the Portfolio taken at market value; (ii) purchase money market securities and enter into repurchase agreements; (iii) acquire publicly distributed or privately placed debt securities; and (iv) make loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption therefrom that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance.

7. The Portfolio will not act as an underwriter of securities issued by others, except to the extent that the Portfolio may be deemed an underwriter in connection with the disposition of its securities.

8. The Portfolio will not issue senior securities except in compliance with the 1940 Act.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO AST LARGE-CAP VALUE PORTFOLIO:** 

As a matter of fundamental policy, the Portfolio may not:

1. Borrow money except from persons to the extent permitted by applicable law including the 1940 Act, or to the extent permitted by any exemption from the 1940 Act that may be granted by the SEC, or any SEC releases, no-action letters or similar relief or interpretive guidance, in excess of 33 <sup>1</sup>∕3% of the value of its total net assets, and when borrowing, it is for temporary or emergency purposes;

2. Buy or sell real estate, commodities, commodity contracts (however, the Portfolio may purchase securities of companies investing in real estate);

3. Purchase securities if the purchase would cause the Portfolio, at the time, with respect to 75% of its total assets, to have more than 5% of its total assets invested in the securities of any one company or to own more than 10% of the voting securities of any one company (except obligations issued or guaranteed by the US Government or any of its agencies or instrumentalities, or securities of other investment companies);

4. Make loans, except that the Portfolio may (i) lend portfolio securities in accordance with the Portfolio's investment policies in amounts up to 33 <sup>1</sup>∕3% of the total assets of the Portfolio taken at market value; (ii) purchase money market securities and enter into repurchase agreements; (iii) acquire publicly distributed or privately placed debt securities; and (iv) make loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption therefrom that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance; or

5. Invest more than 25% of the value of the Portfolio's assets in one particular industry. For purposes of this limitation, investments in other investment companies shall not be considered an investment in any particular industry.

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**9**

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**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO AST GOVERNMENT MONEY MARKET PORTFOLIO:** 

1. The Portfolio will not purchase a security if as a result, the Portfolio would own more than 10% of the outstanding voting securities of any issuer.

2. As to 75% of the value of its total assets, the Portfolio will not invest more than 5% of its total assets, at market value, in the securities of any one issuer (except securities issued or guaranteed by the US Government, its agencies or instrumentalities).

3. The Portfolio will not purchase a security if as a result, more than 25% of its total assets, at market value, would be invested in the securities of issuers principally engaged in the same industry (except securities issued or guaranteed by the US Government, its agencies or instrumentalities, negotiable certificates of deposit, time deposits, and bankers' acceptances of United States branches of United States banks). For purposes of this limitation, investments in other investment companies shall not be considered an investment in any particular industry.

5. The Portfolio will not borrow money, except from persons to the extent permitted by applicable law including the 1940 Act, or to the extent permitted by any exemption from the 1940 Act that may be granted by the SEC, or any SEC releases, no-action letters or similar relief or interpretive guidance, for temporary, extraordinary or emergency purposes and then only in amounts not to exceed 33 <sup>1</sup>∕3% of the value of the Portfolio's total assets, taken at cost, at the time of such borrowing. The Portfolio may not mortgage, pledge or hypothecate any assets except in connection with any such borrowing. The Portfolio will not purchase securities while borrowings exceed 5% of the Portfolio's total assets. This borrowing provision is included to facilitate the orderly sale of securities, for example, in the event of abnormally heavy redemption requests, and is not for investment purposes and shall not apply to reverse repurchase agreements.

6. The Portfolio will not make loans, except through purchasing or holding debt obligations, or entering into repurchase agreements, or loans of Portfolio securities in accordance with the Portfolio's investment objectives and policies, or making loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption there from that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance.

7. The Portfolio will not purchase or sell puts, calls, straddles, spreads, or any combination thereof; real estate; commodities; or commodity contracts or interests in oil, gas or mineral exploration or development programs. However, the Portfolio may purchase bonds or commercial paper issued by companies which invest in real estate or interests therein including real estate investment trusts.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO THE FOLLOWING PORTFOLIOS:** 

■

AST Bond Portfolio 2026

■

AST Bond Portfolio 2027

■

AST Bond Portfolio 2028

■

AST Bond Portfolio 2029

■

AST Bond Portfolio 2030

■

AST Bond Portfolio 2031

■

AST Bond Portfolio 2032

■

AST Bond Portfolio 2033

■

AST Bond Portfolio 2034

■

AST Bond Portfolio 2035

■

AST Bond Portfolio 2036

■

AST Bond Portfolio 2037

■

AST Investment Grade Bond Portfolio

■

AST J.P. Morgan Aggressive Multi-Asset Portfolio

■

AST Large-Cap Equity Portfolio

■

AST Multi-Sector Fixed Income Portfolio

Under its fundamental investment restrictions, each Portfolio may not:

1. Issue senior securities or borrow money or pledge its assets, except as permitted by the 1940 Act and rules thereunder, exemptive order, SEC release, 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, dollar rolls, short sales, derivative and hedging transactions

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10**

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such as interest rate swap transactions, and collateral arrangements with respect thereto, and transactions similar to any of the foregoing and collateral arrangements with respect thereto, and obligations of a Portfolio to Trustees pursuant to any deferred compensation arrangements are not deemed to be a pledge of assets or the issuance of a senior security.

2. Underwrite securities issued by other persons, except to the extent that a Portfolio may be deemed to be an underwriter (within the meaning of the 1933 Act) in connection with the purchase and sale of portfolio securities.

3. Purchase or sell real estate unless acquired as a result of the ownership of securities or other instruments; provided that this restriction shall not prohibit a Portfolio from investing in securities or other instruments backed by real estate or in securities of companies engaged in the real estate business.

4. Purchase or sell physical commodities unless acquired as a result of the ownership of securities or instruments; provided that this restriction shall not prohibit a Portfolio from (i) engaging in permissible options and futures transactions and forward foreign currency contracts in accordance with the Portfolio's investment policies, or (ii) investing in securities of any kind.

5. Make loans, except that a Portfolio may (i) lend portfolio securities in accordance with the Portfolio's investment policies in amounts up to 33 <sup>1</sup>∕3% of the total assets of the Portfolio taken at market value, (ii) purchase money market securities and enter into repurchase agreements, (iii) acquire publicly distributed or privately placed debt securities, and (iv) make loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption there from that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance.

6. Purchase any security if, as a result, more than 25% of the value of the Portfolio's assets would be invested in the securities of issuers having their principal business activities in the same industry; provided that this restriction does not apply to investments in obligations issued or guaranteed by the US Government or any of its agencies or instrumentalities or to municipal securities (or repurchase agreements with respect thereto). For purposes of this limitation, investments in other investment companies shall not be considered an investment in any particular industry.

7. With respect to 75% of the value of its total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the US Government or any of its agencies or instrumentalities) if, as a result, (i) more than 5% of the value of the Portfolio's total assets would be invested in the securities of such issuer, or (ii) more than 10% of the outstanding voting securities of such issuer would be held by the Portfolio.

If a restriction on a Portfolio's investments is adhered to at the time an investment is made, a subsequent change in the percentage of the Portfolio assets invested in certain securities or other instruments, or a change in average duration of the Portfolio's investment portfolio, resulting from changes in the value of the Portfolio's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to investment restriction (5), the restriction on making loans is not considered to limit Portfolio's investments in loan participations and assignments.

With respect to investment restriction (6), a Portfolio will not consider a bank-issued guaranty or financial guaranty insurance as a separate security for purposes of determining the percentage of the Portfolio's assets invested in the securities of issuers in a particular industry.

With respect to investment restrictions (1) and (5), a Portfolio will not borrow or lend to any other fund unless it applies for and receives an exemptive order from the SEC, if so required, or the SEC issues rules permitting such transactions.

**FUNDAMENTAL INVESTMENT RESTRICTIONS APPLICABLE ONLY TO AST QUANTITATIVE MODELING PORTFOLIO:** 

The Portfolio will not:

1. Issue senior securities, except as permitted under the 1940 Act.

2. The Portfolio may not borrow money, except to the extent permitted by applicable law from time to time. *Note:* The 1940 Act currently permits an open-end investment company to borrow money from a bank so long as the ratio which the value of the total assets of the investment company (including the amount of any such borrowing), less the amount of all liabilities and indebtedness (other than such borrowing) of the investment company, bears to the amount of such borrowing is at least 300%. An open-end investment company may also borrow money from other lenders in accordance with applicable law and positions of the SEC and its staff. The Portfolio may engage in reverse repurchase arrangements without limit, subject to the requirements of Rule 18f-4 under the 1940 Act.

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**11**

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3. Underwrite securities issued by other persons, except to the extent that the Portfolio may be deemed to be an underwriter (within the meaning of the 1933 Act) in connection with the purchase and sale of portfolio securities.

4. Purchase or sell real estate unless acquired as a result of the ownership of securities or other instruments; provided that this restriction shall not prohibit the Portfolio from investing in securities or other instruments backed by real estate or in securities of companies engaged in the real estate business.

5. Purchase or sell physical commodities unless acquired as a result of the ownership of securities or instruments; provided that this restriction shall not prohibit the Portfolio from (i) engaging in permissible options and futures transactions and forward foreign currency contracts in accordance with the Portfolio's investment policies, or (ii) investing in securities of any kind.

6. Make loans, except that the Portfolio may (i) lend portfolio securities in accordance with the Portfolio's investment policies in amounts up to 33 <sup>1</sup>∕3% of the total assets of the Portfolio taken at market value, (ii) purchase money market securities and enter into repurchase agreements, (iii) acquire publicly distributed or privately placed debt securities, and (iv) make loans of money to other investment companies to the extent permitted by the 1940 Act or any exemption therefrom that may be granted by the SEC or any SEC releases, no-action letters or similar relief or interpretive guidance.

7. Purchase any security if, as a result, more than 25% of the value of the Portfolio's assets would be invested in the securities of issuers having their principal business activities in the same industry; provided that this restriction does not apply to investments in obligations issued or guaranteed by the US Government or any of its agencies or instrumentalities or to municipal securities (or repurchase agreements with respect thereto). For purposes of this limitation, investments in other investment companies shall not be considered an investment in any particular industry.

If a restriction on the Portfolio's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Portfolio assets invested in certain securities or other instruments, or change in average duration of the Portfolio's investment portfolio, resulting from changes in the value of the Portfolio's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to investment restrictions (2) and (6), the Portfolio will not borrow or lend to any other fund unless it applies for and receives an exemptive order from the SEC, if so required, or the SEC issues rules permitting such transactions.

With respect to investment restriction (6), the restriction on making loans is not considered to limit the Portfolio's investments in loan participations and assignments.

With respect to investment restriction (7), the Portfolio will not consider a bank-issued guaranty or financial guaranty insurance as a separate security for purposes of determining the percentage of its assets invested in the securities of issuers in a particular industry.

**NON-FUNDAMENTAL INVESTMENT RESTRICTIONS** 

In addition to the fundamental policies described above, the Board has adopted the following non-fundamental policies, which may be changed by the Board without approval of shareholders.

**Non-Fundamental Investment Restrictions Applicable Only to AST Multi-Asset Diversified Portfolio.** 

The Portfolio may invest in other investment companies to the extent permitted under the 1940 Act and the rules thereunder.

**Non-Fundamental Investment Restrictions Applicable Only to AST Multi-Asset Diversified Plus Portfolio.** 

The Portfolio may not:

1. Purchase securities on margin; provided, however, that the Portfolio may obtain short-term credits necessary for the clearance of purchases and sales of securities, and, provided further that the Portfolio may make margin deposits in connection with its use of financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

2. Mortgage, pledge, or hypothecate any of its assets; provided, however, that this restriction shall not apply to the transfer of securities in connection with any permissible borrowing or to collateral arrangements in connection with any permissible activity.

**Non-Fundamental Investment Restrictions Applicable Only to AST International Equity Portfolio.** 

1. The Portfolio will not change its policy to invest at least 80% of the value of its assets in securities of issuers that are economically tied to countries other than the United States unless it provides 60 days prior written notice to its shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12**

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

2. The Portfolio will not (i) enter into any futures contracts and related options for purposes other than bona fide hedging transactions within the meaning of CFTC regulations if the aggregate initial margin and premiums required to establish positions in futures contracts and related options that do not fall within the definition of bona fide hedging transactions will exceed 5% of the fair market value of the Portfolio's net assets, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; and (ii) enter into any futures contracts if the aggregate amount of the Portfolio's commitments under outstanding futures contracts positions would exceed the market value of its total assets.

3. The Portfolio does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short without the payment of any additional consideration therefor, and provided that transactions in futures, options, swaps and forward contracts are not deemed to constitute selling securities short.

4. The Portfolio does not currently intend to purchase securities on margin, except that the Portfolio may obtain such short-term credits as are necessary for the clearance of transactions, and provided that margin payments and other deposits in connection with transactions in futures, options, swaps and forward contracts shall not be deemed to constitute purchasing securities on margin.

5. The Portfolio does not currently intend to purchase securities of other investment companies, except in compliance with the 1940 Act.

6. The Portfolio may not mortgage or pledge any securities owned or held by the Portfolio in amounts that exceed, in the aggregate, 15% of the Portfolio's NAV, provided that this limitation does not apply to reverse repurchase agreements, deposits of assets to margin, or guarantee positions in futures, options, swaps or forward contracts.

7. The Portfolio may not invest in companies for the purpose of exercising control of management.

**Non-Fundamental Investment Restrictions Applicable Only to AST Government Money Market Portfolio.** 

1. The Portfolio will not buy any securities or other property on margin (except for such short-term credits as are necessary for the clearance of transactions).

2. Portfolio will not invest in companies for the purpose of exercising control or management.

3. The Portfolio will not purchase securities on margin, make short sales of securities, or maintain a short position, provided that this restriction shall not be deemed to be applicable to the purchase or sale of when-issued securities or of securities for delivery at a future date.

**Non-Fundamental Investment Restrictions Applicable Only to AST Large-Cap Growth Portfolio** 

The Portfolio will not:

1. Purchase or sell real estate limited partnership interests;

2. Invest more than 20% of its total assets in below investment grade, high-risk bonds, including bonds in default or those with the lowest rating;

3. Invest in companies for the purpose of exercising management or control;

4. Purchase securities of open-end or closed-end investment companies except in compliance with the 1940 Act; or

5. Effect short sales of securities.

In addition to the restrictions described above, some foreign countries limit, or prohibit, all direct foreign investment in the securities of their companies. However, the governments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such securities. For tax purposes these funds may be known as Passive Foreign Investment Companies. The Portfolio is subject to certain percentage limitations under the 1940 Act relating to the purchase of securities of investment companies, and may be subject to the limitation that no more than 10% of the value of the Portfolio's total assets may be invested in such securities.

Restrictions with respect to repurchase agreements shall be construed to be for repurchase agreements entered into for the investment of available cash consistent with the Portfolio's repurchase agreement procedures, not repurchase commitments entered into for general investment purposes.

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**13**

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If a percentage restriction on investment or utilization of assets as set forth under "Investment Restrictions" and "Investment Policies" above is adhered to at the time an investment is made, a later change in percentage resulting from changes in the value or the total cost of Portfolio's assets will not be considered a violation of the restriction.

**Non-Fundamental Investment Restrictions Applicable Only to AST Small-Cap Equity Portfolio.** 

The Portfolio will not:

1. Change its policy to invest at least 80% of the value of its assets in small capitalization companies unless it provides 60 days prior written notice to its shareholders.

2. Invest for the purpose of exercising control or management of another issuer.

3. Purchase securities of other investment companies, except in compliance with the 1940 Act.

**Non-Fundamental Investment Restrictions Applicable Only to AST J.P. Morgan Aggressive Multi-Asset Portfolio.** 

The Portfolio will not:

1. Purchase additional securities when money borrowed exceeds 5% of the Portfolio's total assets;

2. Invest in companies for the purpose of exercising management or control;

3. Purchase securities of open-end or closed-end investment companies except in compliance with the 1940 Act;

4. Mortgage, pledge, hypothecate or, in any manner, transfer any security owned by the Portfolio as security for indebtedness except as may be necessary in connection with permissible borrowings or investments and then such mortgaging, pledging or hypothecating may not exceed 33 <sup>1</sup>∕3% of the Portfolio's total assets at the time of borrowing or investment;

5. Invest in puts, calls, straddles, spreads, or any combination thereof to the extent permitted by the Trust's Prospectus and this SAI;

6. Purchase securities on margin, except (i) for use of short-term credit necessary for clearance of purchases of portfolio securities and (ii) the Portfolio may make margin deposits in connection with futures contracts or other permissible investments;

7. Invest in warrants if, as a result thereof, more than 10% of the value of the total assets of the Portfolio would be invested in warrants, provided that this restriction does not apply to warrants acquired as the result of the purchase of another security. For purposes of these percentage limitations, the warrants will be valued at the lower of cost or market;

8. Effect short sales of securities; or

9. Purchase a futures contract or an option thereon if, with respect to positions in futures or options on futures which do not represent bona fide hedging, the aggregate initial margin and premiums on such positions would exceed 5% of the Portfolio's net assets.

Notwithstanding anything in the above fundamental and operating restrictions to the contrary, the Portfolio may, as a fundamental policy, invest all of its assets in the securities of a single open-end management investment company with substantially the same fundamental investment objectives, policies and restrictions as the Portfolio subject to the prior approval of the Manager. The Manager will not approve such investment unless: (a) the Manager believes, on the advice of counsel, that such investment will not have an adverse effect on the tax status of the annuity contracts and/or life insurance policies supported by the separate accounts of the Participating Insurance Companies which purchase shares of the Trust; (b) the Manager has given prior notice to the Participating Insurance Companies that they intend to permit such investment and has determined whether such Participating Insurance Companies intend to redeem any shares and/or discontinue purchase of shares because of such investment; (c) the Trustees have determined that the fees to be paid by the Trust for administrative, accounting, custodial and transfer agency services for the Portfolio subsequent to such an investment are appropriate, or the Trustees have approved changes to the agreements providing such services to reflect a reduction in fees; (d) the Subadviser for the Portfolio has agreed to reduce its fee by the amount of any investment advisory fees paid to the investment manager of such open-end management investment company; and (e) shareholder approval is obtained if required by law. The Portfolio will apply for such exemptive relief under the provisions of the 1940 Act, or other such relief as may be necessary under the then governing rules and regulations of the 1940 Act, regarding investments in such investment companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14**

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**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 |
| 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  |

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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** |
| 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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| | | |
|:---|:---|:---|
| **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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| | | |
|:---|:---|:---|
| **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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| | | |
|:---|:---|:---|
| **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 S. 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 LLC, 655 Broad Street, 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 TRUSTEES AND OFFICERS.** Pursuant to a Management Agreement with the Trust (the Management Agreement), the Investment Manager pays all compensation of Trustees, officers and employees of the Trust, other than the fees and expenses of Trustees who are not affiliated persons of the Investment Manager or any subadviser. The Trust pays each of its Independent Trustees annual compensation in addition to certain out-of-pocket expenses. Trustees who serve on Board Committees may receive additional compensation.

Independent Trustees 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 Trustees' 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 or more funds

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managed by PGIM Investments 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 Trustees' compensation, together with interest thereon, is a general obligation of the Trust. The Trust does not have a retirement or pension plan for its Trustees.

The following table sets forth the aggregate compensation paid by the Trust for the Trust's most recently completed fiscal year to the Independent Trustees 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. Trustees 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 | $356030 |  |  | $470,000 (3/49)\*\* |
| Jessica M. Bibliowicz | $356030 |  |  | $470,000 (3/49)\*\* |
| Kay Ryan Booth | $356030 |  |  | $470,000 (3/49)\*\* |
| Stephen M. Chipman | $356030 |  |  | $470,000 (3/49)\*\* |
| Timothy S. Cronin<sup>†</sup> | $156970 |  |  | $210,000 (3/49)\*\* |
| Robert F. Gunia\*\*\* | $356030 |  |  | $470,000 (3/49)\*\* |
| Thomas M. O'Brien | $451670 |  |  | $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.

<sup>†</sup> 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 LLC 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)

**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

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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.

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

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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 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22**

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**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 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 |
| Stephen M. Chipman |  | Over $100,000 |
| Timothy S. Cronin |  |  |
| Robert F. Gunia | Over $100,000 | Over $100,000 |
| Thomas M. O'Brien |  | Over $100,000  |

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**23**

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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>|
| Kenneth Allen\*\* | None | None |

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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, and ASTIS, One Corporate Drive, Shelton, Connecticut, 06484, serve as the investment managers of the Portfolios; PGIM Investments and ASTIS serve as co-investment managers for each Portfolio covered by this SAI, except for AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035, AST Bond Portfolio 2036 and AST Bond Portfolio 2037 for which PGIM Investments serves as the sole investment manager.

As of December 31, 2025, PGIM Investments served as 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.

As of December 31, 2025, ASTIS served as investment manager to certain Prudential US open-end investment companies with aggregate assets of approximately $79.9 billion. ASTIS is a subsidiary of Prudential Annuities Holding Company, Inc., which is a subsidiary of Prudential Annuities, Inc., which is a subsidiary of Prudential. ASTIS has been in the business of providing advisory services since 1992.

*Services Provided by the Manager*. Pursuant to Management Agreements, the 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 Manager is obligated to keep certain books and records of the Portfolios. The Manager is authorized to enter into subadvisory agreements for investment advisory services in connection with the management of the Portfolios. The Manager continues to have the ultimate responsibility for all investment advisory services performed pursuant to any such subadvisory agreements.

The Manager is specifically responsible for supervising and managing the Portfolios and the subadvisers. In this capacity, the 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 Manager takes on the entrepreneurial and other risks associated with the launch of each new Portfolio and its ongoing operations. The Manager utilizes the Strategic Investment Research Group (SIRG), a unit of PGIM Investments, to assist it 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 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 Manager bears the cost of the oversight program maintained by SIRG.

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In addition, the Manager provides or supervises all of the administrative functions necessary for the organization, operation and management of the Trust and its Portfolios. The 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 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 service providers to the Trust, including, but not limited to, the custodian, transfer agent, and accounting agent. The management services of the Manager to the Trust are not exclusive under the terms of the Management Agreement and the Manager is free to, and does, render management services to others.

The primary administrative services furnished by the Manager are more specifically detailed below:

■

furnishing of office facilities;

■

paying salaries of all officers and other employees of the Manager who are responsible for managing the Trust and the Portfolios;

■

monitoring financial and shareholder accounting services provided by the Trust's custodian and transfer agent;

■

providing assistance to the service providers of the Trust and the Portfolios, including, but not limited to, the custodian, transfer agent, and accounting agent;

■

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;

■

preparing and filing all required US federal, state and local tax returns for the Trust and the Portfolios;

■

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;

■

preparing and filing with the SEC required monthly reports of portfolio holdings on Form N-PORT;

■

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;

■

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

■

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 Manager.* In connection with its management of the corporate affairs of the Trust, the Manager bears certain expenses, including, but not limited to:

■

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 Manager or any subadviser;

■

all expenses incurred by the 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;

■

the fees, costs and expenses payable to any investment subadvisers pursuant to Subadvisory Agreements between the Manager and such investment subadvisers; and

■

with respect to the compliance services provided by the 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 Manager, including:

■

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 Manager;

■

the fees and expenses of Trustees who are not affiliated persons of the Manager or any subadviser;

■

the fees and certain expenses of the custodian and transfer and dividend disbursing agent, including the cost of providing records to the Manager in connection with their obligation of maintaining required records of the Trust and of pricing the Trust's shares;

■

the charges and expenses of the Trust's legal counsel and independent auditors;

■

brokerage commissions and any issue or transfer taxes chargeable to the Trust in connection with its securities (and futures, if applicable) transactions;

■

all taxes and corporate fees payable by the Trust to governmental agencies;

■

the fees of any trade associations of which the Trust may be a member;

■

the cost of share certificates representing and/or non-negotiable share deposit receipts evidencing shares of the Trust;

■

the cost of fidelity, directors and officers and errors and omissions insurance;

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**25**

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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;

■

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

■

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 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 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 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 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 Manager has the ultimate responsibility, subject to oversight by the Board, to oversee the subadvisers and recommend their hiring, termination, and replacement.

3. The 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 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 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26**

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

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.

8. The Manager will provide the Board, no less frequently than quarterly, with information about the profitability of the 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 Manager will provide the Board with information showing the expected impact on the profitability of the 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 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 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 Manager or any entity, other than a wholly-owned subadviser, that controls, is controlled by, or is under common control with the 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 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 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 Manager also directly manages the assets for certain Portfolio sleeves or segments.

The 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 Manager or its affiliates or because of other relationships between the subadviser or its affiliates and the Manager or its affiliates; (iii) an incentive to recommend that the Manager provides 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 Manager or its affiliates.

To mitigate potential conflicts presented by these issues, the 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 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 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 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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**27**

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*Management Fees.* The tables below set forth the applicable contractual management fee rate and the management fees received by the 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** | **Contractual Fee Rate** |
| AST Aggressive Asset Allocation Portfolio<sup>†</sup> | &nbsp;&nbsp; 0.6225% of average daily net assets to $15 billion;<br> 0.6025% on next $5 billion of average daily net assets;<br> 0.5825% on next $5 billion of average daily net assets;<br> 0.5625% on next $5 billion of average daily net assets;<br> 0.5425% on next $5 billion of average daily net assets;<br> 0.5225% on next $5 billion of average daily net assets;<br> 0.5025% over $40 billion of average daily net assets.<br>|
| AST Balanced Asset Allocation Portfolio<sup>†</sup> | &nbsp;&nbsp; 0.6225% of average daily net assets to $15 billion;<br> 0.6025% on next $5 billion of average daily net assets;<br> 0.5825% on next $5 billion of average daily net assets;<br> 0.5625% on next $5 billion of average daily net assets;<br> 0.5425% on next $5 billion of average daily net assets;<br> 0.5225% on next $5 billion of average daily net assets;<br> 0.5025% over $40 billion of average daily net assets.<br>|
| AST Bond Portfolio 2026\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2027\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2028\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2029\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2030\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2031\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2032\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2033\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2034\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2035\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets <br>|

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| | |
|:---|:---|
| **Management Fee Rates** |  |
| **Portfolio** | **Contractual Fee Rate** |
| AST Bond Portfolio 2036\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Bond Portfolio 2037\* | &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST Core Fixed Income Portfolio | &nbsp;&nbsp; 0.4125% of average daily net assets to $10 billion;<br> 0.3925% over $10 billion of average daily net assets.<br>|
| AST Government Money Market Portfolio | &nbsp;&nbsp; 0.3000% of average daily net assets to $3.25 billion;<br> 0.2925% on next $2.75 billion of average daily net assets;<br> 0.2625% on next $4 billion of average daily net assets;<br> 0.2425% over $10 billion of average daily net assets<br>|
| AST International Equity Portfolio | &nbsp;&nbsp; 0.7025% of average daily net assets to $3.25 billion;<br> 0.6925% on next $2.75 billion of average daily net assets;<br> 0.6625% on next $4 billion of average daily net assets;<br> 0.6425% over $10 billion of average daily net assets.<br>|
| AST Investment Grade Bond Portfolio<sup>\*</sup> <br>| &nbsp;&nbsp; 0.4925% of average daily net assets to $500 million;<br> 0.4725% on next $4.5 billion of average daily net assets;<br> 0.4625% on next $5 billion of average daily net assets;<br> 0.4525% over $10 billion of average daily net assets<br>|
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | &nbsp;&nbsp; 0.6825% of average daily net assets to $6 billion;<br> 0.6625% on next $4 billion of average daily net assets;<br> 0.6425% over $10 billion of average daily net assets.<br>|
| AST J.P. Morgan Conservative Multi-Asset Portfolio | 0.6925% of average daily net assets. |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | 0.6925% of average daily net assets. |
| AST Large-Cap Equity Portfolio | &nbsp;&nbsp; 0.5625% of average daily net assets up to $750 million;<br> 0.5525% on next $2.5 billion of average daily net assets;<br> 0.5425% on next $2.75 billion of average daily net assets;<br> 0.5125% on next $4 billion of average daily net assets;<br> 0.4925% over $10 billion of average daily net assets.<br>|
| AST Large-Cap Growth Portfolio | &nbsp;&nbsp; 0.5975% of average daily net assets to $10 billion;<br> 0.5925% over $10 billion of average daily net assets.<br>|
| AST Large-Cap Value Portfolio | &nbsp;&nbsp; 0.5425% of average daily net assets up to $6 billion;<br> 0.5125% on next $4 billion of average daily net assets;<br> 0.4925% over $10 billion of average daily net assets.<br>|
| AST Multi-Asset Diversified Portfolio | &nbsp;&nbsp; 0.6125% of average daily net assets to $10 billion;<br> 0.5925% on next $2.5 billion of average daily net assets;<br> 0.5725% on next $2.5 billion of average daily net assets;<br> 0.5525% on next $5 billion of average daily net assets;<br> 0.5325% over $20 billion of average daily net assets.<br>|
| AST Multi-Asset Diversified Plus Portfolio<sup>†</sup> | &nbsp;&nbsp; 0.8025% of average daily net assets to $15 billion;<br> 0.7825% on next $5 billion of average daily net assets;<br> 0.7625% on next $5 billion of average daily net assets;<br> 0.7425% on next $5 billion of average daily net assets;<br> 0.7225% on next $5 billion of average daily net assets;<br> 0.7025% on next $5 billion of average daily net assets;<br> 0.6825% over $40 billion of average daily net assets.<br>|
| AST Multi-Sector Fixed Income Portfolio | &nbsp;&nbsp; 0.5325% of average daily net assets to $300 million;<br> 0.5225% on next $200 million of average daily net assets;<br> 0.5125% on next $250 million of average daily net assets;<br> 0.5025% on next $2.5 billion of average daily net assets;<br> 0.4925% on next $2.75 billion of average daily net assets;<br> 0.4625% on next $4 billion of average daily net assets;<br> 0.4425% on next $2.5 billion of average daily net assets;<br> 0.4225% on next $2.5 billion of average daily net assets;<br> 0.4025% on next $5 billion of average daily net assets;<br> 0.3825% over $20 billion of average daily net assets. <br>|

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**29**

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| | |
|:---|:---|
| **Management Fee Rates** |  |
| **Portfolio** | **Contractual Fee Rate** |
| AST PGIM Aggressive Multi-Asset Portfolio | &nbsp;&nbsp; 0.6425% of average daily net assets to $6 billion;<br> 0.6125% on next $4 billion of average daily net assets;<br> 0.5925% on next $2.5 billion of average daily net assets;<br> 0.5725% on next $2.5 billion of average daily net assets;<br> 0.5525% on next $5 billion of average daily net assets;<br> 0.5325% over $20 billion of average daily net assets.<br>|
| AST Preservation Asset Allocation Portfolio<sup>†</sup> | &nbsp;&nbsp; 0.6225% of average daily net assets to $15 billion;<br> 0.6025% on next $5 billion of average daily net assets;<br> 0.5825% on next $5 billion of average daily net assets;<br> 0.5625% on next $5 billion of average daily net assets;<br> 0.5425% on next $5 billion of average daily net assets;<br> 0.5225% on next $5 billion of average daily net assets;<br> 0.5025% over $40 billion of average daily net assets.<br>|
| AST Quantitative Modeling Portfolio | &nbsp;&nbsp; 0.7225% of average daily net assets to $500 million;<br> 0.7125% on next $250 million of average daily net assets;<br> 0.7025% on next $2.5 billion of average daily net assets;<br> 0.6925% on next $2.75 billion of average daily net assets;<br> 0.6625% on next $4 billion of average daily net assets;<br> 0.6425% over $10 billion of average daily net assets.<br>|
| AST Small-Cap Equity Portfolio | &nbsp;&nbsp; 0.7025% of average daily net assets to $6 billion;<br> 0.6625% on next $4 billion of average daily net assets;<br> 0.6425% over $10 billion of average daily net assets.<br>|

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<sup>†</sup>The Manager will aggregate assets with the AST Multi-Asset Diversified Plus Portfolio, AST Balanced Asset Allocation Portfolio, AST Aggressive Asset Allocation Portfolio, and AST Preservation Asset Allocation Portfolio for the purpose of calculating the management fee for each Portfolio.

\*The contractual management fee for each of the Portfolios is subject to certain breakpoints. The assets of each Portfolio will be aggregated for purposes of determining the fee rate applicable to each Portfolio.

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| | | | |
|:---|:---|:---|:---|
| **Management Fees Paid by the Portfolios** |  |  |  |
| **Portfolio** | **2025** | **2024** | **2023** |
| AST Aggressive Asset Allocation Portfolio | $58194025 | $64461299 | $62077467 |
| AST Balanced Asset Allocation Portfolio | $122143696 | $66972544 | $61778001 |
| AST Bond Portfolio 2026 | $47211 | -# | $15890 |
| AST Bond Portfolio 2027 | $95717 | $142668 | $177275 |
| AST Bond Portfolio 2028 | $252668 | $347570 | $412870 |
| AST Bond Portfolio 2029 | -# | -# | -# |
| AST Bond Portfolio 2030 | $171253 | $214441 | $225358 |
| AST Bond Portfolio 2031 | $296446 | $345805 | $387508 |
| AST Bond Portfolio 2032 | $287404 | $380041 | $499592 |
| AST Bond Portfolio 2033 | -# | -# | -# |
| AST Bond Portfolio 2034 | -# | -# | -# |
| AST Bond Portfolio 2035 | -# | -# | N/A |
| AST Bond Portfolio 2036 | -# | N/A | N/A |
| AST Bond Portfolio 2037 | N/A | N/A | N/A |
| AST Core Fixed Income | $16902682 | $16114040 | $15858125 |
| AST Government Money Market Portfolio | $2413154 | $2532793 | $2741874 |
| AST International Equity Portfolio | $10668733 | $8961670 | $7115693 |
| AST Investment Grade Bond Portfolio | $37836350 | $40210131 | $61745038 |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | $13449944 | $19690410 | $16225269 |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | $20834754 | $28152719 | $27370149 |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | $10292664 | $15339812 | $15622816 |
| AST Large-Cap Equity Portfolio | $10030480 | $2362228 | $1897615 |
| AST Large-Cap Growth Portfolio | $47525437 | $40250822 | $29795414  |

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| | | | |
|:---|:---|:---|:---|
| **Management Fees Paid by the Portfolios** |  |  |  |
| **Portfolio** | **2025** | **2024** | **2023** |
| AST Large-Cap Value Portfolio | $20567965 | $17884778 | $14894477 |
| AST Multi-Asset Diversified Plus Portfolio | $16207874 | $18317899 | $19466684 |
| AST Multi-Asset Diversified Portfolio | $27991701 | $29197314 | $35466701 |
| AST Multi-Sector Fixed Income Portfolio | $44272492 | $49946196 | $53954028 |
| AST PGIM Aggressive Multi-Asset Portfolio | $84209122 | $90651654 | $81801429 |
| AST Preservation Asset Allocation Portfolio | $17099565 | $19769624 | $20085445 |
| AST Quantitative Modeling Portfolio | $3034854 | $4373002 | $5300112 |
| AST Small-Cap Equity Portfolio | $13859729 | $8267373 | $7572564 |

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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/or subsidize all or a portion of the operating expenses of the Portfolios. Fee waivers and subsidies will increase a Portfolio's return.

PGIM Investments has agreed to waive a portion of its management fee and/or limit total expenses (expressed as an annual percentage of average daily net assets) for certain Portfolios of the Trust, as set forth in the table below.

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| | |
|:---|:---|
| **Fee Waivers & Expense Limitations** |  |
| **Portfolio** | **Fee Waiver and/or Expense Limitation** |
| AST Aggressive Asset Allocation 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 portfolios/funds. This arrangement may not be terminated or modified without <br> the prior approval of the Trust's Board of Trustees.<br>|
| AST Balanced Asset Allocation 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 portfolios/funds. This arrangement may not be terminated or modified without <br> the prior approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2026 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2027 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees. <br>|

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| | |
|:---|:---|
| **Fee Waivers & Expense Limitations** |  |
| **Portfolio** | **Fee Waiver and/or Expense Limitation** |
| AST Bond Portfolio 2028 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2029 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2030 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2031 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2032 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees. <br>|

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| | |
|:---|:---|
| **Fee Waivers & Expense Limitations** |  |
| **Portfolio** | **Fee Waiver and/or Expense Limitation** |
| AST Bond Portfolio 2033 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2034 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2035 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2036 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Bond Portfolio 2037 | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. In addition, the <br> 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.91% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. These arrangements may not be terminated or modified without the prior <br> approval of the Trust's Board of Trustees.<br>|
| AST Government Money Market Portfolio | &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>|
| AST International Equity Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026. This arrangement <br> may not be terminated or modified without the prior approval of the Trust's Board of Trustees. <br>|

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**33**

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| | |
|:---|:---|
| **Fee Waivers & Expense Limitations** |  |
| **Portfolio** | **Fee Waiver and/or Expense Limitation** |
| AST Investment Grade 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, brokerage, taxes (such as <br> income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and <br> expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed <br> 0.99% of the Portfolio's average daily net assets through June 30, 2027. Expenses waived or reimbursed by the Manager for the <br> purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same <br> fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that <br> would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the <br> expense limitation in effect at the time of recoupment. This arrangement may not be terminated or modified without the prior approval <br> of the Trust's Board of Trustees.<br>|
| AST J.P. Morgan Aggressive Multi-Asset <br> Portfolio<br>| &nbsp;&nbsp; The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to <br> investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. This arrangement may not be <br> terminated or modified without the prior approval of the Trust's Board of Trustees.<br>|
| AST J.P. Morgan Conservative Multi-Asset <br> Portfolio<br>| &nbsp;&nbsp; The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to <br> investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. In addition, the Manager has <br> contractually agreed to waive 0.055% of its investment management fee through June 30, 2027. These arrangements may not be <br> terminated or modified without the prior approval of the Trust's Board of Trustees.<br>|
| AST J.P. Morgan Moderate Multi-Asset <br> Portfolio<br>| &nbsp;&nbsp; The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to <br> investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. This arrangement may not be <br> terminated or modified without the prior approval of the Trust's Board of Trustees.<br>|
| AST Large-Cap Value Portfolio  | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026. This arrangement <br> may not be terminated or modified without the prior approval of the Trust's Board of Trustees.<br>|
| AST Multi-Asset Diversified Plus 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, interest, brokerage, taxes <br> (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other <br> Portfolio expenses such as dividend and interest expense and broker charges on short sales) do not exceed 1.13% of the Portfolio's <br> average daily net assets through June 30, 2027. 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. The Manager and the Distributor have also contractually agreed to waive a portion of their investment <br> management and distribution fee, respectively, equal to the amount of the investment management and distribution fee received from <br> other affiliated funds to the Portfolio due to the Portfolio's investment in any such portfolios/funds. These arrangements may not be <br> terminated or modified without the prior approval of the Trust's Board of Trustees.<br>|
| AST Multi-Asset Diversified Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.05% of its investment management fee through June 30, 2027. The Manager and the <br> Distributor have also contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, <br> equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the <br> Portfolio's investment in any such portfolios/funds. These arrangements may not be terminated or modified without the prior approval <br> of the Trust's Board of Trustees.<br>|
| AST Multi- Sector Fixed Income 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 net operating expenses do not exceed 0.7195% of the Portfolio's average daily net assets through June <br> 30, 2027. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense <br> ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such <br> recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the <br> waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This arrangement may not be <br> terminated or modified without the prior approval of the Trust's Board of Trustees.<br>|
| AST Preservation Asset Allocation 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 portfolios/funds. This arrangement may not be terminated or modified without <br> the prior approval of the Trust's Board of Trustees.<br>|
| AST Quantitative Modeling Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. The Manager and the <br> Distributor have also contractually agreed to waive a portion of their investment management fee and distribution fee, respectively, <br> equal to the amount of the investment management and distribution fee received from other affiliated funds to the Portfolio due to the <br> Portfolio's investment in any such portfolios/funds. These arrangements may not be terminated or modified without the prior approval <br> of the Trust's Board of Trustees.<br>|
| AST Small-Cap Equity Portfolio | &nbsp;&nbsp; The Manager has contractually agreed to waive 0.01% of its investment management fee through June 30, 2026. This arrangement <br> may not be terminated or modified without the prior approval of the Trust's Board of Trustees.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34**

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**SUBADVISERS.** The 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 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 Manager continues to have the ultimate responsibility for all investment advisory services pursuant to the Management Agreement and supervise the subadvisers' performance of such services. Pursuant to each subadvisory agreement, the Manager pays each subadviser a fee out of the management fees received by the Manager from the Trust for the applicable Portfolio.

As discussed in the Prospectus, the Manager employs each subadviser under a "manager of managers" structure that allows the Manager to replace the subadvisers or amend a subadvisory agreement without seeking shareholder approval. The 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 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 Manager will continue to be satisfied with the performance record of the existing subadvisers and not recommend any additional subadvisers. The 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 Manager can change the allocations without Board or shareholder approval. The 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 regard to subadvisory fees. With this relief, each Portfolio may elect to disclose the aggregate fees payable to the Manager and wholly-owned subadvisers and the aggregate fees payable to unaffiliated subadvisers and subadvisers affiliated with the 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Aggressive Asset Allocation Portfolio** | **AST Aggressive Asset Allocation Portfolio** | **AST Aggressive Asset Allocation Portfolio** | **AST Aggressive Asset Allocation Portfolio** | **AST Aggressive Asset Allocation Portfolio** | **AST Aggressive Asset Allocation Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$55,740,077,730.30 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$55,740,077,730.30 |  |  |  |
|  | Todd L. Kerin | 7/$49,124,935,437.14 |  |  |  |
|  | Saleem Z. Banatwala, CFA | 7/$49,124,935,437.14 |  |  |  |
| PGIM Quantitative <br> Solutions LLC\*<br>| George N. Patterson, PhD, CFA, CFP | 122/$75,851,899,098.35 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Joel M. Kallman, CFA | 30/$38,252,182,144.39 | 1/$82,614,028.23 | 9/$757,558,014.17 |  |
|  | Marco Aiolfi, PhD | 82/$39,276,573,645.79 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | Edward J. Tostanoski III, CFA | 37/$38,693,767,414.33 | 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$44,092,059,717.06 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$44,092,059,717.06 |  |  |  |
|  | Todd L. Kerin | 7/$37,476,917,423.90 |  |  |  |
|  | Saleem Z. Banatwala,CFA | 7/$37,476,917,423.90 |  |  |  |

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**35**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Quantitative <br> Solutions LLC\*<br>| George N. Patterson, PhD, CFA, CFP | 122/$64,246,651,676.52 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Joel M. Kallman, CFA | 30/$28,818,841,700.89 | 1/$82,614,028.23 | 9/$757,558,014.17 |  |
|  | Marco Aiolfi, PhD | 82/$29,843,233,202.29 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | Edward J. Tostanoski III, CFA | 37/$29,260,426,970.83 | 2/$127,039,838.98 | 1/$159,266,460.44 |  |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2026** | **AST Bond Portfolio 2026** | **AST Bond Portfolio 2026** | **AST Bond Portfolio 2026** | **AST Bond Portfolio 2026** | **AST Bond Portfolio 2026** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$116,417,060,274 | &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/$116,417,060,274 | &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>|  |
|  | Gary Wu, CFA | 42/$15,216,648,613 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,280,524,132 | &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$107862234417 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2027** | **AST Bond Portfolio 2027** | **AST Bond Portfolio 2027** | **AST Bond Portfolio 2027** | **AST Bond Portfolio 2027** | **AST Bond Portfolio 2027** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$116,412,731,133 | &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/$116,412,731,133 | &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>|  |
|  | Gary Wu, CFA | 42/$15,212,319,471 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,276,194,991 | &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/$107,857,905,276 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2028** | **AST Bond Portfolio 2028** | **AST Bond Portfolio 2028** | **AST Bond Portfolio 2028** | **AST Bond Portfolio 2028** | **AST Bond Portfolio 2028** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$116,388,725,640 | &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/$116,388,725,640 | &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>|  |
|  | Gary Wu, CFA | 42/$15,188,313,979 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,252,189,498 | &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 Thron | 39/$107,833,899,783 | &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>|  |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††.\*</sup> | Richard Piccirillo | 47/$116,444,704,075 | &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/$116,444,704,075 | &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>|  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** | **AST Bond Portfolio 2029** |
| **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 Fund** <br> **Securities**<br>|
|  | Gary Wu, CFA | 42/$15,244,292,413 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,308,167,932 | &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/$107,889,878,218 | &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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2030** | **AST Bond Portfolio 2030** | **AST Bond Portfolio 2030** | **AST Bond Portfolio 2030** | **AST Bond Portfolio 2030** | **AST Bond Portfolio 2030** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$116,399,335,524 | &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/$116,399,335,524 | &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>|  |
|  | Gary Wu, CFA | 42/$15,198,923,862 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,262,799,382 | &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/$107,844,509,667 | &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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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2031** | **AST Bond Portfolio 2031** | **AST Bond Portfolio 2031** | **AST Bond Portfolio 2031** | **AST Bond Portfolio 2031** | **AST Bond Portfolio 2031** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$116,382,733,559 | &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/$116,382,733,559 | &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>|  |
|  | Gary Wu, CFA | 42/$15,182,321,898 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,246,197,417 | &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/$107,827,907,702 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2032** | **AST Bond Portfolio 2032** | **AST Bond Portfolio 2032** | **AST Bond Portfolio 2032** | **AST Bond Portfolio 2032** | **AST Bond Portfolio 2032** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investments**<br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Fund**<br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$116,381,891,424 | &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/$116,381,891,424 | &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>|  |
|  | Gary Wu, CFA | 42/$15,181,479,763 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,245,355,282 | &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/$107,827,065,567 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| **Other Pooled Investment Vehicles/Total Assets** | **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Fund** <br> **Securities**<br>|
| PGIM Fixed <br> Income<sup>††,\*</sup><br>| Richard Piccirillo | 47/$116,444,176,295 | &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>|  |

---

------

**37**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** | **AST Bond Portfolio 2033** |
| **Subadviser** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| **Other Pooled Investment Vehicles/Total Assets** | **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Fund** <br> **Securities**<br>|
|  | Gregory Peters | 47/$116,444,176,295 | &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>|  |
|  | Gary Wu, CFA | 42/$15,243,764,634 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,307,640,153 | &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/$107,889,350,438 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2034** | **AST Bond Portfolio 2034** | **AST Bond Portfolio 2034** | **AST Bond Portfolio 2034** | **AST Bond Portfolio 2034** | **AST Bond Portfolio 2034** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$116,437,942,752 | &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/$116,437,942,752 | &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>|  |
|  | Gary Wu, CFA | 42/$15,237,531,091 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,301,406,610 | &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/$107,883,116,895 | &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>|  |

---

,

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2035** | **AST Bond Portfolio 2035** | **AST Bond Portfolio 2035** | **AST Bond Portfolio 2035** | **AST Bond Portfolio 2035** | **AST Bond Portfolio 2035** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>†,\*</sup> | Richard Piccirillo | 47/$116,441,180,098 | &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/$116,441,180,098 | &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>|  |
|  | Gary Wu, CFA | 42/$15,240,768,437 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA, | 47/$114,304,643,956 | &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/$107,886,354,241 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2036** | **AST Bond Portfolio 2036** | **AST Bond Portfolio 2036** | **AST Bond Portfolio 2036** | **AST Bond Portfolio 2036** | **AST Bond Portfolio 2036** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>†,\*</sup> | Richard Piccirillo | 47/$116,442,615,070 | &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/$116,442,615,070 | &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>|  |
|  | Gary Wu, CFA | 42/$15,242,203,409 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA, | 47/$114,306,078,928 | &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/$107,887,789,213 | &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>|  |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Bond Portfolio 2037** | **AST Bond Portfolio 2037** | **AST Bond Portfolio 2037** | **AST Bond Portfolio 2037** | **AST Bond Portfolio 2037** | **AST Bond Portfolio 2037** |
| **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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>†,\*</sup> | Richard Piccirillo | 47/$116,448,718,228 | &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/$116,448,718,228 | &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>|  |
|  | Gary Wu, CFA | 42/$15,248,306,567 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$114,312,182,086 | &nbsp;&nbsp; 26/$39,130,981,010<br> *4/$1,564,236,075*<br>| &nbsp;&nbsp; 203/$155,643,434,783<br> *12/$12,343,839,152*<br>|  |
|  | Tyler Thorn | 39$107893892371 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Core Fixed Income Portfolio** | **AST Core Fixed Income Portfolio** | **AST Core Fixed Income Portfolio** | **AST Core Fixed Income Portfolio** | **AST Core Fixed Income Portfolio** | **AST Core Fixed Income Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Rick Babich, CFA | 6/$21,777,000,000  |  |  |  |
|  | Jeffrey Peasley | 6/$21,777,000,000  |  |  |  |
| PGIM Fixed Income<sup>††</sup> | Richard Piccirillo | 47/$115,325,422,995 | &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/$115,325,422,995 | &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/$113,188,886,852 | &nbsp;&nbsp; 26/$39,130,981,040<br> *4/$1,564,236,075*<br>| &nbsp;&nbsp; 230/$155,643,434,783<br> *12/$12,343,839,152*<br>|  |
|  | Tyler Thorn | 39/$106,770,597,137 | &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>|  |
| Wellington Management Company LLP | Joseph Marvan, CFA<sup>1</sup> | 16/$16,029,609,808 | &nbsp;&nbsp; 19/$16,501,793,842<br> *1/$7,892,542*<br>| &nbsp;&nbsp; 67/$38,091,206,457<br> *1/$430,381,423*<br>|  |
|  | Campe Goodman, CFA | 15/$16,240,777,057 | &nbsp;&nbsp; 11/$6,734,981,709<br> *1/$1,471,355,577*<br>| &nbsp;&nbsp; 38/$19,138,070,700<br> *1/$430,381,423*<br>|  |
|  | Robert D. Burn, CFA | 15/$16,132,395,341 | &nbsp;&nbsp; 7/$415,104,637<br> *1/$76,052,349*<br>| &nbsp;&nbsp; 34/$18,794,070,658<br> *1/$430,381,423*<br>|  |
|  | Jeremy Forster | 13/$8,778,798,062 |  | &nbsp;&nbsp; 38/$21,734,024,797<br> *1/$430,381,423*<br>|  |
|  | Connor Fitzgerald | 13/$14,225,936,583 | &nbsp;&nbsp; 19/$21,920,415,757<br> *3/$2,851,192,233*<br>| &nbsp;&nbsp; 91/$41,939,975,348<br> *5/$1,019,130,711*<br>|  |
| J.P. Morgan Investment Management <br> Inc.<br>| Richard Figuly | 22/$125,708 million | 8/$31,352 million | &nbsp;&nbsp; 20/$9,618.7 million<br> *1/$2,581.1 million*<br>|  |
|  | Justin Rucker | 11/$78,552.5 million | 11/$25,697.7 million | &nbsp;&nbsp; 20/$19,171 million<br> *1/$2,581.1 million*<br>|  |
|  | Edward Fitzpatrick | 16/$82,652.1 million | 11/$24,093.5 million | &nbsp;&nbsp; 13/$5,591.6 million<br> *2/$412.6 million*<br>|  |
|  | Andy Melchiorre | 19/$100,032.80 million | 10/$28,704.1 million | &nbsp;&nbsp; 19/$8,485.9 million<br> *1/$785.1 million*<br>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Rick Babich, CFA | 6/$21,777,000,000  |  |  |  |
|  | Jeffrey Peasley | 6/$21,777,000,000  |  |  |  |
| Massachusetts Financial Services <br> Company<br>| Jim Fallon | 15 /$10,417,206,040 | 17/$4,134,519,902 | 37/$10,047,164,261 |  |
|  | Matt Krummell, CFA<sup>2</sup> | 15 /$10,417,206,040 | 17/$4,134,519,902 | 30/$9,953,740,155 |  |
|  | Jonathan Sage, CFA | 18/$3,828,009,592 | 19/$5,442,690,728 | 36/$13,505,797,010 |  |

---

------

**39**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** | **AST International Equity Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
|  | Jed Stocks, CFA | 16/$11,130,191,212 | 17/$4,134,519,902 | 37/$10,047,164,261 |  |
|  | Nathan Bryant, CFA<sup>4</sup> | 15/$11,202,409,574 | 17/$4,297,429,833 | 30/$10,485,464,046 |  |
|  | Jenney Zhang, CFA<sup>4</sup> <br>| 15/$11,202,409,574 | 17/$4,297,429,833 | 30/$10,485,464,046 |  |
| PGIM Quantitative Solutions LLC\* | Wen Jin, PhD, CFA | 15/$6,555,283,587.56 | 7/$654,591,326.04 | &nbsp;&nbsp; 10/$4,348,861,606.42<br> *4/$2,203,853,658.42*<br>|  |
|  | Ken D'Souza, CFA | 15/$6,555,283,587.56 | 7/$654,591,326.04 | &nbsp;&nbsp; 10/$4,348,861,606.42<br> *4/$2,203,853,658.42*<br>|  |
|  | Stacie L. Mintz, CFA | 41/$39,947,917,053.40 | 15/$3,822,939,756.76 | &nbsp;&nbsp; 62/$15,559,180,594.34<br> *8/$2,773,188,888.95*<br>|  |
| J.P. Morgan Investment Management <br> Inc.<br>| Tom Murray | 12/$8,249.2 million | 6/$1,937.4 million | 81/$3,820.9 million |  |
|  | James Sutton | 4/$5,889.7 million | 4/$1,876.3 million | 15/$3,472.7 million |  |
|  | Zenah Shuhaiber | 5/$5,891.4 million | 6/$2,673.5 million | &nbsp;&nbsp; 15/$3,472.7 million<br> *1/$122.3 million*<br>|  |
| Jennison Associates LLC\* | Mark B. Baribeau, CFA | 12/$12,303,949,245 | 20/$6,656,183,661 | &nbsp;&nbsp; 24/$6,529,265,547<br> *6/$957,547,504*<br>|  |
|  | Thomas F. Davis | 8/$11,621,907,667 | 16/$6,321,162,128 | &nbsp;&nbsp; 22/$5,856,107,303<br> *6/$957,547,504*<br>|  |
| Putnam Investment Management, LLC | Darren Jaroch, CFA | 15/$59,360,000 | 13/$17,807,000 | 14/$4,448,000 |  |
|  | Lauren DeMore, CFA | 15/$59,360,000 | 13/$17,807,000 | 14/$4,448,000 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Investment Grade Bond Portfolio** | **AST Investment Grade Bond Portfolio** | **AST Investment Grade Bond Portfolio** | **AST Investment Grade Bond Portfolio** | **AST Investment Grade Bond Portfolio** | **AST Investment Grade Bond Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$60,794,679,370.34 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$60,794,679,370.34 |  |  |  |
| PGIM Fixed Income<sup>††,\*</sup> | Richard Piccirillo | 47/$110,078,838,628 | &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/$110,078,838,628 | &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>|  |
|  | Gary Wu, CFA | 42/$8,878,426,966 | &nbsp;&nbsp; 21/$8,954,620,707<br> *3/$1,044,831,528*<br>| &nbsp;&nbsp; 124/$15,770,728,671<br> *3/$225,826,594*<br>|  |
|  | Matthew Angelucci, CFA | 47/$107,942,302,485 | &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/$101,524,012,770 | &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>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST J.P. Morgan Aggressive Multi-Asset Portfolio** | **AST J.P. Morgan Aggressive Multi-Asset Portfolio** | **AST J.P. Morgan Aggressive Multi-Asset Portfolio** | **AST J.P. Morgan Aggressive Multi-Asset Portfolio** | **AST J.P. Morgan Aggressive Multi-Asset Portfolio** | **AST J.P. Morgan Aggressive Multi-Asset 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 Fund** <br> **Securities**<br>|
| J.P. Morgan Investment Management Inc. | Navdeep Saini | 6/$8,854.8 million |  | 1/$114.6 million |  |
|  | Morgan Moriarty, CFA | 9/$9,852.4 million | 4/$1,881.4 million | &nbsp;&nbsp; 47/$14,979.4 million<br> *2/$3,707.3 million*<br>|  |
|  | Gary Herbert, CFA | 11/$18,402.6 million | 18/$28,333.4 million | &nbsp;&nbsp; 5/$5,923.8 million<br> *1/$3,386.4 million*<br>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset 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 Fund** <br> **Securities**<br>|
| J.P. Morgan Investment Management <br> Inc.<br>| Navdeep Saini | 6/$7,412.4 million |  | 1/$114.6 million |  |
|  | Morgan M. Moriarty, CFA | 9/$8,410 million | 4/$1,881.1 million | &nbsp;&nbsp; 47/$14,979.4 million<br> *2/$3,707.3 million*<br>|  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset Portfolio** | **AST J.P. Morgan Conservative Multi-Asset 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 Fund** <br> **Securities**<br>|
|  | Gary Herbert, CFA | 11/$16,960.2 million | 18/$28,333.4 million | &nbsp;&nbsp; 5/$5,923.8 million<br> *1/$3,386.4 million*<br>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST J.P. Morgan Moderate Multi-Asset Portfolio** | **AST J.P. Morgan Moderate Multi-Asset Portfolio** | **AST J.P. Morgan Moderate Multi-Asset Portfolio** | **AST J.P. Morgan Moderate Multi-Asset Portfolio** | **AST J.P. Morgan Moderate Multi-Asset Portfolio** | **AST J.P. Morgan Moderate Multi-Asset 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 Fund** <br> **Securities**<br>|
| J.P. Morgan Investment Management <br> Inc.<br>| Navdeep Saini | 6/$9,361.6 million |  | 1/$114.6 million |  |
|  | Morgan M. Moriarty, CFA | 9/$10,359.2 million | 4/$1,881.1 million | &nbsp;&nbsp; 47/$14,979.4 million<br> *2/$3,707.3 million*<br>|  |
|  | Gary Herbert, CFA | 11/$18,909.4 million | 18/$28,333.4 million | &nbsp;&nbsp; 5/$5,923.8 million<br> *1/$3,386.4 million*<br>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Large-Cap Equity Portfolio** | **AST Large-Cap Equity Portfolio** | **AST Large-Cap Equity Portfolio** | **AST Large-Cap Equity Portfolio** | **AST Large-Cap Equity Portfolio** | **AST Large-Cap Equity Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Rick Babich, CFA | 6/$21,777,000,000  |  |  |  |
|  | Jeffrey Peasley | 6/$21,777,000,000  |  |  |  |
| PGIM Quantitative Solutions LLC\* | Devang Gambhirwala | 66/$19,216,441,071.35 | 3/$407,948,194.98 | &nbsp;&nbsp; 44/$6,407,193,834.20<br> *4/$569,335,230.53*<br>|  |
|  | Stacie L. Mintz, CFA | 41/$40,008,334,878.54 | 15/$3,822,939,756.76 | &nbsp;&nbsp; 62/$15,559,180,594.34<br> *8/$2,773,188,888.95*<br>|  |
| J.P. Morgan Investment Management, <br> Inc.<br>| Scott Davis | 27/$44,940.8 million | 4/$22,521.5 million | &nbsp;&nbsp; 48/$25,319.3 million<br> *3/$502.1 million*<br>|  |
|  | Shilpee Raina | 27/$44,940.8 million | 4/$22,521.5 million | &nbsp;&nbsp; 48/$25,319.3 million<br> *3/$502.1 million*<br>|  |
| ClearBridge Investments, LLC | Michael A. Kagan | 5/$13,502,595,857 | 1/$38,745,442 | 8,368/$3,605,451,915 |  |
|  | Stephen Rigo | 5/$13,502,595,857 | 1/$38,745,442 | 8,368/$3,605,451,915 |  |
| Dimensional Fund Advisors LP | John Hertzer | 32/$219,401,451,667 | 3/$7,480,532,970 | 2/$9,935,865,025 |  |
|  | Jed Fogdall | 130/$656,177,761,992 | &nbsp;&nbsp; 29/$40,414,423,618<br> *1/$195,423,666*<br>| &nbsp;&nbsp; 1,933/$41,320,634,361<br> *4/$1,303,024,601*<br>|  |
|  | Allen Pu | 70/$342,709,880,769 | 16/$30,958,465,231 |  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** |
| **Adviser/Subadvisers** | **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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Rick Babich, CFA | 6/$21,777,000,000  |  |  |  |
|  | Jeffrey Peasley | 6/$21,777,000,000  |  |  |  |
| ClearBridge Investments, LLC | Erica Furfaro | 10/$15,440,454,111 | 5/$3,282,319,347 | 95,071/$37,240,533,020 |  |
|  | Margaret Vitrano | 10/$15,440,454,111 | 5/$3,282,319,347 | 95,071/$37,240,533,020 |  |
| T. Rowe Price Associates, Inc. | Jon Michael Friar | 6/$34,631,295,504 | 62/$60,438,180,773 | 12/$7,428,573,694 |  |
| Jennison Associates LLC\* | Blair A. Boyer | &nbsp;&nbsp; 12/$67,521,670,420<br> *1/$14,502,392,921*<br>| 10/$22,794,967,401 | 33/$13,588,272,124 |  |
|  | Michael A. Del Balso | 5/$17,706,202,525 | 6/$5,693,680,015 | 3/$785,742,268 |  |
|  | Owuraka Koney, CFA | 11/$53,019,277,499 | 9/$21,956,507,337 | 9/$791,148,877 |  |
|  | Natasha Kuhlkin, CFA | &nbsp;&nbsp; 12/$67,521,670,420<br> *1/$14,502,392,921*<br>| 10/$22,523,048,554 | 21/$2,966,447,296 |  |
| J.P. Morgan Investment Management <br> Inc.<br>| Wonseok Choi | 10/$7,759.9 million | 3/$206.7 million | 3/$892.3 million |  |
|  | Ellen Sun | 1/$1,985.8 million | 2/$20.9 million |  |  |
|  | Grace Liu | 1/$1,985.8 million |  |  |  |
| Putnam Investment Management, LLC | Richard Bodzy | 3/$14,814,000 | 11/$9,571,000 | 4/$861,000,000 |  |

---

------

**41**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** | **AST Large-Cap Growth Portfolio** |
| **Adviser/Subadvisers** | **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 Fund** <br> **Securities**<br>|
|  | Greg McCullough, CFA | 3/$14,814,000 | 11/$9,571,000 | 4/$861,000,000 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Large-Cap Value Portfolio** | **AST Large-Cap Value Portfolio** | **AST Large-Cap Value Portfolio** | **AST Large-Cap Value Portfolio** | **AST Large-Cap Value Portfolio** | **AST Large-Cap Value Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Rick Babich, CFA | 6/$21,777,000,000  |  |  |  |
|  | Jeffrey Peasley | 6/$21,777,000,000  |  |  |  |
| Hotchkis and Wiley Capital Management, <br> LLC<br>| George Davis | &nbsp;&nbsp; 24/$23.4 billion<br> *2/$16.8 billion*<br>| &nbsp;&nbsp; 17/$3.9 billion<br> *2/$341 million*<br>| &nbsp;&nbsp; 50/$7.2 billion<br> *4/$1 billion*<br>|  |
|  | Doug Campbell | &nbsp;&nbsp; 24/$23.4 billion<br> *2/$16.8 billion*<br>| &nbsp;&nbsp; 17/$3.9 billion<br> *2/$341 million*<br>| &nbsp;&nbsp; 50/$7.2 billion<br> *4/$1 billion*<br>|  |
|  | Scott McBride | &nbsp;&nbsp; 24/$23.4 billion<br> *2/$16.8 billion*<br>| &nbsp;&nbsp; 17/$3.9 billion<br> *2/$341 million*<br>| &nbsp;&nbsp; 50/$7.2 billion<br> *4/$1 billion*<br>|  |
|  | Patricia McKenna<sup>3</sup> | &nbsp;&nbsp; 24/$23.4 billion<br> *2/$16.8 billion*<br>| &nbsp;&nbsp; 17/$3.9 billion<br> *2/$341 million*<br>| &nbsp;&nbsp; 50/$7.2 billion<br> *4/$1 billion*<br>|  |
| ClearBridge Investments, LLC | Dmitry Khaykin | 4/$3,359,172,392 | 1/$277,073,633 | 4,683/$2,504,046,898 |  |
|  | Deepon Nag | 4/$3,359,172,392 | 1/$277,073,633 | 4,683/$2,504,046,898 |  |
| Dimensional Fund Advisors LP | John Hertzer | 32/$219,401,451,667 | 3/$7,480,532,970 | 2/$9,935,865,025 |  |
|  | Jed Fogdall | 130/$656,177,761,992 | &nbsp;&nbsp; 29/$40,414,423,618<br> *1/$195,423,666*<br>| &nbsp;&nbsp; 1,933/$41,320,634,361<br> *4/$1,303,024,601*<br>|  |
|  | Allen Pu | 70/$342,709,880,769 | 16/$30,958,465,231 |  |  |
| J.P. Morgan Investment Management Inc. | Scott Blasdell | 16/$22,846.1 million | 6/$3,960.8 million | &nbsp;&nbsp; 44/$1,681.2 million<br> *1/$145.9 million*<br>|  |
|  | John Piccard | 3/$10,707.3 million | 1/$81.7 million | 1/$114.7 million |  |
| Putnam Investment Management, LLC | Darren Jaroch, CFA | 15/$58,370,000 | 13/$17,807,000 | 14/$4,448,000 |  |
|  | Lauren DeMore, CFA | 15/$58,370,000 | 13/$17,807,000 | 14/$4,448,000 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Multi-Asset Diversified Plus Portfolio** | **AST Multi-Asset Diversified Plus Portfolio** | **AST Multi-Asset Diversified Plus Portfolio** | **AST Multi-Asset Diversified Plus Portfolio** | **AST Multi-Asset Diversified Plus Portfolio** | **AST Multi-Asset Diversified Plus Portfolio** |
| **Adviser/Subadvisers** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| &nbsp;&nbsp; **Other Accounts/Total** <br> **Assets**<br>| &nbsp;&nbsp; **Ownership of** <br> **Portfolio** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$65,116,647,880.42 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$65,116,647,880.42 |  |  |  |
|  | Saleem Banatwala, CFA | 7/$58,501,505,587.26 |  |  |  |
|  | Todd L. Kerin | 7/$58,501,505,587.26 |  |  |  |
| PGIM Quantitative Solutions LLC\* | &nbsp;&nbsp; George N. Patterson, PhD, <br> CFA, CFP<br>| 120/$85,175,777,993.82 | 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/$42,761,235,003.38 |  | 9/$757,558,014.17 |  |
|  | Marco Aiolfi, PhD | 80/$45,025,094,734.78 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | &nbsp;&nbsp; Edward J. Tostanoski III, <br> CFA<br>| 35/$44,442,288,503.32 | 2/$127,039,838.98 | 1/$159,266,460.44 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** |
| **Adviser/Subadvisers** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| &nbsp;&nbsp; **Other Accounts/Total** <br> **Assets**<br>| &nbsp;&nbsp; **Ownership of** <br> **Portfolio** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$62,423,547,765.23 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$62,423,547,765.23 |  |  |  |
|  | Saleem Banatwala, CFA | 7/$55,808,405,472.07 |  |  |  |
|  | Todd L. Kerin | 7/$55,808,405,472.07 |  |  |  |
| PGIM Quantitative Solutions LLC\* | &nbsp;&nbsp; George N. Patterson, PhD, <br> CFA, CFP<br>| 120/$82,145,461,919.35 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** | **AST Multi-Asset Diversified Portfolio** |
| **Adviser/Subadvisers** | **Portfolio Managers** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| &nbsp;&nbsp; **Other Accounts/Total** <br> **Assets**<br>| &nbsp;&nbsp; **Ownership of** <br> **Portfolio** <br> **Securities**<br>|
|  | Marco Aiolfi, PhD | 80/$43,097,189,363.17 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | Rory Cummings, CFA | 22/$41,214,254,673.82 |  | 9/$757,558,014.17 |  |
|  | &nbsp;&nbsp; Edward Tostanoski III, <br> CFA<br>| 35/$42,514,383,131.71 | 2/$127,039,838.98 | 1/$159,266,460.44 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Multi-Sector Fixed Income Portfolio** | **AST Multi-Sector Fixed Income Portfolio** | **AST Multi-Sector Fixed Income Portfolio** | **AST Multi-Sector Fixed Income Portfolio** | **AST Multi-Sector Fixed Income Portfolio** | **AST Multi-Sector Fixed Income 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 Fund** <br> **Securities**<br>|
| PGIM Fixed Income<sup>††,\*</sup> | Alyssa Davis | 4/$8,766,041,140 | 7/$8,455,956,303 | &nbsp;&nbsp; 138/$121,196,622,266<br> *5/$3,797,624,995*<br>|  |
|  | Lee Friedman, CFA | 35/$12,399,897,633 | 21/$8,796,270,917 | &nbsp;&nbsp; 266/$84,977,807,852<br> *8/$3,810,465,207*<br>|  |
|  | Paul Zetterstrom, CFA | 1/$75,799,348 | 6/$8,190,919,934 | &nbsp;&nbsp; 11/$93,117,041,113<br> *4/$3,003,438,317*<br>|  |
|  | Rajat Shah | 4/$8,766,041,140 | 7/$8,455,956,303 | &nbsp;&nbsp; 244/$233,798,002,251<br> *5/$3,797,624,995*<br>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST PGIM Aggressive Multi-Asset Portfolio** | **AST PGIM Aggressive Multi-Asset Portfolio** | **AST PGIM Aggressive Multi-Asset Portfolio** | **AST PGIM Aggressive Multi-Asset Portfolio** | **AST PGIM Aggressive Multi-Asset Portfolio** | **AST PGIM Aggressive Multi-Asset Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$53,601,777,017.90 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$53,601,777,017.90 |  |  |  |
|  | Todd L. Kerin | 7/$46,986,634,724.74 |  |  |  |
|  | Saleem Z. Banatwala, CFA | 7/$46,986,634,724.74 |  |  |  |
| PGIM Quantitative <br> Solutions LLC\*<br>| George N. Patterson, PhD, CFA, CFP | 116/$73,721,062,318.30 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Manoj Rengarajan, CFA | 22/$36,456,275,069.11 |  | 9/$757,558,014.17 |  |
|  | Marco Aiolfi, PhD | 81/$38,753,826,800.05 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | Rory Cummings, CFA | 22/$36,456,275,069.11 |  | 9/$757,558,014.17 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$64,269,351,033.89 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$64,269,351,033.89 |  |  |  |
|  | Todd L. Kerin | 7/$57,654,208,740.73 |  |  |  |
|  | Saleem Z. Banatwala, CFA | 7/$57,654,208,740.73 |  |  |  |
| PGIM Quantitative <br> Solutions LLC\*<br>| George N. Patterson, PhD, CFA, CFP | 122/$84,327,075,010.16 | 17/$3,949,979,595.74 | &nbsp;&nbsp; 72/$16,476,005,068.95<br> *8/$2,773,188,888.95*<br>|  |
|  | Joel M. Kallman, CFA | 30/$43,097,814,901.01 | 1/$82,614,028.23 | 9/$757,558,014.17 |  |
|  | Marco Aiolfi, PhD | 82/$44,122,206,402.41 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |
|  | Edward J. Tostanoski III, CFA | 37/$43,539,400,170.95 | 2/$127,039,838.98 | 1/$159,266,460.44 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Brian Ahrens | 8/$66,905,219,515.14 |  |  |  |
|  | Andrei O. Marinich, CFA | 8/$66,905,219,515.14 |  |  |  |
|  | Todd L. Kerin | 7/$60,290,077,221.98 |  |  |  |
|  | Saleem Z. Banatwala, CFA | 7/$60,290,077,221.98 |  |  |  |

---

------

**43**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** | **AST Quantitative Modeling Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Quantitative <br> Solutions LLC\*<br>| George N. Patterson, PhD, CFA, CFP | 121/$86,964,162,608.34 | 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 | 23/$44,165,277,895.02 |  | 9/$757,558,014.17 |  |
|  | Marco Aiolfi, PhD | 83/$46,593,960,280.93 | 2/$127,039,838.98 | 10/$916,824,474.61 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AST Small-Cap Equity Portfolio** | **AST Small-Cap Equity Portfolio** | **AST Small-Cap Equity Portfolio** | **AST Small-Cap Equity Portfolio** | **AST Small-Cap Equity Portfolio** | **AST Small-Cap Equity Portfolio** |
| **Adviser/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 Fund** <br> **Securities**<br>|
| PGIM Investments LLC | Rick Babich, CFA | 6/$21,777,000,000  |  |  |  |
|  | Jeffrey Peasley | 6/$21,777,000,000  |  |  |  |
| Driehaus Capital Management LLC | Jeffrey James | 10/$4,853,381,383 | 11/$2,681,171,416 | 45/$3,775,082,959 |  |
|  | Michael Buck | 10/$4,853,381,383 | 11/$2,681,171,416 | 45/$3,775,082,959 |  |
|  | Prakash Vijayan, CFA | 10/$4,853,381,383 | 11/$2,681,171,416 | 45/$3,775,082,959 |  |
| Boston Partners Global Investors, Inc. | George Gumpert | 3/$845,938,888 | 3/$564,055,052 | 67/$3,498,511,756 |  |
| Dimensional Fund Advisors LP | Marc Corona Leblond | 14/$89,001,198,314 | &nbsp;&nbsp; 3/$1,519,519,132<br> *1/$195,423,666*<br>| 18/$8,238,284,791 |  |
|  | Jed Fogdall | 130/$656,177,761,992 | &nbsp;&nbsp; 29/$40,414,423,618<br> *1/$195,423,666*<br>| &nbsp;&nbsp; 1,933/$41,320,634,361<br> *4/$1,303,024,601*<br>|  |
|  | Joel Schneider | 43/$255,082,338,000 |  | 4/$4,071,417,004 |  |
| Hotchkis and Wiley Capital Management, <br> LLC<br>| Judd Peters | &nbsp;&nbsp; 24/$23.4 billion<br> 2/$16.8 billion<br>| &nbsp;&nbsp; 17/$3.9 billion<br> 2/$341 million<br>| &nbsp;&nbsp; 50/$7.2 billion<br> 4/$1 billion<br>|  |
|  | Ryan Thomes | &nbsp;&nbsp; 24/$23.4 billion<br> 2/$16.8 billion<br>| &nbsp;&nbsp; 17/$3.9 billion<br> 2/$341 million<br>| &nbsp;&nbsp; 50/$7.2 billion<br> 4/$1 billion<br>|  |
| TimesSquare Capital Management, LLC | Grant Babyak | 4/$1,880.33 million | 6/$2,312.73 million | &nbsp;&nbsp; 30/$2,069.42 million<br> *2/$74.65 million*<br>|  |
|  | David Ferreiro | 2/$280.29 million | 2/$1,169.01 million | 10/$306.14 million |  |
|  | Greg Vasse | 2/$280.29 million | 3/$1,227.96 million | 11/$306.79 million |  |

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**Notes to Other Account Tables:** 

<sup>1</sup> Joseph Marvan will retire from the Portfolio's portfolio management team effective June 30, 2026.

<sup>2</sup> Matt Krummell has announced his intention to retire from Massachusetts Financial Services Company effective April 7, 2027, and he will no longer be a portfolio manager of the Portfolio as of that date.

<sup>3</sup> Patricia McKenna has announced her intention to retire from Hotchkis and Wiley Capital Management, LLC effective August 1, 2026, and she will no longer be a portfolio manager of the Portfolio as of that date.

<sup>4</sup> Information as of January 31, 2026.

<sup>†</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 sub-subadviser to the Portfolio.

<sup>††</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., also serves as subadviser to the Portfolio.

**Jennison** 

*\** Other Accounts excludes the assets and number of accounts that are managed using model portfolios.

**PGIM Quantitative Solutions**

"Other Pooled Investment Vehicles" includes commingled insurance company separate accounts, commingled trust funds and other commingled investment vehicles. "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. The assets in certain accounts have been estimated due to the availability of information only at the end of calendar quarters.

\* 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 account is included in the number of "Registered Investment Companies" noted above.

**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).

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**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.

**Boston Partners Global Investors, Inc. (Boston Partners)** 

**<u>Compensation</u>** 

Boston Partners' compensation, work environment, and other incentives reflect the value placed on employees as well as the competitive markets in which they live: Boston, London, Los Angeles, New York, and San Francisco. All investment professionals receive a compensation package comprised of an industry competitive base salary, a discretionary bonus and long-term incentives. Through Boston Partners' bonus program, key investment professionals are rewarded primarily for strong investment performance. This aligns the Boston Partners team firmly with clients' objectives and provides the financial and work environment incentives which keep Boston Partners' teams in place and has led to industry leading investment staff continuity and extremely low unplanned staff turnover.

Typically, bonuses are based upon a combination of one or more of the following four criteria:

■

Individual Contribution: an evaluation of the professional's individual contribution based on the expectations established at the beginning of each year;

■

Product Investment Performance: performance of the investment product(s) with which the individual is involved versus the pre-designed index, based on the excess return;

■

Investment Team Performance: the financial results of the investment group with Boston Partners' client assets;

■

Firm-wide Performance: the overall financial performance of Boston Partners.

When employees share in the future growth of the firm, their interests are more closely aligned with those of Boston Partners' clients. Boston Partners' long-term incentive program effectively confers a significant 20-30% ownership interest in the value of the business to key employees. Annual awards are made by the Compensation Committee and are meant to equate to an additional 10-20% of the participants cash bonus awards.

Boston Partners' retains professional compensation consultants with asset management expertise to periodically review its practices to ensure that they remain highly competitive.

**A.** **Conflicts of Interest** 

Boston Partners owes its clients a duty of loyalty and monitors situations in which the interests of its advisory clients may be in conflict with its own interests. Boston Partners identifies business practices that may cause a conflict of interest between it and its clients, discloses such conflicts of interest to clients and develops reasonable procedures to mitigate such conflicts.

Boston Partners has identified the following potential conflicts of interest and the measures it uses to address these matters:

<u>Equitable Treatment of Accounts</u> 

Boston Partners recognizes that potential conflicts may arise from the side-by-side management of registered investment companies and "investment accounts," which include privately offered funds and separately managed accounts of individuals and institutional investors. Where Boston Partners' separately managed accounts are charged performance fees, portfolio managers may be inclined to take investment risks that are outside the scope of such client's investment objectives and strategy. In addition, since Boston Partners' private investment funds charge performance fees and share those fees with portfolio managers, such portfolio managers may also be inclined to take additional investment risks. Boston Partners maintains a Trade Allocation and Aggregation Policy as well as a Simultaneous Management Policy to ensure that client accounts are treated equitably. The CD reviews allocations and dispersion regularly, and accounts within the same strategy are precluded from simultaneously holding a security long and short. There are certain circumstances that would permit a long/short portfolio to take a contra position in a security that is held in another strategy. This happens very infrequently and the contra position is generally not related to the fundamental views of the security (i.e. – initiating a long position in a security at year-end to take advantage of tax-loss selling as a short term investment, or initiating a position based solely on its relative weight in the benchmark to manage investment risk). However, in certain situations, the investment constraints of a strategy, including but not limited to country, region, industry or benchmark, may result in a different investment thesis for the same security. Each situation is fully vetted and approved by the firm's Chief Investment Officer ("CIO") or his designee. Risk Management performs periodic reviews to ensure the product's risk exposures are within reasonable bounds of the investment strategy.

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Furthermore, since Boston Partners charges a performance fee on certain accounts, and in particular these accounts may receive "new issues" allocations, Boston Partners has a conflict of interest in allocating new issues to these accounts. Boston Partners maintains an IPO Allocation Policy and the CD assists in, and/or reviews, the allocation of new issues to ensure that IPO are being allocated among all eligible accounts in an equitable manner.

<u>Utilizing Brokerage to Advantage Boston Partners</u> 

Boston Partners does not place trades through affiliated brokers. Securities trades are executed through brokerage firms with which Boston Partners maintains other advantageous relationships, such as soft dollars. In these cases, the broker may expect commission business in return. Boston Partners has established a Trade Management Oversight Committee (the "TMOC") to evaluate brokerage services and to review commissions paid to brokers. In addition, Boston Partners maintains a Best Execution Policy and a Soft Dollar Policy to assist in its monitoring efforts. Boston Partners also identifies affiliates of the investment companies for which it acts as investment adviser or sub adviser to ensure it is trading in accordance with applicable rules and regulations.

<u>Directed Brokerage</u> 

Boston Partners faces an inherent conflict since it is in a position to direct client transactions to a broker or dealer in exchange for distribution capacity. Boston Partners maintains policies which prohibit its traders from considering a broker-dealer's distribution capacity for promoting or selling Boston Partners' separate account services, mutual funds, or proprietary funds (collectively "Boston Partners' Services") during the broker selection process. Nor will Boston Partners compensate any broker either directly or indirectly by directing brokerage transactions to that broker for consideration in selling Boston Partners' services.

<u>Mixed Use Allocations and Use of Soft Dollars to Benefit Adviser</u> 

Soft dollar services which have a "mixed use" allocation present a conflict of interest when determining the allocation between those services that primarily benefit Boston Partners' clients and those that primarily benefit Boston Partners. In addition, a conflict of interest exists when Boston Partners uses soft dollars to pay expenses that would normally be paid by Boston Partners. Boston Partners has developed soft dollar policies which require it to make a good faith allocation of "mixed use" services and to document its analysis. In addition, the CD reviews all requests for soft dollars to ensure inclusion under the safe harbor of Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act").

<u>Trade Errors</u> 

A conflict arises when an investment adviser requests a broker/dealer to absorb the cost of a trade error in return for increased trading and/or commissions. Boston Partners prohibits correcting a trade error for any quid pro quo with a broker and has procedures for the proper correction of trade errors.

<u>Principal Transactions</u> 

A principal transaction occurs when an investment adviser, acting for the account of itself or an affiliate buys a security from, or sells a security to a client. An inherent conflict of interest exists since an adviser has an opportunity to transfer unwanted securities from its account to a client's account, sell securities to a client's account at prices above the market, or transfer more favorably priced securities from a client account to its account. Boston Partners generally does not permit the selling of a security from one client account and the purchasing of the same security in another client account if Boston Partners has a principal interest in one of the accounts at the time of the transaction. Additionally, Boston Partners requires that clients give consent by signing subscription agreements to purchase a pooled investment vehicle in which Boston Partners or a related entity has an interest.

<u>Cross Trades</u> 

Cross transactions between clients create an inherent conflict of interest because Boston Partners has a duty to obtain the most favorable price for both the selling client and the purchasing client. Boston Partners generally does not engage in cross trading; however, Boston Partners has procedures to ensure that any cross trade is in the best interests of all clients.

<u>Affiliated Investments</u> 

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Potential conflicts exist if Boston Partners directs client investments into affiliated vehicles in order to increase the size of these vehicles and thereby increase its compensation by (a) lowering overall expenses of the vehicle, some of which Boston Partners may have responsibility for; (b) permitting greater marketing of the vehicle which will generate greater fee revenue for Boston Partners; or (c) allowing Boston Partners or an affiliate to redeem its investment capital in such vehicle. To mitigate any detriment to the client, Boston Partners has product suitability procedures and will obtain a client's consent prior to investing client assets in an affiliated vehicle.

<u>Proprietary Trading Opportunities</u> 

Employees are in a position to take investment opportunities for themselves or Boston Partners before such opportunities are executed on behalf of clients. Employees have a duty to advance Boston Partners' client interests before Boston Partners interests or their personal interests. Boston Partners must assure that employees do not favor their own or Boston Partners' accounts. The Code includes procedures on ethical conduct and personal trading, including preclearance and blackout procedures, to which all employees are subject.

<u>Insider Trading/Non-Public Information</u> 

Employees are in a position to learn material nonpublic information. Such employees are in a position to trade in their personal accounts on such information, to the potential disadvantage of client accounts. The Code addresses insider trading including permissible activities. Employees certify, at least annually, that they are in compliance with the Code.

Boston Partners periodically discusses securities which may be held in client accounts with external investment professionals when sourcing and analyzing investment ideas. These discussions may include but are not limited to economic factors, market outlook, sector and industry views, and general and/or specific information regarding securities. Discussion of specific securities creates a conflict which could disadvantage Boston Partners' clients if the external parties were to act upon this information, including but not limited to front-running and scalping either particular securities or numerous securities in a similar sector to the extent such information is known about Boston Partners' holdings. Boston Partners has policies prohibiting discussion of client investments for non-business purposes and has outlined permissible activities as well as certain other prohibitions when sourcing investment ideas for business purposes.

<u>Value-Added Investors</u> 

A senior executive from a public company or a private company that is a hedge fund, broker-dealer, investment adviser, or investment bank, (collectively "VAIs"), may invest in Boston Partners' private funds. A conflict exists if Boston Partners invests in companies affiliated with a VAI or if a VAI who works at a private company provide material non-public information to Boston Partners or vice versa. Both of these conflicts raise issues with respect to information sharing. Boston Partners has procedures to: i) identify these individuals through its annual outside businesses questionnaire, its annual compliance questionnaire, review of new account start-up documents, and its 5130 and 5131 questionnaires, and ii) monitor conflicts these persons present through its pre-trade compliance system and/or email surveillance.

<u>Selective Disclosure</u> 

Selective disclosure occurs when material information is given to a single investor, or a limited group of investors, and not to all investors at the same time. This practice may allow one set of investors to profit on undisclosed information prior to giving others the same opportunity. In order to prevent this conflict of interest, Boston Partners has procedures regarding the dissemination of account holdings.

<u>Valuation of Client Accounts</u> 

Because Boston Partners calculates its own advisory fees, it has an incentive to over-value such accounts to either increase the fees payable by the client, or to conceal poor performance for an incentive fee. Boston Partners has several safeguards in place to mitigate this conflict. Boston Partners has a policy for the valuation of securities. Boston Partners' Operations Department ("Operations") reconciles cash, holdings, and market values for all client accounts with the client's custodian bank's records on a daily basis. Finally, as part of Boston Partners annual financial review, external auditors review a sample of client fee invoices.

<u>Representing Clients</u> 

At times, clients may request Boston Partners represent their interests in class action litigation, bankruptcies or other matters. Boston Partners' expertise lies in investment management and has an inherent conflict of interest if cast in any other role. When possible, Boston Partners' investment management agreements include provisions that Boston Partners will not act on behalf of the client in class actions, bankruptcies or matters of litigation.

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<u>Outside Business Activities</u> 

An employee's outside business activities may conflict with the employee's duties to Boston Partners and its clients. Boston Partners requires all employees to disclose any outside employment to the CD, who, in conjunction with the employee's supervisor and the Director of HR, will identify any potential conflicts. In the event that a resolution to the conflict cannot be reached, the employee may be asked to terminate either his outside employment or his position with Boston Partners.

<u>Business Gifts and Entertainment</u> 

Boston Partners employees periodically give or receive gifts from clients. Boston Partners employees host clients or receive entertainment provided by a client. Such gifts or entertainment may be considered efforts to gain unfair advantage. Boston Partners maintains a Gifts and Entertainment policy and has developed a Supplemental Policy guide for employees regarding certain types of Gifts and Entertainment. Generally, employees are not permitted to give or receive Gifts of more than $100 in value, per person, per year. Entertainment that is normal or customary in the industry is considered appropriate. Employees should consult the CD if they are unsure about a particular Gift or value of Entertainment.

<u>Illegal or Unethical Behavior</u> 

Unethical or illegal conduct by employees damages Boston Partners' ability to meet its fiduciary duties to clients. Employees are required to report to management any actual or suspected illegal or unethical conduct on the part of other employees of which they become aware or any situations in which they are concerned about the "best course of action." In addition, employees are required to certify annually that they are in compliance with this Manual. Regardless of whether a government inquiry occurs, Boston Partners views seriously any violation of this Manual. Disciplinary sanctions may be imposed on any employee committing a violation of this Manual.

<u>Proxy Voting</u> 

Boston Partners' proxy voting authority for its clients puts Boston Partners in a position where its interests may conflict with the best interests of its clients when determining how to vote. Boston Partners has a proxy voting policy and has engaged an outside vendor to execute proxies according to this policy. Boston Partners has a procedure to handle conflicts of interest, which may arise in voting client securities.

<u>Consulting Relationships</u> 

Boston Partners may purchase software, educational programs and peer group information from consulting firms that represent Boston Partners clients. Due to the lack of payment transparency, these relationships could give rise to improper activity on the part of the investment adviser or the consultant. Products purchased from consultants must serve a legitimate need for Boston Partners' business and may not be acquired to influence a consultant's recommendation of Boston Partners.

**ClearBridge Investments, LLC (ClearBridge or the Firm)** 

*COMPENSATION*. ClearBridge's portfolio managers participate in a competitive compensation program that is designed to attract and retain outstanding investment professionals and closely align the interests of its investment professionals with those of its clients and overall firm results. The total compensation program includes a significant incentive component that rewards high performance standards, integrity, and collaboration consistent with the firm's values. Portfolio manager compensation is reviewed and modified each year as appropriate to reflect changes in the market and to ensure the continued alignment with the goals stated above. ClearBridge's portfolio managers and other investment professionals receive a combination of base compensation and discretionary compensation, comprising a cash incentive award and deferred incentive plans described below.

*Base salary compensation*. Base salary is fixed and primarily determined based on market factors and the experience and responsibilities of the investment professional within the firm.

*Discretionary compensation*. In addition to base compensation managers may receive discretionary compensation.

Discretionary compensation can include:

■

Cash Incentive Award

■

Deferred Compensation - mandatory programs that typically defer a portion of discretionary year-end compensation into company managed funds. Portfolio Managers generally have required allocations in their main product, with the option to invest in additional managed funds. As a result, Portfolio Managers may have up to 100% of this award allocated to their primary managed product or its performance. For research analysts, 100% of the deferred amount is allocated among our managed funds. For U.S.-based

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employees, these investments are company assets held on the balance sheet and distributed to employees as shares, subject to applicable vesting requirements. Outside the United States, a third-party administrator tracks the performance as a notional investment, which is then paid out to employees in cash following vesting requirements.

■

Restricted Stock Deferral – a mandatory program that typically defers a portion of discretionary year-end compensation into Franklin Resources restricted stock. The award is paid out to employees in shares subject to vesting requirements.

Several factors are considered by ClearBridge Senior Management when determining discretionary compensation for portfolio managers. These include but are not limited to:

■

Investment performance. A portfolio manager's compensation is linked to the pre-tax investment performance of the fund/accounts managed by the portfolio manager. Investment performance is calculated for 1-, 3-, and 5-year periods measured against the applicable product benchmark (e.g., a securities index and, with respect to a fund, the benchmark set forth in the fund's Prospectus) and relative to applicable industry peer groups. The greatest weight is generally placed on 3- and 5-year performance;

■

Appropriate risk positioning that is consistent with the strategy's investment philosophy and approach to generation of alpha;

■

Overall firm profitability and performance;

■

Amount and nature of assets managed by the portfolio manager;

■

Contributions for asset retention, gathering and client satisfaction;

■

Contribution to mentoring, coaching and/or supervising;

■

Contribution and communication of investment ideas in ClearBridge's Investment meetings and on a day to day basis; and

■

Market compensation survey research by independent third parties.

*POTENTIAL CONFLICTS OF INTEREST.* 

Potential conflicts of interest may arise when the fund's portfolio managers also have day-to-day management responsibilities with respect to one or more other funds or other accounts, as is the case for the fund's portfolio managers.

The subadviser and the fund have adopted compliance policies and procedures that are designed to address various conflicts of interest that may arise for the subadviser and the individuals that each employs. For example, the subadviser seeks to minimize the effects of competing interests for the time and attention of portfolio managers by assigning portfolio managers to manage funds and accounts that share a similar investment style. The subadviser has also adopted trade allocation procedures that are designed to facilitate the fair allocation of investment opportunities among multiple funds and accounts. There is no guarantee, however, that the policies and procedures adopted by the subadviser and the fund will be able to detect and/or prevent every situation in which an actual or potential conflict may appear. These potential conflicts include:

*Allocation of Limited Time and Attention.* A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. The effects of this potential conflict may be more pronounced where funds and/or accounts overseen by a particular portfolio manager have different investment strategies.

*Allocation of Investment Opportunities.* If a portfolio manager identifies an investment opportunity that may be suitable for multiple funds and/or accounts, the opportunity may be allocated among these several funds or accounts, which may limit a fund's ability to take full advantage of the investment opportunity. The subadviser has adopted policies and procedures to ensure that all accounts, including the fund, are treated equitably.

*Pursuit of Differing Strategies.* At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and/or accounts for which he or she exercises investment responsibility, or may decide that certain of the funds and/or accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and/or accounts.

*Selection of Broker/Dealers*. In addition to executing trades, some broker/dealers provide brokerage and research services (as those terms are defined in Section 28(e) of the 1934 Act), which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial to certain funds or accounts than to others. For this reason, the subadviser has formed a brokerage committee that reviews, among other things, the allocation of brokerage to broker/dealers, best execution and soft dollar usage.

*Variation in Compensation.* A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ among the funds and/or accounts that he or she manages. If the structure of the manager's management fee (and the percentage paid to the subadviser) differs among funds and/or accounts (such as where certain funds or accounts pay higher management fees or performance-based management fees), the portfolio manager might be motivated to help certain funds and/or accounts over others. The portfolio manager might be motivated to favor funds and/or accounts in which he or she has an interest or in which the manager and/or

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its affiliates have interests. Similarly, the desire to maintain assets under management or to enhance the portfolio manager's performance record or to derive other rewards, financial or otherwise, could influence the portfolio manager in affording preferential treatment to those funds and/or accounts that could most significantly benefit the portfolio manager.

**Dimensional Fund Advisors LP (Dimensional)** 

*DESCRIPTION OF COMPENSATION STRUCTURE.* Portfolio managers receive a base salary and bonus. Compensation of a portfolio manager is determined at the discretion of Dimensional and is based on a portfolio manager's experience, responsibilities, the perception of the quality of his or her work efforts and other subjective factors. The compensation of portfolio managers is not directly based upon the performance of the Portfolios or other accounts that the portfolio managers manage. Dimensional reviews the compensation of each portfolio manager annually and may make modifications in compensation as it deems necessary to reflect changes in the market. Each portfolio manager's compensation consists of the following:

■

Base salary - Each portfolio manager is paid a base salary. Dimensional considers the factors described above to determine each portfolio manager's base salary.

■

Annual Bonus - Each portfolio manager may receive an-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

Portfolio managers may be awarded the right to purchase restricted shares of the stock of Dimensional, as determined from time to time by Dimensional's Board of Directors or its delegates. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all employees.

In addition, portfolio managers may be given the option of participating in Dimensional's Long-Term Incentive Plan. The level of participation for eligible employees may be dependent on overall level of compensation, among other considerations. Participation in this program is not based on or related to the performance of any individual strategies or any particular client accounts.

*POTENTIAL CONFLICTS OF INTEREST.* Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to multiple accounts. Other accounts may include registered mutual funds (other than the Portfolios) and exchange-traded funds, other unregistered pooled investment vehicles, and other accounts managed for organizations and individuals ("Accounts"). An Account may have similar investment objectives to a Portfolio, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by a Portfolio. Actual or apparent conflicts of interest include:

■

Time Management. The management of the Portfolios and/or Accounts may result in a portfolio manager devoting unequal time and attention to the management of the Portfolios and/or Accounts. Dimensional seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the Portfolios.

■

Investment Opportunities. It is possible that at times identical securities will be held by a Portfolio and one or more Accounts. However, positions in the same security may vary and the length of time that a Portfolio or an Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that maybe suitable for a Portfolio and one or more Accounts, the Portfolio may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Accounts. To deal with these situations, Dimensional has adopted procedures for allocating portfolio transactions across the Portfolios and other Accounts.

■

Performance-Based Fees. For some Accounts, Dimensional may be compensated based on the profitability of the Account, such as by a performance-based management fee. These incentive compensation structures may create a conflict of interest for Dimensional with regard to Accounts where Dimensional is paid based on a percentage of assets because the portfolio manager may have an incentive to allocate securities preferentially to the Accounts where Dimensional might share in investment gains.

■

Investment in an Account. A portfolio manager or his/her relatives may invest in an Account that he or she manages, and a conflict may arise where he or she may therefore have an incentive to treat an Account in which the portfolio manager or his/her relatives invest preferentially as compared to the Portfolios or other Accounts for which he or she has portfolio management responsibilities.

Dimensional has adopted certain compliance procedures that are reasonably designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

**Driehaus Capital Management LLC. (Driehaus)** 

COMPENSATION. Each lead portfolio manager, portfolio manager and assistant portfolio manager is paid a fixed salary plus a bonus. Bonuses are determined based on the terms of a Revenue Sharing Plan for each team and include a base amount calculated as a percentage of management fees paid by the accounts managed. In addition, if the performance of a given strategy exceeds certain percentile benchmarks when compared to its peer group (primarily using Morningstar rankings), the bonus pool increases as a percentage of the management fees paid by the accounts managed within a strategy. Messrs. Buck and Vijayan also receive a bonus

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based on a percentage of their salary, which has both subjective and objective components. If Driehaus declares a profit-sharing plan contribution, the lead portfolio managers, portfolio managers and assistant portfolio managers also would receive such contribution. Each lead portfolio manager, portfolio manager and assistant portfolio manager participates in a deferred compensation plan.

CONFLICTS OF INTEREST. The portfolio managers may manage the assets of more than one registered investment company (for this section only, each a "Fund"), other pooled investment vehicles and/or other accounts (collectively, the "Accounts") for Driehaus. Both clients and affiliated persons of Driehaus, including the portfolio managers, may own interests in these Accounts. The same or related securities may be appropriate and desirable investments for both a Fund and the Accounts (including another fund) and they may compete in the marketplace for the same investment opportunities, which may be limited. In addition, transactions by the Accounts in securities held by a Fund or that a Fund is seeking to buy or sell (or transactions in related securities) may have an adverse impact on the prices that a Fund pays for those securities or can realize upon sale, or on the ability of Driehaus to buy or sell the desired amount of such securities for a Fund at favorable prices. This is particularly true when the Accounts' transactions occur at a point in time close to when trades in the same or related securities are effected for a Fund. This presents a conflict between the interests of the Fund and the interests of the Accounts as well as the affiliates of Driehaus who invest in the Accounts.

Conflicts also may arise between the interests of a Fund and the interests of Driehaus and its affiliates, including the portfolio managers. These conflicts can occur as one or more of the Accounts pay advisory fees to Driehaus, including performance-based compensation, at a higher rate than the rate of fees paid by the Fund. In addition, Driehaus' affiliates, including the Fund's portfolio managers, may personally own interests in the Accounts or have other financial incentives (including that a portfolio manager's compensation is based, in part, on assets under management). For example, portfolio managers could favor an Account over a Fund when dividing their time and attention between them or when presented with limited investment opportunities that would be desirable and suitable for both a Fund and the Accounts or when making trading decisions.

Driehaus, through trade allocation and other policies and procedures, seeks to manage these conflicts of interest to reduce any adverse effects on either a Fund or the Accounts. These policies and procedures include requirements that transactions by a Fund and the Accounts in the same securities that occur on the same day are average priced when feasible and allocated on a fair and equitable basis. In addition, Driehaus conducts periodic reviews of transactions in and holdings of the same or related securities by a Fund and the Accounts for compliance with the Driehaus' policies and procedures.

**Hotchkis and Wiley Capital Management, LLC (HWCM)** 

*COMPENSATION DISCLOSURE.* The Investment Team, including portfolio managers, is compensated in various forms, which may include one or more of the following: (i) a base salary, (ii) bonus, (iii) profit sharing and (iv) equity ownership. Compensation is used to reward, attract and retain high quality investment professionals.

The Investment Team is evaluated and accountable at three levels. The first level is individual contribution to the research and decision-making process, including the quality and quantity of work achieved. The second level is teamwork, generally evaluated through contribution within sector teams. The third level pertains to overall portfolio and firm performance.

Fixed salaries and discretionary bonuses for investment professionals are determined by the Chief Executive Officer of the Advisor using tools which may include annual evaluations, compensation surveys, feedback from other employees and advice from members of the firm's Executive and Compensation Committees. The amount of the bonus is determined by the total amount of the firm's bonus pool available for the year, which is generally a function of revenues. No investment professional receives a bonus that is a pre-determined percentage of revenues or net income. Compensation is thus subjective rather than formulaic.

The portfolio managers of the Funds own equity in the Advisor. The Advisor believes that the employee ownership structure of the firm will be a significant factor in ensuring a motivated and stable employee base going forward. The Advisor believes that the combination of competitive compensation levels and equity ownership provides the Advisor with a demonstrable advantage in the retention and motivation of employees. Portfolio managers who own equity in the Advisor receive their pro rata share of the Advisor's profits. Investment professionals may also receive contributions under the Advisor's profit sharing/401(k) plan.

Finally, the Advisor maintains a bank of unallocated equity to be used for those individuals whose contributions to the firm grow over time. If any owner should retire or leave the firm, the Advisor has the right to repurchase their ownership thereby increasing the equity bank. This should provide for smooth succession through the gradual rotation of the firm's ownership from one generation to the next.

The Advisor believes that its compensation structure/levels are more attractive than the industry norm, which is illustrated by the firm's lower-than-industry-norm investment personnel turnover.

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*DESCRIPTION OF MATERIAL CONFLICTS OF INTEREST.* From time to time, potential and actual conflicts of interest may arise between a portfolio manager's management of the investments of a Fund, on the one hand, and the management of other accounts, on the other hand. For example, the Investment Team also manages institutional accounts and other mutual funds in several different investment strategies. The portfolios within an investment strategy are managed using a target portfolio; however, each portfolio may have different restrictions, cash flows, tax and other relevant considerations which may preclude a portfolio from participating in certain transactions for that investment strategy. Consequently, the performance of portfolios may vary due to these different considerations. The Investment Team may place transactions for one investment strategy that are directly or indirectly contrary to investment decisions made on behalf of another investment strategy. Hotchkis also provides model portfolio investment recommendations to sponsors without trade execution or additional services. The timing of model delivery recommendations will vary depending on the contractual arrangement with the program Sponsor. As a result, depending on the program arrangement and circumstances surrounding a trade order, H&W's discretionary clients may receive prices that are more favorable than those received by a client of a program Sponsor or vice versa. The Advisor may be restricted from purchasing more than a limited percentage of the outstanding shares of a company or otherwise restricted from trading in a company's securities due to other regulatory limitations. If a company is a viable investment for more than one investment strategy, the Advisor has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably. Additionally, potential and actual conflicts of interest may also arise as a result of the Advisor's other business activities and the Advisor's possession of material non-public information about an issuer, which may have an adverse impact on one group of clients while benefiting another group. In certain situations, Hotchkis will purchase different classes of securities of the same company (e.g. senior debt, subordinated debt, and or equity) in different investment strategies which can give rise to conﬂicts where Hotchkis may advocate for the beneﬁt of one class of security which may be adverse to another security that is held by clients of a different strategy. Hotchkis seeks to mitigate the impact of these conﬂicts on a case by case basis.

Different types of accounts and investment strategies may have different fee structures. Additionally, certain accounts pay the Advisor performance-based fees, which may vary depending on how well the account performs compared to a benchmark. Because such fee arrangements have the potential to create an incentive for the Advisor to favor such accounts in making investment decisions and allocations, the Advisor has adopted policies and procedures reasonably designed to ensure that all of its clients are treated fairly and equitably, including in respect of allocation decisions, such as initial public offerings.

Since accounts are managed to a target portfolio by the Investment Team, adequate time and resources are consistently applied to all accounts in the same investment strategy. Investment personnel of the ﬁrm or its afﬁliates may be permitted to be commercially or professionally involved with an issuer of securities. Any potential conﬂicts of interest from such involvement would be monitored for compliance with the ﬁrm's Code of Ethics.

Hotchkis utilizes soft dollars to obtain brokerage and research services, which may create a conﬂict of interest in allocating clients' brokerage business. Research services may be used in servicing any or all of H&W's clients (including model portfolio delivery clients) across all of the firm's investment strategies, and may beneﬁt certain client accounts more than others. Certain discretionary client accounts may also pay a less proportionate amount of commissions for research services. If a research product provides both a research and a non-research function, H&W will make a reasonable allocation of the use and pay for the non-research portion with hard dollars. Hotchkis will make decisions involving soft dollars in a manner that satisﬁes the requirements of Section 28(e) of the Securities Exchange Act of 1934.

**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.

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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:

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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.

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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.

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Market benchmarks

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Financial performance of product strategies

The qualitative factors reviewed for the portfolio managers may include:

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The quality of the portfolio manager's investment ideas and consistency of the portfolio manager's judgment;

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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

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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 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.

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.

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*<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.

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*<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 instructions. 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.

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*<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 invest their assets in the same issuer, but at different levels in the capital structure. As a result, in these positions could be inconsistent or in potential or actual conflict with each other.

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*<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.

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*<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 non-discretionary models that are derived from discretionary portfolios can be communicated before or after the discretionary portfolio has traded. The non-discretionary clients could be disadvantaged if

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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.

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*<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.

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*<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 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.

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*<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 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.

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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.

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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.

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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.

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Jennison has adopted a code of ethics and policies relating to personal trading.

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Jennison has adopted a conflicts of interest policy and procedures.

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Jennison provides disclosure of these conflicts as described in its Form ADV brochure.

**J.P. Morgan Investment Management Inc. (JP Morgan)** 

*POTENTIAL CONFLICTS.*

The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the portfolio ("Similar Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing J.P. Morgan Investment Management Inc. (JP Morgan)'s and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

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JPMorgan and/or its affiliates ("JPMorgan Chase") perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan's policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan's other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time.

**Acting for Multiple Clients**. In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when portfolios or accounts managed by JPMIM ("Other Accounts") engage in short sales of the same securities held by a Portfolio, JPMIM could be seen as harming the performance of a Portfolio for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which a Portfolio invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which a Portfolio has also invested and these activities could have an adverse effect on the Portfolio. For example, if a Portfolio holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the Portfolio (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the Portfolio invests may use the proceeds of the Portfolio's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the Portfolio's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, a Portfolio will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients. JP Morgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the portfolio or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JP Morgan and its affiliates or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JP Morgan or its affiliates could be viewed as having a conflict of interest to the extent that JP Morgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JP Morgan's or its affiliate's employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JP Morgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JP Morgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JP Morgan and its affiliates may be perceived as causing accounts they manages to participate in an offering to increase JP Morgan's or its affiliates' overall allocation of securities in that offering.

A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JP Morgan or its affiliates manage accounts that engage in short sales of securities of the type in which the portfolio invests, JP Morgan or its affiliates could be seen as harming the performance of the Portfolio for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

As an internal policy matter, JP Morgan may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JP Morgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude a portfolio from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the portfolio's objectives.

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The goal of JP Morgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JP Morgan and its affiliates have policies and procedures that seek to manage conflicts. JP Morgan and its affiliates monitor a variety of areas, including compliance with portfolio guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JP Morgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (e.g., a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMorgan's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMorgan so that fair and equitable allocation will occur over time.

Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However, the Adviser and its affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of the Adviser or its affiliates so that fair and equitable allocation will occur over time.

*PORTFOLIO MANAGER COMPENSATION.* JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished, in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM Portfolio Managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation – base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of portfolio-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indices or peers over one-, three-, five- and ten-year periods, or, in the case of portfolios designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

The scale and complexity of their investment responsibilities;

Individual contribution relative to the client's risk and return objectives;

Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

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Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision- making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

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Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular portfolio(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

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For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

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For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the portfolio(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.).

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In addition, named Portfolio Managers on a sustainable portfolio(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable portfolio(s).

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To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

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• Reducing or altogether eliminating annual incentive compensation;

• Canceling unvested awards (in full or in part);

• Clawback/recovery of previously paid compensation (cash and / or equity);

• Demotion, negative performance rating or other appropriate employment actions; and

• Termination of employment.

The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan.

In evaluating each portfolio manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indices as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

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| | |
|:---|:---|
| **Name of Fund** | **Benchmark** |
| AST Core Fixed Income Portfolio | Bloomberg US Aggregate Bond Index |
| AST International Equity Portfolio | MSCI EAFE Index (GD) |
| AST J.P. Morgan Fixed Income Central Portfolio | Bloomberg US Aggregate Bond Index |
| AST Large-Cap Equity Portfolio | S&P 500 Index |
| AST Large-Cap Growth Portfolio | Russell 1000 Growth Index |
| AST Large-Cap Value Portfolio | Russell 1000 Value Index |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | 85% MSCI World Index (ND) / 15% Bloomberg US Aggregate Bond Index |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | 40% MSCI World Index (GD) / 60% Bloomberg US Aggregate Bond Index |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | 65% MSCI World Index (ND) / 35% Bloomberg US Aggregate Bond Index |
| AST Aggressive Asset Allocation Portfolio - Equity Income | Russell 1000 Value Index |
| AST Preservation Asset Allocation Portfolio - Equity Income | Russell 1000 Value Index |
| AST Balanced Asset Allocation Portfolio - Equity Income | Russell 1000 Value Index |
| AST Aggressive Asset Allocation Portfolio- Fixed Income | Bloomberg Global Aggregate Total Return Index (USD Hedged) |
| AST Preservation Asset Allocation Portfolio - Fixed Income | Bloomberg Global Aggregate Total Return Index (USD Hedged) |
| AST Balanced Asset Allocation Portfolio - Fixed Income | Bloomberg Global Aggregate Total Return Index (USD Hedged) |
| AST Aggressive Asset Allocation Portfolio- Large Cap Core | S&P 500 Index |
| AST Preservation Asset Allocation Portfolio - Large Cap Core | S&P 500 Index |
| AST Balanced Asset Allocation Portfolio - Large Cap Core | S&P 500 Index |

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**Massachusetts Financial Services Company (MFS)** 

*COMPENSATION.* MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2025, portfolio manager total cash compensation is a combination of base salary and performance bonus:

Base Salary – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.

Performance Bonus – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each Portfolio/strategy and, when available, ten-, five-, and three-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks"). As of December 31, 2025, the following benchmark was used to measure the following portfolio managers' performance for the following Portfolio:

<u>AST International Equity Portfolio</u> 

Portfolio Manager: Jed Stocks, CFA

Benchmark(s): MSCI All Country World (ex-US) Index (net div)

Portfolio Manager: Nathan Bryant, CFA<sup>1</sup>

Benchmark(s): MSCI All Country World (ex-US) Index (net div)

Portfolio Manager: Jim Fallon

Benchmark(s): MSCI All Country World (ex-US) Index (net div)

Portfolio Manager: Matt Krummell, CFA<sup>2</sup>

Benchmark(s): MSCI All Country World (ex-US) Index (net div)

Portfolio Manager: Jonathan Sage, CFA

Benchmark(s): MSCI All Country World (ex-US) Index (net div)

Portfolio Manager: Jenney Zhang, CFA<sup>1</sup>

Benchmark(s): MSCI All Country World (ex-US) Index (net div)

<sup>1</sup>Became a portfolio manager of the Portfolio after the date referenced above; therefore, information is as of January 1, 2026.

<sup>2</sup>Matt Krummell has announced his intention to retire from Massachusetts Financial Services Company effective April 7, 2027, and he will no longer be a portfolio manager of the Portfolio as of that date.

Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

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The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

MFS Equity Plan – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.

*POTENTIAL CONFLICTS OF INTEREST.* MFS seeks to identify potential conflicts of interest resulting from a portfolio manager's management of both the Portfolio and other accounts, and has adopted policies and procedures reasonably designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.

The management of multiple funds and accounts (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Portfolio's portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest). MFS' trade allocation policies could have a detrimental effect on the Portfolio if the Portfolio's orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Portfolio's investments. Investments selected for funds or accounts other than the Portfolio may outperform investments selected for the Portfolio.

When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Portfolio.

MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Portfolio; for instance, those that pay a higher advisory fee and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its affiliates, its employees, its officers, and/or its directors own or have an interest.

To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.

**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.

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*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, Inc. (PGIM)** 

***COMPENSATION***. The base salary of an investment professional in the PGIM Fixed Income unit of 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 Fixed Income 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, the long-term equity grant and grants under PGIM Fixed Income's long-term incentive plans, is primarily based on such person's contribution to PGIM Fixed Income's goal of providing investment performance to clients consistent with portfolio objectives, guidelines, risk parameters, and its compliance risk management and other policies, 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 solely based on the performance of, or value of assets in, any single account or group of client accounts.

The PGIM Fixed Income unit within PGIM Limited ("PGIM Fixed Income (U.K.)") 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 Fixed Income (U.K.) staff and "material risk takers" of PGIM Fixed Income (U.K.) including those that are based outside the United Kingdom.

An investment professional's annual cash bonus is paid from an annual incentive pool. The pool is developed as a percentage of PGIM Fixed Income's operating income and the percentage used to calculate the pool may be refined by factors such as:

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business initiatives;

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the number of investment professionals receiving a bonus and related peer group compensation;

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financial metrics of the business relative to those of appropriate peer groups; and

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investment performance of portfolios: relative to appropriate peer groups; and/or as measured against relevant investment indices.

Long-term compensation consists of Prudential Financial, Inc. restricted stock and grants under the long-term incentive plan and targeted long-term incentive plan. 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 Fixed Income'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

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defined period of time based on the performance of investment composites representing a number of PGIM Fixed Income'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, PGIM Fixed Income may, in the future, grant carried interest awards which would allow certain investment professionals to receive a portion of the carried interest or other performance-related remuneration related to an investment vehicle or mandate. The CEO of PGIM Fixed Income also receives performance shares which represent the right to receive shares of Prudential Financial, Inc. common stock conditioned upon, and subject to, the achievement of specified financial performance goals by Prudential Financial, Inc. Each of the restricted stock, grants under the long-term incentive plans, and performance shares is subject to vesting requirements.

***CONFLICTS OF INTEREST***. Like other investment advisers, PGIM Fixed Income is subject to various conflicts of interest in the ordinary course of its business. PGIM Fixed Income strives to identify potential risks, including conflicts of interest, that are inherent in its business, and PGIM Fixed Income 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 Fixed Income 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, procedures or other mitigants.

PGIM Fixed Income follows the policies of Prudential Financial, Inc. on business ethics, personal securities trading, and information barriers. PGIM Fixed Income 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 Fixed Income 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 Fixed Income's side-by-side management of multiple accounts can create conflicts of interest. Examples are detailed below, followed by a discussion of how PGIM Fixed Income addresses these conflicts.

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*Performance Fees* - PGIM Fixed Income manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management creates an incentive for PGIM Fixed Income and its investment professionals to favor one account over another. Specifically, PGIM Fixed Income or its affiliates have an incentive to favor accounts for which PGIM Fixed Income or an affiliate 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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*Affiliated accounts* - PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Fixed Income could be considered to have a financial incentive to prefer accounts of affiliates over others. Additionally, at times, PGIM Fixed Income'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 an affiliate. Additionally, PGIM Fixed Income's affiliated investment advisers from time to time allocate their asset allocation clients' assets to PGIM Fixed Income. PGIM Fixed Income has an incentive to favor accounts used by its affiliates for their asset allocation clients to receive more assets from its affiliates.

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*Larger accounts/higher fee strategies* - larger accounts and clients typically generate more revenue than do smaller accounts or clients and certain of PGIM Fixed Income'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 Fixed Income (or which it believes would generate more revenue in the future).

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*Long only and long/short accounts* - PGIM Fixed Income 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 Fixed Income 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 Fixed Income has conflicts of interest in determining the timing and direction of investments.

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*Securities of the same kind or class* - PGIM Fixed Income sometimes buys or sells, or direct or recommend that a client buy or sell, securities of the same kind or class that are purchased or sold for another client at prices that may be different. Although such pricing differences could appear as preferences for one client over another, PGIM Fixed Income'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 Fixed Income executes trades in securities of the same kind or 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 Fixed Income views or treats a security for one client versus another, they generally result from differences in investment strategy, portfolio composition or client direction.

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*Investment at different levels of an issuer's capital structure* - There are times when PGIM Fixed Income 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

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securities or loans of an issuer and other clients hold publicly traded securities of the same issuer. Additionally, PGIM Fixed Income may invest 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 Fixed Income has, input regarding the characteristics and the relative rights and priorities of the various classes or tranches.

When PGIM Fixed Income 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. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, PGIM Fixed Income could find that the interests of a client and the interests of one or more other clients (including affiliated clients) could conflict. In these situations, decisions over proxy voting, corporate reorganizations, how to exit an investment, bankruptcy matters (including, for example, whether to trigger an event of default 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 where PGIM Fixed Income refrains from taking certain actions (including participating in workouts and restructurings) or making investments on behalf of certain clients or where PGIM Fixed Income 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 Fixed Income. 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 Fixed Income 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.

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*Financial interests of investment professionals* - PGIM Fixed Income 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. PGIM Fixed Income may also provide financing to facilitate the investment by its investment professional in certain of its private funds. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial, Inc. In addition, the value of grants under PGIM Fixed Income's long-term incentive plan and targeted long-term incentive plan are affected by the performance of certain client accounts. As a result, PGIM Fixed Income investment professionals have financial interests in accounts managed by PGIM Fixed Income and/or that are related to the performance of certain client accounts.

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*Non-discretionary/limited discretion accounts* - PGIM Fixed Income 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 Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa. Furthermore, a non-discretionary/limited discretion client may 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 Fixed Income is prohibited from sharing information because, for example, the information is non-public.

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*Co-Investments* - From time to time, PGIM Fixed Income 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 Fixed Income is making for their clients (including funds that they manage). Co-investment opportunities may be offered to current clients, investors in PGIM Fixed Income funds or other third parties. Except to the extent a client or investor has entered into an agreement pursuant to which PGIM Fixed Income 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.

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Generally, PGIM Fixed Income's decision to grant co-investment rights will be based on the expectation of a commercial benefit to PGIM Fixed Income 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 Fixed Income manages by such potential Co-Investor. Other factors PGIM Fixed Income may consider in deciding whether or not to grant co-investment rights may 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 its firm or 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 Fixed Income of offering a co-investment opportunity to such potential Co-Investor.

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PGIM Fixed Income may grant co-investment opportunities to Co-Investors on terms and conditions that are more favorable than those of its other clients and investors. For example, such terms may include:

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Management fees and/or incentive compensation (including carried interest) that is reduced or waived;

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Rights to participate in follow-on investments; and

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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.

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Co-investment opportunities will be offered to Co-Investors irrespective of whether the available investment opportunity exceeds the aggregate appetite of PGIM Fixed Income'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 Fixed Income's other clients. This presents a conflict of interest in allocating investment opportunities because PGIM Fixed Income can be considered to have the incentive to allocate a greater portion of an investment opportunity to a Co-Investor than they otherwise would because of the potential commercial benefit to them from the co-investment relationship.

*How PGIM Fixed Income Addresses These Conflicts of Interest.* PGIM Fixed Income has developed policies and procedures reasonably designed to address the conflicts of interest with respect to its different types of side-by-side management described above.

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Each quarter, one or both of PGIM Fixed Income's co-chief investment officers hold a series of meetings with the senior portfolio manager and team responsible for the management of each of PGIM Fixed Income's investment strategies. During these meetings, they review and discuss the investment performance and performance attribution for client accounts managed in the strategy. These meetings generally are also attended by the CEO of PGIM Fixed Income, the head of quantitative analysis and risk management or his designee and a member of the compliance group, among others.

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In keeping with PGIM Fixed Income's fiduciary obligations, its policy with respect to trade allocation is to treat all of its client accounts fairly and equitably over time. PGIM Fixed Income's trade management oversight committee, which generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation. Its compliance group periodically reviews a sampling of new issue allocations and related documentation to confirm compliance with the trade allocation policy. In addition, the compliance and investment risk management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis. This forensic analysis includes such data as the: number of new issues allocated in the strategy; size of new issue allocations to each portfolio in the strategy; profitability of new issue transactions; portfolio turnover; and metrics related to large trade activity, which includes block trades. The results of these analyses are reviewed and discussed at PGIM Fixed Income's trade management oversight committee meetings. The procedures above are designed to detect patterns and anomalies in PGIM Fixed Income's side-by-side management and trading so that it may assess and improve its processes.

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PGIM Fixed Income has procedures that specifically address conflicts related to its side-by-side management of certain long/short and long only portfolios. These procedures are designed to address potential conflicts that could arise from differing positions across accounts, including situations where one account holds a long position in a security while another holds a short position. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts.

*Conflicts Related to PGIM Fixed Income's Affiliations*. As a business unit of PGIM, Inc., an indirect wholly-owned subsidiary of Prudential Financial, Inc., PGIM Fixed Income is part of a diversified, global financial services organization. PGIM Fixed Income 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. Some of its employees are officers of and/or provide services to some of these affiliates.

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Conflicts Related to Investment of Client Assets in Affiliated Funds. PGIM Fixed Income invests client assets in funds that it manages or sub-advises for one or more affiliates. In choosing to invest client assets in such affiliated funds, PGIM Fixed Income could be considered to have a financial incentive to prefer investing client assets in such funds instead of in funds, investments or products managed or sponsored by parties that are not affiliated with PGIM Fixed Income. Investments in affiliated funds may, for example, benefit PGIM Fixed Income and/or its affiliates through increasing assets under management and/or fees. Under certain conditions, PGIM Fixed Income may offset, rebate or otherwise reduce its fees or other compensation with respect to investments in affiliated funds; however, this offset, reduction or rebate, if available, will not necessarily eliminate conflicts, as PGIM Fixed Income could nevertheless be considered to have a financial incentive to favor investing client assets in affiliated funds (because, for example, the fee applicable to the affiliated fund is higher than the amount of any fee waiver, investing in such funds would increase assets under management of such funds or could be viewed as being undertaken solely for the purposes of supporting the commercial growth of PGIM Fixed Income or its affiliates' funds, products or lines of business). Further, if PGIM Fixed Income's affiliates provide initial funding to or otherwise invest in affiliated funds, PGIM Fixed Income is incentivized to invest client assets in such funds in order to facilitate the redemption of all or part of its affiliates' interest in such affiliated fund. PGIM Fixed Income also invests cash collateral from securities lending transactions in some of these funds. These investments benefit PGIM Fixed Income and/or its affiliate through increasing assets under management and/or fees.

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*Conflicts Related to Referral Fees to Affiliates.* From time to time, PGIM Fixed Income has arrangements where PGIM Fixed Income compensates affiliated parties for client referrals. PGIM Fixed Income 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 Fixed Income's products or if PGIM Fixed Income establishes certain other advisory relationships. These investments benefit both PGIM Fixed Income and its affiliates through increasing assets under management and fees.

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*Conflicts Related to Co-investment by Affiliates.* PGIM Fixed Income 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.

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The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund may be more liquid at the time of the affiliate's redemption than it is at times when other investors may wish to withdraw all or part of their interests.

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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.

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PGIM Fixed Income 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 Fixed Income affiliates, from time to time, hedge some or all of the risks associated with their investments in certain funds PGIM Fixed Income manages. PGIM Fixed Income may provide 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 Fixed Income's affiliated insurance companies (the "Insurance Affiliates"), trading by these general accounts, including PGIM Fixed Income's trades on behalf of the accounts, may affect the market prices or limit the availability of the securities or instruments transacted. Although PGIM Fixed Income 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.

PGIM Fixed Income believes that the conflicts related to its affiliations described above are mitigated by its allocation policies and procedures, its supervisory review of accounts and its procedures with respect to side-by-side management, including of long only and long/short accounts.

*Conflicts Related to Financial Interests and the Financial Interests of Affiliates* 

Prudential Financial, the general accounts of the Insurance Affiliates, PGIM Fixed Income and other affiliates of PGIM at times have financial interests in, or relationships with, companies whose securities or related instruments PGIM Fixed Income holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Fixed Income 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 Fixed Income on behalf of PGIM Fixed Income's client accounts. For example:

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PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients.

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PGIM Fixed Income's affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for PGIM Fixed Income clients.

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PGIM Fixed Income invests in the debt securities of companies whose equity is held by its affiliates.

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PGIM Fixed Income's affiliates hold public and private debt and equity securities of a large number of issuers. PGIM Fixed Income invests in some of the same issuers for other client accounts. For example:

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Affiliated accounts have held and can in the future hold the senior debt of an issuer whose subordinated debt is held by PGIM Fixed Income'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.

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To the extent permitted by applicable law, PGIM Fixed Income 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 Fixed Income's interest in having the debt repaid creates a conflict of interest. PGIM Fixed Income has adopted a refinancing policy to address this conflict.

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Certain of PGIM Fixed Income's affiliates' directors or officers are directors or officers of issuers in which PGIM Fixed Income invests from time to time. These issuers could also be service providers to PGIM Fixed Income or its affiliates.

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PGIM Fixed Income has an internal arrangement outlining the respective areas of investment focus of its business and the business of an asset management affiliate. This arrangement aims to streamline sourcing and provide clarity by specifying the types of investments that each affiliate may pursue in areas of potential overlap (for instance, certain segments of the private credit market). As a result of this arrangement, there will be certain potentially beneficial investment opportunities that PGIM Fixed Income will decline to pursue for its clients.

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In addition, PGIM Fixed Income 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 Fixed Income 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.* 

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At times, PGIM Fixed Income 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 Fixed Income does not purchase securities issued by Prudential Financial or other affiliates for client accounts.

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In certain instances, PGIM Fixed Income'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 Fixed Income would generally be unable to invest in, divest securities of or share investment

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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.

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PGIM Fixed Income faces conflicts of interest in determining whether to accept MNPI. For example, PGIM Fixed Income 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 Fixed Income 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 Fixed Income 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 the borrowers/issuers for its clients that invest in corporate bonds or other public securities.

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PGIM Fixed Income'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 Fixed Income 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 Fixed Income or Prudential Financial if such thresholds are exceeded. In some cases, these restrictions or sales could have an adverse impact on client account performance.

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Legal and regulatory constraints may limit certain client accounts from participating in specific investment transactions with others. Consequently, PGIM Fixed Income might allocate these opportunities in a manner that excludes some accounts, even if they could benefit. While this could impact the performance of affected accounts and create a conflict of interest, PGIM Fixed Income is committed to its allocation policy which is to seek to distribute investment opportunities fairly and equitably over time.

*Conflicts Related to Investment Consultants*. Many of PGIM Fixed Income's clients and prospective clients retain investment consultants (including discretionary investment managers and Outsourced Chief Investment Officer (OCIO) providers) to advise them on the selection and review of investment managers (including with respect to the selection of investment funds). PGIM Fixed Income has dealings with these investment consultants in their roles as discretionary managers or non-discretionary advisers to their clients. PGIM Fixed Income also has independent business relationships with investment consultants.

PGIM Fixed Income provides investment consultants with information about accounts that it manages for the consultant's clients (and similarly, PGIM Fixed Income provides information about funds in which such clients are invested), in each case pursuant to authorization from the clients. PGIM Fixed Income 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 Fixed Income often responds to requests for proposals in connection with those searches.

Other interactions PGIM Fixed Income has with investment consultants include the following:

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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;

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it invites investment consultants to events or other entertainment hosted by PGIM Fixed Income;

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it purchases software applications, market data, access to databases, technology services and other products or services from certain investment consultants; and

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it sometimes pays for the opportunity to participate in conferences organized by investment consultants.

PGIM Fixed Income will provide clients with information about its relationship with the client's investment consultant upon request. In general, PGIM Fixed Income 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 Fixed Income.

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 the Employee Retirement Income Security Act of 1974, as amended (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 Fixed Income retains third party advisors and other service providers to provide various services for PGIM Fixed Income as well as for funds that PGIM Fixed Income manages or sub-advises. Some service providers provide services to PGIM Fixed Income or one of PGIM Fixed Income's funds while also providing services to other PGIM units, other PGIM-advised funds, or affiliates of PGIM, and negotiate rates in the context of the overall relationship. PGIM Fixed Income can benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM Fixed Income 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 Fixed Income will know of such negotiated fee rates.

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*Conflicts Related to Valuation and Fees*. When client accounts hold illiquid or difficult to value investments, PGIM Fixed Income 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 Fixed Income could be viewed as having an incentive to provide higher valuations. PGIM Fixed Income 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 Fixed Income's internal valuations.

*Conflicts Related to Securities Lending and Reverse Repurchase Fees*. In certain cases, when PGIM Fixed Income manages a client account and also serves as securities lending agent and/or engages in reverse repurchase transactions for the account, PGIM Fixed Income 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 Fixed Income 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 Fixed Income is acting as securities lending agent and providing reverse repurchase services for the same client, PGIM Fixed Income may be incented 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 (and any future carried interest grants) and targeted long-term incentive plan, PGIM Fixed Income's portfolio managers from time to time have financial interests related to the investment performance of some, but not all, of the accounts 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 Fixed Income'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 small number of its investment strategies is covered under PGIM Fixed Income's targeted long-term incentive plan. Further, for certain PGIM Fixed Income investment professionals, participation interests in the targeted long-term incentive plan constitute a significant percentage of their total long-term compensation. To address potential conflicts related to these financial interests, PGIM Fixed Income has procedures, including trade allocation and supervisory review procedures, designed to confirm that each of its client accounts is managed in a manner that is consistent with PGIM Fixed Income's fiduciary obligations, as well as with the account's investment objectives, investment strategies and restrictions. For example, one or both of PGIM Fixed Income's co-chief investment officers review performance among similarly managed accounts on a quarterly basis during a series of meetings with the senior portfolio manager and team responsible for the management of each investment strategy. These quarterly investment strategy review meetings generally are also attended by the CEO of PGIM Fixed Income, the head of quantitative analysis and risk management or his designee and a member of the compliance group, among others.

*Conflicts Related to the Offer and Sale of Securities*. Certain of PGIM Fixed Income'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 is an incentive for PGIM Fixed Income'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 Fixed Income employees creates a conflict when they are trading the same securities or types of securities as PGIM Fixed Income trades on behalf of its clients. This conflict is mitigated by PGIM Fixed Income's personal trading standards and procedures.

*Conflicts Related to Outside Business Activity*. From time to time, certain of PGIM Fixed Income employees or officers engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM Fixed Income's personal conflicts of interest and outside business activities policy. Actual and potential conflicts of interest are analyzed during such approval process. PGIM Fixed Income could be restricted in trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activity, obtains material, non-public information regarding an issuer.

**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.

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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. 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 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.

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*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 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.

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*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 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.

**PGIM Real Estate.** 

*COMPENSATION*. PGIM Real Estate's compensation philosophy is to provide a competitive total compensation package that engages, motivates and retains top talent while rewarding the achievement of outstanding business results obtained while modeling our Principles and Leadership Competencies.

PGIM Real Estate's Portfolio Managers are compensated based on the overall performance of PGIM Real Estate, Portfolio Investment Performance relative to benchmarks and absolute and relative levels of individual performance and contribution.

There are generally three elements of total compensation: base salary, annual incentive cash bonus and long term compensation.

Base salary levels are reviewed annually to determine if adjustments are required due to individual performance, job scope change and/or a comparison to market compensation data.

Annual cash bonus awards are determined based on individual contributions to firm performance and relative placement in the market range. The annual cash bonus pool is determined by senior management based on several PGIM Real Estate financial performance measures and other factors including investment performance and organization/talent development.

Individuals at the Vice President level and above are also eligible to receive long term compensation in the form of an annual long term grant. The grant is a combination of deferred cash and Prudential Restricted Stock and cliff vests in three years. During that period, the value of the grant increases or decreases based on the performance of the accounts on which the participant works directly and the performance of all discretionary equity real estate accounts that PGIM Real Estate manages. The increase or decrease in the award for individuals who do not work directly on specific portfolios, e.g., research, transactions and client relations, is based on the performance of all the accounts under management.

Additional, select senior managers are eligible to participate in an incentive fee sharing program (carried interest) for closed-end funds.

*CONFLICTS OF INTEREST.* PGIM Real Estate is a division of PGIM, Inc. (PGIM), which is an indirect, wholly-owned subsidiary of Prudential Financial and is part of a full scale global financial services organization, affiliated with insurance companies, investment advisers and broker-dealers. PGIM Real Estate's portfolio managers are often responsible for managing multiple accounts, including accounts of affiliates, institutional accounts, mutual funds, insurance company separate accounts and various pooled investment vehicles, such as commingled trust funds and unregistered funds. These affiliations and portfolio management responsibilities may cause potential and actual conflicts of interest. PGIM Real Estate aims to conduct itself in a manner it considers to be the most fair and consistent with its fiduciary obligations to all of its clients, including the Fund.

Management of multiple accounts and funds side-by-side may raise potential conflicts of interest relating to the allocation of investment opportunities, the aggregation and allocation of trades and cross trading. PGIM Real Estate has developed policies and procedures designed to address these potential conflicts of interest.

There may be restrictions imposed by law, regulation or contract regarding how much, if any, of a particular security PGIM Real Estate may purchase or sell on behalf of a Fund, and as to the timing of such purchase or sale. Such restrictions may come into play as a result of PGIM Real Estate's relationship with Prudential Financial and its other affiliates. The Fund may be prohibited from engaging in transactions with its affiliates even when such transactions may be beneficial for the Fund. Certain affiliated transactions are permitted in accordance with procedures adopted by the Fund and reviewed by the Independent Trustees of the Fund.

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PGIM Real Estate may come into possession of material, non-public information with respect to a particular issuer and as a result be unable to execute purchase or sale transactions in securities of such issuer for a Fund. PGIM Real Estate, on behalf of client portfolios, engages in real estate and other transactions with REITs and real estate operating companies and may thereby obtain material, non-public information about issuers, resulting in restrictions in trading in securities of such issuers. PGIM Real Estate generally is able to avoid certain other potential conflicts due to the possession of material, non-public information by maintaining information barriers to prevent the transfer of this information between units of PGIM Real Estate and PGIM as well as between affiliates and PGIM.

Certain affiliates of PGIM Real Estate develop and may publish credit research that is independent from the research developed within PGIM Real Estate. PGIM Real Estate may hold different opinions on the investment merits of a given security, issuer or industry such that PGIM Real Estate may be purchasing or holding a security for the Fund and an affiliated entity may be selling or recommending a sale of the same security or other securities of the issuer. Conversely, PGIM Real Estate may be selling a security for the Fund and an affiliated entity may be purchasing or recommending a buy of the same security or other securities of the same issuer. In addition, PGIM Real Estate's affiliated broker-dealers or investment advisers may be executing transactions in the market in the same securities as the Fund at the same time. PGIM Real Estate may cause securities transactions to be executed for the Fund concurrently with authorizations to purchase or sell the same securities for other accounts managed by PGIM Real Estate, including proprietary accounts or accounts of affiliates. In these instances, the executions of purchases or sales, where possible, are allocated equitably among the various accounts (including the Fund).

PGIM Real Estate may buy or sell, or may direct or recommend that one client buy or sell, securities of the same kind or class that are purchased or sold for the Fund, at prices which may be different. In addition, PGIM Real Estate may, at any time, execute trades of securities of the same kind or class in one direction for an account and trade in the opposite direction or not trade for any other account, including the Portfolio, due to differences in investment strategy or client direction.

The fees charged to advisory clients by PGIM Real Estate may differ depending upon a number of factors including, but not limited to, the unit providing the advisory services, the particular strategy, the size of a portfolio being managed, the relationship with the client, the origination and service requirements and the asset class involved. Fees may also differ based on account type (e.g., commingled accounts, trust accounts, insurance company separate accounts, and corporate, bank or trust-owned life insurance products). Fees are negotiable so one client with similar investment objectives or goals may be paying a higher fee than another client. Fees paid by certain clients may also be higher due to performance based fees which increase based on the performance of a portfolio above an established benchmark.

Large clients generate more revenue for PGIM Real Estate than do smaller accounts. A portfolio manager may be faced with a conflict of interest when allocating scarce investment opportunities given the benefit to PGIM Real Estate of favoring accounts that pay a higher fee or generate more income for PGIM. To address this conflict of interest, PGIM Real Estate has adopted allocation policies as well as supervisory procedures that are intended to fairly allocate investment opportunities among competing client accounts. PGIM Real Estate manages certain funds that are subject to incentive compensation on a side-by-side basis with other accounts including the Fund.

PGIM Real Estate has implemented policies and procedures to address potential conflicts of interest arising out of such side-by-side management.

Conflicts of interest may also arise regarding proxy voting. A committee of senior business representatives together with relevant regulatory personnel oversees the proxy voting process and monitors potential conflicts of interest relating to proxy voting.

PGIM Real Estate and certain of its affiliates engage in various activities related to investment in real estate. For example, PGIM Real Estate or any of its affiliates may enter into financing arrangements with issuers of real estate securities, including the making of loans secured by the assets or by the credit of the issuer of the real estate securities and may, in certain circumstances, exercise of creditor or other remedies, against the issuer of such real estate securities in connection with such financing arrangements. In addition, PGIM Real Estate or any of its affiliates may buy or sell, or may direct or recommend that another person buy or sell, securities of the same kind or class, or from the same issuer as are purchased or sold for this or any other account under the direction of PGIM Real Estate or any of its affiliates. PGIM Real Estate or its affiliates as a part of its direct investment in real estate on behalf of clients, may obtain material non-public information regarding an issuer of securities that the fund may hold or wish to hold. As a consequence of these activities, PGIM Real Estate's ability to purchase or sell, or to choose the timing of purchase or sale of, real estate securities of a given issuer may be restricted by contract or by applicable laws, including ERISA or federal securities laws.

Prudential Financial and the general account of The Prudential Insurance Company of America (PICA) may at times have various levels of financial or other interests in companies whose securities may be purchased or sold in PGIM's client accounts, including the Portfolio. These financial interests may at any time be in potential or actual conflict or may be inconsistent with positions held or actions taken by PGIM on behalf of the Fund. These interests can include loan servicing, debt or equity financing, services related to advising on merger

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and acquisition issues, strategic corporate relationships or investments and the offering of investment advice in various forms. Thus PGIM may invest Fund assets in the securities of companies with which PGIM or an affiliate of PGIM has a financial relationship, including investment in the securities of companies that are advisory clients of PGIM.

PGIM Real Estate 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 and actual conflicts of interests; however, there is no guarantee that such policies and procedures will detect and will ensure avoidance or disclosure of each and every situation in which a conflict may arise.

**Putnam Investment Management, LLC (Putnam)** 

***Compensation of portfolio managers*** 

Putnam seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually, and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:

**Base salary** Each portfolio manager is paid a base salary.

**Annual bonus** Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash and restricted shares of Franklin Resources, Inc. ("Resources") stock and mutual fund shares. The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by Putnam. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of Putnam and/or other officers of Putnam, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

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*Investment performance.* Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

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*Non-investment performance.* The more qualitative contributions of the portfolio manager to Putnam's business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

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*Responsibilities.* The characteristics and complexity of funds managed by the portfolio manager are factored in Putnam's appraisal.

**Additional long-term equity-based compensation** Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

**Benefits** Portfolio managers also participate in benefit plans and programs available generally to all employees of Putnam.

***Portfolio Transactions*** 

**Potential conflicts of interest in managing multiple accounts.** 

Like other investment professionals with multiple clients, the fund's Portfolio Manager(s) may face certain potential conflicts of interest in connection with managing both the fund and the other accounts listed under **"PORTFOLIO MANAGER(S)" "Others accounts managed"** at the same time. The paragraphs below describe some of these potential conflicts, which Putnam believes are faced by investment professionals at most major financial firms. As described below, Putnam has adopted compliance policies and procedures that attempt to address certain of these potential conflicts.

The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance ("performance fee accounts"), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:

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The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.

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The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.

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The trading of other accounts could be used to benefit higher-fee accounts (front-running).

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The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.

Putnam attempts to address these potential conflicts of interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless of fee structure, on the same footing for investment management purposes. For example, under Putnam's policies:

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Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.

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All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the procedures generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts).

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All trading must be effected through Putnam's trading desks and normal queues and procedures must be followed (i.e., no special treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).

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Front running is strictly prohibited.

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Except as provided in Part I of this SAI, the fund's Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee.

As part of these policies, Putnam has also implemented trade oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts) are being favored over time.

Potential conflicts of interest may also arise when the Portfolio Manager(s) have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited exceptions, Putnam's investment professionals do not have the opportunity to invest in client accounts, other than Putnam funds. However, in the ordinary course of business, Putnam or related persons may from time to time establish "pilot" or "incubator" accounts for the purpose of testing proposed investment strategies and products before offering them to clients. These pilot accounts may be in the form of registered investment companies, private funds such as partnerships or separate accounts established by Putnam or an affiliate. Putnam or an affiliate supplies the funding for these accounts. Putnam employees, including the fund's Portfolio Manager(s), may also invest in certain pilot accounts. Putnam, and to the extent applicable, the Portfolio Managers will benefit from the favorable investment performance of pilot accounts. Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. Putnam's policy is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation — neither favoring nor disfavoring them except as is legally required. For example, pilot accounts are normally included in Putnam's daily block trades to the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).

A potential conflict of interest may arise when the fund and other accounts purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in the best interests of the fund as well as other accounts, Putnam's trading desk may, to the extent permitted by applicable laws and regulations and where practicable, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another in allocating the securities purchased or sold — for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account.

Putnam's trade allocation policies generally provide that each day's transactions in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such accounts (including the fund) in a manner which in Putnam's opinion is equitable to each account and in accordance with the amount being purchased or sold by each account. However, accounts advised or sub-advised by FTIML will only place trades at an execution-only commission rate, whereas other Putnam accounts may pay an additional amount for research and other products and services (a "bundled" or "full service" rate). Putnam may aggregate trades in FTIML accounts with other Putnam accounts that pay a bundled rate as long as all participating accounts pay the same execution rate. To the extent that non-FTIML accounts pay a bundled rate, the FTIML and other Putnam accounts would not be paying the same total commission rate. Certain other exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed on a periodic basis as part of Putnam's trade oversight procedures in an attempt to ensure fairness over time across accounts.

"Cross trades," in which one Putnam account sells a particular security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another account at a higher price than an independent third party would pay, or if

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such trades result in more attractive investments being allocated to higher-fee accounts. Putnam and the fund's Trustees have adopted compliance procedures that provide that any transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by law.

Another potential conflict of interest may arise based on the different goals and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon or different goals, policies or restrictions than the fund. Depending on goals or other factors, the Portfolio Manager(s) may give advice and make decisions for another account that may differ from advice given, or the timing or nature of decisions made, with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio Manager(s) when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts. As noted above, Putnam has implemented trade oversight and review procedures to monitor whether any account is systematically favored over time.

Under federal securities laws, a short sale of a security by another client of Putnam or its affiliates (other than another registered investment company) within five business days prior to a public offering of the same securities (the timing of which is generally not known to Putnam in advance) may prohibit the fund from participating in the public offering, which could cause the fund to miss an otherwise favorable investment opportunity or to pay a higher price for the securities in the secondary markets.

The fund's Portfolio Manager(s) may also face other potential conflicts of interest in managing the fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both the fund and other accounts.

**TimesSquare Capital Management, LLC (TimesSquare)** 

*COMPENSATION*. TimesSquare's Capital Management's compensation program rewards top performing Portfolio Managers and Investment Analysts, promotes retention of key personnel and provides senior leaders with an equity-based stake in the firm. The program is tied exclusively to our client's investment performance and financial results of the firm and our investment business. Moreover, the program is based on a series of clear metrics with investment performance, relative to the appropriate comparative universe and benchmark, carrying the greatest weighting for Portfolio Managers. Investment professionals' compensation is comprised of the following three components: base salaries, an annual bonus plan and significant equity in the firm.

**Base Salaries.** 

Base salaries for investment professionals are targeted at the upper end of relevant peer groups of other institutional investment managers. The firm adjusts base salaries when performance, market data, career path progression or position scope warrant an increase to encourage retention and development of top performers. For key investment decision-makers, variable performance-driven elements, such as the annual bonus and equity in the firm, comprise the substantial majority of total compensation.

**Annual Bonus Plan.** 

Bonuses for portfolio managers and investment analysts are determined primarily by investment performance (and not assets under management) using both manager-relative and benchmark-relative measures over multiple time horizons. Such performance is measured over 1-and 3-year time periods versus the relative benchmarks (Russell 2000 Growth Index for TimesSquare's small cap growth portion of the AST Small-Cap Equity Portfolio). Performance is analyzed on a pre-tax basis.

**Equity Ownership.** 

Senior investment professionals receive significant equity ownership in the firm, subject to a five-year vesting period. Once vested, certain components with vested value are not immediately accessible to further encourage retention. Through this stake in our business, portfolio managers should benefit from client retention and business growth. Currently, substantially all of TimesSquare's senior investment professionals with tenure greater than three years retain ownership.

*CONFLICTS OF INTEREST*. TimesSquare is committed to ensuring that first and foremost any conflicts of interest, whether actual or apparent, are avoided. Towards that aim, TimesSquare implemented and continues to maintain a compliance program that includes written policies and procedures that address reasonably foreseeable potential areas of conflict. TimesSquare has designated a Chief Compliance Officer and provided the resources and support required to ensure that the compliance program remains effective. The following highlights of TimesSquare's compliance program are critical in the firm's avoidance of conflicts of interest.

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**Code of Ethics - Personal Trading Conflicts:** 

As a relatively small entity, TimesSquare treats all personnel as "Access Persons." All personnel are required to follow the Access Person rules as described in detail in its compliance policies and procedures, including preclearance and holdings declarations. To ensure that TimesSquare avoids conflicts of interests its compliance department prohibits individual stock transactions in issues less than $75 billion in market capitalization or in any stock that is held in any portfolios managed by TimesSquare. The $75 billion limitation is extremely effective in avoiding conflicts since TimesSquare primarily manages investment portfolios with small to mid cap market mandates with a market capitalization range below $75 billion for most clients. Access Persons are prohibited from giving or receiving any gift or any series of gifts within a calendar year, of more than $100 in aggregate value to or from any person or entity with whom TimesSquare has a business relationship.

**Investment Opportunity Conflicts:** 

In the event that TimesSquare participates in any initial public offerings and other securities with limited availability (collectively, "IPOs"), TimesSquare allocates IPOs among accounts in a fair and equitable manner over time, taking into consideration factors such as account type, client account objectives and preference, investment restrictions, account sizes, cash availability, and current specific needs. Proprietary accounts managed by TimesSquare are not permitted to invest in IPOs.

Where the actual allocation of an IPO to TimesSquare for its accounts is significantly lower than that originally requested by TimesSquare, the original allocation proportions that TimesSquare determined for our accounts may result in allocations that are not meaningful to certain accounts. In those situations, TimesSquare may allocate the securities received to significantly fewer accounts than originally intended. Those accounts chosen to receive the smaller allocations are selected based on a combination of factors, such as size, cash position, sector allocations, number of positions, diversification among similar companies, and minimization of custodian transaction costs to the client. While TimesSquare's intention is to allocate similar proportional amounts of IPOs to all eligible accounts over time, some accounts may not receive small allocations as a result of this methodology. Portfolio managers and compliance personnel periodically monitor the allocations to client accounts and the dispersion of performance for accounts in an effort to ensure that all accounts are treated fairly and equitably over time.

TimesSquare has implemented a series of internal controls and procedures to address the conflicts of interest associated with its brokerage practices. To determine that it is receiving best execution for its transactions over time, TimesSquare will periodically obtain information as to the general level of commission rates being charged by the brokerage community and will periodically evaluate the overall reasonableness of brokerage commissions paid on client transactions by reference to such data. To the extent TimesSquare has been paying higher commission rates for its transactions, TimesSquare will assess the quality of execution and the services provided by the broker/dealer in order to determine whether these higher commissions are warranted. In some instances, TimesSquare may remove a broker/dealer from the list of firms approved for trading under certain circumstances or may require that the broker/dealer improve its performance before receiving any further orders. In addition, based in part of this best execution analysis, TimesSquare seeks to establish target allocations by broker/dealer on a bi-annual basis. In addition, TimesSquare utilizes the service of a third-party to provide trade cost analysis. The service provider provides relative analysis of TimesSquare's trading activity versus similar market activity in the same timeframe. The service provider typically meets with our Best Execution Oversight Committee on a quarterly basis to review the analysis and discuss any trends noted. The committee also reviews activity in the accounts, including portfolio turnover and other account level commission reports. Findings are analyzed and shared with TimesSquare's management, as needed. Any outstanding issue, including with respect to conflicts of interest in the selection of brokers, may be directed to TimesSquare's Best Execution Oversight Committee.

**Conflict Management:** 

To date, TimesSquare does not believe that it has been faced with a material conflict of interest. However, in the event that a conflict did arise, the firm would follow its written policies in that particular area. As per the firm's policies, the firm's Chief Compliance Officer would be directly involved and charged with the management of the situation. The Chief Compliance Officer would engage senior management as necessary and enlist legal counsel towards reviewing the situation and determining the appropriate course of action to avoid and/or resolve the conflict. To the extent necessary, TimesSquare would also take corrective actions that were consistent with TimesSquare's fiduciary duty and the best interests of its clients. TimesSquare's entire equity growth team is bound by its compliance program that includes written policies and procedures that the firm believes address reasonably foreseeable potential areas of conflict.

**T. Rowe Price Associates, Inc. (T. Rowe Price)** 

**<u>Compensation</u>** 

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The compensation structure for the T. Rowe Price funds' portfolio managers consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and T. Rowe Price Australia, T. Rowe Price Hong Kong, T. Rowe Price Singapore, T. Rowe Price Japan, T. Rowe Price International, and T. Rowe Price Investment Management, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund's prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee and is the same as the selection presented to the directors of the T. Rowe Price funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered

Compensation is viewed with a long-term time horizon. The more consistent a portfolio manager's performance over time, the higher the compensation opportunity. The increase or decrease in a fund's assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund's expense ratio is usually taken into account. Contribution to T. Rowe Price's overall investment process is an important consideration as well. Leveraging ideas and investment insights across applicable investment platforms; working effectively with and mentoring others; and other contributions to our clients, the firm, or our culture are important components of T. Rowe Price's long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, can participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group, and certain vice presidents of T. Rowe Price Group receive supplemental medical/hospital reimbursement benefits.

This compensation structure is used when evaluating the performance of all portfolios managed by the portfolio manager.

**<u>Conflicts of Interest</u>** 

Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, exchange-traded funds, business development companies, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, private funds, and common trust funds. T. Rowe Price also provides nondiscretionary advice to institutional investors in the form of delivery of model portfolios. Like other investment professionals with multiple clients, a fund's portfolio manager(s) may face certain potential conflicts of interest in connection with managing both a fund and other accounts at the same time. T. Rowe Price and the T. Rowe Price funds have adopted various compliance policies and procedures that seek to address and mitigate certain of the potential conflicts that T. Rowe Price and its investment personnel may face in this regard.

Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that they believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. Investments made by a fund and the results achieved by a fund at any given time are not expected to be the same as those made by other funds for which T. Rowe Price acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a fund. This may be attributable to a wide variety of factors, including, but not limited to, large shareholder purchases or redemptions or specific investment restrictions.

The T. Rowe Price funds generally may not purchase shares of stock issued by T. Rowe Price Group, Inc. However, a T. Rowe Price Index Fund is permitted to make such purchases to the extent T. Rowe Price Group, Inc., is represented in the benchmark index the fund is designed to track. T. Rowe Price may execute securities transactions with, and the T. Rowe Price funds and other accounts managed by T. Rowe Price may invest in, the securities of the fund's service providers. In addition, other T. Rowe Price accounts may use the same service providers as the T. Rowe Price funds for the same or different services.

T. Rowe Price and its affiliates furnish investment management and advisory services to numerous clients in addition to the T. Rowe Price funds, and T. Rowe Price or its affiliates may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts that have performance or higher fees paid to T. Rowe Price), which may be the same as or

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different from those made to a T. Rowe Price fund. The management of funds or other accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest by creating an incentive to favor accounts that pay higher fees, including performance fee accounts.

The same portfolio manager(s) could serve as portfolio manager to one or more T. Rowe Price mutual funds or ETFs. That portfolio manager may determine to have one T. Rowe Price mutual fund or ETF (Investing Fund) invest in another T. Rowe Price mutual fund or ETF (Underlying Fund) and may have incentives, such as to support an investment strategy or cash flow needs. Moreover, a situation could occur where the best interests of the Investing Fund could be adverse to the best interests of an Underlying Fund or vice versa. For example, conflicts could arise in voting proxies or purchasing or redeeming shares of the Underlying Fund in a manner beneficial to the Investing Fund but potentially detrimental to the Underlying Fund (or vice versa). The T. Rowe Price funds may be either an Investing Fund or Underlying Fund.

T. Rowe Price and the portfolio managers have a fiduciary duty to act in the best interests of each T. Rowe Price fund. Under the oversight of the Board and pursuant to applicable policies and procedures, T. Rowe Price will carefully analyze any such situation and take all steps it believes necessary to minimize and, where possible, eliminate potential conflicts. The Investing Fund's or Underlying Fund's activities may be limited or restricted because of laws and regulations applicable to T. Rowe Price, the T. Rowe Price fund, or applicable policies and procedures. For example, if a portfolio manager comes into possession of material, non-public information about an Investing Fund or Underlying Fund, the portfolio manager could potentially be restricted from transacting in either fund, which may adversely affect the T. Rowe Price fund. T. Rowe Price, its affiliates, and significant shareholders and any officer, director, shareholder, or employee may or may not have an interest in the securities whose purchase and sale T. Rowe Price recommends to the T. Rowe Price funds. In certain circumstances, a T. Rowe Price employee, officer, or director may serve on the board of a T. Rowe Price fund's portfolio company. In addition, T. Rowe Price may refrain from rendering any advice or services concerning securities of companies of which any of T. Rowe Price's (or its affiliates' or significant shareholders') officers, directors, or employees are directors or officers, or companies in which T. Rowe Price or any of its affiliates or significant shareholders or the officers, directors, and employees of any of them has any substantial interest or possesses material nonpublic information.

Additional potential conflicts may be inherent in our use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer's capital structure, including circumstances in which one or more clients may own private securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer. For example, a client may acquire a loan, loan participation, or loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities (or other assets, instruments, or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, is involved in a merger or acquisition or a going private transaction, decisions over the terms of any workout or transaction will raise conflicts of interests. While it is appropriate for different clients to hold investments in different parts of the same issuer's capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, as the securities they hold will likely have different voting rights, dividend or repayment priorities, or other features that could be in conflict with one another. Clients should be aware that conflicts will not necessarily be resolved in favor of their interests.

In some cases, T. Rowe Price or its affiliates may refrain from taking certain actions or making certain investments on behalf of clients in order to avoid or to mitigate certain conflicts of interest or to prevent adverse regulatory actions or other implications for T. Rowe Price or its affiliates or may sell investments for certain clients, in such case potentially disadvantaging the clients on whose behalf the actions are not taken, investments not made, or investments sold. In other cases, T. Rowe Price or its affiliates may take actions in order to mitigate legal risks to T. Rowe Price or its affiliates, even if disadvantageous to a client.

Conflicts such as those described above may also occur between clients, on the one hand, and T. Rowe Price or its affiliates, on the other. These conflicts will not always be resolved in the favor of the client. In addition, conflicts may exist between different clients of T. Rowe Price or its affiliates. T. Rowe Price and one or more of its affiliates may operate autonomously from each other and may take actions that are adverse to other clients managed by an affiliate. In some cases, T. Rowe Price or its affiliates will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect T. Rowe Price or its affiliates' clients. Additional potential conflicts may be inherent in our use of multiple strategies. Regulatory requirements may prohibit T. Rowe Price or its affiliates from investing in certain companies on behalf of some of their clients, including the T. Rowe Price funds, while at the same time not prohibiting T. Rowe Price or its affiliates from making those same investments on behalf of other clients that are not subject to such requirements. T. Rowe Price's or its affiliates' ability to negotiate certain rights or remedies or to take other actions on behalf of the T. Rowe Price funds with respect to an investment also may be limited in situations in which an affiliate of the T. Rowe Price funds (or certain other interested persons) have a direct or indirect interest in the same issuer. When permitted by applicable law, other clients of T. Rowe Price or its affiliates, on the one hand, and one or more T. Rowe Price funds, on the other hand, may invest in or extend credit to different classes of securities or different parts of the capital structure of a single issuer. T. Rowe Price or its affiliates may pursue

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rights; provide advice or engage in other activities; or refrain from pursuing rights, providing advice, or engaging in other activities, on behalf of themselves or one or more clients other than the T. Rowe Price funds with respect to an issuer in which a T. Rowe Price fund has invested, and such actions (or refraining from action) may have a material adverse effect on such T. Rowe Price fund. In addition, as a result of regulatory requirements or otherwise, in situations in which T. Rowe Price clients hold positions in multiple parts of the capital structure of an issuer, T. Rowe Price or its affiliates may not pursue certain actions that may otherwise be available. T. Rowe Price and its affiliates address these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, T. Rowe Price may determine to rely on one or more information barriers between different advisers, business units, or portfolio management teams or to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of a client. In these situations, investment personnel are mindful of potentially conflicting interests of our clients with investments in different parts of an issuer's capital structure and seek to take appropriate measures to ensure that the interests of all clients are fairly represented. As a result of the various conflicts and related issues described in this paragraph, a T. Rowe Price fund could sustain losses during periods in which T. Rowe Price or its affiliates and other clients of T. Rowe Price or its affiliates achieve profits generally or with respect to particular holdings or could achieve lower profits or higher losses than would have been the case had the conflicts described above not existed.

**Wellington Management Company LLP (Wellington Management)** 

*Portfolio Manager Compensation* 

Wellington Management receives a fee based on the assets under management of the Portfolio as set forth in the Investment Subadvisory Agreement between Wellington Management and the Manager on behalf of the Portfolio. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to a Portfolio. The following information is as of December 31, 2025.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Portfolio's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Portfolio (the "Investment Professional") includes a base salary and incentive components. The base salary for each Investment Professional who is a partner (a Partner) of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. Each Investment Professional is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Portfolio managed by the Investment Professional and generally each other account managed by such Investment Professional. Each Investment Professional's incentive payment relating to the Portfolio is linked to the gross pre-tax performance of the Portfolio managed by the Investment Professional compared to the benchmark index and/or peer group identified below over one, three, and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Investment Professional, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Messrs. Burn, Fitzgerald, Forster, Goodman, and Marvan\* are Partners.

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| | |
|:---|:---|
| **Portfolio** | **Benchmark Index and/or Peer Group for Incentive Period** |
| AST Core Fixed Income Portfolio | Bloomberg US Aggregate Bond Index |

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*Potential Conflicts* 

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. A Portfolio's managers listed in the prospectus who are primarily responsible for the day-to-day management of a Portfolio (Investment Professionals) generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of a Portfolio. The Investment Professionals make investment decisions for each account, including a Portfolio, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Investment

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Professionals may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to a Portfolio and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of a Portfolio.

An Investment Professional or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of a Portfolio, or make investment decisions that are similar to those made for a Portfolio, both of which have the potential to adversely impact a Portfolio depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, an Investment Professional may purchase the same security for a Portfolio and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of a Portfolio's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing a Portfolio. Messrs. Burn, Fitzgerald, Forster, Goodman, and Marvan<sup>\*</sup> also manage accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Investment Professionals are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by a given Investment Professional. Finally, the Investment Professionals may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

\*Joseph Marvan will retire from the Portfolio's portfolio management team effective June 30, 2026.

**OTHER SERVICE PROVIDERS**

**CUSTODIAN.** The Bank of New York Mellon Corp. (BNY), 240 Greenwich Street, New York, New York 10286 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.

**TRANSFER AGENT AND SHAREHOLDER SERVICING AGENT.** PMFS, 655 Broad Street, Newark, New Jersey 07102, serves as the transfer and dividend disbursing agent of the Trust. 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 per shareholder account, a monthly inactive account fee per shareholder account and its out-of-pocket expenses; including but not limited to postage, stationery, printing, allocable communication expenses and other costs.

BNY Mellon Asset Servicing (US) 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 will compensate BNYAS for such services.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.** PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017-6204 served 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.

**DISTRIBUTOR.** The Trust has distribution arrangements with PAD, pursuant to which PAD serves as the distributor for the shares of each Portfolio. PAD, One Corporate Drive, Shelton, Connecticut, 06484, is an affiliate of the Investment Manager.

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**79**

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The Trust's distribution agreement with respect to the Trust and the Portfolios (Distribution Agreement) has been approved by the Board, including a majority of the Independent Trustees, with respect to each Portfolio. The Distribution Agreement will remain in effect from year to year provided that the Distribution Agreement's continuance is approved annually by (i) a majority of the Independent Trustees who are not parties to the agreement and, if applicable, who have no direct or indirect financial interest in the operation of the Shareholder Services and Distribution Plan (the 12b-1 Plan) or any such related agreement, by a vote cast in person at a meeting called for the purpose of voting on such Agreements and (ii) either by a vote of a majority of the Trustees or a majority of the outstanding voting securities (as defined in the 1940 Act) of the Trust, as applicable.

The Trust has adopted the 12b-1 Plan in the manner prescribed under Rule 12b-1 under the 1940 Act. Under the 12b-1Plan, each Portfolio is authorized to pay PAD an annual shareholder services and distribution fee of 0.25% of each Portfolio's average daily net assets.

The shareholder services and distribution fee paid by each Portfolio to PAD is intended to compensate PAD and its affiliates for various administrative services, including but not limited to the filing, printing and delivery of the Trust's prospectus and statement of additional information, annual and semi-annual shareholder reports, and other required regulatory documents, responding to shareholder questions and inquiries relating to the Portfolios, and related functions and services. In addition, pursuant to the 12b-1Plan, the fee is intended to compensate PAD and its affiliates for various services rendered and expenses incurred in connection with activities intended to result in the sale or servicing of the shares of the covered Portfolios. These activities include, but are not limited to, the following:

■

printing and mailing of prospectuses, statements of additional information, supplements, proxy statement materials, and annual and semi-annual reports for current owners of variable life or variable annuity contracts indirectly investing in the shares (the Contracts);

■

reconciling and balancing separate account investments in the Portfolios;

■

reconciling and providing notice to the Trust of net cash flow and cash requirements for net redemption orders;

■

confirming transactions;

■

providing Contract owner services related to investments in the Portfolios, including assisting the Trust with proxy solicitations, including providing solicitation and tabulation services, and investigating and responding to inquiries from Contract owners that relate to the Portfolios;

■

providing periodic reports to the Trust and regarding the Portfolios to third-party reporting services;

■

paying compensation to and expenses, including overhead, of employees of PAD and other broker-dealers and financial intermediaries that engage in the distribution of the shares including, but not limited to, commissions, service fees and marketing fees;

■

printing and mailing of prospectuses, statements of additional information, supplements and annual and semi-annual reports for prospective Contract owners;

■

paying expenses relating to the development, preparation, printing and mailing of advertisements, sales literature, and other promotional materials describing and/or relating to the Portfolios;

■

paying expenses of holding seminars and sales meetings designed to promote the distribution of the shares;

■

paying expenses of obtaining information and providing explanations to Contract owners regarding investment objectives, policies, performance and other information about the Trust and its Portfolios;

■

paying expenses of training sales personnel regarding the Portfolios; and

■

providing other services and bearing other expenses for the benefit of the Portfolios, including activities primarily intended to result in the sale of shares of the Trust.

The 12b-1Plan is of a type known as a "compensation" plan because payments are made for services rendered to the covered Portfolios of the Trust regardless of the level of actual expenditures by PAD. However, as part of their oversight of the operations of the Trust and the 12b-1Plan, the Trustees consider and examine all payments made to PAD and all expenditures by PAD for purposes of reviewing operations under the 12b-1Plan. As required under Rule 12b-1, the 12b-1Plan provides that PAD and any other person(s) authorized to direct the disposition of monies paid or payable by the Portfolios pursuant to the 12b-1Plan or any related agreement will provide to the Board, and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made. Fees payable to PAD under the 12b-1Plan are accrued daily and paid bi-weekly.

The 12b-1Plan and any related agreement will continue in effect, with respect to each Portfolio, for a period of more than one year only so long as such continuance is specifically approved at least annually by a vote of (a) the Board and (b) the Trust's Independent Trustees, cast in person at a meeting called for the purpose of voting on the 12b-1Plan or such agreement, as applicable. In addition, the 12b-1Plan and any related agreement may be terminated at any time with respect to any Portfolio by vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities representing the shares of that Portfolio. The 12b-1Plan may not be amended to increase materially the amount of distribution and shareholder service fees permissible with respect to any Portfolio until it has been approved by the Board and by a vote of at least a majority of the outstanding voting securities representing the shares of that Portfolio.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80**

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The amounts received by PAD from each Portfolio pursuant to the 12b-1 Plan during the most recently completed fiscal year are set out in the table below:

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| | |
|:---|:---|
| **Amounts Received by PAD** |  |
| **Portfolio Name** | **Amount** |
| AST Aggressive Asset Allocation Portfolio | $25209094 |
| AST Balanced Asset Allocation Portfolio | $52815939 |
| AST Bond Portfolio 2026 | $82701 |
| AST Bond Portfolio 2027 | $100063 |
| AST Bond Portfolio 2028 | $160633 |
| AST Bond Portfolio 2029 | $13773 |
| AST Bond Portfolio 2030 | $129526 |
| AST Bond Portfolio 2031 | $176865 |
| AST Bond Portfolio 2032 | $173829 |
| AST Bond Portfolio 2033 | $10934 |
| AST Bond Portfolio 2034 | $22891 |
| AST Bond Portfolio 2035 | $16452 |
| AST Bond Portfolio 2036 | $13229 |
| AST Bond Portfolio 2037 | N/A |
| AST Core Fixed Income Portfolio | $10244050 |
| AST Government Money Market Portfolio | $2010962 |
| AST International Equity Portfolio | $3852439 |
| AST Investment Grade Bond Portfolio | $17104535 |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | $6301180 |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | $9962393 |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | $5058962 |
| AST Large-Cap Equity Portfolio | $4508710 |
| AST Large-Cap Growth Portfolio | $19885120 |
| AST Large-Cap Value Portfolio | $9656322 |
| AST Multi-Asset Diversified Plus Portfolio | $5659076 |
| AST Multi-Asset Diversified Portfolio | $12532568 |
| AST Multi-Sector Fixed Income Portfolio | $24157103 |
| AST PGIM Aggressive Multi-Asset Portfolio | $34021450 |
| AST Preservation Asset Allocation Portfolio | $7534828 |
| AST Quantitative Modeling Portfolio | $1041847 |
| AST Small-Cap Equity Portfolio | $5003512 |

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**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.

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**81**

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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** |
|  | **AST**<br> **Aggressive** <br> **Asset** <br> **Allocation** <br> **Portfolio**<br>| **AST**<br> **Balanced** <br> **Asset** <br> **Allocation**<br> **Portfolio**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2026**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2027**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2028**<br>| **AST** <br> **Bond**<br> **Portfolio**<br> **2029**<br>| **AST** <br> **Bond**<br> **Portfolio**<br> **2030**<br>|
| Gross Income from securities lending activities | &nbsp;&nbsp; $6054229 | &nbsp;&nbsp; $11504707 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Fees and/or compensation for securities lending activities and related services |  |  |  |  |  |  |  |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $(30630) | &nbsp;&nbsp; $(55874) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash collateral investment <br> vehicle)<br>| &nbsp;&nbsp; $(102409) | &nbsp;&nbsp; $(193902) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Indemnification fee not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $(5614430) | &nbsp;&nbsp; $(10697597) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Other fees not included in revenue split (specify) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $(5747469) | &nbsp;&nbsp; $(10947373) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Net Income from securities lending activities | &nbsp;&nbsp; $306760 | &nbsp;&nbsp; $557334 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** |
|  | **AST**<br> **Bond**<br> **Portfolio**<br> **2031**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2032**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2033**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2034**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2035**<br>| **AST**<br> **Bond**<br> **Portfolio**<br> **2036**<br>| **AST**<br> **Core**<br> **Fixed**<br> **Income**<br> **Portfolio**<br>|
| Gross Income from securities lending activities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3066773 |
| Fees and/or compensation for securities lending activities and related services |  |  |  |  |  |  |  |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12450) |
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash collateral investment vehicle)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(51951) |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Indemnification fee not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2875343) |
| Other fees not included in revenue split (specify) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2939744) |
| Net Income from securities lending activities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127029 |

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** |
|  | **AST**<br> **Government**<br> **Money**<br> **Market**<br> **Portfolio**<br>| **AST**<br> **International**<br> **Equity**<br> **Portfolio**<br>| **AST** <br> **Investment Grade** <br> **Bond Portfolio**<br>| **AST** <br> **J.P. Morgan** <br> **Aggressive** <br> **Multi-Asset** <br> **Portfolio**<br>| **AST** <br> **J.P. Morgan** <br> **Conservative** <br> **Multi-Asset** <br> **Portfolio**<br>| **AST** <br> **J.P. Morgan** <br> **Moderate** <br> **Multi-Asset** <br> **Portfolio**<br>| **AST** <br> **Large-Cap** <br> **Equity** <br> **Portfolio**<br>|
| Gross Income from securities lending activities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1265124 | &nbsp;&nbsp; $10321086 | &nbsp;&nbsp; $3217120 | &nbsp;&nbsp; $1161607 | &nbsp;&nbsp; $1081346 | &nbsp;&nbsp; $2288613 |
| Fees and/or compensation for securities lending <br> activities and related services<br>|  |  |  |  |  |  |  |
| Fees paid to securities lending agent from a <br> revenue split<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14392) | &nbsp;&nbsp; $(59892) | &nbsp;&nbsp; $(37968) | &nbsp;&nbsp; $(23179) | &nbsp;&nbsp; $(23873) | &nbsp;&nbsp; $(6952) |
| Fees paid for any cash collateral management <br> service <br> (including fees deducted from a pooled cash <br> collateral investment vehicle)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20560) | &nbsp;&nbsp; $(173672) | &nbsp;&nbsp; $(50897) | &nbsp;&nbsp; $(16811) | &nbsp;&nbsp; $(15492) | &nbsp;&nbsp; $(38814)  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82**

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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** |
|  | **AST**<br> **Government**<br> **Money**<br> **Market**<br> **Portfolio**<br>| **AST**<br> **International**<br> **Equity**<br> **Portfolio**<br>| **AST** <br> **Investment Grade** <br> **Bond Portfolio**<br>| **AST** <br> **J.P. Morgan** <br> **Aggressive** <br> **Multi-Asset** <br> **Portfolio**<br>| **AST** <br> **J.P. Morgan** <br> **Conservative** <br> **Multi-Asset** <br> **Portfolio**<br>| **AST** <br> **J.P. Morgan** <br> **Moderate** <br> **Multi-Asset** <br> **Portfolio**<br>| **AST** <br> **Large-Cap** <br> **Equity** <br> **Portfolio**<br>|
| Administrative fees not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Indemnification fee not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1093126) | &nbsp;&nbsp; $(9517791) | &nbsp;&nbsp; $(2768685) | &nbsp;&nbsp; $(908251) | &nbsp;&nbsp; $(817724) | &nbsp;&nbsp; $(2172618) |
| Other fees not included in revenue split (specify) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Aggregate fees/compensation for securities lending <br> activities<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1128078) | &nbsp;&nbsp; $(9751355) | &nbsp;&nbsp; $(2857550) | &nbsp;&nbsp; $(948241) | &nbsp;&nbsp; $(857089) | &nbsp;&nbsp; $(2218384) |
| Net Income from securities lending activities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $137046 | &nbsp;&nbsp; $569731 | &nbsp;&nbsp; $359570 | &nbsp;&nbsp; $213366 | &nbsp;&nbsp; $224257 | &nbsp;&nbsp; $70229 |

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** |
|  | **AST** <br> **Large-Cap Growth** <br> **Portfolio**<br>| **AST** <br> **Large-Cap** <br> **Value Portfolio**<br>| **AST** <br> **Multi-Asset**<br> **Diversified** <br> **Plus** <br> **Portfolio**<br>| **AST** <br> **Multi-Asset** <br> **Diversified** <br> **Portfolio**<br>| **AST**<br> **Multi-Sector**<br> **Fixed**<br> **Income**<br> **Portfolio**<br>| **AST**<br> **PGIM**<br> **Aggressive**<br> **Multi-Asset**<br> **Portfolio**<br>| **AST**<br> **Preservation**<br> **Asset**<br> **Allocation**<br> **Portfolio**<br>|
| Gross Income from securities lending activities | &nbsp;&nbsp; $9897294 | &nbsp;&nbsp; $13645943 | &nbsp;&nbsp; $4041654 | &nbsp;&nbsp; $7475248 | &nbsp;&nbsp; $17267488 | &nbsp;&nbsp; $9245308 | &nbsp;&nbsp; $856495 |
| Fees and/or compensation for securities lending <br> activities and related services<br>|  |  |  |  |  |  |  |
| Fees paid to securities lending agent from a <br> revenue split<br>| &nbsp;&nbsp; $(28879) | &nbsp;&nbsp; $(46816) | &nbsp;&nbsp; $(17584) | &nbsp;&nbsp; $(39394) | &nbsp;&nbsp; $(55254) | &nbsp;&nbsp; $(54156) | &nbsp;&nbsp; $(4102) |
| Fees paid for any cash collateral <br> management service <br> (including fees deducted from a pooled <br> cash collateral investment vehicle)<br>| &nbsp;&nbsp; $(167423) | &nbsp;&nbsp; $(231572) | &nbsp;&nbsp; $(68623) | &nbsp;&nbsp; $(126659) | &nbsp;&nbsp; $(291912) | &nbsp;&nbsp; $(154879) | &nbsp;&nbsp; $(14440) |
| Administrative fees not included in revenue <br> split<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Indemnification fee not included in revenue <br> split<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $(9406397) | &nbsp;&nbsp; $(12885883) | &nbsp;&nbsp; $(3777784) | &nbsp;&nbsp; $(6917496) | &nbsp;&nbsp; $(16359155) | &nbsp;&nbsp; $(8494167) | &nbsp;&nbsp; $(796561) |
| 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 lending <br> activities<br>| &nbsp;&nbsp; $(9602699) | &nbsp;&nbsp; $(13164271) | &nbsp;&nbsp; $(3863991) | &nbsp;&nbsp; $(7083549) | &nbsp;&nbsp; $(16706321) | &nbsp;&nbsp; $(8703202) | &nbsp;&nbsp; $(815103) |
| Net Income from securities lending activities | &nbsp;&nbsp; $294595 | &nbsp;&nbsp; $481672 | &nbsp;&nbsp; $177663 | &nbsp;&nbsp; $391699 | &nbsp;&nbsp; $561167 | &nbsp;&nbsp; $542106 | &nbsp;&nbsp; $41392 |

---

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

---

| | | |
|:---|:---|:---|
| **Securities Lending Activities** | **Securities Lending Activities** | **Securities Lending Activities** |
|  | **AST**<br> **Quantitative**<br> **Modeling**<br> **Portfolio**<br>| **AST** <br> **Small-Cap** <br> **Equity** <br> **Portfolio**<br>|
| Gross Income from securities lending activities | &nbsp;&nbsp; $184443 | &nbsp;&nbsp; $15437825 |
| Fees and/or compensation for securities lending activities and related services |  |  |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $(625) | &nbsp;&nbsp; $(86544) |
| Fees paid for any cash collateral management service <br> (including fees deducted from a pooled cash collateral investment vehicle)<br>| &nbsp;&nbsp; $(3090) | &nbsp;&nbsp; $(260641) |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Indemnification fee not included in revenue split | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $(174428) | &nbsp;&nbsp; $(14200899) |
| Other fees not included in revenue split (specify) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $(178143) | &nbsp;&nbsp; $(14548084) |
| Net Income from securities lending activities | &nbsp;&nbsp; $6300 | &nbsp;&nbsp; $889741 |

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**83**

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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 Portfolio 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 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"), 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 data bases, 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 them 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 the Investment Manager, is 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84**

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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 Manager has 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 they consider 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. 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. 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 the Trust unless 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:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2025** | **2024** | **2023** |
| AST Aggressive Asset Allocation Portfolio | $1329073 | $1763247 | $2272959 |
| AST Balanced Asset Allocation Portfolio | $2226.178 | $4415653 | $1939026 |
| AST Bond Portfolio 2026 | $3970 | $2944 | $3579 |
| AST Bond Portfolio 2027 | $5391 | $6268 | $9218 |
| AST Bond Portfolio 2028 | $8509 | $16568 | $21384 |
| AST Bond Portfolio 2029 | $1218 | $1939 | $1840 |
| AST Bond Portfolio 2030 | $10679 | $11843 | $14418 |
| AST Bond Portfolio 2031 | $13926 | $19592 | $19213 |
| AST Bond Portfolio 2032 | $15547 | $18792 | $25598 |
| AST Bond Portfolio 2033 | $898 | $1063 | $1275 |
| AST Bond Portfolio 2034 | $2508 | $2578 | $1391  |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2025** | **2024** | **2023** |
| AST Bond Portfolio 2035 | $2174 | $1792 | N/A |
| AST Bond Portfolio 2036 | $1669 | N/A | N/A |
| AST Bond Portfolio 2037\* | N/A | N/A | N/A |
| AST Core Fixed Income Portfolio | $115890 | $572243 | $546620 |
| AST Government Money Market Portfolio |  |  |  |
| AST International Equity Portfolio | $954854 | $539069 | $724501 |
| AST Investment Grade Bond Portfolio | $854651 | $853266 | $1485211 |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | $1090479 | $1785661 | $666731 |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | $595276 | $1471438 | $1063014 |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | $504134 | $1086122 | $680008 |
| AST Large-Cap Equity Portfolio | $141101 | $45182 | $39452 |
| AST Large-Cap Growth Portfolio | $813609 | $938703 | $386855 |
| AST Large-Cap Value Portfolio | $831344 | $1364523 | $563244 |
| AST Multi-Asset Diversified Plus Portfolio | $518579 | $709112 | $940924 |
| AST Multi-Asset Diversified Portfolio | $971707 | $1208665 | $1478444 |
| AST Multi-Sector Fixed Income Portfolio | $211492 | $229668 | $257106 |
| AST PGIM Aggressive Multi-Asset Portfolio | $1898895 | $2022235 | $2565927 |
| AST Preservation Asset Allocation Portfolio | $226574 | $346471 | $573581 |
| AST Quantitative Modeling Portfolio | $52270 | $74840 | $103717 |
| AST Small-Cap Equity Portfolio | $1744413 | $2893960 | $1313062 |

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\*AST Bond Portfolio 2037 launched on January 2, 2026.

The material change in certain Portfolios' brokerage commission is due to the following:

■

AST Bond Portfolio 2026: The increase in broker commissions from 2024 to 2025 is due to the increase in principal trades.

■

AST International Equity Portfolio: In January 2025, the Portfolio was repositioned and was the acquiring portfolio in a merger.

■

AST Large-Cap Equity Portfolio: In January 2025, the Portfolio was repositioned and was the acquiring portfolio in a merger.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2025** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2025** |
| **Portfolio** | **Commissions Paid** | **Broker Name** | &nbsp;&nbsp; **% of Commissions**<br> **Paid to Broker**<br>| &nbsp;&nbsp; **% of Dollar Amt. of Transactions** <br> **Involving Commissions Effected** <br> **through Broker**<br>|
| AST Aggressive Asset Allocation Portfolio | $129306 | J.P. Morgan Securities LLC | 9.73% | 13.46% |
| AST Balanced Asset Allocation Portfolio | $273802 | J.P. Morgan Securities LLC | 12.30% | 9.55% |
| AST Core Fixed Income Portfolio | $37921 | J.P. Morgan Securities LLC | 32.72% | 11.77% |
| AST International Equity Portfolio | $94368 | J.P. Morgan Securities LLC | 9.88% | 8.24% |
| AST Large-Cap Equity Portfolio | $1808 | J.P. Morgan Securities LLC | 1.28% | 46.88% |
| AST Large-Cap Growth Portfolio | $54604 | J.P. Morgan Securities LLC | 6.71% | 55.88% |
| AST Large-Cap Value Portfolio | $38437 | J.P. Morgan Securities LLC | 4.62% | 39.61% |
| AST Multi-Asset Diversified Plus Portfolio | $29858 | J.P. Morgan Securities LLC | 5.76% | 15.25% |
| AST Multi-Asset Diversified Plus Portfolio | $116660 | Morgan Stanley & Co. LLC | 22.50% | 6.71% |
| AST Multi-Asset Diversified Portfolio | $75698 | J.P. Morgan Securities LLC | 7.79% | 7.07% |
| AST Preservation Asset Allocation Portfolio | $39652 | J.P. Morgan Securities LLC | 17.50% | 6.43% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** |
| **Portfolio** | **Commissions Paid** | **Broker Name** | &nbsp;&nbsp; **% of Commissions**<br> **Paid to Broker**<br>| &nbsp;&nbsp; **% of Dollar Amt. of Transactions** <br> **Involving Commissions Effected** <br> **through Broker**<br>|
| AST Aggressive Asset Allocation Portfolio | $149134 | J.P. Morgan Securities LLC | 8.46% | 11.00% |
| AST Balanced Asset Allocation Portfolio | $447392 | J.P. Morgan Securities LLC | 10.13% | 5.69% |
| AST Core Fixed Income Portfolio | $45787 | J.P. Morgan Securities LLC | 8.00% | 11.48% |
| AST International Equity Portfolio | $45850 | J.P. Morgan Securities LLC | 8.51% | 13.51%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2024** |
| **Portfolio** | **Commissions Paid** | **Broker Name** | &nbsp;&nbsp; **% of Commissions**<br> **Paid to Broker**<br>| &nbsp;&nbsp; **% of Dollar Amt. of Transactions** <br> **Involving Commissions Effected** <br> **through Broker**<br>|
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | $138518 | J.P. Morgan Securities LLC | 7.76% | 4.47% |
| AST Large-Cap Equity Portfolio | $942 | J.P. Morgan Securities LLC | 2.08% | 13.48% |
| AST Large-Cap Growth Portfolio | $59948 | J.P. Morgan Securities LLC | 6.39% | 14.11% |
| AST Large-Cap Value Portfolio | $52749 | J.P. Morgan Securities LLC | 3.87% | 12.75% |
| AST Multi-Asset Diversified Plus Portfolio | $42420 | J.P. Morgan Securities LLC | 5.98% | 17.88% |
| AST Multi-Asset Diversified Plus Portfolio | $142772 | Morgan Stanley & Co. LLC | 20.13% | 9.03% |
| AST Multi-Asset Diversified Portfolio | $67516 | J.P. Morgan Securities LLC | 5.59% | 16.49% |
| AST Preservation Asset Allocation Portfolio | $58082 | J.P. Morgan Securities LLC | 16.76% | 11.84% |
| AST Small-Cap Equity Portfolio | $73344 | UBS Securities LLC | 2.53% | 77.42% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2023** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2023** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2023** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2023** | **Brokerage Commissions Paid to Affiliated Brokers: Fiscal Year 2023** |
| **Portfolio** | **Commissions Paid** | **Broker Name** | &nbsp;&nbsp; **% of Commissions**<br> **Paid to Broker**<br>| &nbsp;&nbsp; **% of Dollar Amt. of Transactions** <br> **Involving Commissions Effected** <br> **through Broker**<br>|
| AST Aggressive Asset Allocation Portfolio | $187239 | J.P. Morgan Securities LLC | 8.24% | 12.24% |
| AST Balanced Asset Allocation Portfolio | $219106 | J.P. Morgan Securities LLC | 11.30% | 6.06% |
| AST International Growth Portfolio | $35834 | J.P. Morgan Securities LLC | 4.95% | 15.10% |
| AST Large-Cap Equity Portfolio | $2089 | J.P. Morgan Securities LLC | 5.30% | 11.14% |
| AST Multi-Asset Diversified Plus Portfolio | $61082 | J.P. Morgan Securities LLC | 6.49% | 0.00% |
| AST Multi-Asset Diversified Plus Portfolio | $186730 | Morgan Stanley & Co. LLC | 19.85% | 0.00% |
| AST Multi-Asset Diversified Portfolio | $76915 | J.P. Morgan Securities LLC | 5.20% | 0.00% |
| AST Preservation Asset Allocation Portfolio | $96929 | J.P. Morgan Securities LLC | 16.90% | 0.00% |
| AST Small-Cap Equity Portfolio | $12188 | UBS Securities LLC | 0.93% | 77.87% |

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

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| | | |
|:---|:---|:---|
| **Portfolio Turnover Rate** |  |  |
| **Portfolio Name** | **2025\*** | **2024** |
| AST Aggressive Asset Allocation Portfolio | 65% | 79% |
| AST Balanced Asset Allocation Portfolio | 61% | 138% |
| AST Bond Portfolio 2026 | 65% | 25% |
| AST Bond Portfolio 2027 | 9% | 5% |
| AST Bond Portfolio 2028 | 1% | 1% |
| AST Bond Portfolio 2029 | 2% | 5% |
| AST Bond Portfolio 2030 | 4% | 3% |
| AST Bond Portfolio 2031 | 23% | 14% |
| AST Bond Portfolio 2032 | 14% | 2% |
| AST Bond Portfolio 2033 | 0% | 2% |
| AST Bond Portfolio 2034 | 205% | 96% |
| AST Bond Portfolio 2035 | 153% | 33% |
| AST Bond Portfolio 2036 | 3% | N/A |
| AST Core Fixed Income Portfolio | 175% | 266% |
| AST Government Money Market Portfolio | N/A | N/A |
| AST International Equity Portfolio | 84% | 57% |
| AST Investment Grade Bond Portfolio | 105% | 99% |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | 72% | 240% |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | 21% | 72% |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | 35% | 105%  |

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| | | |
|:---|:---|:---|
| **Portfolio Turnover Rate** |  |  |
| **Portfolio Name** | **2025\*** | **2024** |
| AST Large-Cap Equity Portfolio | 73% | 73% |
| AST Large-Cap Growth Portfolio | 30% | 46% |
| AST Large-Cap Value Portfolio | 44% | 99% |
| AST Multi-Asset Diversified Plus Portfolio | 77% | 100% |
| AST Multi-Asset Diversified Portfolio | 73% | 87% |
| AST Multi-Sector Fixed Income Portfolio | 21% | 16% |
| AST PGIM Aggressive Multi-Asset Portfolio | 73% | 75% |
| AST Preservation Asset Allocation Portfolio | 50% | 70% |
| AST Quantitative Modeling Portfolio | 95% | 92% |
| AST Small-Cap Equity Portfolio | 62% | 173% |

---

\*The AST Bond Portfolio 2037 launched on January 2, 2026.

The significant variation in certain Portfolios' portfolio turnover rate is due to the following:

■

AST Bond Portfolio 2026: Due to algorithmic activity.

■

AST Bond Portfolio 2034: Due to algorithmic activity.

■

AST Bond Portfolio 2035: Due to algorithmic activity.

■

AST Bond Portfolio 2036: The Portfolio launched on January 2, 2025.

**ADDITIONAL INFORMATION**

**FUND HISTORY.** The Trust is a managed, open-end investment company organized as a Massachusetts business trust, the separate Portfolios of which are diversified, unless otherwise indicated. The Trust was organized under the laws of Massachusetts on October 31, 1988. Formerly, the Trust was known as the Henderson International Growth Fund, which consisted of only one Portfolio. The investment manager was Henderson International, Inc. Shareholders of what was, at the time, the Henderson International Growth Fund, approved certain changes in a meeting held April 17, 1992. These changes included engagement of a new investment manager, engagement of a Subadviser, and election of new Trustees. Subsequent to that meeting, the new Trustees adopted a number of resolutions, including, but not limited to, resolutions renaming the Trust. Since that time the Trustees have adopted a number of resolutions, including, but not limited to, making new Portfolios available and adopting forms of Investment Management Agreements and subadvisory agreements between the Investment Managers and the Trust and the Investment Managers and each subadviser, respectively.

The following Portfolios are currently offered:

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| | |
|:---|:---|
| **Portfolio** | **Approximate Date of First Offering or Commencement of Operations** |
| AST Aggressive Asset Allocation Portfolio | December 5, 2005 |
| AST Balanced Asset Allocation Portfolio | December 5, 2005 |
| AST Bond Portfolio 2026 | January 2, 2015 |
| AST Bond Portfolio 2027 | January 4, 2016 |
| AST Bond Portfolio 2028 | January 3, 2017 |
| AST Bond Portfolio 2029 | January 2, 2018 |
| AST Bond Portfolio 2030 | January 2, 2019 |
| AST Bond Portfolio 2031 | January 2, 2020 |
| AST Bond Portfolio 2032 | January 4, 2021 |
| AST Bond Portfolio 2033 | January 2, 2022 |
| AST Bond Portfolio 2034 | January 3, 2023 |
| AST Bond Portfolio 2035 | January 2, 2024 |
| AST Bond Portfolio 2036 | January 2, 2025 |
| AST Bond Portfolio 2037 | January 2, 2026 |
| AST Core Fixed Income Portfolio | November 19, 2007 |
| AST Government Money Market Portfolio | November 10, 1992 |
| AST International Equity Portfolio | January 2, 1997 |
| AST Investment Grade Bond Portfolio | January 28, 2008  |

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| | |
|:---|:---|
| **Portfolio** | **Approximate Date of First Offering or Commencement of Operations** |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | February 10, 2014 |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | May 4, 1993 |
| AST J.P. Morgan Fixed Income Central Portfolio | November 29, 2022 |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | November 19, 2007 |
| AST Large-Cap Equity Portfolio | April 29, 2013 |
| AST Large-Cap Growth Portfolio | May 1, 1996 |
| AST Large-Cap Value Portfolio | January 4, 1994 |
| AST Multi-Asset Diversified Plus Portfolio | December 5, 2005 |
| AST Multi-Asset Diversified Portfolio | March 20, 2006 |
| AST Multi-Sector Fixed Income Portfolio | February 25, 2013 |
| AST PGIM Fixed Income Central Portfolio | June 27, 2022 |
| AST PGIM Aggressive Multi-Asset Portfolio | March 20, 2006 |
| AST Preservation Asset Allocation Portfolio | December 5, 2005 |
| AST Quantitative Modeling Portfolio | May 2, 2011 |
| AST Small-Cap Equity Portfolio | January 4, 1994 |
| AST Target Maturity Central Portfolio | April 25, 2022 |

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The following Portfolios have changed their name within the past five years:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Approximate Effective Date of Name Change** | **Previous Portfolio Name** |
| AST Mid-Cap Value Portfolio | February 22, 2021 | AST Neuberger Berman/LSV Mid-Cap Value Portfolio |
| AST J.P. Morgan Tactical Preservation Portfolio | February 22, 2021 | AST J.P. Morgan Strategic Opportunities Portfolio |
| AST Large-Cap Value Portfolio | February 14, 2022 | AST Hotchkis & Wiley Large-Cap Value Portfolio |
| AST Core Fixed Income Portfolio | February 14, 2022 | AST Western Asset Core Plus Bond Portfolio |
| AST Large-Cap Growth Portfolio | June 13, 2022 | AST T. Rowe Price Large-Cap Growth |
| AST International Equity Portfolio | March 13, 2023 | AST International Growth Portfolio |
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | November 14, 2024 | AST T. Rowe Price Growth Opportunities Portfolio |
| AST J.P. Morgan Conservative Multi-Asset Portfolio | November 14, 2024 | AST J.P. Morgan Tactical Preservation Portfolio |
| AST J.P. Morgan Moderate Multi-Asset Portfolio | November 14, 2024 | AST J.P. Morgan Global Thematic Portfolio |
| AST Small-Cap Equity Portfolio | December 16, 2024 | AST Small-Cap Growth Portfolio |
| AST Large-Cap Equity Portfolio | January 27, 2025 | AST Large-Cap Core Portfolio |
| AST Multi-Asset Diversified Plus Portfolio | May 1, 2025 | AST Academic Strategies Asset Allocation Portfolio |
| AST Multi-Asset Diversified Portfolio | May 1, 2025 | AST Advanced Strategies Portfolio |
| AST Aggressive Asset Allocation Portfolio | May 1, 2025 | AST Capital Growth Asset Allocation Portfolio |
| AST PGIM Aggressive Multi-Asset Portfolio | May 1, 2025 | AST Prudential Growth Allocation Portfolio |

---

The following reorganizations or liquidations occurred within the past five years:

---

| | | |
|:---|:---|:---|
| **Target Portfolio or Liquidated Portfolio** | **Approximate Effective Date** | **Acquiring Portfolio** |
| AST Goldman Sachs Multi-Asset Portfolio | February 22, 2021 | AST J.P. Morgan Conservative Multi-Asset Portfolio |
| AST WEDGE Capital Mid-Cap Value Portfolio | February 22, 2021 | AST Mid-Cap Value Portfolio |
| AST QMA U.S. Equity Alpha Portfolio | October 15, 2021 | AST Large-Cap Equity Portfolio |
| AST Fidelity Institutional AM Quantitative Portfolio | October 15, 2021 | AST T. Rowe Price Asset Allocation Portfolio |
| AST Dimensional Global Core Allocation Portfolio | October 15, 2021 | N/A; Liquidated |
| AST Bond Portfolio 2021 | December 31, 2021 | N/A; Liquidated |
| AST BlackRock Low Duration Bond Portfolio | February 14, 2022 | AST Western Asset Core Plus Bond Portfolio |
| AST BlackRock/Loomis Sayles Bond Portfolio | February 14, 2022 | AST Western Asset Core Plus Bond Portfolio |
| AST Prudential Core Bond Portfolio | February 14, 2022 | AST Western Asset Core Plus Bond Portfolio |
| AST MFS Large-Cap Value Portfolio | February 14, 2022 | AST Hotchkis & Wiley Large-Cap Value Portfolio  |

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**89**

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| | | |
|:---|:---|:---|
| **Target Portfolio or Liquidated Portfolio** | **Approximate Effective Date** | **Acquiring Portfolio** |
| AST T. Rowe Price Large-Cap Value Portfolio | February 14, 2022 | AST Hotchkis & Wiley Large-Cap Value Portfolio |
| AST BlackRock Corporate Bond Portfolio | February 14, 2022 | PSF PGIM Total Return Bond Portfolio\* |
| AST PIMCO Corporate Bond Portfolio | February 14, 2022 | PSF PGIM Total Return Bond Portfolio\* |
| AST Prudential Corporate Bond Portfolio | February 14, 2022 | PSF PGIM Total Return Bond Portfolio\* |
| AST T. Rowe Price Corporate Bond Portfolio | February 14, 2022 | PSF PGIM Total Return Bond Portfolio\* |
| AST Western Asset Corporate Bond Portfolio | February 14, 2022 | PSF PGIM Total Return Bond Portfolio\* |
| AST Jennison Large-Cap Growth Portfolio | June 13, 2022 | AST Large-Cap Growth Portfolio |
| AST Loomis Sayles Large-Cap Growth Portfolio | June 13, 2022 | AST Large-Cap Growth Portfolio |
| AST MFS Growth Portfolio | June 13, 2022 | AST Large-Cap Growth Portfolio |
| AST Goldman Sachs Small-Cap Value Portfolio | June 13, 2022 | AST Small-Cap Value Portfolio |
| AST Small-Cap Growth Opportunities Portfolio | September 12, 2022 | AST Small-Cap Equity Portfolio |
| AST Moderate Multi-Asset Portfolio | December 5, 2022 | AST Balanced Asset Allocation Portfolio |
| AST Bond Portfolio 2022 | January 3, 2023 | N/A; Liquidated |
| AST BlackRock Global Strategies Portfolio | January 23, 2023 | AST J.P. Morgan Conservative Multi-Asset Portfolio |
| AST Cohen & Steers Global Realty Portfolio | January 23, 2023 | AST Cohen & Steers Realty Portfolio |
| AST BlackRock 60/40 Target Allocation ETF Portfolio | February 27, 2023 | AST Balanced Asset Allocation Portfolio |
| AST MFS Growth Allocation Portfolio | February 27, 2023 | AST Aggressive Asset Allocation Portfolio |
| AST BlackRock 80/20 Target Allocation ETF Portfolio | February 27, 2023 | AST Aggressive Asset Allocation Portfolio |
| AST Franklin 85/15 Diversified Allocation Portfolio | February 27, 2023 | AST J.P. Morgan Aggressive Multi-Asset Portfolio |
| AST American Funds Growth Allocation Portfolio | February 27, 2023 | AST PGIM Aggressive Multi-Asset Portfolio |
| AST Wellington Management Hedged Equity Portfolio | February 27, 2023 | AST PGIM Aggressive Multi-Asset Portfolio |
| AST Prudential Flexible Multi-Strategy Portfolio | February 27, 2023 | PSF PGIM Flexible Managed Portfolio\* |
| AST T. Rowe Price Diversified Real Growth Portfolio | February 27, 2023 | PSF PGIM Flexible Managed Portfolio\* |
| AST Western Asset Emerging Markets Debt Portfolio | March 13, 2023 | AST Global Bond Portfolio |
| AST International Value Portfolio | March 13, 2023 | AST International Equity Portfolio |
| AST J.P. Morgan International Equity Portfolio | March 13, 2023 | AST International Equity Portfolio |
| AST QMA International Core Equity Portfolio | March 13, 2023 | AST International Equity Portfolio |
| AST Bond Portfolio 2023 | January 2, 2024 | N/A; Liquidated |
| AST Bond Portfolio 2024 | December 31, 2024 | N/A; Liquidated |
| AST T. Rowe Price Asset Allocation Portfolio | December 9, 2024 | AST Balanced Asset Allocation Portfolio |
| AST T. Rowe Price Fixed Income Central Portfolio | December 9, 2024 | AST PGIM Fixed Income Central Portfolio |
| AST Mid-Cap Growth Portfolio | December 16, 2024 | AST Large-Cap Growth Portfolio |
| AST Mid-Cap Value Portfolio | December 16, 2024 | AST Large-Cap Value Portfolio |
| AST Small-Cap Value Portfolio | December 16, 2024 | AST Small-Cap Equity Portfolio |
| AST Emerging Markets Equity Portfolio | January 13, 2025 | AST International Equity Portfolio |
| AST ClearBridge Dividend Growth Portfolio | January 27, 2025 | AST Large-Cap Equity Portfolio |
| AST Cohen & Steers Realty Portfolio | January 27, 2025 | AST Large-Cap Equity Portfolio |
| AST MFS Global Equity Portfolio | January 27, 2025 | AST Large-Cap Equity Portfolio |
| AST T. Rowe Price Natural Resources Portfolio | January 27, 2025 | AST Large-Cap Equity Portfolio |
| AST Global Bond Portfolio | February 10, 2025 | AST Core Fixed Income Portfolio |
| AST High Yield Portfolio | February 10, 2025 | AST Core Fixed Income Portfolio |

---

\* The Portfolio is a series of The Prudential Series Fund.

If approved by the Trustees, the Trust may add more Portfolios and may cease to offer any existing Portfolios in the future.

**DESCRIPTION OF SHARES AND ORGANIZATION.** As of the date of this SAI, the beneficial interest in the Trust is divided into 34 separate Portfolios, each offering one class of shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90**

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The Trust's Second Amended and Restated Declaration of Trust, dated December 1, 2005, which governs certain Trust matters, permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest with a par value of $0.001 per share. Each share entitles the holder to one vote for the election of Trustees and on all other matters that are not specific to one class of shares, and to participate equally in dividends, distributions of capital gains and net assets of each applicable Portfolio. Only shareholders of shares of a specific Portfolio may vote on matters specific to that Portfolio. Shares of one class may not bear the same economic relationship to the Trust as shares of another class. In the event of dissolution or liquidation, holders of shares of a Portfolio will receive pro rata, subject to the rights of creditors, the proceeds of the sale of the assets held in such Portfolio less the liabilities attributable to such Portfolio. Shareholders of a Portfolio will not be liable for the expenses, obligations or debts of another Portfolio.

No preemptive or conversion rights apply to any of the Trust's shares. The Trust's shares, when issued, will be fully paid, non-assessable and transferable. The Trustees may at any time create additional series of shares without shareholder approval.

Generally, there will not be annual meetings of shareholders of any Portfolio of the Trust. A Trustee may, in accordance with certain rules of the SEC, be removed from office when the holders of record of not less than two-thirds of the outstanding shares either present a written declaration to the Trust's custodian or vote in person or by proxy at a meeting called for this purpose. In addition, the Trustees will promptly call a meeting of shareholders to remove a Trustee(s) when requested to do so in writing by record holders of not less than 10% of the outstanding shares. Finally, the Trustees shall, in certain circumstances, give such shareholders access to a list of the names and addresses of all other shareholders or inform them of the number of shareholders and the cost of mailing their request.

Under Massachusetts law, shareholders could, under certain circumstances, be held liable for the obligations of the Trust. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or the Trustees to all parties, and each party thereto must expressly waive all rights of action directly against shareholders. The Declaration of Trust provides for indemnification out of the Trust's property for all loss and expense of any shareholder of the Trust held liable on account of being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust would be unable to meet its obligations wherein the complaining party was held not to be bound by the disclaimer.

The Declaration of Trust further provides that the Trustees will have no personal liability to any person in connection with the Trust property or affairs of the Trust except for that arising from his bad faith, willful misfeasance, gross negligence or reckless disregard of his duty to that person. All persons must look solely to the Trust property for satisfaction of claims of any nature arising in connection with the Trust's affairs. In general, the Declaration of Trust provides for indemnification by the Trust of the Trustees and officers of the Trust except with respect to any matter as to which the Trustee or officer acted in bad faith, or with willful misfeasance, gross negligence or reckless disregard of his duties.

From time to time, Prudential Financial, Inc. 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.

**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/Address** | **No. Shares / % of Ownership** |
| AST Aggressive Asset Allocation 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>| 192,042,328.635 / 65.71% |
|  | &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>| 18,910,496.654 / 6.47%  |

---

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**91**

------

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 80,715,063.273 / 27.62% |
| AST Balanced Asset Allocation 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>| 483,573,100.277 / 70.24% |
|  | &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>| 56,953,939.358 / 8.27% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 121,504,714.202 / 17.65% |
| AST Bond Portfolio 2026 | &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>| 599,179.824 / 27.82% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 1,470,716.736 / 68.29% |
| AST Bond Portfolio 2027 | &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>| 541,759.688 / 17.06% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 2,510,659.96 / 79.08% |
| AST Bond Portfolio 2028 | &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>| 963,044.004 / 19.95% |
|  | &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>| 388,180.88 / 8.04% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 3,475,287.696 / 71.98% |
| AST Bond Portfolio 2029 | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 244,241.939 / 72.48% |
|  | &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>| 64,738.732 / 19.21% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 27,484.96 / 8.16%  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92**

------

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
| AST Bond Portfolio 2030 | &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>| 909,196.295 / 22.92% |
|  | &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>| 205,969.48 / 5.19% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 2,848,950.112 / 71.83% |
| AST Bond Portfolio 2031 | &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>| 2,881,480.39 / 45.15% |
|  | &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>| 850,126.634 / 13.32% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 2,633,292.164 / 41.26% |
| AST Bond Portfolio 2032 | &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>| 3,234,612.199 / 42.80% |
|  | &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>| 661,565.605 / 8.75% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 3,656,914.101 / 48.39% |
| AST Bond Portfolio 2033 | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 450,000.000 / 70.61% |
|  | &nbsp;&nbsp; PRUDENTIAL INSURANCE CO OF AMERICA<br> PICA SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 50,000.000 / 7.85% |
|  | &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>| 38,356.342 / 6.02% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 95,928.519 / 15.05%  |

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**93**

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---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
| AST Bond Portfolio 2034 | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 450,000.000 / 46.77% |
|  | &nbsp;&nbsp; PRUDENTIAL INSURANCE CO OF AMERICA<br> PICA SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 50,000 / 5.20% |
|  | &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>| 352,429.849 / 36.63% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 70,376.346 / 7.31% |
| AST Bond Portfolio 2035 | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 450,000.000 / 65.89% |
|  | &nbsp;&nbsp; PRUDENTIAL INSURANCE CO OF AMERICA<br> PICA SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 50,000.000 / 7.32% |
|  | &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>| 80,066.981 / 11.72% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 77,872.589 / 11.40% |
| AST Bond Portfolio 2036 | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 499,500.000 / 54.85% |
|  | &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>| 240,254.591 / 26.38% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 145,551.616 / 15.98% |
| AST Bond Portfolio 2037 | &nbsp;&nbsp; PRUCO LIFE INSURANCE COMPANY<br> PLAZ SEED ACCOUNT<br> ATTN PUBLIC INVESTMENT OPS<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 499,500.000 / 98.84% |
| AST Core Fixed Income 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>| 151,016,337.346 / 54.67%  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94**

------

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| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
|  | &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>| 14,495,933.556 / 5.25% |
|  | &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>| 183,91,572.365 / 6.66% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 89,993,282.058 / 32.58% |
| AST Government Money Market 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>| 272,736,316.49 / 35.14% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 456,424,824.13 / 58.81% |
| AST International Equity 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>| 15,397,687.635 / 34.93% |
|  | &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>| 11,943,649.805 / 27.09% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 12,496,563.06 / 28.35% |
| AST Investment Grade Bond 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>| 507,025,668.461 / 65.68% |
|  | &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>| 43,935,412.426 / 5.69% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 220,837,179.075 / 28.61% |
| AST J.P. Morgan Aggressive Multi-Asset 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>| 76,711,965.101 / 90.45% |
|  | &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>| 8,097,829.714 / 9.55%  |

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------

**95**

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---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
| AST J.P. Morgan Conservative Multi-Asset 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>| 90,914,401.827 / 67.35% |
|  | &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>| 11,253,389.797 / 8.34% |
|  | &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>| 98,321,94.065 / 7.28% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 20,784,608.669 / 15.40% |
| AST J.P. Morgan Moderate Multi-Asset 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>| 51,677,439.512 / 73.57% |
|  | &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>| 5,682,373.573 / 8.09% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 12,875,031.529 / 18.33% |
| AST Large-Cap Equity 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>| 20,057,885.467 / 48.15% |
|  | &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>| 5,726,901.449 / 13.75% |
|  | &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>| 2,550,561.597 / 6.12% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 10,230,802.308 / 24.56% |
| AST Large-Cap Growth 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>| 17,216,599.461 / 24.56% |
|  | &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>| 11,417,454.341 / 16.29%  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96**

------

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 15,554,385.57 / 22.19% |
|  | &nbsp;&nbsp; ADVANCED SERIES TRUST<br> AST CAPITAL GROWTH ASSET<br> ALLOCATION PORTFOLIO<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 7,807,251.263 / 11.14% |
|  | &nbsp;&nbsp; ADVANCED SERIES TRUST<br> AST BALANCED ASSET<br> ALLOCATION PORTFOLIO<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 11,837,686.693 / 16.89% |
| AST Large-Cap Value 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>| 19,605,865.703 / 32.47% |
|  | &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>| 5,596,613.602 / 9.27% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 15,242,442.329 / 25.25% |
|  | &nbsp;&nbsp; ADVANCED SERIES TRUST<br> AST CAPITAL GROWTH ASSET<br> ALLOCATION PORTFOLIO<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 5,287,935.35 / 8.76% |
|  | &nbsp;&nbsp; ADVANCED SERIES TRUST<br> AST BALANCED ASSET<br> ALLOCATION PORTFOLIO<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 7,948,374.39 / 13.16% |
| AST Multi-Asset Diversified Plus 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>| 57,418,609.245 / 59.01% |
|  | &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>| 6,292,094.757 / 6.47% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 33,552,131.625 / 34.48% |
| AST Multi-Asset Diversified 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>| 108,741,051.657 / 72.10% |
|  | &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>| 12,474,303.382 / 8.27%  |

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| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 27,766,933.141 / 18.41% |
| AST Multi-Sector Fixed Income 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>| 533,088,220.638 / 86.48% |
|  | &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>| 83,360,028.285 / 13.52% |
| AST PGIM Aggressive Multi-Asset 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>| 316,635,546.643 / 70.38% |
|  | &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>| 31,735,331.701 / 7.05% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 88,517,838.387 / 19.67% |
| AST Preservation Asset Allocation 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>| 80,760,295.305 / 65.52% |
|  | &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>| 10,084,889.796 / 8.18% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 28,921,727.703 / 23.46% |
| AST Quantitative Modeling 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>| 12,494,114.426 / 82.09% |
|  | &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>| 1,813,569.418 / 11.92% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 911,741.393 / 5.99% |
| AST Small-Cap Equity 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>| 6,145,993.639 / 28.26%  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98**

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| | | |
|:---|:---|:---|
| **Portfolio Name** | **Shareholder Name/Address** | **No. Shares / % of Ownership** |
|  | &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>| 1,540,539.429 / 7.08% |
|  | &nbsp;&nbsp; FORTITUDE LIFE INSURANCE & ANNUITY<br> TEN EXCHANGE PLACE SUITE 2210<br> JERSEY CITY NJ 07302<br>| 5,253,524.249 / 24.16% |
|  | &nbsp;&nbsp; ADVANCED SERIES TRUSTAST CAPITAL GROWTH ASSET<br> ALLOCATION PORTFOLIO<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 2,571,259.659 / 11.82% |
|  | &nbsp;&nbsp; ADVANCED SERIES TRUST<br> AST BALANCED ASSET<br> ALLOCATION PORTFOLIO<br> 655 BROAD STREET 17TH FLOOR<br> NEWARK NJ 07102<br>| 3,891,816.522 / 17.89% |

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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 9, 2026 (Accession No.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000814679/000119312526098536/d57466dncsr.htm)[0001193125-26-098536)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000814679/000119312526098536/d57466dncsr.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.

*AST LARGE-CAP GROWTH PORTFOLIO:* The Portfolio may invest up to 5% of assets in warrants and rights. The Portfolio may invest up to 15% of total assets in securities of foreign issuers. The Portfolio will not sell a call or put option written by it if, as a result of the sale, the aggregate of the Portfolio's portfolio securities subject to outstanding call or put options (valued at the lower of the option price or market value of such securities) would exceed 15% of the Portfolio's total assets. The aggregate cost of all outstanding options purchased and held by the Portfolio, including options on market indices, will at no time exceed 10% of the Portfolio's total assets.

*AST LARGE-CAP VALUE PORTFOLIO*: The Portfolio may borrow for temporary or emergency purposes in amounts not exceeding 10% of total Portfolio assets. No more than 25% of total Portfolio assets can be held as collateral for short sales at any one time.

*AST INTERNATIONAL EQUITY PORTFOLIO:* The Portfolio may invest up to 10% of assets in zero coupon bonds, pay-in-kind and step securities.

*AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO:* The Portfolio intends to use futures, forward agreements, options, swaps and other derivatives (collectively Derivatives) to the extent permitted by the prospectus and shall not be limited by any contrary disclosure contained in Part II. The Portfolio is not subject to the "Limitation on Currency Hedging" discussed in Part II and may engage in such hedging to the extent permitted by the 1940 Act.

*AST GOVERNMENT MONEY MARKET PORTFOLIO:* The Portfolio may 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.

*AST SMALL-CAP EQUITY PORTFOLIO:* The Portfolio may not purchase any foreign-currency denominated securities if after such purchase more than 10% of total assets would be invested in such securities. The Portfolio will generally not enter into a foreign forward contract with a duration of more than one year. The Portfolio may write and purchase covered call and put options on foreign currencies in amounts not exceeding 5% of net assets.

**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.

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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100**

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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.

**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.

**Government Money Market Portfolio.** AST Government Money Market Portfolio (the 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 government securities for purposes of compliance with the diversification requirements under Rule 2a-7.

**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

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**101**

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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 subadviser's opinion, unusual market conditions otherwise make it advantageous for the Portfolio to increase its investment capacity. A Portfolio will 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 the risks associated with leveraging such as the risks that leverage may exaggerate changes in the NAV of Portfolio shares and 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.

**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 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102**

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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.

**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(s) 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(s) 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(s) 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(s) 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(s) believe such a Manufactured Convertible would better promote a Portfolio's objective than alternate investments. For example, the subadviser(s) 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.

In market conditions where short-term interest rates are particularly low, certain floating rate loans may be issued with a feature that prevents the relevant benchmark rate from adjusting below a specified minimum level. This is achieved by defining a "floor" to the benchmark rate, so that if downward market movements of the benchmark rate would, absent this feature, cause the benchmark rate to fall below the floor, with this feature, 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.

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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.

**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 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.

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Cybersecurity failures or breaches, whether deliberate or unintentional, arising from a 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 invests, 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 a Portfolio and/or its 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 its 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 a Portfolios invests.

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 the 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 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. A Portfolio 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

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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 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 Derivatives Rules 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 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.

**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.

**FUND OF FUNDS.** A Portfolio that is structured as a "fund of funds" invests primarily in a combination of underlying investment companies and other underlying portfolios described in such Portfolio's Prospectus. In addition to the risks associated with the investment in the underlying portfolios, these Portfolios are subject to the following risks:

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To the extent that a Portfolio concentrates its assets among underlying portfolios that invest principally in one or several asset classes, a Portfolio may from time to time underperform mutual funds exposed primarily to other asset classes. For example, a Portfolio may be overweighted in the equity asset class when the stock market is falling and the fixed income market is rising. Likewise, a Portfolio may be overweighted in the fixed income asset class when the fixed income market is falling and the stock market is rising.

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The ability of a Portfolio to achieve its investment objective depends on the ability of the selected underlying portfolios to achieve their investment objectives. There is a risk that the selected underlying portfolios will underperform relevant markets, relevant indices, or other portfolios with similar investment objectives and strategies.

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A Portfolio may incur its pro rata share of the expenses of an underlying portfolio in which the Portfolio invests, such as investment advisory and other management expenses, and shareholders incur the operating expenses of these underlying portfolios.

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The performance of a Portfolio may be affected by large purchases and redemptions of underlying portfolio shares. For example, large purchases and redemptions may cause an underlying portfolio to hold a greater percentage of its assets in cash than other portfolios pursuing similar strategies, and large redemptions may cause an underlying portfolio to sell assets at inopportune times. Underlying portfolios that have experienced significant redemptions may, as a result, have higher expense ratios than other portfolios pursuing similar strategies. The Manager and a Portfolio's subadviser(s) seek to minimize the impact of large purchases and redemptions of underlying portfolio shares, but their abilities to do so may be limited.

There is a potential conflict of interest between a Portfolio and its Manager and a Portfolio's subadviser(s). Because the amount of the management fees to be retained by the Manager and their affiliates may differ depending upon which underlying portfolios are used in connection with a Portfolio, there is a potential conflict of interest for the Manager and a Portfolio's subadviser(s) in selecting the underlying portfolios. In addition, the Manager and a Portfolio's subadviser(s) may have an incentive to take into account the effect on an underlying portfolio in which the Portfolio may invest in determining whether, and under what circumstances, to purchase or sell shares in that underlying portfolio. Although the Manager and a Portfolio's subadviser(s) take steps to address the potential conflicts of interest, it is possible that the potential conflicts could impact the Portfolios.

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 business development company (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. These regulatory changes may adversely impact the Portfolios' investment strategies and operations.

**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.

**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.)

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**INFLATION-PROTECTED SECURITIES.** Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates can be described as nominal interest rates minus the expected impact of inflation. In general, the price of an inflation-protected debt security falls when real interest rates rise and rises when real interest rates fall. Interest payments on inflation-protected debt securities will vary as the principal and/or interest is adjusted for inflation and may be more volatile than interest paid on ordinary bonds. In periods of deflation, a Portfolio may have no income at all from such investments. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the security's inflation measure.

**INITIAL PUBLIC OFFERINGS.** Each 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.

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.

**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.

**SWAP AGREEMENTS.** 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. 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 the Portfolio than if a 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 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.

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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.

**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 up-front 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 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(s) 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

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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.

**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 the Portfolio's holdings 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 the Portfolio will not be able to meet its obligation to the counterparty. Generally, the 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. This limitation does not apply to the AST Bond Portfolios (2025-2036), AST Core Fixed Income Portfolio and AST Investment Grade Bond Portfolio.

**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 sub-section 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 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 owns an offsetting position in the underlying security or currency. The principal reason for writing call options is the attempt to realize, through the

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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 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.

**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.

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

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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.

Futures contracts are considered to be "derivative transactions" under Rule 18f-4 of the 1940 Act and therefore the Portfolios intend that any transactions involving futures contracts will be conducted in compliance with the requirements of Rule 18f-4.

The 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 Commodity Exchange Act (the CEA). Therefore, the Manager is not subject to registration or regulation as a pool operator under the CEA. In order to continue to qualify for the exclusion claim, 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.

**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.

**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, settlements. 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.

**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" above. Currency futures involve substantial currency risk, and also involve leverage risk.

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**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.

**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 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.

**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.

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**RISK FACTORS IN DERIVATIVES.** Derivatives are volatile and involve significant risks. In addition to the risks described in the Prospectus, the 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").

**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 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

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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.

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 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.

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Because derivatives traded in OTC markets are not guaranteed by an exchange or clearing corporation and 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.

**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".** 

**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

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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 Portfolio 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 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 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.

**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,

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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 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.

**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), Secured Overnight Financing Rate (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

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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.

**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 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 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, purchase, or make commitments to purchase, new securities or levered loans. 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.

**ILLIQUID INVESTMENTS.** Pursuant to Rule 22e-4 under the 1940 Act, a Portfolio (other than the AST 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 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 Manager to administer the Trust's liquidity risk management program and related procedures. The AST Government Money Market Portfolio 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 AST Government Money Market Portfolio) as a result of, for example, 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

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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 net asset value 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 each 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.

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.

**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 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. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

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

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capital markets, (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, 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 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.

**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 foreign 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.

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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 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.

**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 an 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.

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.

To the extent a Portfolio invests in Chinese securities and other instruments, its investments may be impacted by the economic, political, diplomatic, and social conditions within China, as well as by restrictions on investments located in China. For example, in November 2020, 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

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companies." In January 2021, the 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 Portfolio'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 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.

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**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, the 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 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.

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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 Portfolio's 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 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 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.

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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.

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.

**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 and 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 money 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 investment companies in which the Portfolio invests may not meet their investment objectives.

**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 forgo 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 holdings 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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**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.

**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 AST Government Money Market Portfolio (formerly known as the AST 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 AST 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.

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

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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 Manager.

In September 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac under conservatorship and was appointed to manage their daily operations. In addition, the US Treasury entered into stock purchase agreements (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 funds 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.

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

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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."

**Private Investment in Public Equities (PIPEs) Risk.** 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, 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 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.

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**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 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.

**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.

**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.

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.

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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.

**REVERSE REPURCHASE AGREEMENTS RISK.** 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 reverse 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.

**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.

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.

**SECURITIES LENDING.** Unless otherwise noted, the 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 the Portfolio, and in that role administers the 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 above.

The 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.

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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 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 Manager's judgment, such disposition is not desirable.

While the process of selection and continuous supervision by the 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 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. The 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

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a Portfolio makes short sales in securities that increase in value, it will likely underperform similar mutual Portfolios 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 a 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 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 funds 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

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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.

**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).

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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.

**SUKUK.** Sukuk are certificates structured to comply with Sharia law and its investment principles. These certificates usually represent the beneficial ownership interest in a portfolio of eligible existing or future tangible or intangible assets (underlying assets). In a typical sukuk, a special purpose vehicle (SPV) issues certificates to investors in exchange for their capital. The SPV transfers the capital to or for the benefit of the entity that is raising the capital (the obligor) in exchange for the underlying assets of the obligor that are held in trust by the SPV. The obligor is obligated, usually through a series of contracts, to make periodic payments to investors through the SPV over a specified period of time and a final payment to investors through the SPV on a date certain. Obligors of sukuk include financial institutions and corporations, foreign governments and agencies of foreign governments, including issuers in emerging markets.

Although under Sharia law, sukuk involve the sharing of profits and losses in the underlying asset financed by the investment in the certificates, most sukuk do not provide investors with bona fide legal ownership of the underlying assets, and the periodic and final payments to sukuk investors are not generally linked to the value of the underlying assets. As a result, most sukuk are considered unsecured obligations whose risks and returns are similar to those of conventional debt instruments. Investors typically have no direct recourse to the underlying assets and do not have a secured claim against the obligor. Sukuk investors are subject to the creditworthiness of the obligor, and the obligor may be unwilling or unable to meet its periodic or final payment obligations. In addition, investors' ability to pursue and enforce actions with respect to these payment obligations or to otherwise enforce the terms of the sukuk, restructure the sukuk, obtain a judgment in a court of competent jurisdiction, and/or attach assets of the obligor may be limited. As with conventional debt instruments, sukuk prices change in response to interest rate changes.

The structural complexity of sukuk and the immaturity of the sukuk market, increases the potential risks of investing in sukuk, including operational, legal, and investment risks. While the sukuk market has grown in recent years, sukuk can be less liquid than other types of investments and it may be difficult at times to invest in or dispose of sukuk. In addition, evolving interpretations of Sharia law by courts or Islamic scholars on sukuk structures and sukuk transferability, or a determination subsequent to the issuance of the sukuk by some Islamic scholars that certain sukuk do not comply with Sharia law and its investment principles, could have a dramatic adverse effect on the price and liquidity of a particular sukuk or the sukuk market in general.

**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.

**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.

**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

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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.

**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.

**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 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.

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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 income (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 a Portfolio's 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 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.

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The NAV for each of the Portfolios other than the AST 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 Government Money Market Portfolio uses the amortized cost method of valuation, which is designed to permit the Government Money Market Portfolio to maintain a stable NAV of $1 per share. Although the price of each share is designed to remain the same, the 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 AST 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 AST 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.

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.

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.

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**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).

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

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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.

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.

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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 AST 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 complete holdings are disclosed to the SEC monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Portfolios' fiscal quarter. 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. For certain asset allocation Portfolios, the Trust may also release summary statistics regarding asset allocations and other characteristics on a daily basis on the Trust's website. For all other Portfolios, 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 to the Trust's website approximately 15 days after the end of the month, unless noted otherwise herein.

In addition to the forgoing, the AST Quantitative Modeling Portfolio may disclose on its website on both the 15th day of each month and the last day of each month a percentage breakdown of its assets that are invested in Equity Underlying Portfolios (as defined in its Prospectus) versus Debt-Money Market Underlying Portfolios (as defined in its Prospectus). Such information for the AST Quantitative Modeling Portfolio shall be as of a date at least five calendar days prior to its release. If the 15th day or the last day of any particular month is a non-business day, such holdings information for the AST Quantitative Modeling Portfolio shall be provided as of the immediately preceding business day.

**AST GOVERNMENT MONEY MARKET PORTFOLIO.** The AST 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.

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.

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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

■

Full holdings on a daily basis to each Portfolio's proxy voting agent at the end of each day;

■

Full holdings on a daily basis to Institutional Shareholder Services (ISS) (securities class action claims services administrator) at the end of each day;

■

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.

■

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;

■

Full holdings to financial printers as soon as practicable following the end of a Portfolio's quarterly, semi-annual and annual period ends;

■

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

■

Full holdings to a Portfolio's independent board members on an as-needed basis.

2. Analytical Service Providers

■

Full holdings on a daily basis to FactSet Research Systems, Inc. (analytical services/investment research provider) when made available;

■

Full Holdings on a daily basis to ICE (valuation of international securities) in real time (for funds with international holdings);

■

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;

■

All FX trades on a monthly basis to FX Transparency (foreign exchange/transaction analysis) when made available;

■

Full holdings on a quarterly basis to Capital Institutional Services, Inc. (CAPIS) (investment research provider and commission Recapture calculations) when made available;

■

Full holdings, on an as needed basis, to Zeno Consulting Group, LLC (an independent third-party transaction cost analysis company) when made available;

■

Full holdings to ICE/Innocap (HedgeMark) (liquidity calculations) on a daily basis;

■

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

■

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 Manager or the Trust receive any compensation or consideration in exchange for the portfolio holdings information.

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 detailing the 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.

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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 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 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 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 Manager or its affiliates.

The 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 Manager and the Board expect that the subadviser will notify the Manager and the Board at least annually of any such conflicts identified and confirm how the issue was resolved. In addition, the Manager expects that the subadviser will deliver to the 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 without charge on the Trust's website and on the SEC's website at www.sec.gov.

**CODES OF ETHICS**

The Board has adopted a Code of Ethics. In addition, the 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.

**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.

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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.

**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.

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**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.

**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.

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**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.

**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.

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**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.

**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.

**APPENDIX II: PROXY VOTING POLICIES OF THE SUBADVISERS**

**BOSTON PARTNERS GLOBAL INVESTORS, INC. (Boston Partners)** 

**PROXY VOTING POLICIES AND PROCEDURES** 

***Effective July 2025*** 

Boston Partners Global Investors, Inc. ("Boston Partners") is an investment adviser comprised of two divisions, Boston Partners and Weiss, Peck & Greer Partners ("WPG"). Boston Partners' Governance Committee (the "Committee") is comprised of representatives from portfolio management, securities analyst, portfolio research, quantitative research, investor relations, sustainability and engagement, and legal/compliance teams. The Committee is responsible for administering and overseeing Boston Partners' proxy voting process. The Committee makes decisions on proxy policy, establishes formal Boston Partners' Proxy Voting Policies (the "Proxy Voting Policies") and updates the Proxy Voting Policies as necessary, but no less frequently than annually. In addition, the Committee, in its sole discretion, delegates certain functions to internal departments and/or engages third-party vendors to assist in the proxy voting process. Finally, members of the Committee are responsible for evaluating and resolving conflicts of interest relating to Boston Partners' proxy voting process.

To assist Boston Partners in carrying out our responsibilities with respect to proxy activities, Boston Partners has engaged Institutional Shareholder Services Inc. ("ISS"), a third-party corporate governance research service, which is registered as an investment adviser. ISS receives all proxy-related materials for securities held in client accounts and votes the proposals in accordance with Boston Partners' Proxy Voting Policies. ISS assists Boston Partners with voting execution through an electronic vote management system that allows ISS to pre-populate and automatically submit votes in accordance with Boston Partners' Proxy Voting Policies. While Boston Partners may consider ISS's recommendations on proxy issues, Boston Partners bears ultimate responsibility for proxy voting decisions and can change votes via ISS' electronic voting platform at any time before a meeting's cut-off date. ISS also provides recordkeeping and vote-reporting services.

**<u>How Boston Partners Votes</u>** 

For those clients who delegate proxy voting authority to Boston Partners, Boston Partners has full discretion over votes cast on behalf of clients. All proxy votes on behalf of clients are voted the same way; however, Boston Partners may refrain from voting proxies for certain clients in certain markets. These arrangements are outlined in respective client investment management agreements. Boston Partners may also refrain from voting proxies on behalf of clients when shares are out on loan; when share blocking is required to vote; where it is not possible to vote shares; where there are legal or operational difficulties; where Boston Partners believes the administrative burden and/ or associated cost exceeds the expected benefit to a client; or where not voting or abstaining produces the desired outcome.

Boston Partners meets with ISS at least annually to review ISS policy changes, themes, methodology, and to review the Proxy Voting Policies. The information is taken to the Committee to discuss and decide what changes, if any, need to be made to the Proxy Voting Policies for the upcoming year.

The Proxy Voting Policies provide standard positions on likely issues for the upcoming proxy season. In determining how proxies should be voted, including those proxies the Proxy Voting Policies do not address or where the Proxy Voting Policies' application is ambiguous, Boston Partners primarily focuses on maximizing the economic value of its clients' investments. This is accomplished through engagements with Boston Partners' analysts and issuers, as well as independent research conducted by Boston Partners' Sustainability and Engagement Team. In the case of social and political responsibility issues that, in its view, do not primarily involve financial

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considerations, it is Boston Partners' objective to support shareholder proposals that it believes promote good corporate citizenship. If Boston Partners believes that any research provided by ISS or other sources is incorrect, that research is ignored in the proxy voting decision, which is escalated to the Committee so that all relevant facts can be discussed, and a final vote determination can be made. Boston Partners is alerted to proposals that may require more detailed analysis via daily system generated refer notification emails. These emails prompt the Committee Secretary to call a Committee meeting to discuss the items in question.

Although Boston Partners has instructed ISS to vote in accordance with the Proxy Voting Policies, Boston Partners retains the right to deviate from the Proxy Voting Policies if, in its estimation, doing so would be in the best interest of clients.

**<u>Conflicts</u>** 

Boston Partners believes clients are sufficiently insulated from any actual or perceived conflicts Boston Partners may encounter between its interests and those of its clients because Boston Partners votes proxies based on the predetermined Proxy Voting Policies. However, as noted, Boston Partners may deviate from the Proxy Voting Policies in certain circumstances, or the Proxy Voting Policies may not address certain proxy voting proposals. If a member of Boston Partners' research or portfolio management team recommends that Boston Partners vote a particular proxy proposal in a manner inconsistent with the Proxy Voting Policies or if the Proxy Voting

Policies do not address a particular proposal, Boston Partners will adhere to certain procedures designed to ensure that the decision to vote the particular proxy proposal is based on the best interest of Boston Partners' clients. These procedures require the individual requesting a deviation from the Proxy Voting Policies to complete a Conflicts Questionnaire (the "Questionnaire") along with written documentation of the economic rationale supporting the request. The Questionnaire seeks to identify possible relationships with the parties involved in the proxy that may not be apparent. Based on the responses to the Questionnaire, the Committee (or a subset of the Committee) will determine whether it believes a material conflict of interest is present. If a material conflict of interest is found to exist, Boston Partners will vote in accordance with client instructions, seek the recommendation of an independent third-party or resolve the conflict in such other manner as Boston Partners believes is appropriate, including by making its own determination that a particular vote is, notwithstanding the conflict, in the best interest of clients.

**<u>Oversight</u>** 

Meetings and upcoming votes are reviewed by the Committee Secretary with a focus on votes against management. Votes on behalf of Boston Partners' clients are reviewed and compared against ISS' recommendations. When auditing vote instructions, which Boston Partners does at least annually, ballots voted for a specified period are requested from ISS, and a sample of those meetings are reviewed by Boston Partners' Operations Team. The information is then forwarded to compliance/ the Committee Secretary for review. Any perceived exceptions are reviewed with ISS and an analysis of what the potential vote impact would have been is conducted. ISS' most recent SOC-1 indicates they have their own control and audit personnel and procedures, and a sample of ballots are randomly selected on a quarterly basis. ISS compares ballots to applicable vote instructions recorded in their database. Due diligence meetings with ISS are conducted periodically.

**<u>Disclosures</u>** 

A copy of Boston Partners' Proxy Voting Policies and Procedures, as updated from time to time, as well as information regarding the voting of securities for a client account are available upon request from your Boston Partners relationship manager. A copy of Boston Partners' Proxy Voting Policies and Procedures are also available at https://www.boston-partners.com/. For general inquires, contact (617) 832-8154.

**CLEARBRIDGE INVESTMENTS, LLC. (ClearBridge)** 

**Proxy Voting Guidelines Procedures Summary.** ClearBridge is subject to the Proxy Voting Policies and Procedures that it has adopted to seek to ensure that it votes proxies relating to equity securities in the best interest of client accounts. The following is a brief overview of the policies.

ClearBridge votes proxies for each client account with respect to which it has been authorized or is required by law to vote proxies. In voting proxies, ClearBridge is guided by general fiduciary principles and seeks to act prudently and solely in the best interest of the beneficial owners of the accounts it manages. ClearBridge attempts to consider all factors that could affect the value of the investment and will vote proxies in the manner that it believes will be consistent with efforts to maximize shareholder values. ClearBridge may utilize an external service provider to provide it with information and/or a recommendation with regard to proxy votes. However, such recommendations do not relieve ClearBridge of its responsibility for the proxy vote.

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In the case of a proxy issue for which there is a stated position in the policies, ClearBridge generally votes in accordance with such stated position. In the case of a proxy issue for which there is a list of factors set forth in the policies that ClearBridge considers in voting on such issue, ClearBridge considers those factors and votes on a case-by-case basis in accordance with the general principles set forth above. In the case of a proxy issue for which there is no stated position or list of factors that ClearBridge considers in voting on such issue, ClearBridge votes on a case-by-case basis in accordance with the general principles set forth above. Issues for which there is a stated position set forth in the policies or for which there is a list of factors set forth in the policies that ClearBridge considers in voting on such issues fall into a variety of categories, including election of directors, ratification of auditors, proxy and tender offer defenses, capital structure issues, executive and director compensation, mergers and corporate restructuring, and social and environmental issues. The stated position on an issue set forth in the policies can always be superseded, subject to the duty to act solely in the best interest of the beneficial owners of accounts, by the investment management professionals responsible for the account whose shares are being voted. There may be occasions when different investment teams vote differently on the same issue. In addition, in the case of Taft-Hartley clients, ClearBridge will comply with a client direction to vote proxies in accordance with Institutional Shareholder Services' (ISS) PVS Voting guidelines, which ISS represents to be fully consistent with AFL-CIO guidelines.

In furtherance of ClearBridge's goal to vote proxies in the best interest of clients, ClearBridge follows procedures designed to identify and address material conflicts that may arise between ClearBridge's interests and those of its clients before voting proxies on behalf of such clients. To seek to identify conflicts of interest, ClearBridge periodically notifies ClearBridge employees in writing that they are under an obligation (i) to be aware of the potential for conflicts of interest on the part of ClearBridge with respect to voting proxies on behalf of client accounts both as a result of their personal relationships or ClearBridge's business relationships and (ii) to bring conflicts of interest of which they become aware to the attention of ClearBridge's Chief Compliance Officer. ClearBridge also maintains and considers a list of significant ClearBridge relationships that could present a conflict of interest for ClearBridge in voting proxies.

ClearBridge generally takes the position that non-ClearBridge relationships between a Franklin Resources affiliate and an issuer do not present a conflict of interest for ClearBridge in voting proxies with respect to such issuer. Such position is based on the fact that ClearBridge is operated as an independent business unit from other Franklin business units as well as on the existence of information barriers between ClearBridge and other Franklin business units.

ClearBridge's Proxy Committee reviews and addresses conflicts of interest. A proxy issue that will be voted in accordance with a stated ClearBridge position on such issue or in accordance with the recommendation of an independent third party is not brought to the attention of the Proxy Committee for a conflict of interest review because ClearBridge's position is that to the extent a conflict of interest issue exists, it is resolved by voting in accordance with a pre-determined policy or in accordance with the recommendation of an independent third party. With respect to a conflict of interest brought to its attention, the Proxy Committee first determines whether such conflict of interest is material. A conflict of interest is considered material to the extent that it is determined that such conflict is likely to influence, or appear to influence, ClearBridge's decision-making in voting proxies. If it is determined by the Proxy Committee that a conflict of interest is not material, ClearBridge may vote proxies notwithstanding the existence of the conflict.

If it is determined by the Proxy Committee that a conflict of interest is material, the Proxy Committee is responsible for determining an appropriate method to resolve such conflict of interest before the proxy affected by the conflict of interest is voted. Such determination is based on the particular facts and circumstances, including the importance of the proxy issue and the nature of the conflict of interest.

**PROXY VOTING POLICIES AND PROCEDURES** 

**DIMENSIONAL FUND ADVISORS LP** 

**DIMENSIONAL FUND ADVISORS LTD.** 

**DFA AUSTRALIA LIMITED** 

**DIMENSIONAL FUND ADVISORS PTE. LTD.** 

**DIMENSIONAL JAPAN LTD.** 

**DIMENSIONAL IRELAND LIMITED** 

**Introduction** 

Dimensional Fund Advisors LP ("Dimensional") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Dimensional is the parent or indirect parent company of Dimensional Fund Advisors Ltd. ("Dimensional UK"), DFA Australia Limited ("Dimensional Australia"), Dimensional Fund

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Advisors Pte. Ltd. ("Dimensional Singapore"), Dimensional Japan Ltd. ("Dimensional Japan") and Dimensional Ireland Limited ("Dimensional Ireland") (each, an "Advisor", and collectively referred to as the "Advisors"). Dimensional UK and Dimensional Australia are also registered as investment advisers under the Advisers Act.

The Advisors provide investment advisory or subadvisory services to various types of clients, including registered funds, unregistered commingled funds, defined benefit plans, defined contribution plans (including employee benefit plans subject to the Employee Retirement Income Security Act of 1974, and the regulations promulgated thereunder ("ERISA")), private and public pension funds, foundations, endowment funds and other types of investors. These clients frequently give the Advisors the authority and discretion to vote proxies relating to the underlying securities beneficially held by such clients. Also, a client may, at times, ask an Advisor to share its proxy voting policies, procedures, and guidelines without the client delegating full voting discretion to the Advisor. Depending on the client, an Advisor's duties may include making decisions regarding whether and how to vote proxies as part of an investment manager's fiduciary duty under ERISA.<sup>1</sup> The scope and any limitations of an Advisor's proxy voting authority generally will be described in the written contract between the Advisor and its client or with respect to an Advisor-sponsored fund, the offering documents of the fund.

The following Proxy Voting Policies and Procedures (the "Policy") address the Advisors' objectives for voting proxies received by the Advisors on behalf of client accounts or funds to the extent that relationships with such clients are subject to the Advisers Act or ERISA or the clients are registered investment companies under the Investment Company Act of 1940, as amended, including The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc., Dimensional Emerging Markets Value Fund, and Dimensional ETF Trust (together, the "Dimensional Investment Companies") and the portfolios, funds and exchange-traded funds of the Dimensional Investment Companies are each a "Dimensional Fund" and together, the "Dimensional Funds"). The Advisors believe that this Policy is reasonably designed to meet their goal of seeking to vote (or refrain from voting) proxies in a manner consistent with applicable legal and fiduciary standards and in the best interests of clients, as understood by the Advisors at the time of the vote.

Exhibit A to this Policy includes a summary of the Advisors' current Proxy Voting Guidelines and will change from time to time (the "Guidelines") and includes three implementations, one standard implementation, one for the portfolios and accounts that incorporate social considerations in their investment guidelines, and one for the portfolios and accounts that incorporate sustainability considerations in their investment guidelines. A separate account client may select one of the three implementations to be used for their account or, in certain circumstances, individualize their proxy voting guidelines. The Investment Committee of Dimensional has determined that, in general, voting proxies pursuant to the Guidelines should be in the best interests of clients and the Advisors understand the Guidelines to be consistent with applicable legal standards. Therefore, an Advisor will usually instruct voting of proxies in accordance with the Guidelines.

The Guidelines provide a framework for analysis and decision making but do not address all potential issues. In order to be able to address all the relevant facts and circumstances related to a proxy vote, the Advisors reserve the right to instruct votes that deviate from the Guidelines if, after a review of the matter, an Advisor believes that a client's best interests would be served by, or applicable legal and fiduciary standards require, such a vote. In such circumstance, the analysis will be documented in writing and periodically presented to the Investment Stewardship Committee for review. To the extent that the Guidelines do not cover potential voting issues, an Advisor may consider the spirit of the Guidelines and applicable legal standards and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the client.

A client's investment strategy or instructions can impact voting determinations and/or engagement efforts. For example, the Advisors consider social issues when voting proxies for portfolios and accounts that incorporate social considerations in their design and consider sustainability issues when voting proxies for portfolios and accounts that consider sustainability considerations in their design. The Advisors may also take social or sustainability issues into account when voting proxies for portfolios and accounts that do not incorporate social or sustainability considerations in their design if the Advisors believe that doing so is in the best interest of the relevant client(s) and otherwise consistent with applicable laws and the Advisors' duties, such as where material environmental or social risks may have economic ramifications for shareholders.

The foregoing differences may result in voting differently for some clients than others. Similarly, the Advisors may engage with a portfolio company differently depending on the relevant client(s)' investment strategy and the subject(s) of the relevant engagement.

**Proxy Advisory Firms** 

The Advisors have retained certain third-party proxy service providers ("Proxy Advisory Firms") to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom the Advisors have proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisors retain third-party

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service providers for Proxy Voting Services, the Advisors remain responsible for proxy voting decisions and making such decisions in accordance with their fiduciary duties. The Advisors have designed policies and procedures to prudently select, oversee and evaluate the Proxy Advisory Firms consistent with their fiduciary duties, including with respect to the matters described below, which Proxy Advisory Firms have been engaged to provide Proxy Voting Services to support the Advisors' voting in accordance with this Policy. In the event that the Guidelines are not implemented precisely as the Advisors intend because of the actions or omissions of any Proxy Advisory Firms, custodians or sub-custodians or other agents, or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisors as a breach of this Policy.

Prior to the selection of any new Proxy Advisory Firms and annually thereafter or more frequently if deemed necessary by Dimensional, the Investment Stewardship Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to timely and adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of the Advisors' clients, and consistent with the Advisors' voting policies and fiduciary duties. In conducting such a review of a Proxy Advisory Firm, Dimensional may consider the following, depending on the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) periodic sampling of certain votes pre-populated by the Proxy Advisory Firm's systems as well as votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by the Advisors are being followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) onsite visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm to determine whether the Proxy Advisory Firm continues to have the capacity and competency to carry out its proxy obligations to the Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies for formulating voting recommendations that the Advisors consider material to the Proxy Voting Services provided to the Advisors, including: (a) those relating to the Proxy Advisory Firm's efforts to identify, address, mitigate and disclose actual or potential conflicts of interest, (b) the Proxy Advisory Firm's efforts to obtain current, accurate, and complete information in creating recommendations and research, and (c) the Proxy Advisory Firm's ability to provide services consistent with ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a requirement that the Proxy Advisory Firm notify the Advisors if there is a substantive change in the Proxy Advisory Firm's policies and procedures described in (iii) above or otherwise to its business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a review of how and when the Proxy Advisory Firm engages with, and receives and incorporates input from, portfolio companies, the Proxy Advisory Firm's clients and other third-party information sources as well as how and when the Proxy Advisory Firm makes available from portfolio companies, or other sources, additional information about a matter to be voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an assessment of how the Proxy Advisory Firm considers factors unique to a specific issuer or proposal when evaluating a matter subject to a shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in case of an error made by the Proxy Advisory Firm, a discussion of the error with the Proxy Advisory Firm and determination of whether (a) the error affected the Proxy Advisory Firm's Proxy Voting Services and (b) appropriate corrective and preventive action is being taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an assessment of whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines, and voting recommendations, including to address any deficiencies, on an ongoing basis and incorporates input from issuers and Proxy Advisory Firm clients in the update process.

In evaluating Proxy Advisory Firms, the Advisors may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology and other factors in its discretion.

**Procedures for Voting Proxies** 

The Investment Committee at Dimensional is generally responsible for overseeing each Advisor's proxy voting process.

The Investment Committee has formed the Investment Stewardship Committee composed of certain officers, directors and other personnel of the Advisors and has delegated to its members authority to (i) oversee the voting of proxies and the Proxy Advisory Firms, (ii) make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with this Policy, (iv) receive reports on the review of the Proxy Advisory Firms as described above, and (v) review this Policy from time to time and recommend changes to the Investment Committee. The Investment Stewardship Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to this Policy and may designate personnel of each Advisor to instruct the vote on

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proxies on behalf of an Advisor's clients, such as authorized traders of the Advisors (collectively, "Authorized Persons"). The Investment Stewardship Committee will review this policy no less frequently than annually and may recommend changes to this Policy to seek to act in a manner consistent with the best interests of the clients.

Generally, the Advisors analyze relevant proxy materials on behalf of their clients and seek to instruct the vote (or refrain from voting) proxies in accordance with this Policy and the Guidelines. A client may direct an Advisor to vote for such client's account differently than what would occur in applying the Policy and the Guidelines. An Advisor may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations.

Each Advisor seeks to vote (or refrain from voting) proxies for its clients in a manner that the Advisor determines is in the best interests of its clients and which seeks to maximize the value of the client's investments, subject to the standards of legal and regulatory regimes, applicable to the Advisor or the client, and any particular investment or voting guidelines of specific funds or accounts. When voting (or electing to refrain from voting) proxies for clients subject to ERISA, each Advisor shall seek to consider those factors that may affect the economic value of the ERISA client's investment and not subordinate the interests of the client's participants and beneficiaries on their retirement income or financial benefits under the plan to any other objectives. In some cases, the Advisor may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. The Advisor may determine that voting is not in the best interests of a client and refrain from voting if the costs, including the opportunity costs, of voting would, in the view of the Advisor, exceed the expected benefits of voting to the client.<sup>2</sup> For securities on loan and when the Advisor or an affiliate of the Advisor has agreed to monitor the securities lending program of the client account, the Advisor will balance the revenue-producing value of loans against the difficult-to-assess value of casting votes. It is generally the Advisors' belief that the expected value of casting a vote generally will be less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by an Advisor recalling loaned securities for voting. In certain countries, such as the United States, the specific terms of the proposals to be voted on by shareholders will generally not be known until after the record date, which determines the shares eligible to be voted. In this situation, the Advisor may not be aware of the subject of a proxy in time to make a decision as to whether the materiality of the voting proposals warrants recalling a security on loan to vote. In addition, because specific record dates may not be known, if the Advisor were to seek to recall securities on loan, the Advisor would need to estimate the record date which would result in the securities being recalled for a longer period of time than otherwise required and may create a greater potential loss of income. Each Advisor does intend to recall securities on loan if, based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of a client's investment and that it is in the client's best interests to do so.

In cases where an Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote and this may also inform an Advisor's voting decision. As part of the vote execution services provided to the Advisors, a Proxy Advisory Firm pre-populates votes in accordance with the Policy and Guidelines. Such votes are automatically submitted unless modified by an Authorized Person prior to submission. The Advisors conduct sampling of select pre-populated votes prior to the final vote submission. For votes on certain issues, the Advisors conduct additional reviews as part of the voting process. If an Advisor becomes aware that a portfolio company or shareholder proponent of a proposal has filed or intends to file additional soliciting material after a Proxy Advisory Firm has pre-populated votes, and the company or proponent makes this material available within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor will assess whether the material could reasonably be expected to impact the Advisor's vote determination and will seek to review and consider any impactful material prior to the proxy-voting deadline.

The Advisors from time to time discuss governance matters with portfolio companies to represent client interests; however, regardless of such conversations, the Advisors acquire securities on behalf of their clients solely for the purpose of investment and not with the purpose or intended effect of changing or influencing the control of any portfolio company. The Advisors do not intend to engage in shareholder activism with respect to a pending vote or matter that an Advisor reasonably expects to be the subject of a shareholder vote in the foreseeable future. If an issuer's management, shareholders or proxy solicitors contact an Advisor with respect to a pending vote, a member of the Investment Stewardship Committee (or its delegee) may listen to such party and discuss this Policy with such party.

**International Proxy Voting** 

While the Advisors utilize the Policy and Guidelines for both their international and domestic portfolios and clients, there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is usually relatively easy to vote proxies, as the proxies are typically received automatically and may be voted by mail or electronically. In most cases, the officers of a U.S. company soliciting a proxy act as proxies for the company's shareholders.

With respect to non-U.S. companies, however, it may be both difficult and costly to vote proxies due to local regulations, customs or other requirements or restrictions, and such circumstances and expected costs may outweigh any anticipated economic benefit of voting. The major difficulties and costs may include: (i) appointing a proxy; (ii) obtaining reliable information about the time and location

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of a meeting; (iii) obtaining relevant information about voting procedures for foreign shareholders; (iv) restrictions on trading securities that are subject to proxy votes (share-blocking periods); (v) arranging for a proxy to vote locally in person; (vi) fees charged by custody banks for providing certain services with regard to voting proxies; and (vii) foregone income from securities lending programs. The Advisors do not intend to vote proxies of non-U.S. companies if they determine that the expected costs of voting outweigh any anticipated economic benefit to the client of voting. The Advisors intend to make their determination on whether to vote proxies of non-U.S. companies on a client by client basis. In doing so, the Advisors evaluate market requirements and impediments for voting proxies of companies in each country. The Advisors periodically review voting logistics, including costs and other voting difficulties, on a client by client and country by country basis, in order to determine if there have been any material changes that would affect the Advisors' determinations and procedures.<sup>3</sup> In the event an Advisor is made aware of and believes that an issue to be voted is likely to materially affect the economic value of a portfolio, that its client's vote is reasonably likely to be determinative of the outcome of the contest, and that the expected benefits to the client of voting the proxies exceed the expected costs, the Advisor will seek to make reasonable efforts to vote such proxies.

**Fixed Income Securities** 

Holders of fixed income securities are generally not entitled to an annual vote and therefore do not have such a mechanism to influence an issuer's governance. From time-to-time holders of fixed income securities can receive proxy ballots or corporate action-consents at the discretion of the issuer/custodian. When processed as proxy ballots, Proxy Advisory Firms generally do not provide a voting recommendation on such matters and the service provider's role is limited to election processing and recordkeeping. In such circumstances the Advisor's fixed income portfolio management team is generally responsible for providing recommendations on how to vote proxy ballots and corporation action-consents and they may consult with members of the Investment Stewardship Group, with the aim of applying the same general principles as are set out in the Guidelines.

**Conflicts of Interest** 

Occasions may arise where an Authorized Person, one or more members of the Investment Stewardship Committee, an Advisor, or an affiliated person of an Advisor has a potential conflict of interest in connection with the proxy voting process or engagement with portfolio companies. A conflict of interest may exist, for example, if an Advisor is actively soliciting investment advisory business from the company soliciting the proxy. Proxies that the Advisors receive on behalf of their clients generally will be voted in accordance with predetermined guidelines or procedures (or a client's predetermined custom guidelines or procedures), and when proxies are voted consistently with such guidelines or procedures, the Advisors consider such votes not to be affected by any conflicts of interest.

In the limited instances where (i) an Authorized Person is considering voting a proxy contrary to predetermined guidelines or procedures (or in cases for which the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm primarily used by the Advisors to provide voting recommendations), and (ii) the Authorized Person or any member of the Investment Stewardship Committee believes a potential conflict of interest exists, the Authorized Person will disclose the potential conflict to a member of the Investment Stewardship Committee or, in the case of a member of the Investment Stewardship Committee who believes a potential conflict of interest exists, the member will disclose the conflict to the Investment Stewardship Committee. Such disclosure will describe the proposal to be voted upon and disclose any potential conflict of interest including but not limited to any potential personal conflict of interest (e.g., familial relationship with company management) the Authorized Person may have relating to the proxy vote, in which case the Authorized Person will remove himself or herself from the proxy voting process.

If the Investment Stewardship Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to predetermined guidelines or procedures (or in the case where the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the Proxy Advisory Firm), the Investment Stewardship Committee member will bring the vote to the Investment Stewardship Committee, which will (a) determine how the vote should be cast, keeping in mind the principle of preserving shareholder value or (b) determine to abstain from voting, unless abstaining would be materially adverse to the client's interest.

To the extent a conflict arises in connection with a proposed engagement with a portfolio company, the proposed engagement will be brought to the Investment Stewardship Committee for consideration of how to proceed.

To the extent the Investment Stewardship Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a Dimensional Investment Company in the circumstances described in this paragraph, Dimensional will report annually on such determinations to the respective Board of Directors/Trustees of the Dimensional Investment Company. The Advisors will also consider, where appropriate, other disclosure to clients regarding potential conflicts of interest, dependent upon the agreement with the client.

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Voting by Dimensional Funds that hold shares of other Dimensional Funds. To avoid certain potential conflicts of interest, Dimensional generally will employ mirror voting, if possible, when a Dimensional Fund invests in another Dimensional Fund in reliance on any one of Sections 12(d)(1)(E), 12(d)(1)(F) or 12(d)(1)(G) of the Investment Company Act of 1940, as amended, ("1940 Act"), related rules thereunder (including Rule 12d1-1 or Rule 12d1-4 under the 1940 Act), or pursuant to an SEC exemptive order thereunder, unless otherwise required by applicable law or regulation. Mirror voting means that Dimensional will vote the shares in the same proportion as the vote of all of the other holders of the Dimensional Fund's shares. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Section 12(d)(1)(G) of the 1940 Act, related rules thereunder (including Rule 12d1-1 or Rule 12d1-4), or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will vote in accordance with the recommendation of such Dimensional Investment Company's board of trustees or directors, unless otherwise required by applicable law or regulation. With respect to instances when a Dimensional Fund invests in an underlying Dimensional Fund in reliance on Sections 12(d)(1)(E) or 12(d)(1)(F) of the 1940 Act and there are no other unaffiliated shareholders also invested in the underlying Dimensional Fund, Dimensional will employ pass-through voting, unless otherwise required by applicable law or regulation. In "pass-through voting," the investing Dimensional Fund will solicit voting instructions from its shareholders as to how to vote on the underlying Dimensional Fund's proposals.

**Availability of Proxy Voting Information and Recordkeeping** 

Each Advisor will inform those clients for which it has voting authority how to obtain information from the Advisor about how it voted with respect to client securities. The Advisor will provide those clients with a summary of its proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Policy upon request. If an Advisor is registered under the Advisers Act, the Advisor will also: (i) include such information described in the preceding two sentences in Part 2A of its Form ADV and (ii) if and as required, seek to file on Form N-PX its proxy voting record in respect of certain votes no later than August 31 of each year, for the twelve-month period ending June 30 of the current year.

**Recordkeeping** 

The Advisors will also keep records of the following items: (i) their proxy voting guidelines, policies and procedures and documentation of their annual reviews of such guidelines, policies and procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (iv) records of written client requests for proxy voting information and an Advisor's responses (whether a client's request was oral or in writing); (v) any documents prepared by an Advisor that were material to making a decision how to vote, or that memorialized the basis for the decision; (vi) a record of any testing conducted on any Proxy Advisory Firm's votes; and (vii) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to the Advisors. The Advisors will maintain these records in an easily accessible place for at least six years from the end of the fiscal year during which the last entry was made on such records. For the first two years, each Advisor will store such records at one of its principal offices.

**Disclosure by the Dimensional Investment Companies** 

Dimensional shall disclose in the statements of additional information of the Dimensional Investment Companies a summary of procedures which Dimensional uses to determine how to vote proxies relating to portfolio securities of the Dimensional Investment Companies. The disclosure will include a description of the procedures used when a vote presents a conflict of interest between shareholders and Dimensional, DFA Securities LLC ("DFAS") or an affiliate of Dimensional or DFAS.

The semi-annual reports of the Dimensional Investment Companies shall indicate that a description of the policies and procedures that the Dimensional Investment Companies use in voting proxies of portfolio securities is available: (i) without charge, upon request, by calling Dimensional collect; or (ii) on the SEC's website. Any requested description must be sent within three business days by a prompt method of delivery.

Dimensional, on behalf of each Dimensional Investment Company it advises, each applicable Advisor, and as otherwise as required, shall file its proxy voting record with the SEC on Form N-PX no later than August 31 of each year, for the twelve-month period ending June 30 of the current year. Such filings shall contain all information required to be disclosed on Form N-PX by each Dimensional Investment Company and each Advisor, as applicable.

**<u>Exhibit A</u>** 

**<u>Summary of Proxy Voting Guidelines</u>** 

**General Approach to Corporate Governance and Proxy Voting** 

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When voting (or refraining from voting) proxies, Dimensional<sup>4</sup> seeks to act in the best interests of the funds and accounts Dimensional manages and consistent with applicable legal and fiduciary standards. Dimensional seeks to maximize shareholder value subject to the standards of legal and regulatory regimes (applicable to the Advisor or the client), listing requirements, corporate governance and stewardship codes, and the investment or voting guidelines of the fund or account.<sup>5</sup>

Dimensional expects the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This summary outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

**Global Evaluation Framework** 

Dimensional's Global Evaluation Framework sets out Dimensional's general expectations for all portfolio companies. When implementing the principles contained in Dimensional's Global Evaluation Framework in a given market, in addition to the relevant legal and regulatory requirements, Dimensional will consider local market practices. Additionally, for portfolio companies in the United States, Europe, the Middle East, Africa, Japan, Australia and other select Asia markets, Dimensional will apply the market-specific considerations contained in the relevant subsection in these Guidelines.

**<u>Uncontested Director Elections</u>** 

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company, such as in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. There are problematic audit-related practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There are problematic compensation practices or persistent pay for performance misalignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are problematic anti-takeover provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There have been material failures of governance, risk oversight, or fiduciary responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The board has failed to adequately respond to shareholder concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The board has demonstrated a lack of accountability to shareholders;

7. There is an ineffective board refreshment process<sup>6</sup>;

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Board and committee independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Director attendance: Dimensional generally expects directors to attend at least 75% of board and committee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Director capacity to serve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Board composition.

**<u>Board Refreshment</u>** 

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria. Dimensional believes information about a portfolio company's assessment and refreshment process should be disclosed and should generally include:

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• The processes and procedures by which the portfolio company identifies the key competencies that directors should possess in order to ensure the board is able to appropriately oversee the risks and opportunities associated with the portfolio company's strategy and operations;

• How the performance of individual directors and the board as a whole is assessed;

• The alignment between the skills and expertise of each board member and the key competencies identified in the board assessment process;

• Board refreshment mechanisms;

• Director recruitment policies and procedures; and

• The extent to which diversity considerations are incorporated into board assessment and refreshment practices and director recruitment policies.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

• Whether the portfolio company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

• Whether the portfolio company complies with market best practice with regards to refreshment mechanisms, including tenure limits; and

• Whether the portfolio company has board entrenchment devices, such as a classified board or plurality vote standard.

Dimensional may consider a board's diversity when evaluating the effectiveness of a portfolio company's board refreshment process. Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors who have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

If Dimensional believes that a portfolio company's board assessment and refreshment process is not sufficiently rigorous, or if the portfolio company fails to disclose adequate information for Dimensional to assess the rigor of the process, Dimensional may vote against members of the Nominating Committee, or other relevant directors.

**<u>Bundled/Slate Director Elections</u>** 

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

**<u>Contested Director Elections</u>** 

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

**<u>Board Size</u>** 

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the board of directors within the confines of relevant corporate governance codes and best practice standards. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

**<u>Auditors</u>** 

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from audit committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

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**<u>Anti-Takeover Provisions</u>** 

Dimensional believes that the market for corporate control, which often results in acquisitions which increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level. Dimensional will generally vote against the adoption of anti-takeover provisions. Dimensional may vote against directors at portfolio companies that adopt or maintain anti-takeover provisions without shareholder approval post-initial public offering ("IPO") or adopted such structures prior to, or in connection with, an IPO. Dimensional may vote against such directors not just at the portfolio company that adopted the anti-takeover provision, but at all other portfolio company boards they serve on.

**<u>Related-Party Transactions</u>** 

Dimensional believes portfolio company related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the portfolio company's policies and governing law, they should be thoroughly disclosed in public filings.

**<u>Amendments to Articles of Association/Incorporation</u>** 

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

**<u>Equity Based Remuneration</u>** 

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

**<u>Executive Remuneration</u>** 

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders.

Dimensional expects portfolio companies to structure executive compensation in a manner that does not insulate management from the consequences of failures of risk oversight and management. Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Dimensional supports remuneration plan metrics that are quantifiable and clearly tied to company strategy and the creation of shareholder value. The use of standard financial metrics, for example, metrics based on generally accepted accounting principles ("GAAP") or international financial reporting standards, when determining executive pay is generally considered by Dimensional to be preferable. The use of non-standard metrics, including those involving large non-GAAP adjustments, result in less transparency for investors and may lead to artificially high executive pay. In evaluating a portfolio company's executive compensation, Dimensional considers whether the portfolio company is disclosing what each metric is intended to capture, how performance is measured, what targets have been set, and performance against those targets. While environmental and social (E&S) issues may be material for shareholder value, Dimensional believes linking E&S metrics to executive pay in a quantifiable and transparent manner can present particular challenges. Dimensional will seek to focus on the rigor of E&S metrics and will seek to scrutinize payouts made under these metrics, particularly when there has been underperformance against other metrics tied to financial performance or shareholder value.

To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

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In markets where components of executive remuneration, such as performance rights or options, are required to be subject to a separate shareholder vote, Dimensional will consider these proposals in line with the principles above.

**Director Remuneration** 

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

**Mergers & Acquisitions (M&A)** 

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that Dimensional believes market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

**Capitalization** 

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

**Unequal Voting Rights** 

Dimensional opposes the creation of share structures that provide for unequal voting rights, including dual class stock with unequal voting rights or mechanisms such as loyalty shares that may skew economic ownership and voting rights within the same class of shares, and will generally vote against proposals to create or continue such structures. On a case-by-case basis, Dimensional may also vote against directors at portfolio companies that adopt or maintain such structures without shareholder approval post-IPO or adopted such structures prior to, or in connection with, an IPO.

**<u>Say on Climate</u>** 

Dimensional will generally vote against management and shareholder proposals to introduce say on climate votes, which propose that companies' climate-risk management plans are put to a recurring advisory shareholder vote. Dimensional believes that strategic planning, including mitigation of climate-related risks and oversight of opportunities presented by potential climate change is the responsibility of the portfolio company board and should not be delegated or transferred to shareholders. If a portfolio company's climate-risk management plan is put to a shareholder vote then Dimensional will generally vote against the plan, regardless of the level of detail contained in the plan, to indicate our opposition to the delegation of oversight implied by such votes If Dimensional observes that a portfolio company board is failing to adequately guard shareholder value through strategic planning, Dimensional may vote against directors.

**<u>Shareholder Proposals</u>** 

Dimensional's goal when voting on portfolio company shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

Dimensional will typically vote with management on environmental and social (E&S) shareholder proposals. In certain circumstances, including if the E&S matter may have a material impact on the portfolio company, Dimensional may determine a case-by-case analysis is warranted, in which case we will consider if supporting the proposal is likely to provide shareholders with meaningful information about a portfolio company's handling of environmental or social risk through improved board accountability, improved policies or procedures, or improved disclosures.

**<u>Virtual Meetings</u>** 

Dimensional does not oppose the use of virtual-only meetings if shareholders are provided with the same rights and opportunities as available during a physical meeting, including:

• The ability to see and hear portfolio company representatives;

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• The ability to ask questions of portfolio company representatives; and

• The ability to see or hear questions submitted to portfolio company representatives by other shareholders, including those questions not answered by portfolio company representatives.

**<u>Disclosure of Vote Results</u>** 

Dimensional expects detailed disclosure of voting results. In cases where vote results have not been disclosed within a reasonable time frame, Dimensional may vote against individual directors, committee members, or the full board of a portfolio company.

**<u>Disclosure of Meeting Materials</u>** 

Dimensional expects timely disclosure of meeting notice and materials. Dimensional may vote against individual directors or committee members if disclosure is not made with sufficient time for shareholders to consider the materials prior to the shareholder meeting.

**<u>Voting Guidelines for Environmental and Social Matters</u>** 

Dimensional believes that portfolio company boards are responsible for addressing material environmental and social risks within their duties. If a portfolio company is unresponsive to environmental or social risks that may have material economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such E&S proposals Dimensional may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

**<u>Evaluating Disclosure of Material Environmental or Social Risks</u>** 

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

• A description of material risks.

• A description of the process for identifying and prioritizing such risks and how frequently it occurs.

• The policies and procedures governing the handling of each material risk.

• A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

• A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

• A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, or where a portfolio company has faced a material controversy in relation to the issue, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

**<u>Political and Lobbying Activities</u>** 

Dimensional expects boards of portfolio companies to exercise oversight of political and lobbying-related expenditures and ensure that such spending is in line with shareholder interests.

In evaluating a portfolio company's policies related to political and lobbying expenditure, Dimensional expects the following practices:

• The board to adopt policies and procedures to oversee political and lobbying expenditures;

• The details of the board oversight, including the policies and procedures governing such expenditures, to be disclosed publicly; and

• That board oversight of political and lobbying activities, such as spending, should include ensuring that the portfolio company's publicly stated positions are in alignment with its related activities and spending.

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**<u>Human Capital Management</u>** 

Dimensional expects boards of portfolio companies to exercise oversight of human capital management issues. Dimensional expects portfolio companies to disclose sufficient information for shareholders to understand the policies, procedures, and personnel a portfolio company has in place to address issues related to human capital management. This disclosure should include the portfolio company's human capital management goals in key areas, such as compensation, employee health and wellness, employee training and development, and workforce composition, as well as the metrics by which the portfolio company assesses performance against these goals.

**<u>Climate-Related Risks</u>** 

Dimensional expects boards of portfolio companies to exercise oversight of climate-related risks that may have a material impact on the portfolio company. Climate-related risks may include physical risks from changing weather patterns and/or transitional risks from changes in regulation or consumer preferences. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

• The specific risks identified.

• The potential impact these risks could have on the portfolio company's business, operations, or strategy.

• Whether the risks are overseen by a specific committee or the full board.

• The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed.

• The management-level roles/groups responsible for managing these risks.

• The metrics used to assess the handling of these risks, how they are calculated, and the reason for their selection, particularly when the metrics recommended by a recognized third-party framework, such as Task Force for Climate-related Financial Disclosures (TCFD), International Sustainability Standards Board (ISSB),or Sustainability Accounting Standards Board (SASB) Standards, are not being used.

• Targets used by the portfolio company to manage climate-related risks and performance against those targets.

**<u>Human Rights</u>** 

Dimensional expects portfolio company boards to exercise oversight of human rights issues that could pose a material risk to the business, including forced labor, child labor, privacy, freedom of expression, and land and water rights. Dimensional expects portfolio companies to disclose information on their handling of these risks, to the extent those risks may have a material impact on the portfolio company. Disclosure should include:

• The specific risks identified

• The potential impact these risks could have on the portfolio company's business, operations, or strategy

• Whether the risks are overseen by a specific committee or the full board

• The frequency with which the board or responsible board committee receives updates on the risks and the types of information reviewed

• Details on how the portfolio company monitors human rights throughout the organization and supply chain, including the scope and frequency of audits and how instances of non-compliance are resolved

• The policies governing human rights throughout the organization and supply chain and the extent to which the policy aligns with recognized global frameworks such as the UN's Guiding Principles on Human Rights and the OECD's Guidelines for Multinational Enterprises

• Details of violations of the policy and corrective action taken

**<u>Technology</u>** 

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Dimensional expects portfolio company boards to exercise oversight of the use of technology, including artificial intelligence (AI) throughout the business and disclose information of their handling of any associated risks, to the extent such risks could be material to the business. With respect to cybersecurity risks in particular, disclosure should include:

• Policies and procedures to manage cybersecurity risk and identify cybersecurity incidents

• The role of management in implementing cybersecurity policies and procedures

• The role of the board in overseeing cybersecurity risk and the process by which the board is informed of incidents.

• Material cybersecurity incidents and remedial actions taken.

**<u>Evaluation Framework for U.S. Listed Companies</u>** 

**<u>Director Elections:</u>** 

**<u>Uncontested Director Elections</u>** 

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional believes shareholders should have a say in who represents their interests and portfolio companies should be responsive to shareholder concerns. Dimensional may vote against or withhold votes from individual directors, committee members, or the full board, and may also vote against such directors when they serve on other portfolio company boards, in the following situations:

• The continued service of directors who failed to receive the support of a majority of shareholders (regardless of whether the portfolio company uses a majority or plurality vote standard).

• Failure to adequately respond to majority-supported shareholder proposals.

**<u>Contested Director Elections</u>** 

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, Dimensional considers the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

**<u>Board Structure and Composition:</u>** 

**<u>Age and Term Limits</u>** 

Dimensional believes it is the responsibility of a portfolio company's nominating committee to ensure that the portfolio company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

**<u>CEO/Chair</u>** 

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

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At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

**<u>Governance Practices:</u>** 

**<u>Classified Boards</u>** 

Dimensional believes director votes are an important mechanism to increase board accountability to shareholders. Dimensional therefore advocates for boards at portfolio companies to give shareholders the right to vote on the entire slate of directors on an annual basis.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Dual Classes of Stock</u>** 

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual-class structure without shareholder approval after the portfolio company's IPO. Dimensional will generally vote against or withhold votes from directors for implementation of a dual-class structure prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Supermajority Vote Requirements</u>** 

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO, unless accompanied by a reasonable sunset provision.

**<u>Shareholder Rights Plans (Poison Pills)</u>** 

Dimensional generally opposes poison pills. As a result, Dimensional may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on.

**<u>Cumulative Voting</u>** 

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

**<u>Majority Voting</u>** 

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For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

**<u>Right to Call Meetings and Act by Written Consent</u>** 

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

**<u>Proxy Access</u>** 

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

**<u>Amend Bylaws/Charters</u>** 

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

**<u>Exclusive Forum</u>** 

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

**<u>Indemnification and Exculpation of Directors and Officers</u>** 

Dimensional intends to evaluate proposals seeking to enact or expand indemnification or exculpation provisions on a case-by-case basis considering board rationale and specific provisions being proposed.

**<u>Advance Notice Provisions</u>** 

Portfolio company bylaw amendments known as "advance notice provisions" set out the steps shareholders must follow when submitting an item for inclusion on the agenda of a shareholder meeting. These provisions may serve as an entrenchment device that can result in reduced accountability at the board level in cases where they impose onerous requirements on shareholders wishing to submit a nominee for the board of directors. When evaluating advanced notice provisions, whether for the submission of a shareholder candidate or the submission of other permissible proposals, Dimensional generally does not support provisions that:

• Require shareholder-nominated candidates to disclose information that is not required for new board-nominated candidates

• Impose unduly burdensome disclosure requirements on shareholder proponents

• Significantly limit the time period shareholders have to submit proposals or nominees

Dimensional may vote against or withhold votes from directors who adopt such provisions without shareholder approval.

**<u>Executive and Director Compensation:</u>** 

**<u>Equity-Based Compensation</u>** 

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and portfolio company employees with those of shareholders.

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Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

**<u>Employee Stock Purchase Plans</u>** 

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

**<u>Advisory Votes on Executive Compensation (Say on Pay)</u>** 

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, portfolio company performance, and the structure of the plan.

Certain practices, such as:

• multi-year guaranteed bonuses

• excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

• single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the portfolio company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the Compensation Committee if these concerns have not been addressed.

**<u>Frequency of Say on Pay</u>** 

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a portfolio company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

**<u>Executive Severance Agreements (Golden Parachutes)</u>** 

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

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Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

**<u>Corporate Actions:</u>** 

**<u>Reincorporation</u>** 

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

**<u>Capitalization:</u>** 

**<u>Increase Authorized Shares</u>** 

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

**<u>Blank Check Preferred Stock</u>** 

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what Dimensional believes is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

**<u>Share Repurchases</u>** 

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

**<u>Shareholder Proposals:</u>** 

In instances where a shareholder proposal is excluded from the meeting agenda, Dimensional expects the portfolio company to provide shareholders with substantive disclosure concerning this exclusion. In certain instances, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis if such disclosure is lacking.

**<u>Evaluation Framework for Europe, the Middle East, and Africa (EMEA) Listed Companies</u>** 

**<u>Continental Europe:</u>** 

**<u>Director Election Guidelines</u>** 

• Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable in controlled companies and in those markets where local best practice indicates that at least one-third of the board be independent.

• A majority of audit and remuneration committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committees overall should be at least one-third independent.

• Executives should generally not serve on audit and remuneration committees.

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• The CEO and board chair roles should generally be separate.

• Portfolio companies should comply with Directive (EU) 2022/2381 (Gender Balance on Boards of Certain Companies) Regulations 2025 to the extent transposed into national law, relevant listing rules, corporate governance codes, and market best practices with regards to board composition.

**<u>Remuneration Guidelines</u>** 

Dimensional expects annual remuneration reports published by portfolio companies pursuant to the Shareholder Rights Directive II to disclose, at a minimum:

• The amount paid to executives;

• Alignment between pay and performance;

• The targets used for variable incentive plans and the ex-post levels achieved; and

• The rationale for any discretion applied.

**<u>Other Market Specific Guidelines for Continental Europe</u>** 

• In Austria, Germany, and the Netherlands, Dimensional will generally vote against the appointment of a former CEO as chairman of the board of directors or supervisory board of a portfolio company.

**<u>United Kingdom:</u>** 

Dimensional expects portfolio companies to follow the applicable requirements of the FCA Listing Rules, the UK Corporate Governance Code, and market best practices with regards to board and committee composition. When evaluating portfolio company boards Dimensional will also consider the recommendations of the FTSE Women Leaders and Parker Reviews with regards to board composition.

Dimensional expects companies to align their remuneration with the requirements of the UK Corporate Governance Code and to consider best practices such as those set forth in the Investment Association Principles of Remuneration.

With respect to capital structure, Dimensional will consider expectations set forth in the Investment Association's Share Capital Management Guidelines and the Pre-Emption Group Statement of Principles and the Pensions and Lifetime Savings Association Guidelines.

**<u>Ireland:</u>** 

Dimensional expects Irish-incorporated portfolio companies with their primary listing on Euronext Dublin to follow the requirements of the Irish Corporate Governance Code. Dimensional expects Irish-incorporated companies to follow the requirements of S.I. No. 215/2015 – European Union (Gender Balance on Boards of Certain Companies) Regulations 2025 with respect to evaluating board composition.

**<u>South Africa:</u>** 

Dimensional expects portfolio companies to follow the recommendations of the King Report on Corporate Governance (King Code IV) with regards to board and committee composition.

**<u>Framework for Evaluating Australia-and New Zealand Listed Companies</u>** 

**<u>Uncontested Director Elections</u>** 

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. Dimensional expects portfolio company boards to be majority independent.

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Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

When evaluating portfolio company boards, Dimensional will consider the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively, with respect to board composition. Additionally, Dimensional will generally vote against individual directors or committee members at portfolio companies with no female representation on the board. At companies listed on the S&P/NZX 20, Dimensional generally expects at least 30 percent board female representation.

**<u>CEO/Chair</u>** 

Dimensional expects Australian and New Zealand portfolio companies to separate the CEO and board chair roles, with the board chair being an independent director, in line with the expectations set forth in the ASX Corporate Governance Council Principles and Recommendations and the NZX Corporate Governance Code, respectively

**<u>Auditors</u>** 

Neither Australian or New Zealand requires the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee in both markets.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

**<u>Share Issuances</u>** 

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, at Australian and New Zealand portfolio companies, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1. and NZX Listing Rule 4, respectively.

**<u>Share Repurchase</u>** 

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the portfolio company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

**<u>Constitution Amendments</u>** 

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

**<u>Non-Executive Director Remuneration</u>** 

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

**<u>Equity-Based Remuneration</u>** 

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

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Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Dimensional may vote against the granting of equity-based awards, such as performance rights, stock options, and stock appreciation rights, to specific executives, including CEOs and Managing Directors, if also voting against the portfolio company's remuneration report under the analysis set for the in the Executive Remuneration section of the Global Framework.

**<u>Framework for Evaluating Japan-Listed Securities</u>** 

**<u>Uncontested Director Elections</u>** 

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill sets needed to effectively oversee management and manage risk. With respect to board composition, Dimensional may consider local market practice, including requirements under the Japan Corporate Governance Code, and may vote against directors if the board does not meet established market norms.

At portfolio companies with a three-committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one-third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with a statutory auditor structure, Dimensional expects at least two directors and at least one-third of the board to be outsiders. At portfolio companies with a statutory auditor structure that have a controlling shareholder, the board should be majority independent.

**<u>Statutory Auditors</u>** 

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

**<u>Director and Statutory Auditor Compensation</u>** 

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

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Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

**<u>Equity Based Compensation</u>** 

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and portfolio company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

**<u>Capital Allocation</u>** 

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

Share Repurchase

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the portfolio company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the portfolio company to provide a robust explanation for the request.

**<u>Cross-Shareholding</u>** 

Dimensional generally believes that portfolio companies should not allocate significant portions of their net assets to investments in companies for non-investment purposes. For example, in order to strengthen relationships with customers, suppliers, or borrowers. Such cross-shareholding, whether unilateral or reciprocal, can compromise director independence, entrench management, and reduce director accountability to uninterested shareholders. Dimensional may vote against certain directors at companies with excessive cross-shareholdings.

**<u>Shareholder Rights Plans (Poison Pills)</u>** 

Dimensional believes the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

**<u>Indemnification and Limitations on Liability</u>** 

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

**<u>Limit Legal Liability of External Auditors</u>** 

Dimensional generally opposes limitations on the liability of external auditors.

**<u>Increase in Authorized Capital</u>** 

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

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For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

**<u>Expansion of Business Activities</u>** 

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the portfolio company's articles to expand the portfolio company's business activities.

**<u>Framework for Evaluating Securities in Other Select Asian Markets</u>** 

**<u>Uncontested Director Elections</u>** 

Dimensional expects portfolio companies to disclose biographical information about director candidates sufficient for shareholders to assess the candidate's independence and suitability for board service.

Dimensional expects that portfolio companies will at a minimum meet mandated regulatory or listing standards levels for board independence but should work towards meeting the applicable requirements of the relevant Corporate Governance code.

Dimensional maintains the following expectations for board independence at portfolio companies. The calculation of the level of independence will generally exclude shareholder or employee representatives as provided by law.

• All boards of directors of Malaysian portfolio companies should be at least 33% independent. Boards of directors of Malaysian "Large Companies" as defined by the Securities Commission Malaysia should be majority independent.

• Boards of directors of Indian and Singaporean portfolio companies should be at least 50% independent if the board chair is not independent. If the board chair is independent, the board of directors should be at least 33% independent.

• Boards of directors of Thai, Filipino, Hong Kong, Taiwanese and mainland China portfolio companies should be at least 33% independent.

• Boards of Commissioners of Indonesian portfolio companies should be at least 30% independent, except for banks, insurance companies, and financial institutions which should be 50% independent.

• Boards of directors of South Korean portfolio companies should be at least 25% independent. The board of directors of Large Companies, as defined by the Commercial Act of South Korea, should be majority independent.

Dimensional expects portfolio companies to follow applicable corporate governance codes, listing standards, and local market best practices with respect to board composition.

**<u>Director Remuneration</u>** 

In most Asian markets, director remuneration generally consists of both fees and bonuses.

Dimensional will generally support the payment of fees for serving as a director, fees for attending meetings, and other market-permitted remuneration if the size of such fees and other director remuneration is reasonable relative to industry and market norms.

In the absence of specific proposals to approve director remuneration (including fees and bonuses), Dimensional may vote against the directors who receive such remuneration if concerns are identified.

**<u>Equity Based Remuneration</u>** 

In most Asian markets, equity plans are developed and presented for shareholder approval as part of employee remuneration. Equity plans may consist of stock options, restricted shares, or performance shares.

When voting on stock-option plans, restricted share plans, and performance share plans, Dimensional will consider the extent to which the plan is performance based, the length of performance and vesting periods, and the treatment of equity upon a change in control.

For stock-option plans, if the plan provides for a discount to the market price, Dimensional will consider the reasonableness and rationale for such a discount in light of local market standards.

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In instances where Dimensional has identified concerns with a portfolio company's equity plan or equity granting practices, Dimensional will generally oppose the extension of the plan to subsidiary or associate companies.

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<sup>1</sup> If the client is subject to ERISA, an Advisor's proxy voting activities are subject to any applicable provisions under ERISA and/or guidance from the U.S. Department of Labor.

<sup>2</sup> If a client does not share with its Advisor information regarding the cost of voting proxies so that the Advisor can perform a cost-benefit analysis, the Advisor will decide whether to vote proxies considering only the information on difficulties and costs that it has available.

<sup>3</sup> If a client does not share with its Advisor information regarding the cost of voting proxies for certain non-U.S. companies or in certain countries so that the Advisor can perform a cost-benefit analysis, the Advisor will decide whether to vote proxies considering only the information on difficulties and costs that it has available.

<sup>4</sup>Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Ireland Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

<sup>5</sup>For considerations in connection with ERISA-covered clients, see the Policy and its references to requirements under ERISA.

<sup>6</sup>As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

**DRIEHAUS CAPITAL MANAGEMENT LLC (DCM)** 

**SUMMARY OF PROXY VOTING POLICY** 

For those clients for whom DCM has undertaken to vote proxies, DCM retains the final authority and responsibility for such voting. On behalf of our valued clients, DCM (i) provides the client with this written summary of its proxy voting policy and the complete proxy voting policy upon request; (ii) discloses to the client how to obtain voting information; (iii) applies the proxy voting policy consistently; (iv) documents the reasons for voting; (v) maintains records of voting activities for clients and regulating authorities; (vi) generally aims to vote securities based on a pre-determined voting policy, based on the recommendations of an independent third-party to avoid conflicts of interest with DCM; and (vii) follows a formal process in the event of a deviation from the third-party's voting recommendations.

In order to facilitate this proxy voting process, DCM has retained Institutional Shareholder Services Inc. ("ISS") to provide in-depth proxy research, vote recommendations and execution, and the record keeping necessary for the appropriate management of a client account. ISS is an investment adviser that specializes in providing a variety of fiduciary-level services related to proxy voting. DCM has ascertained that ISS has the capacity and competency to analyze proxy issues, make vote recommendations in an impartial manner and in the best interests of DCM's clients. ISS offers a selection of voting guidelines including "benchmark" guidelines as well as a number of specialty guidelines. DCM utilizes the benchmark guidelines for vote recommendations and research unless we determine that a specialty policy is more aligned with a specific strategy or if directed otherwise by a client.

DCM's proxy voting policy refers to the general voting guidelines that ISS follows on various types of issues when there are no company-specific reasons for voting to the contrary. In making the proxy voting decision, there are two overriding considerations: first, the economic impact of the proposal; and second, the best interest impact of a proposal if it were to pass or not pass, as the case may be. ISS performs company-by-company analysis, which means that all votes are reviewed on a case-by-case basis and no issues are considered routine. Each issue is considered in the context of the company under review. DCM generally follows ISS's recommendations and typically does not use its discretion in the proxy voting decision. For this reason, client proxies are voted in the clients' best interests, in accordance with a predetermined policy based upon recommendations of an independent third party, and are not affected by any potential or actual conflict of interest of DCM. If a situation arises in which a DCM portfolio manager wishes to deviate from an ISS recommendation on a proxy voting decision, that portfolio manager must consult with DCM's general counsel or chief compliance officer in writing and provide: (i) the name of the issuer; (ii) a description of the proposal; (iii) ISS's voting recommendation; (iv) the reason the portfolio manager believes they are acting in the best interest of clients by voting against the ISS recommendation; and (v) identification of any actual or potential conflicts of interest which do or could exist with respect to the proposal.

DCM seeks to vote proxies for all securities held in accounts for which we retain proxy voting authority. However, in certain markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing voting instructions. In certain instances, we may decline to vote proxies due to certain market considerations, including "share blocking." DCM generally prefers not to restrict the sale of any shares held within client accounts for proxy voting purposes and it is therefore standard practice for DCM not to execute proxies for holdings located in countries that engage in share blocking.

In addition, DCM annually, and more frequently if necessary, reviews ISS's policies and procedures regarding any potential conflicts of interest when making vote recommendations to determine if ISS is acting impartially.

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Clients who are interested in obtaining information from DCM on how their securities were voted may contact the Relationship Management Department at 1-800-688-8819. In addition, the Relationship Management Department mails to each client an annual record of all proxies voted on behalf of that client. Clients may also contact the Relationship Management Department if they wish to receive a copy of DCM's complete proxy voting policy.

**HOTCHKIS AND WILEY CAPITAL MANAGEMENT, LLC (H&W)** 

Proxy Voting Policies and Procedures

OUR MANDATE

Our primary responsibility is to act as a fiduciary for our clients when voting proxies. We evaluate and vote each proposed proxy in a manner that maximizes long-term shareholder value.

There are instances such as unique client guidelines, regulatory requirements, share blocking, securities lending, or other technical limitations where we are unable to vote a particular proxy. In those instances where we do not have voting responsibility, we will generally forward our recommendation to such person our client designates.

OUR PROCESS

**Analyst Role** 

To the extent we are asked to vote a client's proxy, our investment analysts are given the final authority on how to vote a particular proposal as these analysts' understanding of the company makes them the best person to apply our policy to a particular company's proxy ballot.

**Voting Resources** 

To assist our analysts in their voting, we provide them with a report that compares the company's board of directors' recommendation against H&W's proxy policy guideline recommendation and with third-party proxy research (Institutional Shareholder Services "ISS" benchmarks) and third-party ESG analysis (Morgan Stanley Capital International "MSCI").

**Engagement** 

As part of our normal due diligence and monitoring of investments, we engage management, board members, or their representatives on material business issues including environmental, social, and governance ("ESG") matters. Each proxy to be voted is an opportunity to give company management and board members formal feedback on these important matters.

If our policy recommendation is contrary to management's recommendation, our analyst is expected, but not required, to engage management. If the ballot issue is a materially important issue (i.e., the issue impacts the intrinsic value of the company), the analyst is required to engage with the company. Based on the engagement and the analyst's investment judgment, the analyst will submit a vote instruction to the Managing Director of Portfolio Services via email.

**Collaboration** 

We are not "activists" and we do not form "groups" as defined by the SEC. However, we do engage with other institutional shareholders on important ESG proxy matters.

**Exceptions To Policy** 

Any deviation from the H&W policy recommendation requires a written statement from the analyst that summarizes their decision to deviate from policy. Typical rationales include the issue raised is not material, the proposal is moot (e.g., the company already complies with proposal), the company has a credible plan to improve, policy does not fit unique circumstances of company, analyst's assessment of the issue is in-line with intent of policy, or the proposal usurps management's role in managing the company.

Exceptions to policy are reviewed annually by the ESG Investment Oversight Group.

**Administration** 

The Managing Director of Portfolio Services coordinates the solicitation of analysts' votes, the collection of exception rationales, and the implementation of those votes by our third-party proxy advisor, ISS.

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CONFLICTS OF INTEREST

All conflicts of interest are adjudicated based on what is deemed to be in the best interest of our clients and their beneficiaries. Our Proxy Oversight Committee ("POC") is responsible for reviewing proxies voted by the firm to determine that the vote was consistent with established guidelines in situations where potential conflicts of interests may exist when voting proxies. In general, when a conflict at the firm level presents itself, we will follow the recommendation of our third-party proxy advisor, ISS.

OVERSIGHT AND ROLES

**ESG Investment Oversight Group** 

The ESG Investment Oversight Group is responsible for overseeing all ESG investment related issues. This mandate includes oversight of proxy voting policies and procedures as they relate to investment activity including the monitoring of proxy engagements, review of proxy voting exceptions and rationales, assessment of proxy voting issues, determination of ESG proxy goals, and education of investment staff on proxy matters. The group is staffed by members of the investment team and reports to the firm's Chief Executive Officer.

**Proxy Oversight Committee** 

The Proxy Oversight Committee is responsible for overseeing proxy administration and conflicts of interest issues. The committee is comprised of the Chief Operating Officer, Chief Compliance Officer, the chair of the ESG Investment Oversight Group, and Managing Director of Portfolio Services. This group oversees H&W's proxy voting policies and procedures by providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws. This committee manages our third-party proxy advisory relationship.

**Investment Analyst** 

The investment analyst is responsible for analyzing and voting all proxies. The investment analyst has the final authority on individual proxy votes. The ESG Investment Oversight Group has final authority on creating and amending the proxy policy.

VOTING GUIDELINES

This section summarizes our stance on important issues that are commonly found on proxy ballots, though each vote is unique and there will be occasional exceptions to these guidelines. The purpose of our proxy guidelines is to ensure decision making is consistent with our responsibilities as a fiduciary.

These guidelines are divided into seven categories based on issues that frequently appear on proxy ballots.

■

Boards and Directors

■

Environmental and Social Matters

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Auditors and Related Matters

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Shareholder Rights

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Capital and Restructuring

■

Executive and Board Compensation

■

Routine and Miscellaneous Matters

**Boards and Directors** 

*<u>Board Independence</u>* 

We believe an independent board is crucial to protecting and serving the interests of public shareholders. We will generally withhold from or vote against any insiders when such insider sits on the audit, compensation, or nominating committees; or if independent directors comprise less than 50% of the board. Insiders are non- independent directors who may have inherent conflicts of interest that could prevent them from acting in the best interest of shareholders. Examples of non-independent directors include current and former company executives, persons with personal or professional relationships with the company and or its executives, and shareholders with large ownership positions.

*<u>Board Composition</u>* 

We believe directors should attend meetings, be focused on the company, be responsive to shareholders, and be accountable for their decisions.

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We will generally withhold from or vote against directors who attend less than 75% of meetings held during their tenure without just cause, sit on more than 5 public company boards (for CEOs only 2 outside boards), support measures that limit shareholder rights, or fail to act on shareholder proposals that passed with a majority of votes.

*<u>Board Diversity & DEI Matters</u>* 

Boards should consider diversity when nominating new candidates, including gender, race, ethnicity, age, and professional experience. We encourage, but do not require, companies to have at least one female and one diverse (e.g., race, ethnicity) director or have a plan to do so. For shareholder proposals concerning DEI issues, we generally follow management's recommendations unless our analyst identifies a significant deficiency in this area.

*<u>Board Size</u>* 

We do not see a standard number of directors that is ideal for all companies. In general, we do not want to see board sizes changed without shareholder approval as changing board size can be abused in the context of a takeover battle.

*<u>Board Tenure</u>* 

In general, we will evaluate on a case-by-case basis whether the board is adequately refreshed with new talent and the proposed changes are not designed to reduce board independence.

*<u>Classified Boards</u>* 

We oppose classified boards because, among other things, it can make change in control more difficult to achieve and limit shareholder rights by reducing board accountability.

*<u>Cumulative Voting</u>* 

Generally, we oppose cumulative voting because we believe that economic interests and voting interests should be aligned in most circumstances.

*<u>Independent Board Chair</u>* 

Generally, we favor a separate independent chair that is not filled by an insider. If the CEO is also the board chair, we require 2/3 of the board to be independent, a strong independent director (i.e., has formal input on board agendas and can call/preside over meetings of independent directors), and the CEO cannot serve on the nominating or compensation committees.

*<u>Proxy Contests</u>* 

Proxy contests are unusual events that require a case-by-case assessment of the unique facts and circumstances of each contested proxy campaign. Our policy is to defer to the judgement of our analysts on what best serves our clients' interests. Our analysts will evaluate the validity of the dissident's concerns, the likelihood that the dissident plan will improve shareholder value, the qualifications of the dissident's candidates, and management's historical record of creating or destroying shareholder value.

*<u>Risk Oversight</u>* 

Generally, companies should have established processes for managing material threats to their businesses, including ESG risks. We encourage transparency and vote to improve transparency to help facilitate appropriate risk oversight.

**Environmental and Social Matters** 

We believe the oversight of ESG risks is an important responsibility of the board of directors and is a prerequisite for a well-managed company. Transparent disclosures are necessary to identify and evaluate environmental and social risks and opportunities. A lack of transparency will increase the likelihood that environmental and social risks are not being sufficiently managed/limited/mitigated. In general, we will engage companies with substandard disclosure to encourage them to provide adequate disclosure on E&S risks that typically align with Sustainability Accounting Standards Board ("SASB") recommendations.

In general, we support proposals that encourage disclosure of risks provided they are not overly burdensome or disclose sensitive competitive information balanced against the materiality of the risk. We also consider whether the proposal is more effectively addressed through other means, like legislation or regulation.

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**Auditors and Related Matters** 

Generally, we will support the board's recommendation of auditors provided that the auditors are independent, non-audit fees are less than the sum of all audit and tax related fees, and there are no indications of fraud or misleading audit opinions.

**Shareholder Rights** 

We do not support proposals that limit shareholder rights. When a company chronically underperforms minimal expectations due to poor execution, poor strategic decisions, or poor capital allocation, there may arise the need for shareholders to effect change at the board level. Proposals that have the effect of entrenching boards or managements, thwarting the will of the majority of shareholders, or advantaging one class of shareholders at the expense of other shareholders will not be supported.

*<u>Amendment to Charter/Articles/Bylaws</u>* 

We do not support proposals that give the board exclusive authority to amend the bylaws. We believe amendments to charter/articles/bylaws should be approved by a vote of the majority of shareholders.

*<u>One Share, One Vote</u>* 

Generally, we do not support proposals to create dual class voting structures that give one set of shareholders super voting rights that are disproportionate from their economic interest in the company. Generally, we will support proposals to eliminate dual class structures.

*<u>Poison Pills</u>* 

In general, we do not support anti-takeover measures such as poison pills. Such actions can lead to outcomes that are not in shareholders' bests interests and impede maximum shareholder returns. It can also lead to management entrenchment. We may support poison pills intended to protect NOL assets.

*<u>Proxy Access</u>* 

Generally, we support proposals that enable shareholders with an ownership level of 3% for a period of three years or more, or an ownership level of 10% and a holding period of one year or more.

*<u>Right to Act by Written Consent</u>* 

We believe that shareholders should have the right to solicit votes by written consent in certain circumstances. These circumstances generally include but are not limited to situations where more than a narrow group of shareholders support the cause to avoid unnecessary resource waste, the proposal does not exclude minority shareholders to the benefit of a large/majority shareholder, and shareholders receive more than 50% support to set up action by written consent.

*<u>Special Meetings</u>* 

Generally, we support proposals that enable shareholders to call a special meeting provided shareholders own at least 15% of the outstanding shares.

*<u>Virtual Meetings</u>* 

We believe shareholders should have the opportunity to participate in the annual and special meetings, as current communications technology such as video conferencing is broadly available to facilitate such interactions. This improves shareholders' ability to hear directly from management and the board of the directors, and to provide feedback as needed.

**Capital and Restructuring** 

Events such as takeover offers, buyouts, mergers, asset purchases and sales, corporate restructuring, recapitalizations, dilutive equity issuance, or other major corporate events are considered by our analysts on a case-by-case basis. Our policy is to vote for transactions that maximize the long-term risk adjusted return to shareholders considering management's historical record of creating shareholder value, the likelihood of success, and the risk of not supporting the proposal.

*<u>Dual Class Shares</u>* 

We do not support dual class shares unless the economic and voting interests are equal.

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*<u>Issuance of Common Stock</u>* 

In general, we will consider the issuance of additional shares in light of the stated purpose, the magnitude of the increase, the company's historical shareholder value creation, and historical use of shares. We are less likely to support issuance when discounts or re-pricing of options has been an issue in the past.

**Executive and Board Compensation** 

We expect the board of directors to design, implement, and monitor pay practices that promote pay-for-performance, alignment of interest with long-term shareholder value creation, retention and attraction of key employees. In general, we will evaluate executive compensation in light of historical value creation, peer group pay practices, and our view on management's stewardship of the company.

We expect the board of directors to maintain an independent and effective compensation committee that has members with the appropriate skills, knowledge, experience, and ability to access third-party advice.

We expect the board of directors to provide shareholders with clear and understandable compensation disclosures that enable shareholders to evaluate the effectiveness and fairness of executive pay packages.

And finally, we expect the board of directors' own compensation to be reasonable and not set at a level that undermines their independence from management.

*<u>Golden Parachutes</u>* 

Golden parachutes can serve as encouragement to management to consider transactions that benefit shareholders; however, substantial payouts may present a conflict of interest where management is incentivized to support a suboptimal deal. We view cash severance greater than 3x base salary and bonus to be excessive unless approved by a majority of shareholders in a say-on-pay advisory vote.

*<u>Incentive Options and Repricing</u>* 

We generally support long-term incentive programs tied to pay-for-performance. In general, we believe 50% or more of top executive pay should be tied to long-term performance goals and that those goals should be tied to shareholder value creation metrics. We do not support plans that reset when management fails to attain goals or require more than 10% of outstanding shares to be issued. In general, we do not support the exchange or repricing of options.

*<u>Say-on-Pay</u>* 

We believe annual say-on-pay votes are an effective mechanism to provide feedback to the board on executive pay and performance. We support non-binding proposals that are worded in a manner such that the actual implementation of the plan is not restricted. In general, we will vote against plans where there is a serious misalignment of CEO pay and performance or the company maintains problematic pay practices. In general, we will withhold votes from members of the compensation committee if there is no say-on-pay on the ballot, the board fails to respond to a previous say-on-pay proposal that received less than 70% support, the company has implemented problematic pay practices such as repricing options or its pay plans are egregious.

**Routine and Miscellaneous Matters** 

We generally support routine board proposals such as updating bylaws (provided they are of a housekeeping nature), change of the corporate name or change of the time or location of the annual meeting.

*<u>Adjournment of Meeting</u>* 

We do not support proposals that give management the authority to adjourn a special meeting absent compelling reasons to support the proposal.

*<u>Amend Quorum Requirements</u>* 

We do not support proposals to reduce quorum requirements for shareholder meetings without support from a majority of the shares outstanding without compelling justification.

*<u>Other Business</u>* 

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We do not support proposals on matters where we have not been provided sufficient opportunity to review the matters at hand.

**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:

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Management of a client solicits proxies, and voting against management could affect Jennison's relationship with the client

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A Jennison employee has a personal or family relationship with an issuer's management that could influence the voting decision

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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:

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Reviewing this Policy and Procedures annually for accuracy and effectiveness, and recommending and adopting any necessary changes

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Reviewing proposed amendments to the Jennison Guidelines in consultation with the Investment Professionals and making revisions as appropriate

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Oversight of the implementation of Client-Directed Guidelines and Jennison Custom Guidelines

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Reviewing quarterly voting metrics and analysis published by the Proxy Team

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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.

**J.P. MORGAN INVESTMENT MANAGEMENT INC.**

J.P. Morgan Investment Management Inc. (Sub-Adviser), as an investment sub-adviser to the Portfolio, has been granted the authority to vote the proxies of any voting securities held in the Portfolio's portfolio. In voting proxies, the Sub-Adviser's objective is to vote proxies in the best interests of its clients. To ensure that the proxies of portfolio companies are voted in the best interests of the Portfolio, the Portfolio's Board of Trustees has adopted the Sub-Adviser's detailed proxy voting procedures (the "Procedures") that incorporate guidelines ("Guidelines") for voting proxies on specific types of issues for the Portfolio.

The Sub-Adviser and its affiliated advisers ("JPMAM") are part of a global asset management organization with the capability to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines are customized for each region to take into account such variations. The Sub-Adviser has adopted a separate set of Guidelines that covers the regions of (1) North America, (2) Europe, Middle East, Africa, Central America and South America ("EMEA"), (3) Asia (ex-Japan) and (4) Japan.

Notwithstanding the variations among the Guidelines, all of the Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value consistent with the Portfolio's objectives and strategies. As a general rule, in voting proxies of a particular security, the Sub-Adviser will apply the Guidelines of the region in which the issuer of such security is organized. Except as noted below, proxy voting decisions will be made in accordance with the Guidelines covering a multitude of both routine and non-routine matters that the Sub-Adviser has encountered globally, based on many years of collective investment management experience.

To oversee the proxy voting process on an ongoing basis, JPMAM has established a proxy committee ("Proxy Committee") for each global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees including a proxy administrator ("Proxy Administrator") and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters as well as on specific voting issues to be implemented by the Sub-Adviser; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when the Sub-Adviser has identified a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities.

The Guidelines are proprietary to the Sub-Adviser and reflect the Sub-Adviser's views on proxy voting matters as informed by its investment experience and research over many years of proxy voting. Certain guidelines are prescriptive ("Prescribed Guidelines") meaning they specify how the Sub-Adviser will vote a particular proxy proposal except where the Sub-Adviser, pursuant to its procedures, determines to vote in a manner contrary to its Prescribed Guidelines also known as an "Override". Other guidelines contemplate voting on a case-by-case basis. In addition, there will undoubtedly be proxy matters that are not contemplated by the Guidelines. Individual company facts and circumstances vary. In some cases, the Sub-Adviser may determine that, in the best interest of its clients, a particular proxy item should be voted in a manner that is not consistent with the Prescribed Guidelines. Where the Sub-Adviser chooses to vote in a manner contrary to its Prescribed Guideline (an "Override") or where the Proxy Administrator determines that such vote requires further escalation to certain portfolio management teams ("escalated votes"), the procedures include a review and, for certain votes, an attestation process. These processes are designed to identify actual or potential material conflicts of interest (between a Portfolio on the one hand, and the Portfolio's Sub-Adviser or an affiliate, on the other hand), ensure that relevant personnel were not in possession of material non-public information ("MNPI"), and ensure that the proxy vote is cast in the best interests of the Portfolio.

In order to maintain the integrity and independence of the Sub-Adviser's investment processes and decisions, including proxy voting decisions, and to protect the Sub-Adviser's decisions from influences that could lead to a vote other than in the Portfolios' best interests, JPMC (including the Sub-Adviser) has adopted policies and procedures that (i) address the handling of conflicts, (ii) establish information barriers, and (iii) restrict the use of MNPI. Material conflicts of interest are further avoided by voting in accordance with the Sub-Adviser's Prescribed Guidelines. A material conflict is deemed to exist when the proxy is for JPMorgan Chase & Co. stock or for a J.P. Morgan Portfolio, or when the Proxy Administrator has actual knowledge indicating that a JPMorgan affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. When such conflicts are identified, the proxy will be voted by an independent third party using its own guidelines; provided, however, that the Sub-Adviser's investment professional(s) may request an exception to this process to vote against a proposal rather than referring it to an independent third party

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("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMorgan Chase affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. The applicable proxy committee shall review the Exception Request and shall determine whether the Sub-Adviser should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

Depending on the nature of the conflict, the Sub-Adviser may elect to take one or more of the following measures or other appropriate action: removing certain Sub-Adviser personnel from the proxy voting process or "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; voting in accordance with the applicable Prescribed Guidelines, if any, if the application of the Prescribed Guidelines would objectively result in the casting of a proxy vote in a predetermined manner, or deferring the vote to an independent third party, in which case the proxy will be voted by the independent third party in accordance with its own determination. In the event that the portion of the Portfolio managed by the Sub-Adviser, in the aggregate with other portfolios managed by JPMIM, holds more than 25% of the outstanding voting securities of an open-end registered investment company or registered unit investment trust that is not managed by JPMIM (a "Non-J.P. Morgan Portfolio"), the Portfolio will vote its respective securities in a Non-J.P. Morgan Portfolio in the same proportion as the vote of all other holders of such securities.

The following summarizes some of the more noteworthy types of proxy voting policies of the North America Guidelines:

The Sub-Adviser considers votes on director nominees on a case-by-case basis. Votes generally will be withheld from directors who: (a) attend less than 75% of board and committee meetings without a valid excuse; (b) adopt or renew a poison pill without shareholder approval; (c) are affiliated outside directors who serve on audit, compensation or nominating committees or are affiliated outside directors and the full board serves on such committees or the company does not have such committees; (d) ignore a shareholder proposal that is approved by a majority of either the shares outstanding or the votes cast based on a review over a consecutive two year time frame; (e) are insiders and affiliated outsiders on boards that are not at least majority independent except, in the case of controlled companies, vote for non-independent directors who serve on committees other than the audit committee; or (f) are CEOs of publicly-traded companies who serve on more than two public boards (besides his or her own board) or for all other directors who serve on more than four public company boards. In addition, votes are generally withheld for directors who serve on committees in certain cases. For example, the Sub-Adviser generally withholds votes from audit committee members in circumstances in which there is evidence that there exists material weaknesses in the company's internal controls. Votes generally are also withheld from directors when there is a demonstrated history of poor performance or inadequate risk oversight or when the board adopts changes to the company's governing documents without shareholder approval if the changes materially diminish shareholder rights. Votes generally will be withheld from board chair, lead independent directors, or governance committee chairs of publicly traded companies where employees have departed for significant violation of code of conduct without claw back of compensation. In addition, the Sub-Adviser generally votes against the chair of the nominating committee if one or more directors remain on the board after having received less than majority of votes cast in the prior election.

The Sub-Adviser votes proposals to classify boards on a case-by-case basis, but normally will vote in favor of such proposal if the issuer's governing documents contain each of eight enumerated safeguards (for example, a majority of the board is composed of independent directors and the nominating committee is composed solely of such directors).

The Sub-Adviser also considers management poison pill proposals on a case-by-case basis, looking for shareholder-friendly provisions before voting in favor.

The Sub-Adviser votes against proposals for a super-majority vote to approve a merger.

The Sub-Adviser considers proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis, taking into account such factors as the extent of dilution and whether the transaction will result in a change in control.

The Sub-Adviser considers vote proposals with respect to compensation plans on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders) and includes an analysis of the structure of the plan and pay practices of other companies in the relevant industry and peer companies. Other matters included in the analysis are the amount of the company's outstanding stock to be reserved for the award of stock options, whether the exercise price of an option is less than the stock's fair market value at the date of the grant of the options, and whether the plan provides for the exchange of outstanding options for new ones at lower exercise prices.

The Sub-Adviser also considers on a case-by-case basis proposals to change an issuer's state of incorporation, mergers and acquisitions and other corporate restructuring proposals and certain social issue proposals.

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The Sub-Adviser generally votes for management proposals which seek shareholder approval to make the state of incorporation the exclusive forum for disputes if the company is a Delaware corporation; otherwise, the Sub-Adviser votes on a case by case basis.

The Sub-Adviser supports board refreshment, independence, and a diverse skill set for directors as an important part of contributing to long-term shareholder value. The Sub-Adviser expects its investee companies to be committed to diversity and inclusiveness in their general recruitment policies as we believe such diversity contributes to the effectiveness of boards and further development of sound governance and risk oversight. As with all proxy votes, the Sub-Adviser seeks to vote in each Portfolio's best interests to enhance long-term shareholder value. The Sub-Adviser will utilize its voting power to bring about change where boards are lagging in gender and racial/ethnic diversity. The Sub-Adviser will generally vote against the chair of the Nominating Committee when the issuer does not disclose the gender and racial and ethnic composition of the board, with adequate diversity data considered as adequate in instances where individual directors do not wish to disclose personal identification. The Sub-Adviser will also generally vote against the chair of the Nominating Committee when the issuer lacks any gender diversity or any racial/ethnic diversity unless there are mitigating factors such as recent retirement of relevant directors, a relatively new public company, and an ongoing search for a director.

The Sub-Adviser reviews Say on Pay proposals on a case by case basis with additional review of proposals where the issuer's previous year's proposal received a low level of support.

The following summarizes some of the more noteworthy types of proxy voting policies of **Section 12 Social and Environmental Issues** from the North America Guidelines:

The Sub-Adviser generally encourages a level of reporting on environmental matters that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. In general, the Sub-Adviser supports management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

In evaluating how to vote environmental proposals, key considerations may include, but are not limited to, issuer considerations such as asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations; cash deployments; cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs; corporate behavior of the company; demonstrated capabilities of the company, its strategic planning process, and past performance; current level of disclosure of the company and consistency of disclosure across its industry; and whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework. The Sub-Adviser may also consider whether peers have received similar proposals and if so, were the responses transparent and insightful; would adoption of the proposal would inform and educate shareholders; and have companies that adopted the proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company; does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices; and does the proposal create the potential for unintended consequences such as a competitive disadvantage.

The Sub-Adviser votes against the chair of the committee responsible for providing oversight of environmental matters and/or risk where the Sub-Adviser believes the company is lagging peers in terms of disclosure, business practices or targets. The Sub-Adviser also votes against committee members, lead independent director and/or board chair for companies that have lagged over several years.

With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

The Sub-Adviser expects boards to provide oversight of human capital management which includes the company management of its workforce, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record and health and safety. As an engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities and deliver shareholder returns, the Sub-Adviser will generally support shareholder resolutions seeking the company to disclose data on workforce demographics including diversity, and release of EEO-1 or comparable data where such disclosure is deemed by the Sub-Adviser as inadequate.

**Non-U.S. Guidelines.** The following summarizes some of the more noteworthy types of proxy voting policies of the EMEA, Asia (Ex-Japan) and Japan Guidelines (collectively, "Non-U.S. Guidelines"):

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Corporate governance procedures differ among the countries. Because of time constraints and local customs, it is not always possible for the Sub-Adviser to receive and review all proxy materials in connection with each item submitted for a vote. Many proxy statements are in foreign languages. Proxy materials are generally mailed by the issuer to the sub-custodian which holds the securities for the client in the country where the portfolio company is organized, and there may not be sufficient time for such materials to be transmitted to the Sub-Adviser in time for a vote to be cast. In some countries, proxy statements are not mailed at all, and in some locations, the deadline for voting is two to four days after the initial announcement that a vote is to be solicited and it may not always be possible to obtain sufficient information to make an informed decision in good time to vote.

Certain markets require that shares being tendered for voting purposes are temporarily immobilized from trading until after the shareholder meeting has taken place. Elsewhere, notably emerging markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. Some markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, which can result in considerable cost. The Sub-Adviser also considers the cost of voting in light of the expected benefit of the vote. In certain instances, it may sometimes be in the Portfolio's best interests to intentionally refrain from voting in certain overseas markets from time to time.

The Non-U.S. Guidelines reflect the applicable region's corporate governance or stewardship codes with respect to corporate governance and proxy voting. For example, JPMAM is a signatory to the UK Stewardship Code 2020 and believes that its existing stewardship policies meet the standards required under the Code. Additionally, for example, the EMEA Guidelines for UK companies are based on the revised UK Corporate Governance Code. If a portfolio company chooses to deviate from the provisions of the UK Corporate Governance Code, the Sub-Adviser takes the company's explanation into account as appropriate, based on the Sub-Adviser's overall assessment of the standards of corporate governance evidenced at the company. For Continental European markets, the Sub-Adviser expects companies to comply with local Corporate Governance Codes, where they exist. In markets where a comparable standard does not exist, we use the EMEA Guidelines as the primary basis for voting, while taking local market practice into consideration where applicable. The Japan Guidelines reflect the 2020 revisions to the Japanese Stewardship Code. Likewise, the Asia (Ex-Japan) Guidelines endorse the stewardship principles promoted by different regulators and industry bodies in the region including the Singapore Stewardship Principles for Responsible Investors supported by Monetary Authority of Singapore and Singapore Exchange, the Principles for Responsible Ownership issued by the Securities and Futures Commission in Hong Kong, and the Principles of Internal Governance and Asset Stewardship issued by the Financial Services Council of Australia.

Where proxy issues concern corporate governance, takeover defense measures, compensation plans, capital structure changes and so forth, the Sub-Adviser pays particular attention to management's arguments for promoting the prospective change.

The Non-U.S. Guidelines encourage transparency and disclosure with respect to remuneration reporting as well as processes and policies designed to align compensation with the long-term performance of portfolio companies.

In particular, the EMEA Guidelines indicate that the remuneration policy as it relates to senior management should ideally be presented to shareholders for approval with such votes normally occurring every third year. In addition, the EMEA Guidelines describe information that the Sub-Adviser expects to be included in remuneration reports including disclosure on amounts paid to executives, alignment between company performance and pay out to executives, disclosure of, among other things, variable incentive targets, levels of achievement and performance awards, information on the ratio of CEO pay to median employee pay.

With respect to the Japan Guidelines, the voting decision will be made taking into account matters such as recent trends in the company's earnings and performance, with the expectation that companies will have a remuneration system comprised of a reasonable mix of fixed and variable (based on short term and medium to long term incentives) compensation. Such Guidelines also support the introduction of clawback clauses in order to prevent excessive risk taking which can negatively impact shareholder value and excessive pay.

Where shareholders are able to exercise a binding vote on remuneration policies, the Asia (Ex-Japan) Guidelines reflect the Sub-Adviser's belief that such polices should stand the test of time. The Asia (Ex-Japan) Guidelines further encourage companies to provide information on the ratio of CEO pay to median employee pay and to explain the reasons for changes to the ratio as it unfolds year by year. The Asia (Ex-Japan) Guidelines also highlight information that companies should have with regard to gender pay gaps and indicate how this issue is being addressed.

The Sub-Adviser is in favor of a unitary board structure of the type found in the United Kingdom as opposed to tiered board structures. Thus, under the EMEA Guidelines, the Sub-Adviser will generally vote to encourage the gradual phasing out of tiered board structures, in favor of a unitary board structure. However, since tiered Boards are still very prevalent in markets outside of the United Kingdom, the Non-U.S. Guidelines do not mandate a unitary board structure and local market practice will always be taken into account.

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The Sub-Adviser will use its voting powers to encourage appropriate levels of board independence and diversity as an important part of contributing to long-term shareholder value, taking into account local market practice.

In particular, the EMEA Guidelines indicate that the Sub-Adviser expects boards to have a strategy to improve female representation in particular. The EMEA Guidelines generally support the target of one-third of board positions being held by women, as recommended by the UK Government's Women on Boards Report, the Davies Review and the FTSE Women Leaders Review (formerly the Hampton-Alexander Review).

The Japan Guidelines include provisions on board diversity and indicate that the Sub-Adviser believes directors with diverse backgrounds should make up a majority of a board over time. The Japan Guidelines provide that the current policy is to vote against the election of the representative directors, such as the president of the company, if there is only one or no female directors (at least 30% gender diversity before 2030).

The Asia ex Japan Guidelines reflect, as a minimum standard for all Asia ex Japan markets, that JPMAM would expect no single-gender boards and that such boards would have 25% gender diverse representation before 2025, with 30% gender diverse representation or such higher amounts as reflected by local market practice before 2030.

The Sub-Adviser will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable.

The Sub-Adviser will vote in favor of increases in capital which enhance a company's long-term prospects. The Sub-Adviser will also vote in favor of the partial suspension of preemptive rights if they are for purely technical reasons (e.g., rights offers which may not be legally offered to shareholders in certain jurisdictions). However, the Sub-Adviser will vote against increases in capital which would allow the company to adopt "poison pill" takeover defense tactics, or where the increase in authorized capital would dilute shareholder value in the long term.

The Sub-Adviser will vote in favor of proposals which will enhance a company's long-term prospects. The Sub-Adviser will vote against an increase in bank borrowing powers which would result in the company reaching an unacceptable level of financial leverage, where such borrowing is expressly intended as part of a takeover defense, or where there is a material reduction in shareholder value.

The Sub-Adviser will generally vote against anti-takeover devices.

The Sub-Adviser considers social or environmental issues on a case-by-case basis under the Non-U.S. Guidelines, keeping in mind at all times the best economic interests of its clients. With respect to environmental proposals, the Non-U.S. Guidelines indicate that good corporate governance policies should consider the impact of company operations on the environment and the costs of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. The Non-U.S. Guidelines further encourage a level of environmental reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provided, and whether the proposal would result in a competitive disadvantage for the company.

**North American and Non-U.S. Guidelines.** The following describes certain elements that are common to the North America and Non-U.S. Guidelines:

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The North America and Non-U.S. Guidelines note that, in certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings and reflect that general shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders. In principle, the Sub-Adviser is supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhancing access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

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The North America and Non-U.S. Guidelines include climate risk guidelines due to the Sub-Adviser's view that climate change has become a material risk to the strategy and financial performance of many companies. The Sub-Adviser may vote against directors of companies, that, in the Sub-Adviser's opinion, face material climate-related transition or asset risks, where such disclosures are not available or where we believe such disclosures are not meaningful. To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change, the Sub-Adviser encourages disclosure aligned with the reporting framework developed by the Task Force on Climate related Financial Disclosures ("TCFD"). In addition, for companies in industries where the Sub-Adviser believes climate change risks pose material financial risks, the Sub-Adviser encourages more comprehensive reporting including scenario analysis to help under the resilience of a company's strategy and disclosures of Scope 1 and 2 greenhouse gases ("GHG") emission targets, where decarbonization of a company's operations and purchased energy has been identified by the company as a key part of a company's strategy to manage climate change risks. In addition, for companies who have chosen to set

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long-term net zero targets, the Sub-Adviser encourages the company to make disclosures including scope of emissions included in such targets in order to allow the Sub-Adviser to evaluate the long-term credibility of transition plans. The Sub-Adviser may vote for shareholder resolutions requesting information where disclosure is unavailable or not meaningful.

**Securities Lending** 

Proxies for securities that are out on loan normally cannot be voted, as title passes to the borrower of the securities. The Sub-Adviser is not involved in a Portfolio's securities lending arrangements as it is not a party to a securities lending agreement involving the Portfolio and does not make the decision to lend a Portfolio's securities. As a result, to the extent that a Portfolio engages in securities lending, the Sub-Adviser's proxy voting responsibilities do not include recalling securities to vote proxies for securities that have been lent by the Portfolio.

MASSACHUSETTS FINANCIAL SERVICES COMPANY (MFS)

PROXY VOTING POLICIES AND PROCEDURES

January 1, 2026

At MFS Investment Management, our core purpose is to create value responsibly. In serving the long-term economic interests of our clients, we rely on deep fundamental research, risk awareness, engagement, and effective stewardship to generate long-term risk-adjusted returns for our clients. A core component of this approach is our proxy voting activity. We believe that robust ownership practices can help protect and enhance long-term shareholder value. Such ownership practices include diligently exercising our voting rights as well as engaging with our issuers on a variety of proxy voting topics. We recognize that environmental, social and governance ("ESG") issues may impact the long-term value of an investment, and, therefore, we consider ESG issues in light of our fiduciary obligation to vote proxies in what we believe to be in the best long- term economic interest of our clients.

MFS Investment Management and its subsidiaries that perform discretionary investment activities (collectively, "MFS") have adopted these proxy voting policies and procedures ("MFS Proxy Voting Policies and Procedures") with respect to securities owned by the clients for which MFS serves as investment adviser and has been delegated the power to vote proxies on behalf of such clients. These clients include pooled investment vehicles sponsored by MFS (an "MFS Fund" or collectively, the "MFS Funds").

**Our approach to proxy voting is guided by the overall principle that proxy voting decisions are made in what MFS believes to be the best long-term economic interests of our clients for which we have been delegated with the authority to vote on their behalf, and not in the interests of any other party, including company management or in MFS' corporate interests, including interests such as the distribution of MFS Fund shares and institutional client relationships.** These Proxy Voting Policies and Procedures include voting guidelines that govern how MFS generally will vote on specific matters as well as how we monitor potential material conflicts of interest on the part of MFS that could arise in connection with the voting of proxies on behalf of MFS' clients.

**Our approach to proxy voting is guided by the following additional principles:** 

**1. Consistency in application of the policy across multiple client portfolios:** While MFS generally seeks a single vote position on the same matter when securities of an issuer are held by multiple client portfolios, MFS may vote differently on the matter for different client portfolios under certain circumstances. For example, we may vote differently for a client portfolio if we have received explicit voting instructions to vote differently from such client for its own account. Likewise, MFS may vote differently if the portfolio management team responsible for a particular client account believes that a different voting instruction is in the best long-term economic interest of such account.

**2. Consistency in application of policy across shareholder meetings in most instances:** As a general matter, MFS seeks to vote consistently on similar proxy proposals across all shareholder meetings. However, as many proxy proposals (e.g., mergers, acquisitions, and shareholder proposals) are analyzed on a case-by-case basis in light of the relevant facts and circumstances of the issuer and proposal MFS may vote similar proposals differently at different shareholder meetings. In addition, MFS also reserves the right to override the guidelines with respect to a particular proxy proposal when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients.

**3. Consideration of company specific context and informed by engagement:** As noted above MFS will seek to consider a company's specific context in determining its voting decision. Where there are significant, complex or unusual voting items we may seek to engage with a company before making the vote to further inform our decision. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management is warranted to reflect our concerns and encourage change in the best long-term economic interests of our clients for which MFS has been delegated with the authority to vote on their behalf.

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**4. Clear decisions to best support issuer processes and decision making:** To best support improved issuer decision making we strive to generally provide clear decisions by voting either For or Against each item. We may however vote to Abstain in certain situations if we believe a vote either For or Against may produce a result not in the best long-term economic interests of our clients.

**5. Transparency in approach and implementation:** Our voting data is reported to clients upon request and publicly on a quarterly and annual basis on our website (under Proxy Voting Records & Reports). For more information about reporting on our proxy voting activities, please refer to Section F below.

**A.** **VOTING GUIDELINES** 

The following guidelines govern how MFS will generally vote on specific matters presented for shareholder vote. These guidelines are not exhaustive, and MFS may vote on matters not identified below. In such circumstances, MFS will be governed by its general policy to vote in what MFS believes to be in the best long-term economic interest of its clients. MFS reserves the right to override the guidelines with respect to a particular proxy proposal when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients.

Additionally, these guidelines are written to apply to the markets and companies where MFS has significant assets invested. There will be markets and companies, such as controlled companies and smaller markets, where local governance practices are taken into consideration and exceptions may need to be applied that are not explicitly stated below. There are also markets and companies where transparency and related data limit the ability to apply these guidelines.

**Board structure and performance** 

MFS generally supports the election and/or discharge of directors proposed by the board in uncontested or non-contentious elections, unless concerns have been identified as described below

**Director independence** 

MFS believes that good governance is enabled by a board with at least a simple majority of directors who are "independent" (as determined by MFS in its sole discretion)<sup>1</sup> of management, the company and each other. MFS may not support the non-independent nominees, or other relevant director (e.g., chair of the board or the chair of the nominating committee), where insufficient independence is identified and determined to be a risk to the board's and/or company's effectiveness.

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As a general matter, MFS will not support a nominee to a board if, as a result of such nominee being elected to the board, the board would consist of less than a simple majority of members who are "independent" (as determined by MFS in its sole discretion). MFS' determination of "independence" may be different than that of the company, the exchange on which the company is listed, or a third party (*e.g.,* proxy advisory firm).

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As a general matter, MFS will vote against any non-independent nominee if MFS does not believe a key committee of the board (such as audit, nomination and compensation/remuneration committee) is "sufficiently independent." MFS' view of what constitutes "sufficiently independent" and which board committees are "key committees" varies by market.

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MFS may accept lower levels of independence in certain circumstances, such as companies required to have non-shareholder representatives on the board, controlled companies, and companies in certain markets.

**Independent chairs** 

■

MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board or a lead independent director. We review the merits of a change in leadership structure on a case-by-case basis.

**Tenure in leadership roles** 

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MFS may vote against a chair who is designated independent, or a lead independent director whose overall tenure on the board equals or exceeds twenty (20) years, if refreshment is not being considered by the company's board or MFS identifies other concerns that suggest more immediate refreshment is necessary.

**Overboarding** 

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We believe that all directors should have sufficient time and attention to fulfil their duties and play their part in effective oversight, both in normal and exceptional circumstances. As a general guideline, MFS will generally vote against a director's election if we believe that the director's service on boards of outside public companies is "excessive". Our view as to what constitutes "excessive" varies by market and role that the director serves with the public company (*i.e.,* executive or non-executive). In cases of a director nominee who serves as a CEO or executive chair of a public company, MFS will likely only apply a vote against director's election at the meetings of the companies where the director is a non-executive.

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■

When analyzing whether a director's service on boards of multiple public companies is excessive, MFS may also consider: (i) whether the company has disclosed the director's plans to step down from one or more public company boards within a reasonable time; or (ii) whether the director serves on the multiple boards of affiliated companies, or on more than one investment company within the same investment company complex (as defined by applicable law). MFS may also vote in favor of a director whose service on outside public company boards we would otherwise deem to be excessive if after engagement we believe the director's ability to dedicate sufficient time and attention is not impaired by the external roles.

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MFS may also vote against any director if we deem such nominee to have board or committee roles or other outside time commitments that we believe would impair their ability to dedicate sufficient time and attention to their director role.

**Diversity** 

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MFS believes that a well-balanced board with diverse perspectives is a foundation for sound corporate governance. MFS takes a holistic view on the dimensions of diversity that can lead to a diversity of perspectives.

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Gender diversity is one such dimension and if data is available, MFS will generally vote against the chair of the nominating and governance committee or other most relevant position at any company whose board, in our view, is comprised of an insufficient representation of directors who are women. Our view as to what constitutes insufficient representation varies by market.

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MFS may consider other dimensions of diversity if we believe that the board will benefit from more diverse perspectives.

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MFS considers exceptions to our approach if we believe that the company is transitioning towards a well-balanced board with diverse perspectives or has provided clear and compelling reasons for why they have been unable to do so.

**Board size** 

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MFS believes that the size of the board can have an effect on the board's ability to function efficiently and effectively. MFS evaluates board size on a case-by-case basis.

**Other concerns related to director election:**

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MFS will generally not support a nominee if MFS can determine that the nominee attended less than 75% of the board and/or relevant committee meetings in the previous year without a valid reason stated in the proxy materials or other company communications.

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MFS may not support some or all nominees standing for re-election to a board if MFS determines (i) there are concerns with a director or board regarding performance, governance, or oversight; (ii) the board or relevant committee has not adequately responded to an issue that received a significant vote against management from shareholders; or (iii) the board has implemented a poison pill without shareholder approval since the last annual meeting and such poison pill is not on the subsequent shareholder meeting's agenda; or (iv) a Japanese company allocates a significant portion of its net assets to cross-shareholdings.

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MFS may also not support some or all nominees standing for election to a compensation/remuneration committee if (i) MFS votes against consecutive executive compensation votes; (ii) MFS determines that a particularly egregious executive compensation practice has occurred; (iii) MFS believes the committee is inadequately incentivizing or rewarding executives, or is overseeing pay practices that MFS believes are detrimental to the long-term success of the company; or (iii) an advisory pay vote is not presented to shareholders, or the company has not implemented the advisory vote frequency supported by a plurality/majority of shareholders.

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Unless the concern is commonly accepted market practice, MFS may also not support some or all nominees standing for election to a nominating committee if we determine (in our sole discretion) that the chair of the board is not independent and there is no strong lead independent director role in place, or an executive director is a member of a key board committee.

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Where the election of directors is bundled MFS may vote against the whole group if there is concern with an individual director and no other vote related to that director.

**Discharge of Directors** 

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Where individual directors are not presented for election in the year MFS may apply the same vote position described above to votes on the discharge of the director.

**Proxy contests** 

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From time to time, a shareholder may propose a slate of director nominees different than the slate of director nominees proposed by the company (a "proxy contest"). MFS will analyze proxy contests on a case-by-case basis, taking into consideration the track record and current recommended initiatives of both company management and the dissident shareholder(s). MFS will support the director nominee(s) that we believe is in the best, long-term economic interest of our clients.

**Board Accountability:** 

**Majority voting for the election of directors:** 

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MFS generally supports reasonably crafted proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors (including binding resolutions requesting that the board amend the company's bylaws), provided the proposal includes a carve-out for a plurality voting standard when there are more director nominees than board seats (e.g., contested elections).

**Declassified boards:** 

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MFS generally supports proposals to declassify a board (i.e., a board in which only a sub-set of board members is elected each year) for all issuers other than for certain closed-end investment companies. MFS generally opposes proposals to classify a board for issuers other than for certain closed-end investment companies.

**The right to call a special meeting or act by written consent:** 

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MFS believes that there should be an appropriate balance between the ability of shareholders to exercise the right to call special meetings or act by written consent with the cost of conducting such special meetings or actions.

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MFS will generally support management proposals to establish these rights where they do not currently exist.

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MFS will generally support shareholder proposals to adjust existing rights if we believe that the shareholder proposal appropriately balances shareholder and company interests (generally a threshold of 15% for large and widely held companies and a threshold between 15%-25% for other companies).

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MFS will support shareholder proposals to establish the right to act by majority written consent if shareholders do not have the right to call a special meeting at the thresholds described above or lower.

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MFS may also support shareholder proposals to establish these rights if no existing right exists if we believe that to do so appropriately balances the interests of shareholders and the company. In such circumstances, we may support proposals with thresholds lower than the thresholds that we would support if proposed by management or a shareholder requesting an adjustment to an existing right.

**Proxy access:** 

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MFS believes that the ability of qualifying shareholders to nominate a certain number of directors on the company's proxy statement ("proxy access") may have corporate governance benefits. However, such potential benefits must be balanced by its potential misuse by shareholders.

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MFS generally supports proxy access proposals at U.S. issuers that establish ownership criteria of 3% of the company held continuously for a period of 3 years. In our view, such qualifying shareholders should have the ability to nominate at least 2 directors.

**Shareholder rights:** 

**Anti-takeover measures:** 

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In general, MFS votes against any measure that inhibits capital appreciation in a stock, including proposals that protect management from action by shareholders. These types of proposals take many forms, ranging from "poison pills" and "shark repellents" to super-majority requirements.

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While MFS may consider the adoption of a prospective "poison pill" or the continuation of an existing "poison pill" on a case-by-case basis, MFS generally votes against such anti-takeover devices.

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MFS will consider any poison pills designed to protect a company's net-operating loss carryforwards on a case-by-case basis, weighing the accounting and tax benefits of such a pill against the risk of deterring future acquisition candidates.

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MFS will also consider, on a case-by-case basis, proposals designed to prevent tenders which are disadvantageous to shareholders such as tenders at below market prices and tenders for substantially less than all shares of an issuer.

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MFS generally supports proposals that seek to remove governance structures that insulate management from shareholders.

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MFS generally votes for proposals to rescind existing "poison pills" and proposals that would require shareholder approval to adopt prospective "poison pills."

**Cumulative voting:** 

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MFS generally opposes proposals that seek to introduce cumulative voting and supports proposals that seek to eliminate cumulative voting. In either case, MFS will consider whether cumulative voting is likely to enhance the interests of MFS' clients as minority shareholders.

**One-share one-vote**:

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As a general matter, MFS supports proportional alignment of voting rights with economic interest and may not support a proposal that deviates from this approach.

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For companies listing with multiple share classes or other forms of disproportionate control are in place, we expect these to have sunset provisions of generally no longer than seven years after which the structure becomes single class one-share one-vote.

**Reincorporation and reorganization proposals**:

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When presented with a proposal to reincorporate a company under the laws of a different state, or to effect some other type of corporate reorganization, MFS considers the underlying purpose and ultimate effect of such a proposal in determining whether or not to support such a measure. MFS generally votes with management in regard to these types of proposals; however, if MFS believes the proposal is not in the best long-term economic interests of its clients, then MFS may vote against management (e.g., the intent or effect would be to create additional inappropriate impediments to possible acquisitions or takeovers).

**Other business:** 

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MFS generally votes against "other business" proposals as the content of any such matter is not known at the time of our vote.

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**Capitalization proposals, capital allocation and corporate actions:** 

**Issuance of stock:** 

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There are many legitimate reasons for the issuance of stock. Nevertheless, MFS may vote a stock option plan as noted below under "Executive Compensation-Stock Plans."

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MFS typically votes against proposals where management is asking for authorization to issue common or preferred stock with no reason stated (a "blank check") because the unexplained authorization could work as a potential anti-takeover device.

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MFS may also vote against the authorization or issuance of common or preferred stock if MFS determines that the requested authorization is excessive or not warranted. MFS will consider the duration of the authority and the company's history in using such authorities in making its decision.

**Repurchase programs:** 

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MFS generally supports proposals to institute share repurchase plans in which all shareholders have the opportunity to participate on an equal basis. Such plans may include a company acquiring its own shares on the open market, or a company making a tender offer to its own shareholders.

**Mergers, acquisitions & other special transactions:** 

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MFS considers proposals with respect to mergers, acquisitions, sale of company assets, share and debt issuances and other transactions that have the potential to affect ownership interests on a case-by-case basis. When analyzing such proposals, we use a variety of materials and information, including our own internal research as well as the research of third-party service providers.

**Independent Auditors** 

MFS generally supports the election of auditors but may determine to vote against the election of a statutory auditor and/or members of the audit committee in certain markets if MFS reasonably believes that the statutory auditor is not truly independent, sufficiently competent or there are concerns related to the auditor's work or opinion.

**Executive Compensation Packages** 

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MFS believes that competitive compensation packages are necessary to attract, motivate and retain executives. We seek compensation plans that we believe are geared towards durable long-term value creation and aligned with shareholder interests and experience.

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MFS will analyze votes on executive compensation on a case-by-case basis. When analyzing compensation practices, MFS generally uses a two-step process. MFS first seeks to identify any compensation practices that are potentially of concern. Where such practices are identified, MFS will then analyze the compensation practices in light of relevant facts and circumstances.

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MFS will vote against an issuer's executive compensation practices if MFS determines that such practices are not geared towards durable long-term value creation and are misaligned with the best, long-term economic interest of our clients. When analyzing whether an issuer's compensation practices are aligned with the best, long-term economic interest of our clients, MFS uses a variety of materials and information, including our own internal research and engagement with issuers as well as the research of third-party service providers.

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MFS generally supports proposals to include an advisory shareholder vote on an issuer's executive compensation practices on an annual basis.

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MFS does not have formal voting guideline in regard to the inclusion of ESG incentives in a company's compensation plan; however, where such incentives are included, we believe (i) the incentives should be tied to issues that are financially material for the issuer in question; (ii) they should predominantly include quantitative or other externally verifiable outcomes rather than qualitative measures; and (iii) the weighting of incentives should be appropriately balanced with other strategic priorities.

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We believe non-executive directors may be compensated in cash or stock, but these should not be performance-based.

**Stock Plans**

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As a general matter, MFS will vote against restricted stock, stock option, non-employee director, omnibus stock plans and any other stock plan that it views as having potential excessive dilution, considering aggregate dilution and burn rate.

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In addition, MFS may oppose stock option programs and restricted stock plans if they:

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Allow the board or the compensation committee to re-price underwater options or to automatically replenish shares without shareholder approval.

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Do not require an investment by the optionee, give "free rides" on the stock price, or permit grants of stock options with an exercise price below fair market value on the date the options are granted.

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In the cases where a stock plan amendment is seeking qualitative changes and not additional shares, MFS will vote on a case-by-case basis.

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MFS will consider proposals to exchange existing options for newly issued options, restricted stock or cash on a case-by-case basis, taking into account certain factors, including, but not limited to, whether there is a reasonable value-for-value exchange and whether senior executives are excluded from participating in the exchange.

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■

From time to time, MFS may evaluate a separate, advisory vote on severance packages or "golden parachutes" to certain executives at the same time as a vote on a proposed merger or acquisition. MFS will generally vote on a severance package on a case-by-case basis, and MFS may vote against the severance package regardless of whether MFS supports the proposed merger or acquisition.

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MFS supports the use of a broad-based employee stock purchase plans to increase company stock ownership by employees, provided that shares purchased under the plan are acquired for no less than 85% of their market value and do not result in excessive dilution.

**Shareholder Proposals on Executive Compensation** 

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MFS generally opposes shareholder proposals that seek to set rigid restrictions on executive compensation as MFS believes that compensation committees should retain flexibility to determine the appropriate pay package for executives.

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MFS may support reasonably crafted shareholder proposals that:

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Require shareholder approval of any severance package for an executive officer that exceeds a certain multiple of such officer's annual compensation that is not determined in MFS' judgment to be excessive;

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Require the issuer to adopt a policy to recover the portion of performance-based bonuses and awards paid to senior executives that were not earned based upon a significant negative restatement of earnings, or other significant misconduct or corporate failure, unless the company already has adopted a satisfactory policy on the matter;

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Expressly prohibit the backdating of stock options; or,

■

Prohibit the acceleration of vesting of equity awards upon a broad definition of a "change-in-control" (e.g., single or modified single-trigger).

**Environmental and Social Proposals** 

■

MFS believes that a company's environmental or social practices may have an impact on the company's long-term economic financial performance, and we analyze such proposals on a case-by-case basis in light of the relevant facts and circumstances of the issuer and proposal.

■

Where management presents climate action/transition plans to shareholder vote, we will evaluate the level of ambition over time, scope, credibility and transparency of the plan in determining our support. Where companies present climate action progress reports to shareholder vote we will evaluate evidence of implementation of and progress against the plan and level of transparency in determining our support.

■

Most vote items related to environmental and social topics are presented by shareholders. As these proposals, even on the same topic, can vary significantly in scope and action requested, these proposals are typically assessed on a case-by-case basis, and we will support them if in light of the relevant facts and circumstances we believe that to do so is in the best long-term interests of our clients.

■

MFS is unlikely to support a proposal if we believe that the proposal is unduly costly, restrictive, unclear, burdensome, has potential unintended consequences, is unlikely to lead to tangible outcomes or we don't believe the issue is material or the action a priority for the business. MFS is also unlikely to support a proposal where the company already provides publicly available information that we believe is sufficient to enable shareholders to evaluate the potential opportunities and risks on the subject of the proposal, if the request of the proposal has already been substantially implemented, or if through engagement we gain assurances that it will be substantially implemented.

■

The laws of various states or countries may regulate how the interests of certain clients subject to those laws (e.g., state pension plans) are voted with respect to environmental, social and governance issues. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients.

**B. GOVERNANCE OF PROXY VOTING ACTIVITIES** 

**1**. **MFS Proxy Voting Committee**

The administration of these MFS Proxy Voting Policies and Procedures is overseen by the MFS Proxy Voting Committee, which includes senior personnel from the MFS Legal and Global Investment and Client Support Departments as well as members of the investment team. The Proxy Voting Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. The MFS Proxy Voting Committee:

■

Reviews these MFS Proxy Voting Policies and Procedures at least annually and recommends any amendments considered to be necessary or advisable;

■

Determines whether any potential material conflict of interest exists;;

■

Considers special proxy issues as they may arise from time to time; and

■

Determines engagement priorities and strategies with respect to MFS' proxy voting activities

The day-to-day application of the MFS Proxy Voting Policies and Procedures are conducted by the MFS Stewardship Team led by MFS' Director of Global Stewardship. The Stewardship Team are members of MFS' investment team.

**2. Potential Conflicts of Interest** 

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These policies and procedures are intended to address any potential material conflicts of interest on the part of MFS or its subsidiaries that are likely to arise in connection with the voting of proxies on behalf of MFS' clients. If such potential material conflicts of interest do arise, MFS will analyze, document and report on such potential material conflicts of interest (see below) and shall ultimately vote the relevant ballot items in what MFS believes to be the best long-term economic interests of its clients.

The MFS Proxy Voting Committee is responsible for monitoring potential material conflicts of interest on the part of MFS or its subsidiaries that could arise in connection with the voting of proxies on behalf of MFS' clients. Due to the client focus of our investment management business, we believe that the potential for actual material conflict of interest issues is small. Nonetheless, we have developed precautions to assure that all votes are cast in the best long-term economic interest of its clients<sup>1</sup>. Other MFS internal policies require all MFS employees to avoid actual and potential conflicts of interests between personal activities and MFS' client activities. If an employee (including investment professionals and members of the Proxy Voting Committee or the Stewardship Team) identifies an actual or potential conflict of interest with respect to any voting decision (including the ownership of securities in their individual portfolio), then that employee must recuse himself/herself from participating in the voting process. Any significant attempt by an employee of MFS or its subsidiaries to unduly influence MFS' voting on a particular proxy matter should also be reported to the MFS Proxy Voting Committee. Furthermore, the Proxy Voting Committee does not include individuals whose job responsibilities primarily include client relationship management, marketing, or sales.

Additionally, MFS will follow the process set forth below.

■

Compare the name of the issuer of such ballot or the name of the shareholder (if identified in the proxy materials) making such proposal against a list of significant current (i) distributors of MFS Fund shares, and (ii) MFS institutional clients (the "MFS Significant Distributor and Client List");

■

If the name of the issuer does not appear on the MFS Significant Distributor and Client List, then no material conflict of interest will be deemed to exist, and the proxy will be voted as otherwise determined by the MFS Proxy Voting Committee;

■

If the name of the issuer appears on the MFS Significant Distributor and Client List, then the MFS Proxy Voting Committee will be apprised of that fact and each member of the MFS Proxy Voting Committee (with the participation of MFS' Conflicts Officer) will carefully evaluate the proposed vote in order to ensure that the proxy ultimately is voted in what MFS believes to be the best long-term economic interests of MFS' clients, and not in MFS' corporate interests; and

■

For all potential material conflicts of interest identified under clause (c) above, the MFS Proxy Voting Committee will document: the name of the issuer, the issuer's relationship to MFS, the analysis of the matters submitted for proxy vote, the votes as to be cast and the reasons why the MFS Proxy Voting Committee determined that the votes were cast in the best long-term economic interests of MFS' clients, and not in MFS' corporate interests. A copy of the foregoing documentation will be provided to MFS' Conflicts Officer.

The members of the MFS Proxy Voting Committee are responsible for creating and maintaining the MFS Significant Distributor and Client List, in consultation with MFS' distribution and institutional business units. The MFS Significant Distributor and Client List will be reviewed and updated periodically, as appropriate.

For instances where MFS is evaluating a director nominee who also serves as a director/trustee of the MFS Funds, then the MFS Proxy Voting Committee will adhere to the procedures described in section (c) above regardless of whether the portfolio company appears on our Significant Distributor and Client List. In doing so, the MFS Proxy Voting Committee will adhere to such procedures for all matters at the company's shareholder meeting at which the director nominee is standing for election.

If an MFS client has the right to vote on a matter submitted to shareholders by Sun Life Financial, Inc. or any of its affiliates (collectively "Sun Life"), MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that a client instruction is unavailable pursuant to the recommendations of Institutional Shareholder Services, Inc.'s ("ISS") benchmark policy, or as required by law. Likewise, if an MFS client has the right to vote on a matter submitted to shareholders by a public company for which an MFS Fund director/trustee serves as an executive officer, MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that client instruction is unavailable pursuant to the recommendations of ISS or as required by law.

Except as described in the MFS Fund's Prospectus, from time to time, certain MFS Funds (the "top tier fund") may own shares of other MFS Funds (the "underlying fund"). If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund. If there are no other shareholders in the underlying fund, the top tier fund will vote in what MFS believes to be in the top tier fund's best long-term economic interest. If an MFS client has the right to vote on a matter submitted to shareholders by a pooled investment vehicle advised by MFS (excluding those vehicles for which MFS' role is primarily portfolio management and is overseen by another investment adviser), MFS will cast a vote on behalf of such MFS client in the same proportion as the other shareholders of the pooled investment vehicle<sup>2</sup>.

**3. Review of Policy** 

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The MFS Proxy Voting Policies and Procedures are available on www.mfs.com and may be accessed by both MFS' clients and the companies in which MFS' clients invest. The MFS Proxy Voting Policies and Procedures are reviewed by the Proxy Voting Committee annually. From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

**C. OTHER ADMINISTRATIVE MATTERS & USE OF PROXY ADVISORY FIRMS** 

**1. Use of Proxy Advisory Firms** 

MFS, on behalf of itself and certain of its clients (including the MFS Funds) has entered into an agreement with an independent proxy administration firm pursuant to which the proxy administration firm performs various proxy vote related administrative services such as vote processing and recordkeeping functions. Except as noted below, the proxy administration firm for MFS and its clients, including the MFS Funds, is ISS. The proxy administration firm for MFS Development Funds, LLC is Glass, Lewis & Co., Inc. ("Glass Lewis"; Glass Lewis and ISS are each hereinafter referred to as the "Proxy Administrator").

The Proxy Administrator receives proxy statements and proxy ballots directly or indirectly from various custodians, logs these materials into its database and matches upcoming meetings with MFS Fund and client portfolio holdings, which are inputted into the Proxy Administrator's system by an MFS holdings data-feed. The Proxy Administrator then reconciles a list of all MFS accounts that hold shares of a company's stock and the number of shares held on the record date by these accounts with the Proxy Administrator's list of any upcoming shareholder's meeting of that company. If a proxy ballot has not been received, the Proxy Administrator and/or MFS may contact the client's custodian requesting the reason as to why a ballot has not been received. Through the use of the Proxy Administrator system, ballots and proxy material summaries for all upcoming shareholders' meetings are available on-line to certain MFS employees and members of the MFS Proxy Voting Committee.

MFS also receives research reports and vote recommendations from proxy advisory firms. These reports are only one input among many in our voting analysis, which includes other sources of information such as proxy materials, company engagement discussions, other third-party research and data. MFS has due diligence procedures in place to help ensure that the research we receive from our proxy advisory firms is materially accurate and that we address any material conflicts of interest involving these proxy advisory firms. This due diligence includes an analysis of the adequacy and quality of the advisory firm staff, its conflict of interest policies and procedures and independent audit reports. We also review the proxy policies, methodologies and peer-group-composition methodology of our proxy advisory firms at least annually. Additionally, we also receive reports from our proxy advisory firms regarding any violations or changes to conflict of interest procedures.

**2. Analyzing and Voting Proxies** 

Proxies are voted in accordance with these MFS Proxy Voting Policies and Procedures. The Proxy Administrator, at the prior direction of MFS, automatically votes all proxy matters that do not require the particular exercise of discretion or judgment with respect to these MFS Proxy Voting Policies and Procedures as determined by MFS. In these circumstances, if the Proxy Administrator, based on MFS' prior direction, expects to vote against management with respect to a proxy matter and MFS becomes aware that the issuer has filed or will file additional soliciting materials sufficiently in advance of the deadline for casting a vote at the meeting, MFS will consider such information when casting its vote. With respect to proxy matters that require the particular exercise of discretion or judgment, the MFS Proxy Voting Committee or its representatives considers and votes on those proxy matters. In analyzing all proxy matters, MFS uses a variety of materials and information, including, but not limited to, the issuer's proxy statement and other proxy solicitation materials (including supplemental materials), our own internal research and research and recommendations provided by other third parties (including research of the Proxy Administrator). As described herein, MFS may also determine that it is beneficial in analyzing a proxy voting matter for members of the Proxy Voting Committee or its representatives to engage with the company on such matter. MFS also uses its own internal research, the research of Proxy Administrators and/or other third party research tools and vendors to identify (i) circumstances in which a board may have approved an executive compensation plan that is excessive or poorly aligned with the portfolio company's business or its shareholders, (ii) environmental, social and governance proposals that warrant further consideration, or (iii) circumstances in which a company is not in compliance with local governance or compensation best practices. Representatives of the MFS Proxy Voting Committee review, as appropriate, votes cast to ensure conformity with these MFS Proxy Voting Policies and Procedures.

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For certain types of votes (e.g., mergers and acquisitions, proxy contests and capitalization matters), MFS' Stewardship Team will seek a recommendation from the MFS investment analyst that is responsible for analyzing the company and/or portfolio managers that holds the security in their portfolio. For certain other votes that require a case-by-case analysis per these policies (e.g., potentially excessive executive compensation issues, or certain shareholder proposals), the Stewardship Team will likewise consult with MFS investment analysts and/or portfolio managers<sup>3</sup>. However, the MFS Proxy Voting Committee will ultimately be responsible for the manner in which all ballots are voted.

As noted above, MFS reserves the right to override the guidelines when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients. Any such override of the guidelines shall be analyzed, documented and reported in accordance with the procedures set forth in these policies.

In accordance with its contract with MFS, the Proxy Administrator also generates a variety of reports for the MFS Proxy Voting Committee and makes available on-line various other types of information so that the MFS Proxy Voting Committee or its representatives may review and monitor the votes cast by the Proxy Administrator on behalf of MFS' clients.

For those markets that utilize a "record date" to determine which shareholders are eligible to vote, MFS generally will vote all eligible shares pursuant to these guidelines regardless of whether all (or a portion of) the shares held by our clients have been sold prior to the meeting date.

**3. Securities Lending** 

From time to time, certain MFS Funds may participate in a securities lending program. In the event MFS or its agent receives timely notice of a shareholder meeting for a U.S. security, MFS and its agent will attempt to recall any securities on loan before the meeting's record date so that MFS will be entitled to vote these shares. However, there may be instances in which MFS is unable to timely recall securities on loan for a U.S. security, in which cases MFS will not be able to vote these shares. MFS will report to the appropriate board of the MFS Funds those instances in which MFS is not able to timely recall the loaned securities. MFS generally does not recall non-U.S. securities on loan because there may be insufficient advance notice of proxy materials, record dates, or vote cut-off dates to allow MFS to timely recall the shares in certain markets on an automated basis. As a result, non-U.S. securities that are on loan will not generally be voted. If MFS receives timely notice of what MFS determines to be an unusual, significant vote for a non-U.S. security whereas MFS shares are on loan and determines that voting is in the best long-term economic interest of shareholders, then MFS will attempt to timely recall the loaned shares.

**Potential impediments to voting**

From time to time, governments may impose economic sanctions which may prohibit us from transacting business with certain companies or individuals. These sanctions may also prohibit the voting of proxies at certain companies or on certain individuals. In such instances, MFS will not vote at certain companies or on certain individuals if it determines that doing so is in violation of the sanctions.

In limited circumstances, other market specific impediments to voting shares may limit our ability to cast votes, including, but not limited to, late delivery of proxy materials, untimely vote cut-off dates, power of attorney and share re-registration requirements, or any other unusual voting requirements. In these limited instances, MFS votes securities on a best-efforts basis in the context of the guidelines described above.

**D. ENGAGEMENT** 

As part of its approach to stewardship MFS engages with companies in which it invests on a range of priority issues. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management may be warranted to reflect our concerns and influence for change in the best long-term economic interests of our clients<sup>4</sup>.

MFS may determine that it is appropriate and beneficial to engage in a dialogue or written communication with a company or other shareholders specifically regarding certain matters on the company's proxy statement that are of concern to shareholders, including environmental, social and governance matters. This may be to discuss and build our understanding of a certain proposal, or to provide further context to the company on our vote decision.

A company or shareholder may also seek to engage with members of the MFS Proxy Voting Committee or Stewardship Team in advance of the company's formal proxy solicitation to review issues more generally or gauge support for certain contemplated proposals. For further information on requesting engagement with MFS on proxy voting issues or information about MFS' engagement priorities, please contact proxyteam@mfs.com.

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**E. RECORDS RETENTION** 

MFS will retain copies of these MFS Proxy Voting Policies and Procedures in effect from time to time and will retain all proxy voting reports submitted to the Board of Trustees of the MFS Funds for the period required by applicable law. All proxy voting materials and supporting documentation, including records generated by the Proxy Administrator's system as to proxies processed, including the dates when proxy ballots were received and submitted, and the votes on each company's proxy issues, are retained as required by applicable law.

**F. REPORTS** 

**<u>U.S. Registered MFS Funds</u>** 

MFS publicly discloses the proxy voting records of the U.S. registered MFS Funds on a quarterly basis. MFS will also report the results of its voting to the Board of Trustees of the U.S. registered MFS Funds. Based on these reviews, the Trustees of the U.S. registered MFS Funds will consider possible modifications to these policies to the extent necessary or advisable.

**<u>Other MFS Clients</u>** 

MFS may publicly disclose the proxy voting records of certain other clients (including certain MFS Funds) or the votes it casts with respect to certain matters as required by law. A report can also be printed by MFS for each client who has requested that MFS furnish a record of votes cast. The report specifies the proxy issues which have been voted for the client during the year and the position taken with respect to each issue and, upon request, may identify situations where MFS did not vote in accordance with the MFS Proxy Voting Policies and Procedures.

**<u>Firm-wide Voting Records</u>** 

MFS also publicly discloses its firm-wide proxy voting records on a quarterly basis. Except as described above, MFS generally will not divulge actual voting practices to any party other than the client or its representatives because we consider that information to be confidential and proprietary to the client. However, as noted above, MFS may determine that it is appropriate and beneficial to engage in a dialogue with a company regarding certain matters.

___________________

<sup>1</sup> For clarification purposes, note that MFS votes in what we believe to be the best, long-term economic interest of our clients entitled to vote at the shareholder meeting, regardless of whether other MFS clients hold "short" positions in the same issuer or whether other MFS clients hold an interest in the company that is not entitled to vote at the shareholder meeting (e.g., bond holder).

<sup>2</sup> MFS Fund Distributors, Inc. ("MFD"), the principal underwriter of each series of the MFS Active Exchange Traded Funds Trust (each series, an "MFS Active ETF" and collectively, the "MFS Active ETFs"), has been appointed by each authorized participant with authority to vote such participant's shares of each MFS Active ETF on any matter submitted to a vote of the shareholders of the MFS Active ETF. If an MFS Active ETF submits a matter to a shareholder vote, MFD will vote (or abstain from voting) an authorized participant's shares in the same proportion as the other shareholders of the MFS Active ETF. If there are no other shareholders in the MFS Active ETF, MFS will vote in what MFS believes to be in the MFS Active ETF's best interest.

In addition, in the event MFS or an MFS subsidiary hold shares of an MFS Fund (including an MFS Active ETF) as seed money and the MFS Fund submits a matter to a shareholder vote, MFS or the MFS subsidiary, as the case may be, will vote (or abstain from voting) its shares in the same proportion as the other shareholders of the MFS Fund. If there are no other shareholders in the MFS Fund, MFS or the MFS subsidiary, as the case may be, will vote in what MFS believes to be in the MFS Fund's best interest.

<sup>3</sup> From time to time, due to travel schedules and other commitments, an appropriate portfolio manager or research analyst may not be available to provide a vote recommendation. If such a recommendation cannot be obtained within a reasonable time prior to the cut-off date of the shareholder meeting, the MFS Proxy Voting Committee may determine to abstain from voting.

<sup>4</sup> When engaging with companies, including engagements on proxy voting topics, MFS' focus is discussing, gathering information about, and seeking appropriate transparency on matters so that MFS may make an informed voting decision that advances MFS clients' long-term economic interests. MFS does not engage for the purpose of trying to change or influence control of a company. Engagements may consist of ongoing communications with a company.

**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.

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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 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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**PUTNAM INVESTMENT MANAGEMENT, LLC (PUTNAM)** 

**Proxy Voting Procedures** 

Introduction and Summary

Many of Putnam's investment management clients have delegated to Putnam the authority to vote proxies for shares in the client accounts Putnam manages. Putnam believes that the voting of proxies can be an important tool for institutional investors to promote best practices in corporate governance and votes all proxies in the best interests of its clients as investors. In Putnam's view, strong corporate governance policies, most notably oversight by an independent board of qualified directors, best serve investors' interests. Putnam will vote proxies and maintain records of voting of shares for which Putnam has proxy voting authority in accordance with its fiduciary obligations and applicable law.

Putnam's voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors' active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam's view, outweigh their investment merits.

This memorandum sets forth Putnam's policies for voting proxies. It covers all accounts for which Putnam has proxy voting authority. These accounts include the Putnam Mutual Funds<sup>1</sup> and Putnam Exchange-Traded Funds, US and international institutional accounts and funds managed or sub-advised by The Putnam Advisory Company, LLC and Putnam Fiduciary Trust Company, LLC. In addition, the policies include US mutual funds and other accounts sub-advised by Putnam Investment Management, LLC.<sup>2</sup>

*<u>Proxy Committee</u>* 

Putnam has a Proxy Committee composed of senior professionals, including from the Putnam Equity investment team and the Putnam Equity Sustainability Strategy group. The Chief Investment Officer of Putnam Equity appoints the members of the Proxy Committee. The Proxy Committee is responsible for setting general policy as to proxies. Specifically, the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reviews these procedures and the Proxy Voting Guidelines annually and approves any amendments considered to be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Considers special proxy issues as they may from time to time arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Must approve all vote overrides recommended by investment professionals.

*<u>Proxy Voting Administration</u>* 

The Putnam Sustainability Strategy group administers Putnam's proxy voting through a Proxy Voting Team. The Proxy Voting Team has the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annually prepares the Proxy Voting Guidelines and distributes them to the Proxy Committee for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinates the Proxy Committee's review of any new or unusual proxy issues and serves as Secretary thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Manages the process of referring issues to portfolio managers for voting instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Oversees the work of any third-party vendor hired to process proxy votes (as of the date of these procedures Putnam has engaged Institutional Shareholder Services (ISS) to process proxy votes) and the process of setting up the voting process with ISS and custodial banks for new clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Coordinates responses to investment professionals' questions on proxy issues and proxy policies, including forwarding specialized proxy research from ISS and other vendors and forwards information to investment professionals prepared by other areas at Putnam.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Implements the exception process with respect to referred items on securities held solely in accounts managed by the Global Asset Allocation ("GAA") team within Franklin Templeton Investment Solutions described in more detail in the Proxy Referral section below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Maintains required records of proxy votes on behalf of the appropriate Putnam client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepares and distributes reports required by Putnam clients.

*<u>Proxy Voting Guidelines</u>* 

Putnam maintains written voting guidelines ("Guidelines") setting forth voting positions determined by the Proxy Committee on those issues believed most likely to arise day to day. The Guidelines may call for votes to be cast normally in favor of or opposed to a matter or may deem the matter an item to be referred to investment professionals on a case-by-case basis. A copy of the Guidelines is attached to this memorandum as Exhibit A.

In light of our views on the importance of issuer governance and investor engagement, which we believe are applicable across our various strategies and clients, regardless of a specific portfolio's investment objective, Putnam will vote all proxies in accordance with the Guidelines, subject to two exceptions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the portfolio managers of client accounts holding the stock of a company with a proxy vote believe that following the Guidelines in any specific case would not be in the clients' best interests, they may request the Proxy Voting Team not to follow the guidelines in such case. The request must be in writing and include an explanation of the rationale for doing so. The Proxy Voting Team will review any such request with the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee acting on the Proxy Committee's behalf) prior to implementing the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam may accept instructions to vote proxies under client specific guidelines subject to review and acceptance by the Investment Division and the Legal and Compliance Department.

*<u>Other</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam may elect not to vote when the security is no longer held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam will abstain on items that require case-by-case review when a vote recommendation from the appropriate investment professional(s) cannot be obtained due to restrictive voting deadlines or other prohibitive operational or administrative requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Where securities held in Putnam client accounts, including the Putnam mutual funds, have been loaned to third parties in connection with a securities lending program administered by Putnam (through securities lending agents overseen by Putnam), Putnam has instructed lending agents to recall U.S. securities on loan to vote proxies, in accordance with Putnam's securities lending procedures. Due to differences in non-U.S. markets, Putnam does not currently seek to recall non- U.S. securities on loan. In addition, where Putnam does not administer a client's securities lending program, this recall policy does not apply, since Putnam generally does not have information on loan details or authority to effect recalls in those cases. It is possible that, for impracticability or other reasons, a recalled security may not be returned to the relevant custodian in time to allow Putnam to vote the relevant proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Putnam will make its reasonable best efforts to vote all proxies except when impeded by circumstances that are reasonably beyond its control and responsibility, such as custodial proxy voting services, in part or whole, not available or not established by a client, or custodial error.

*<u>Proxy Voting Referrals</u>* 

Under the Guidelines, certain proxy matters will be referred to Portfolio Managers. The Portfolio Manager receiving the referral request may delegate the vote decision to an appropriate Analyst from among a list of eligible analysts (such list to be approved by the Chief Investment Officer of the Putnam Equity group and the Director of Equity Research for the Putnam Equity group). The Analyst will be required to make the affirmation and disclosures identified in (3) below. Normally specific referral items will be referred to the portfolio team leader (or another member of the portfolio team he or she designates) whose accounts hold the greatest number of shares of the issuer of the proxies through the Proxy Referral Administration Database. The referral request contains (1) a field that will be used by the portfolio team leader or member for recommending a vote on each referral item, (2) a field for describing any contacts relating to the proxy referral item the portfolio team may have had with any Franklin Templeton employee outside Putnam Equity or with any person

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other than a proxy solicitor acting in the normal course of proxy solicitation, and (3) a field for portfolio managers to affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to Compliance any potential conflicts of interest relevant to their vote recommendation.

Putnam may vote any referred items on securities held solely in accounts managed by the GAA team within Franklin Templeton Investment Solutions (and not held by any other investment product team) in accordance with the recommendation of Putnam's third- party proxy voting service provider. The Proxy Voting Team will first give the relevant portfolio manager(s) on the GAA team the opportunity to review the referred items and vote on them. If the portfolio manager(s) on the GAA team do not decide to make any active voting decision on any of the referred items, the items will be voted in accordance with the service provider's recommendation. If the security is also held by other investment teams at Putnam Equity, the items will be referred to the largest holder who is not a member of the GAA team.

The portfolio team leader or members who have been requested to provide a recommendation on a proxy referral item will complete the referral request. Upon receiving each completed referral request from the applicable Portfolio Manager or Analyst, the Proxy Voting Team will review the completed request for accuracy and completeness and will follow up with investment personnel as appropriate.

*<u>Conflicts of Interest</u>* 

A potential conflict of interest may arise when voting proxies of an issuer which has a significant business relationship with Putnam. For example, Putnam could manage a defined benefit or defined contribution pension plan for the issuer. Putnam's policy is to vote proxies based solely on the investment merits of the proposal. In order to guard against conflicts, the following procedures have been adopted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Proxy Committee is composed of senior professionals, including Portfolio Managers in Putnam Equity and the Putnam Equity Sustainability Strategy group. None of these individuals or groups reports to Franklin Templeton's marketing businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Franklin Templeton employee outside Putnam Equity may contact any portfolio manager about any proxy vote without first contacting the Proxy Voting Team or a senior lawyer in the Legal and Compliance Department. There is no prohibition on employees seeking to communicate investment- related information to investment professionals except for Putnam's restrictions on dissemination of material, non-public information. However, the Proxy Voting Team will coordinate the delivery of such information to investment professionals to avoid appearances of conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investment professionals responding to referral requests must disclose any contacts with third parties other than normal contact with proxy solicitation firms and must affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to the Proxy Voting Team any potential conflicts of interest relevant to their vote recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Proxy Voting Team will review the name of the issuer of each proxy that contains a referral item against various sources of Putnam business relationships maintained by the Legal and Compliance Department or Client Service for potential material business relationships (i.e., conflicts of interest). For referrals, the Proxy Voting Team will complete the Proxy Voting Conflict of Interest Disclosure Form (attached as Exhibit B and C) via the Proxy Referral Administration Database and will prepare a quarterly report for the Putnam Chief Compliance Officer identifying all completed Conflict of Interest Disclosure forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Putnam's Proxy Voting Guidelines may only be overridden with the written recommendation from a member of the Investment Division and concurrence of the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee on the Proxy Committee's behalf).

*<u>Recordkeeping</u>* 

The Putnam Equity Sustainability Strategy Group will retain copies of the following books and records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Proxy Voting Procedures and Guidelines as are from time to time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each proxy statement received with respect to securities in client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Records of each vote cast for each client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Internal documents generated in connection with a proxy referral, such as emails, memoranda, etc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Written reports to clients on proxy voting and all client requests for information and Putnam's response.

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All records will be maintained for seven years. A proxy vendor may on Putnam's behalf maintain the records noted in 2 and 3 above if it commits to providing copies promptly upon request.

**Exhibit A to Proxy Procedures** 

**Putnam Investments Proxy Voting Guidelines** 

The proxy voting guidelines below summarize Putnam's positions on various issues of concern to investors and indicate how client portfolio securities will be voted on proposals dealing with a particular issue. The proxy voting service is instructed to vote all proxies relating to client portfolio securities in accordance with these guidelines, except as otherwise instructed by the Proxy Voting Team.

Putnam's voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors' active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam's view, outweigh their investment merits.

These proxy voting policies are intended to be decision-making guidelines. The guidelines are not exhaustive and do not include all potential voting issues. In addition, as contemplated by and subject to Putnam's Proxy Voting Procedures, because proxy issues and the circumstances of individual companies are so varied, portfolio teams may recommend votes that may vary from the general policy choices set forth in the guidelines.

The following guidelines are grouped according to the types of proposals generally presented to shareholders. Part I deals with proposals which have been approved and recommended by a company's board of directors. Part II deals with proposals submitted by shareholders for inclusion in proxy statements. Part III addresses unique considerations pertaining to non-US issuers.

**I*.***

**Board-Approved Proposals** 

Proxies will be voted **for** board-approved proposals, except as follows:

A. **<u>Matters Relating to the Board of Directors</u>** 

**Uncontested Election of Directors** 

The board of directors has the important role of overseeing management and its performance on behalf of shareholders. Proxies will be voted **for** the election of the company's nominees for directors (and/or subsidiary directors) and **for** board-approved proposals on other matters relating to the board of directors (provided that such nominees and other matters have been approved by an independent nominating committee), except as follows:

■

Putnam will **withhold votes** from the entire board of directors if:

■

The board does not have a majority of independent directors,

■

The board does not have nominating, audit and compensation committees composed solely of independent directors, or

■

The board has more than 15 members or fewer than five members, absent special circumstances.

Putnam may refrain from withholding votes from the board due to insufficient key committee independence due to director resignation, change in board structure, or other specific circumstances, provided that the company has stated (for example in an 8-K), or it can otherwise be determined, that the board will address committee composition to ensure compliance with the applicable corporate governance code in a timely manner after the shareholder meeting and the company has a history of appropriate board independence.

Unless otherwise indicated, for the purposes of determining whether a board has a majority of independent directors and independent nominating, audit, and compensation committees, an independent director is a director who (1) meets all requirements to serve as an independent director of a company under the final NYSE Corporate Governance Rules (e.g., no material business relationships with the company and no present or recent employment relationship with the company (including employment of an immediate family member as an executive officer)), and (2) has not accepted directly or indirectly any consulting, advisory, or other compensatory fee (excluding immaterial fees for transactional services as defined by the NYSE Corporate Governance rules) from the company other than in his or her capacity as a member of the board of directors or any board committee. Putnam believes that the receipt of such compensation for services other than service as a director raises significant independence issues.

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■

Putnam will **withhold votes** from any nominee for director who is considered an independent director by the company and who has received compensation within the last three years from the company for the provision of professional services (e.g., investment banking, consulting, legal or financial advisory fees).

■

Putnam will **withhold votes** from any nominee for director who attends fewer than 75% of board and committee meetings. Putnam may refrain from withholding votes on a **case-by-case** basis if a valid reason for the absence exists, such as illness, personal emergency, potential conflict of interest, etc.

■

Putnam will **withhold votes** from any incumbent nominee for director who served on a board that has not acted to implement a policy requested in a shareholder proposal that received the support of a majority of the votes actually cast on the matter at its previous two annual meetings, or

■

Putnam will **withhold votes** from any incumbent nominee for director who served on a board that adopted, renewed, or made a material adverse modification to a shareholder rights plan (commonly referred to as a "poison pill") without shareholder approval during the current or prior calendar year. (This is applicable to any type of poison pill, for example, advance-warning type pill, EGM pill, and Trust Defense Plans in Japan.)

■

Putnam will refrain from opposing the board members who served at the time of the adoption of the poison pill if the duration is one year or less, if the plan contains other suitable restrictions; or if the company publicly discloses convincing rationale for its adoption and seeks shareholder approval of future renewals of the poison pill. (Suitable restrictions could include but are not limited to, a higher threshold for passive investors. Convincing rationale could include circumstances such as, but not limited to, extreme market disruption or conditions, stock volatility, substantial merger, active investor interest, or takeover attempts.)

■

Numerous studies of gender diversity on boards have shown that diverse boards are associated, over the long term, with, among other things, higher financial returns and lower volatility. Putnam will withhold votes from the chair of the Nominating Committee if:

■

there are no women on the board, or

■

in the case of a board of seven members or more, there are fewer than two women on the board, or

■

there is no apparent racial or ethnic diversity on the board, and the board has not provided sufficient disclosure regarding its plans to achieve racial or ethnic diversity

Putnam will **withhold votes** from the Nominating Committee Chair for companies that have not provided any disclosure of both the board's diversity (e.g., race or ethnicity) at the aggregate board or individual director level and the company's policies, or plans to establish such policies, regarding the consideration of diversity in identifying director nominees. Putnam expects companies to provide both disclosure of diversity within their current board composition as well as its policies regarding its approach to board diversity. (Note: Gender diversity is addressed under a separate guideline.)

Putnam is concerned about over-committed directors. In some cases, directors may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies (or other directors with substantially full-time employment) who serve on more than a few outside boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will vote against any non-executive nominee for director who serves on more than four (4) public company boards, except where Putnam would otherwise be withholding votes for the entire board of directors. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board. Generally, Putnam will withhold support from directors serving on more than four unaffiliated public company boards, although an exception may be made in the case of a director who represents an investing firm with the sole purpose of managing a portfolio of investments that includes the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam will withhold votes from any nominee for director who serves as an executive officer of any public company ("home company") while serving on more than two (2) public company boards other than the home company board. (Putnam will withhold votes from the nominee at each company where Putnam client portfolios own shares.) In addition, if Putnam client portfolios are shareholders of the executive's home company, Putnam will withhold votes from members of the company's governance committee. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Putnam will withhold votes from any nominee for director of a public company (Company A) who is employed as a senior executive of another public company (Company B) if a director of Company B serves as a senior executive of Company A (commonly referred to as an "interlocking directorate").

Board independence depends not only on its members' individual relationships, but also the board's overall attitude toward management. Independent boards are committed to good corporate governance practices and, by providing objective independent judgment, enhancing shareholder value. Putnam may withhold votes on a case-by-case basis from some or all directors that, through their lack of independence, have failed to observe good corporate governance practices or, through specific corporate action, have demonstrated a disregard for the interest of shareholders.

Note: Designation of executive director is based on company disclosure.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will vote against proposals that provide that a director may be removed only for cause. Putnam will generally vote for proposals that permit the removal of directors with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam will vote against proposals authorizing a board to fill a director vacancy without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Putnam will vote on a case-by-case basis on subsidiary director nominees if Putnam will be voting against the nominees of the parent company's board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Putnam will vote on a case-by-case basis for director nominees, including nominees for positions on Supervisory Boards or Supervisory Committees, or similar board entities (depending on board structure), for (re)election when cumulative voting applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Putnam will vote for proposals to approve annual directors' fees, except that Putnam will vote on a case- by-case basis if Putnam's independent proxy voting service has recommended a vote against such proposal. Additionally, Putnam will vote for proposals to approve the grant of equity awards to directors, except that Putnam will consider these proposals on a case-by-case basis if Putnam's proxy service provider is recommending a vote against the proposal.

Classified Boards

Putnam will vote against proposals to classify a board, absent special circumstances indicating that shareholder interests would be better served by this structure.

Ratification of Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will vote on a case-by-case basis on proposals to ratify the selection of independent auditors if there is evidence that the audit firm's independence or the integrity of an audit is compromised. (Otherwise, Putnam will vote for.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Contested Elections of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Putnam will vote on a case-by-case basis in contested elections of directors.

B. **<u>Executive Compensation</u>** 

Putnam will vote on a **case-by-case** basis on board-approved proposals relating to executive compensation, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will vote for stock option and restricted stock plans that will result in an average annual dilution of 1.67% or less (based on the disclosed term of the plan and including all equity-based plans), except where Putnam would otherwise be withholding votes for the entire board of directors in which case Putnam will evaluate the plans on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam will vote against stock option and restricted stock plans that will result in an average annual dilution of greater than 1.67% (based on the disclosed term of the plan and including all equity plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Putnam will vote against any stock option or restricted stock plan where the company's actual grants of stock options and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted in an average annual dilution of greater than 1.67%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Additionally, if the annualized dilution cannot be calculated, Putnam will vote for plans where the Total Potential Dilution is 5% or less. If the annualized dilution cannot be calculated and the Total Potential Dilution exceeds 5%, then Putnam will vote against. Note: Such plans must first pass all of Putnam's other screens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Putnam will vote proposals to issue equity grants to executives on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Putnam will vote against stock option plans that permit replacing or repricing of underwater options (and against any proposal to authorize such replacement or repricing of underwater options).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Putnam will vote against stock option plans that permit issuance of options with an exercise price below the stock's current market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Putnam will vote against stock option plans/ restricted stock plans with evergreen features providing for automatic share replenishment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Putnam will vote for bonus plans under which payments are treated as performance-based compensation that is deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, except as follows:

Vote on a **case-by-case** basis on such proposals if any of the following circumstances exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the amount per employee under the plan is unlimited, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the maximum award pool is undisclosed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the incentive bonus plan's performance criteria are undisclosed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the independent proxy voting service recommends a vote against.

Putnam will vote in favor of the annual presentation of advisory votes on executive compensation (Say-on- Pay).

Putnam will generally vote **for** advisory votes on executive compensation (Say-on-Pay). However, Putnam will vote **against** an advisory vote if the company fails (receives an F grade) to effectively link executive compensation to company performance according to benchmarking performed by the independent proxy voting service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will vote on a **case-by-case** basis if the company receives an F grade by the independent proxy voting service and the recommendation by that service is favorable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Additionally, if there is no grade attributed to the company's executive pay, Putnam will generally vote for, unless the recommendation of the independent proxy voting service is against, in which case Putnam will review the proposal on a **case-by-case** basis.

Putnam will vote on a **case-by-case** basis on severance agreements (e.g., golden and tin parachutes)

Putnam will withhold votes from members of a Board of Directors which has approved compensation arrangements Putnam's investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election.

Putnam will vote **for** employee stock purchase plans that have the following features: (1) the shares purchased under the plan are acquired for no less than 85% of their market value, (2) the offering period under the plan is 27 months or less, and (3) dilution is 10% or less.

Putnam will vote **for** Non-qualified Employee Stock Purchase Plans with all the following features:

1)

Broad-based participation (i.e., all employees of the company with the exclusion of individuals with 5 percent or more of beneficial ownership of the company).

2)

Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary.

3)

Company matching contribution up to 25 percent of employee's contribution, which is effectively a discount of 20 percent from market value.

4)

No discount on the stock price on the date of purchase since there is a company matching contribution.

Putnam will vote **against** Non-qualified Employee Stock Purchase Plans when any of the plan features do not meet the above criteria.

Putnam may vote against executive compensation proposals on a **case-by-case** basis where compensation is excessive by reasonable corporate standards, or where a company fails to provide transparent disclosure of executive compensation. In voting on proposals relating to executive compensation, Putnam will consider whether the proposal has been approved by an independent compensation committee of the board.

C. **<u>Capitalization</u>** 

Putnam will vote on a case-by-case basis on board-approved proposals involving changes to a company's capitalization, except as follows:

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■

Putnam will vote **for** proposals relating to the authorization of additional common stock, except that Putnam will evaluate such proposals on a **case-by-case** basis if (i) they relate to a specific transaction or to common stock with special voting rights, (ii) the company has a non-shareholder approved poison pill in place, or (iii) the company has had sizeable stock placements to insiders within the past three years at prices substantially below market value without shareholder approval.

■

Putnam will vote **for** proposals to effect stock splits (excluding reverse stock splits.)

■

Putnam will vote **for** proposals authorizing share repurchase programs, except that Putnam will vote on a **case-by-case** basis if there are concerns that there may be abusive practices related to the share repurchase programs.

D. **<u>Acquisitions, Mergers, Reorganizations and Other Transactions</u>** 

Putnam will vote on a case-by-case basis on business transactions such as acquisitions, mergers, reorganizations involving business combinations, liquidations and sale of all or substantially all of a company's assets.

E. **<u>Anti-Takeover Measures</u>** 

Putnam will vote **against** board-approved proposals to adopt anti-takeover measures such as supermajority voting provisions, issuance of blank check preferred stock, the creation of a separate class of stock with disparate voting rights, control share acquisition provisions, targeted share placements, and ability to make greenmail payments, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will vote on a **case-by-case** basis on proposals to ratify or approve shareholder rights plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam will vote on a **case-by-case** basis on proposals to adopt fair price provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Putnam will vote on a **case-by-case** basis on proposals to issue blank check preferred stock in the case of REITs (only).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Putnam will generally vote **for** proposals that enable or expand shareholders' ability to take action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Putnam will vote on a **case-by-case** basis on proposals to <u>increase</u> shares of an existing class of stock with disparate voting rights from another share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Putnam will vote on a **case-by-case** basis on **shareholder or board-approved** proposals to eliminate supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Putnam will vote on a **case-by-case basis** on **board-approved** proposals to adopt supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Putnam will vote on a **case-by-case** basis on proposals to issue blank check preferred stock if appropriate "de-clawed" language is present. Specifically, appropriate de-clawed language will include cases where the Company states (i.e., through 8-K, proxy statement or other public disclosure) it will not use the preferred stock for anti-takeover purposes, or in order to implement a shareholder rights plan, or discloses a commitment to submit any future issuances of preferred stock to be used in a shareholder rights plan/anti- takeover purpose to a shareholder vote prior to its adoption.

F. **<u>Other Business Matters</u>** 

Putnam will vote **for** board-approved proposals approving routine business matters such as changing the company's name and procedural matters relating to the shareholder meeting, except as follows:

■

Putnam will vote on a case-by-case basis on proposals to amend a company's charter or bylaws (except for charter amendments necessary or to effect stock splits, to change a company's name, to authorize additional shares of common stock or other matters which are considered routine (for example, director age or term limits), technical in nature, fall within Putnam's guidelines (for example, regarding board size or virtual meetings), are required pursuant to regulatory and/or listing rules, have little or no economic impact or will not negatively impact shareholder rights).

■

Additionally, Putnam believes the bundling of items, whether the items are related or unrelated, is generally not in shareholders' best interest. We may vote against the entire bundled proposal if we would normally vote against any of the items if presented individually. In these cases, we will review the bundled proposal on a case-by-case basis.

■

Putnam generally supports quorum requirements if the level is set high enough to ensure a broad range of shareholders is represented in person or by proxy but low enough so that the Company can transact necessary business. Putnam will vote on a case-by-case basis on proposals seeking to change quorum requirements; however, Putnam will normally support proposals that seek to comply with market or exchange requirements.

■

Putnam will vote on a case-by-case basis on proposals seeking to change a company's state of incorporation. However, Putnam will vote for mergers and reorganizations involving business combinations designed solely to reincorporate a company in Delaware.

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■

Putnam will vote against authorization to transact other unidentified, substantive business at the meeting.

■

Putnam will vote against proposals where there is a lack of information to make an informed voting decision.

■

Putnam will vote as follows on proposals to adjourn shareholder meetings:

**-** If Putnam is withholding support for the board of the company at the meeting, any proposal to adjourn should be referred for case-by-case analysis.

**-** If Putnam is not withholding support for the board, Putnam will vote in favor of adjourning, unless the vote concerns an issue that is being referred back to Putnam for case-by-case review. Under such circumstances, the proposal to adjourn should also be referred to Putnam for case-by-case analysis.

■

Putnam will vote against management proposals to adopt a specific state's courts, or a specific U.S. district court as the exclusive forum for certain disputes, except that Putnam will vote for proposals adopting the State of Delaware, or the Delaware Chancery Court, as the exclusive forum, for corporate law matters for issuers incorporated in Delaware. Requiring shareholders to bring actions solely in one state may discourage the pursuit of derivative claims by increasing their difficulty and cost. However, Putnam's guideline recognizes the expertise of the Delaware state court system in handling disputes involving Delaware corporations. In addition, Putnam will withhold votes from the chair of the Nominating/Governance committee if a company amends its Bylaws, or takes other actions, to adopt a specific state's courts (other than Delaware courts, for issuers incorporated in Delaware) or a specific U.S. district court as the exclusive forum for certain disputes without shareholder approval.

■

Putnam will vote on a case-by-case basis on management proposals seeking to adopt a bylaw amendment allowing the company to shift legal fees and costs to unsuccessful plaintiffs in intra-corporate litigation (fee- shifting bylaw). Additionally, Putnam will vote against the Chair of the Nominating/Governance committee if a company adopts a fee-shifting bylaw amendment without shareholder approval.

■

Putnam will support management/shareholder proxy access proposals as long as the proposals align with the following principles for a shareholder (or up to 20 shareholders together as a group) to receive proxy access:

1)

The required minimum aggregate ownership of the Company's outstanding common stock is no greater than 3%;

2)

The required minimum holding period for the shareholder proponent(s) is no greater than two years; and

3)

The shareholder(s) are permitted to nominate at least 20% of director candidates for election to the board.

Proposals requesting shares be held for 3 years will be reviewed on a case-by-case basis. Putnam will vote against proposals requesting shares be held for more than three years. Proposals that meet Putnam's stated criteria and include other requirements relating to issues such as, but not limited to, shares on loan or compensation agreements with nominees, will be reviewed on a case-by-case basis.

Additionally, shareholder proposals seeking an amendment to a company's proxy access policy which include any one of the supported criteria under Putnam's guidelines, for example, a 2-year holding period for shareholders, will be reviewed on a case-by-case basis.

Putnam supports management / shareholder proposals giving shareholders the right to call a special meeting as long as the ownership requirement in such proposals is at least 15% of the company's outstanding common stock and not more than 25%.

In general, Putnam will vote for management or shareholder proposals to reduce the ownership requirement below a company's existing threshold, as long as the new threshold is at least 15% and not greater than 25% of the company's outstanding common stock.

Putnam will vote against any proposal with an ownership requirement exceeding 25% of the company's common stock or an ownership requirement that is less than 15% of the company's outstanding common stock.

In cases where there are competing management and shareholder proposals giving shareholders the right to call a special meeting, Putnam will generally vote for the proposal which has the lower minimum shareholder ownership threshold, as long as that threshold is within Putnam's recommended minimum/maximum thresholds. If only one of the competing proposals has a threshold that falls within Putnam's threshold range, Putnam will normally support that proposal as long as it represents an improvement (reduction) from the previous requisite ownership level. Putnam will normally vote against both proposals if neither proposal has a requisite ownership level between 15% and 25% of the company's outstanding common stock.

■

Putnam will generally vote for management or shareholder proposals to allow a company to hold virtual-only or hybrid shareholder meetings or to amend its articles/charter/by-laws to allow for virtual-only or hybrid shareholder meetings, provided the proposal does not preclude in-person meetings (at any given time), and does not otherwise limit or impair shareholder participation; and if the company has provided clear disclosure to ensure that shareholders can effectively participate in virtual-only shareholder meetings and meaningfully communicate with company management and directors. Additionally, Putnam may consider the rationale of the proposal and whether there have been concerns about the company's previous meeting practices.

Disclosure should address the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the ability of shareholders to ask questions during the meeting

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. including time guidelines for shareholder questions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. rules around what types of questions are allowed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. and rules for how questions and comments will be recognized and disclosed to meeting participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the manner in which appropriate questions received during the meeting will be addressed by the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. procedures, if any, for posting appropriate questions received during the meeting and the company's answers on the investor page of their website as soon as is practical after the meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. technical and logistical issues related to accessing the virtual meeting platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. procedures for accessing technical support to assist in the event of any difficulties accessing the virtual meeting

Putnam may vote against proposals that do not meet these criteria.

Additionally, Putnam may vote against the Chair of the Governance Committee when the board is planning to hold a virtual-only shareholder meeting and the company has not provided sufficient disclosure (as noted above) or shareholder access to the meeting.

■

Putnam will vote for proposals to approve a company's board-approved climate transition action plan ("say on climate" proposals in which the company's board proposes that shareholders indicate their support for the company's plan), unless the proxy voting service has recommended a vote against the proposal, in which case Putnam will vote on a case-by-case basis on the proposal.

■

Putnam will vote on a case-by-case basis on board-approved proposals that conflict with shareholder proposals.

**II.** **Shareholder Proposals** 

Shareholder proposals are non-binding votes that are often opposed by management. Some proposals relate to matters that are financially immaterial to the company's business, while others may be impracticable or costly for a company to implement. At the same time, well-crafted shareholder proposals may serve the purpose of raising issues that are material to a company's business for management's consideration and response. Putnam seeks to weigh the costs of different types of proposals against their expected financial benefits. More specifically:

Putnam will vote in accordance with the recommendation of the company's board of directors on all shareholder proposals, except as follows:

■

Putnam will vote for shareholder proposals that are consistent with Putnam's proxy voting guidelines for board-approved proposals.

■

Putnam will vote for shareholder proposals to declassify a board, absent special circumstances which would indicate that shareholder interests are better served by a classified board structure.

■

Putnam will vote for shareholder proposals to require shareholder approval of shareholder rights plans.

■

Putnam will vote for shareholder proposals asking that director nominees receive support from holders of a majority of votes cast or a majority of shares outstanding of the company in order to be (re) elected.

■

Putnam will review on a case-by-case basis, shareholder proposals requesting that the board adopt a policy whereby, in the event of a significant restatement of financial results or significant extraordinary write-off, the board will recoup, to the fullest extent practicable, for the benefit of the company, all performance- based bonuses or awards that were made to senior executives based on having met or exceeded specific performance targets to the extent that the specified performance targets were not met

■

Putnam will vote for shareholder proposals urging the board to seek shareholder approval of any future supplemental executive retirement plan ("SERP"), or individual retirement arrangement, for senior executives that provides credit for additional years of service not actually worked, preferential benefit formulas not provided under the company's tax-qualified retirement plans, accelerated vesting of retirement benefits or retirement perquisites and fringe benefits that are not generally offered to other company employees. (Implementation of this policy shall not breach any existing employment agreement or vested benefit.)

■

Putnam will vote for shareholder proposals requiring companies to report on their executive retirement benefits. (Deferred compensation, split-dollar life insurance, SERPs and pension benefits)

■

Putnam will vote for shareholder proposals requesting that a company establish a pay-for-superior- performance standard whereby the company discloses defined financial and/or stock price performance criteria (along with the detailed list of comparative peer group) to allow shareholders to sufficiently determine the pay and performance correlation established in the company's performance-based equity program. In addition, no multi-year award should be paid out unless the company's performance exceeds, during the current CEO's tenure (three or more years), its peer median or mean performance on selected financial and stock price performance criteria.

■

Putnam will vote for shareholder proposals urging the board to disclose in a separate report to shareholders, the Company's relationships with its executive compensation consultants or firms. Specifically, the report should identify the entity that retained each

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consultant (the company, the board or the compensation committee) and the types of services provided by the consultant in the past five years (non-compensation- related services to the company or to senior management and a list of all public company clients where the Company's executives serve as a director.)

■

Putnam will vote for shareholder proposals requiring companies to accelerate vesting of equity awards under management severance agreements only if both of the following conditions are met:

■

the company undergoes a change in control, and

■

the change in control results in the termination of employment for the person receiving the severance payment

■

Putnam will vote for shareholder proposals requiring that the chair's position be filled by an independent director (separate chair/CEO). However, Putnam will vote on a case-by-case basis on such proposals when the company's board has a lead-independent director (or already has an independent or separate chair) and Putnam is supporting the nominees for the board of directors.

■

Putnam will vote for shareholder proposals seeking the submission of golden coffins to a shareholder vote or the elimination of the practice altogether.

■

Putnam will vote for shareholder proposals seeking a policy that forbids any director who receives more than 25% withhold votes cast (based on for and withhold votes) from serving on any key board committee for two years and asking the board to find replacement directors for the committees if need be.

■

Putnam will vote for shareholder proposals urging the board to seek shareholder approval of severance agreements (e.g., golden and tin parachutes).

■

However, Putnam will vote against such proposals when the company has a policy that minimally requires shareholder approval of severance agreements for executives that provides for cash severance benefits exceeding 2.99 times the sum of the executive's base salary plus target annual non-equity incentive plan bonus opportunity.

■

Putnam will vote on a case-by-case basis on approving such compensation arrangements.

■

Putnam will vote for shareholder proposals requiring companies to make cash payments under management severance agreements only if both of the following conditions are met: the company undergoes a change in control, and the change in control results in the termination of employment for the person receiving the severance payment.

■

Putnam will vote on a case-by-case basis on shareholder proposals to limit a company's ability to make excise tax gross-up payments under management severance agreements as well as proposals to limit income or other tax gross-up payments.

■

Putnam will vote in accordance with the recommendation of the company's board of directors on shareholder proposals regarding corporate political spending, unless Putnam is voting against the directors, in which case the proposal would be reviewed on a case-by-case basis.

■

Putnam will vote on a case-by-case basis on shareholder proposals that conflict with board-approved proposals.

**Environmental and Social**

■

Putnam believes that sustainable environmental practices and sustainable social policies are important components of long-term value creation. Companies should evaluate the potential risks to their business operations that are directly related to environmental and social factors (among others). In evaluating shareholder proposals relating to environmental and social initiatives, Putnam takes into account (1) the relevance and materiality of the proposal to the company's business, (2) whether the proposal is well crafted (e.g., whether it references science-based targets, or standard global protocols), and (3) the practicality or reasonableness of implementing the proposal.

Putnam may support well-crafted and well-targeted proposals that request additional reporting or disclosure on a company's plans to mitigate risk to the company related to the following issues and/or their strategies related to these issues: Environmental issues, including but not limited to, climate change, greenhouse gas emissions, renewable energy, and broader sustainability issues; and Social issues, including but not limited to, fair pay, employee diversity and development, safety, labor rights, supply chain management, privacy and data security.

In addition, Putnam will consider proposals related to Artificial Intelligence ("AI") on a case-by-case basis.

Putnam will consider factors such as (i) the industry in which the company operates, (ii) the company's current level of disclosure, (iii) the company's level of oversight, (iv) the company's management of risk arising out of these matters, (v) whether the company has suffered a material financial impact. Other factors may also be considered.

Putnam will consider the recommendation of its third-party proxy service provider and may consider other factors such as third-party evaluations of ESG performance.

Additionally, Putnam may vote on a case-by-case basis on proposals which ask a company to take action beyond reporting where our third-party proxy service provider has identified one or more reasons to warrant a vote FOR.

**III.** **Voting Shares of Non-US Issuers** 

Many non-US jurisdictions impose material burdens on voting proxies. There are three primary types of limits as follows:

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1)

Share blocking. Shares must be frozen for certain periods of time to vote via proxy.

2)

Share re-registration. Shares must be re-registered out of the name of the local custodian or nominee into the name of the client for the meeting and, in many cases, then re-registered back. Shares are normally blocked in this period.

3)

Powers of Attorney. Detailed documentation from a client must be given to the local sub-custodian. In many cases Putnam is not authorized to deliver this information or sign the relevant documents.

Putnam's policy is to weigh the benefits to clients from voting in these jurisdictions against the detriments of not doing so. For example, in a share blocking jurisdiction, it will normally not be in a client's interest to freeze shares simply to participate in a non-contested routine meeting. More specifically, Putnam will normally not vote shares in non-US jurisdictions imposing burdensome proxy voting requirements except in significant votes (such as contested elections and major corporate transactions) where directed by portfolio managers.

Putnam recognizes that the laws governing non-US issuers will vary significantly from US law and from jurisdiction to jurisdiction. Accordingly, it may not be possible or even advisable to apply these guidelines mechanically to non- US issuers. However, Putnam believes that shareholders of all companies are protected by the existence of a sound corporate governance and disclosure framework. Accordingly, Putnam will vote proxies of non-US issuers in accordance with the foregoing guidelines where applicable, except as follows:

■

Putnam will vote for shareholder proposals calling for a majority of the directors to be independent of management.

■

Putnam will vote for shareholder proposals that implement corporate governance standards similar to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction under which the company is incorporated.

■

Putnam will vote on a case-by-case basis on proposals relating to (1) the issuance of common stock in excess of 20% of a company's outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in excess of 100% of a company's outstanding common stock where shareholders have preemptive rights.

■

Putnam will vote for proposals to authorize share repurchase programs that are recommended for approval by Putnam's proxy voting service provider, otherwise Putnam will vote against such proposals; except that Putnam will vote on a case-by-case basis if there are concerns that there may be abusive practices related to the share repurchase programs.

■

Putnam will vote against authorizations to repurchase shares or issue shares or convertible debt instruments with or without preemptive rights when such authorization can be used as a takeover defense without shareholder approval. Putnam will not apply this policy to a company with a shareholder who controls more than 50% of its voting rights.

■

Putnam will generally vote for proposals that include debt issuances, however substantive/non-routine proposals, and proposals that fall outside of normal market practice or reasonable standards, will be reviewed on a case-by-case basis.

■

Putnam will vote for board-approved routine, market-practice proposals. These proposals are limited to (1) those issues that will have little or no economic impact, such as technical, editorial, or mandatory regulatory compliance items, (2) those issues that will not adversely affect and/or which clearly improve shareholder rights/values, and which do not violate Putnam's proxy voting guidelines, or (3) those issues that do not seek to deviate from existing laws or regulations. Examples include but are not limited to, related party transactions (non-strategic), profit-and-loss transfer agreements (Germany), authority to increase paid-in capital (Taiwan). Should any unusual circumstances be identified concerning a normally routine issue, such proposals will be referred back to Putnam for internal review.

■

Putnam will generally vote for proposals regarding amendments seeking to expand business lines or to amend the corporate purpose, provided the proposal would not include a significant or material departure from the company's current business, and/or will provide the company with greater flexibility in the performance of its activities.

■

Putnam will normally vote for management proposals concerning allocation of income and the distribution of dividends. However, Putnam portfolio teams will override this guideline when they conclude that the proposals are outside the market norms (i.e., those seen as consistently and unusually small or large compared to market practices).

■

Putnam will generally vote for proposals seeking to adjust the par value of common stock. However, non- routine, substantive proposals will be reviewed on a case-by-case basis.

■

Putnam will vote against proposals that would authorize the company to reduce the notice period for calling special or extraordinary general meetings to less than 21-Days.

■

Putnam will generally vote for proposals relating to transfer of reserves/increase of reserves (i.e., France, Japan). However, Putnam will vote on a case-by-case basis if the proposal falls outside of normal market practice.

■

Putnam will generally vote for proposals to increase the maximum variable pay ratio. However, Putnam will vote on a case-by-case basis if we are voting against a company's remuneration report or if the proposal seeks an increase in excess of 200%.

■

Putnam will review stock option plans on a case-by-case basis which allow for the options exercise price to be reduced by dividend payments (if the plan would normally pass Putnam's Guidelines).

■

Putnam will generally vote for requests to provide loan guarantees however, Putnam will vote on a case- by-case basis if the total amount of guarantees is in excess of 100% of the company's audited net assets.

■

Putnam will generally support remuneration report/policy proposals (i.e., advisory/binding) where a company's executive compensation is linked directly with the performance of the business and executive. Putnam will generally support compensation

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proposals which incorporate a mix of reasonable salary and performance based short- and long-term incentives. Companies should demonstrate that their remuneration policies are designed and managed to incentivize and retain executives while growing the company's long- term shareholder value.

Generally, Putnam will vote against remuneration report/policy proposals (i.e., advisory/binding) in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disconnect between pay and performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No performance metrics disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No relative performance metrics utilized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Single performance metric was used and it was an absolute measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Performance goals were lowered when management failed or was unlikely to meet original goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Long Term Incentive Plan is subject to retesting (e.g., Australia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Service contracts longer than 12 months (e.g., United Kingdom);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Allows vesting below median for relative performance metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Ex-gratia / non-contractual payments have been made (e.g., United Kingdom and Australia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Contains provisions to automatically vest upon change-of-control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Other poor compensation practices or structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Pension provisions for new executives is not at the same level as the majority of the wider workforce; pension provisions for incumbent executives are not set to decrease over time (United Kingdom)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Proposed CEO salary increases are not justifiably appropriate in comparison to wider workforce or rationale for exception increases is not fully disclosed (United Kingdom)

Putnam will vote on a case-by-case basis on bonus payments to executive directors or senior management; however, Putnam will vote against payments that include outsiders or independent statutory auditors.

**Matters Relating to Board of Directors** 

**Uncontested Board Elections** 

**Asia: China, Hong Kong, India, Indonesia, Philippines, Taiwan and Thailand** 

Putnam will **vote against** the entire board of directors if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. fewer than one-third of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the board has not established audit, compensation and nominating committees each composed of a majority of independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the chair of the audit, compensation or nominating committee is not an independent director.

Commentary: Companies listed in China (or dual-listed in China and Hong Kong) often have a separate supervisory committee in addition to a standard board of directors containing audit, compensation, and nominating committees. The supervisory committee provides oversight of the financial affairs of the company and supervises members of the board and management, while the board of directors makes decisions related to the company's business and investment strategies. The supervisory committee normally comprises employee representatives and shareholder representatives. Shareholder representatives are elected by shareholders of the company while employee representatives are elected by the company's staff. Shareholder representatives may be independent or may be affiliated with the company or its substantial shareholders. Current laws and regulations neither provide a basis for evaluation of supervisor independence nor do they require a supervisor to be independent.

■

Putnam will generally vote in favor of nominees to the Supervisory Committee

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**Australia** 

Putnam will vote **against** the entire board of directors if:

■

fewer than a majority of the directors are independent, or

■

the board has not established an audit committee composed solely of non-executive directors, a majority of whom, including the chair of the committee (who should not be the board chair), should be independent directors, or

■

the board has not established nominating and compensation committees each composed of a majority of independent, non-executive directors, with an independent chair.

**Brazil**

■

Putnam will vote against proposals requesting cumulative voting unless there are more candidates than number of seats available, in which case vote for.

■

Putnam will vote for proposals for the proportional allocation of cumulative votes if Putnam is supporting the entire slate of nominees. Putnam will vote against such proposals if Putnam is not supporting the entire slate.

■

Putnam will abstain on individual director allocation proposals if Putnam is voting for the proportional allocation of cumulative votes. Putnam will vote on a case-by-case basis on individual director allocation proposals if Putnam is voting against the proportional allocation of votes.

■

Putnam will vote for proposals to cumulate votes of common and preferred shareholders if the nominees are known and Putnam is supporting the applicable nominees; Putnam will vote against such proposals if Putnam is not supporting the known nominees, or if the nominees are unknown.

■

Putnam will generally vote against proposals seeking the recasting of votes for amended slate (as new candidates could be included in the amended slate without prior disclosure to shareholders).

■

Putnam will vote against proposals regarding instructions if meeting is held on second call if election of directors is part of the recasting as the slate can be amended without (prior) disclosure to shareholders.

■

Putnam will vote against proposals regarding the casting of minority votes to the candidate with largest number of votes.

**Canada** 

Canadian corporate governance requirements mirror corporate governance reforms that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, Putnam will vote on matters relating to the board of directors of Canadian issuers **in accordance with the guidelines applicable to U.S. issuers.** 

Commentary: Like the UK's Combined Code on Corporate Governance, the policies on corporate governance issued by Canadian securities regulators embody the "comply and explain" approach to corporate governance. Because Putnam believes that the board independence standards contained in the proxy voting guidelines are integral to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner.

**Continental Europe (ex-Germany)** 

Putnam will vote **against** the entire board of directors if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. fewer than a majority of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

Commentary: An "independent director" under the European Commission's guidelines is one who is free of any business, family or other relationship, with the company, its controlling shareholder or the management of either, that creates a conflict of interest such as to impair his judgment. A "non-executive director" is one who is not engaged in the daily management of the company.

In France, Employee Representatives are employed by the company and represent rank and file employees. These representatives are elected by company employees. The law also provides for the appointment of employee shareholder representatives, if the employee shareholdings exceed 3% of the share capital. Employee shareholder representatives are elected by the company's shareholders (via general meeting).

**Germany** 

For companies subject to "co-determination," Putnam will vote for the election of nominees to the supervisory board, except:

Putnam will vote against the Supervisory Board if

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the board has not established an audit committee comprising an Independent chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the audit committee chair serves as board chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the board contains more than two former management board members.

Putnam will vote against the election of a former member of the company's managerial board to chair of the supervisory board.

Commentary: German corporate governance is characterized by a two-tier board system - a managerial board composed of the company's executive officers, and a supervisory board. The supervisory board appoints the members of the managerial board. Shareholders elect members of the supervisory board, except that in the case of companies with a large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected by company employees at companies with more than 500 employees but fewer than 2,000). This practice is known as co-determination.

**Israel** 

**Non-Controlled Banks:** Director elections at Non-Controlled banks are overseen by the Supervisor of the Banks and nominees for election as "other" (non-external) directors and external directors (under Companies Law and Directive 301) are put forward by an external and independent committee. As such:

■

Putnam's guidelines regarding board Nominating Committees will not apply

■

Putnam will vote on a case-by-case on nominees when there are more nominees than seats available.

**Italy** 

Election of directors and statutory auditors:

■

Putnam will apply the director guidelines to the majority shareholder supported list and vote accordingly (for or against) if multiple lists of director candidates are presented. If there is no majority shareholder supported slate of nominees, Putnam will support the shareholder slate of nominees that is recommended for approval by Putnam's service provider.

■

Putnam will vote against the entire list of director nominees if the list is bundled as one proposal and if Putnam would otherwise be voting against any one director nominee

■

Putnam will generally vote for the majority shareholder supported list of statutory auditor nominees.

■

Note: Pursuant to Italian law, directors and statutory auditors are elected through a slate voting system whereby candidates are presented in lists submitted by shareholders representing a minimum percentage of share capital.

■

Putnam will withhold votes from any director not identified in the proxy materials. (Example: Co-opted director nominees.)

**Japan** 

For companies that have established a U.S.-style corporate governance structure, Putnam will withhold votes from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the board does not have a majority of outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the board has not established nominating and compensation committees composed of a majority of outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the board has not established an audit committee composed of a majority of independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the board does not have at least two independent directors for companies with a controlling shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For companies that have established a statutory auditor board structure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Putnam will withhold votes from the appointment of members of a company's board of statutory auditors if a majority of the members of the board of statutory auditors is not independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. For companies that have established a statutory auditor board structure, Putnam will withhold votes from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the board does not have at least two outside directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the board does not have at least two independent directors for companies with a controlling shareholder.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Putnam will vote against any statutory auditor nominee who attends fewer than 75% of board and committee meeting without valid reasons for the absences (i.e., illness, personal emergency, etc.) (Note that Corporate Law requires disclosure of outsiders' attendance but not that of insiders, who are presumed to have no more important time commitments.)

For companies that have established an audit committee board structure (one-tier / one committee), Putnam will withhold votes from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the board does not have at least two outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the board does not have at least two independent directors for companies with a controlling shareholder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the board has not established an audit committee composed of a majority of independent directors

**Election of Executive Director and Election of Supervisory Director - REIT** 

REITs have a unique two-tier board structure with generally one or more executive directors and two or more supervisory directors. The number of supervisory directors must be greater than, not equal to, the number of executive directors. Shareholders are asked to vote on both types of directors. Putnam will vote as follows, provided each board of executive / supervisory directors meets legal requirements.

■

Putnam will generally vote for the election of Executive Director

■

Putnam will generally vote for the election of Supervisory Directors

Commentary:

**Definition of outside director and independent director:** 

The Japanese Companies Act focuses on two director classifications: Insider or Outsider. An outside director is a director who is not a director, executive, executive director, or employee of the company or its parent company, subsidiaries or affiliates. Further, a director, executive, executive director or employee, who have executive responsibilities, of the company or subsidiaries can regain eligibility ten years after his or her resignation, provided certain other requirements are met. An outside director is designated as an "independent" director based on the Tokyo Stock Exchange listing rules. An outside director is "independent" if that person can make decisions completely independent from the managers of the company, its parent, subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other business relationship; familial relationship with current director or executive; etc.).

The guidelines have incorporated these definitions in applying the board independence standards above.

**Korea** 

Putnam will **withhold votes** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For large companies (i.e., those with assets of at least KRW 2 trillion); the board does not have at least three independent directors or less than a majority of directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For small companies (i.e., those with assets of less than KRW 2 trillion), fewer than one-fourth of the directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The board has not established a nominating committee with at least half of the members being outside directors, or the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are independent directors.

<u>Commentary</u>: For purposes of these guidelines, an "outside director" is a director who is independent from the management or controlling shareholders of the company and holds no interests that might impair performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is an outside director, Putnam will also apply the standards included in Article 382 of the Korean Commercial Act, i.e., no employment relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the company's largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside director.

Putnam will generally vote for proposals to amend the Executive Officer Retirement Allowance Policy unless the recipients of the grants include non-executives; the proposal would have a negative impact on shareholders, or the proposal appear to be outside of normal market practice, in which case Putnam will vote against.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212**

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**Malaysia** 

Putnam will vote against the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. less than 50% of the directors are independent directors, or less than a majority of the directors are independent directors for large companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the board has not established an audit committee with all members being independent directors, including the committee chair,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the board has not established a nominating committee with all members being non-executive directors, a majority of whom are independent, including the committee chair; the board chair should not serve as a member of the nomination committee, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the board has not established a compensation committee with all members being non-executive directors, a majority of whom are independent; the board chair should not serve as a member of the remuneration committee.

**Nordic Markets – Finland, Norway, Sweden** 

Putnam will vote against the entire board of directors if:

**Board Independence:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The board does not have a majority of directors independent from the company and management. (Sweden, Finland, Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The board does not have at least two directors independent from the company and its major shareholders holding ˃ 10% of the Company's share capital. (Sweden, Finland, Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. An executive director is a member of the board. (Norway)

**Audit Committee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The audit committee does not consist of a majority of directors independent from the company and management. (Sweden, Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The audit committee does not have at least one director independent from the company and its major shareholders holding ˃ 10% of the Company's share capital. (Sweden, Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The audit committee is not majority independent. (Norway)

**Remuneration Committee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The remuneration committee is not fully independent of the company, excluding the chair. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The remuneration committee is not majority independent of the company. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The remuneration committee does not consist fully of non-executive directors. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The remuneration committee is not fully independent of management (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The remuneration committee is not majority independent from the company and its major shareholders holding ˃ 50% of the Company's share capital. (Sweden, Finland, Norway)

**Board Nomination Committee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nomination committee does not consist of a majority of directors independent from the company. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An executive is a member of the nomination committee. (Finland)

**External Nomination Committee:** Vote against the establishment of the nomination committee and its guidelines when:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The external committee is not majority independent of the company and management. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The external committee does not have at least one director not affiliated to largest shareholder on the committee. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The external committee does not meet best practice based on ISS analysis. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The external committee is not majority independent of the board and management. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The external committee has more than one member of the board of the directors sitting on the committee. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. There is insufficient disclosure provided for new nominees (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. An executive is a member of the committee. (Norway)

**Russia** 

Putnam will vote on a case-by-case basis for the election of nominees to the board of directors.

<u>Commentary</u>: In Russia, director elections are handled through a cumulative voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee for the board of directors, or to allocate their votes among nominees in any other way. In contrast, in "regular" voting, shareholders may not give more than one vote per share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director.

**Singapore** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will vote against from the entire board of directors if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. in the case of a board with an independent director serving as chair, fewer than one-third of the directors are independent directors; or, in the case of a board not chaired by an independent director, fewer than half of the directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the board has not established audit and compensation committees, each with an independent director serving as chair, with at least a majority of the members being independent directors, and with all of the directors being non-executive directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the board has not established a nominating committee, with an independent director serving as chair, and with at least a majority of the members being independent directors.

**United Kingdom, Ireland** 

<u>Commentary:</u> 

**Application of guidelines**: Although the Combined Code has adopted the "comply and explain" approach to corporate governance, Putnam believes that the guidelines discussed above with respect to board independence standards are integral to the protection of investors in UK companies. As a result, these guidelines will be applied in a prescriptive manner.

Definition of independence: For the purposes of these guidelines, a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined Code (i.e., no material business or employment relationships with the company, no remuneration from the company for non-board services, no close family ties with senior employees or directors of the company, etc.), except that Putnam does not view service on the board for more than nine years as affecting a director's independence.

Smaller companies: A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam will withhold votes from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the board, excluding the Non-Executive Chair, is not comprised of at least half independent non- executive directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the board has not established a Nomination committee composed of a majority of independent non-executive directors, excluding the Non-Executive Chair, or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the board has not established a Compensation committee composed of (1) at least three directors (in the case of smaller companies, as defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The company chair may be a member of, but not chair, the Committee provided he or she was considered independent on appointment as chair, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The board has not established an Audit Committee composed of, (1) at least three directors (in the case of smaller companies as defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The board chair may not serve on the audit committee of large or small companies.

**All other jurisdictions** 

In the absence of jurisdiction specific guidelines, Putnam will vote as follows for boards/supervisory boards:

Putnam will vote against the entire board of directors if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. fewer than a majority of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

**Additional Commentary regarding all Non-US jurisdictions:** 

Whether a director is considered "independent" or not will be determined by reference to local corporate law or listing standards.

Some jurisdictions may legally require or allow companies to have a certain number of employee representatives, employee shareholder representatives (e.g., France) and/or shareholder representatives on their board. Putnam generally does not consider these representatives independent. The presence of employee representatives or employee shareholder representatives on the board and key committees is generally legally mandated. In most markets, shareholders do not have the ability to vote on the election of employee representatives or employee shareholder representatives. In some markets, significant shareholders have a legal right to nominate shareholder representatives. Shareholders are required to approve the election of shareholder representatives to the board. Unlike employee representatives, there are no legal requirements regarding the presence of shareholder representatives on the board or its committees. Putnam will not include employee or employee shareholder representatives in the independence calculation of the board or key committees, nor in the calculation of the size of the board.

■

Putnam will include shareholder representatives in the independence calculation of the board and key committees, and in the calculation of the size of the board.

■

Putnam will generally support shareholder or employee representatives if included in the agenda Putnam will vote on a case-by-case basis when there are more candidates than seats. Additionally, Putnam will vote against such nominees when there is insufficient information disclosed.

■

Putnam Investments' policies regarding the provision of professional services and transactional relationship with regard to directors will apply.

■

Putnam will vote for independent nominees for alternate director, unless such nominees do not meet Putnam's individual director standards.

■

Shareholder nominated directors/self-nominated directors

■

Putnam will vote against shareholder nominees if Putnam supports the board of directors.

■

Putnam will vote on a case-by case basis if Putnam will be voting against the current board.

■

Putnam will vote on a case-by-case basis if the proposal regarding a self-nominated/shareholder nominated director nominee would add an additional seat to the board if the nominee is approved.

**Other Business Matters** 

**Japan** 

**A.** **Article Amendments**

■

The Japanese Companies Act gives companies the option to adopt a U.S.-Style corporate structure (i.e., a board of directors and audit, nominating, and compensation committees). Putnam will vote for proposals to amend a company's articles of incorporation to adopt the U.S.-Style "Board with Committees" structure. However, the independence of the outside directors is critical to effective corporate governance under this new system. Putnam will, therefore, scrutinize the backgrounds of the outside director nominees at such companies, and will vote against the amendment where Putnam believes the board lacks the necessary level of independence from the company or a substantial shareholder.

■

Putnam will vote on a case-by-case basis on granting the board the authority to repurchase shares at its discretion.

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■

Putnam will vote against amendments to delete a requirement directing the company to reduce authorized capital by the number of treasury shares cancelled. If issued share capital decreases while authorized capital remains unchanged, then the company will have greater leeway to issue new shares (for example as a private placement or a takeover defense).

■

Putnam will vote against proposals to authorize appointment of special directors. Under the new Corporate Law, companies are allowed to appoint, from among their directors, "special directors" who will be authorized to make decisions regarding the purchase or sale of important assets and major borrowing or lending, on condition that the board has at least six directors, including at least one non-executive director. At least three special directors must participate in the decision-making process and decisions shall be made by a majority vote of the special directors. However, the law does not require any of the special directors to be non-executives, so in effect companies may use this mechanism to bypass outsiders.

■

Putnam will generally vote for proposals to create new class of shares or to conduct a share consolidation of outstanding shares to squeeze out minority shareholders.

■

Putnam will vote against proposals seeking to enable companies to establish specific rules governing the exercise of shareholder rights. (Note: Such as, shareholders' right to submit shareholder proposals or call special meetings.)

**B.** **Compensation Related Matters**

■

Putnam will vote against option plans which allow the grant of options to suppliers, customers, and other outsiders.

■

Putnam will vote against stock option grants to independent internal statutory auditors. The granting of stock options to internal auditors, at the discretion of the directors, can compromise the independence of the auditors and provide incentives to ignore accounting problems, which could affect the stock price over the long term.

■

Putnam will vote against the payment of retirement bonuses to directors and statutory auditors when one or more of the individuals to whom the grants are being proposed has not served in an executive capacity for the company. Putnam will also vote against payment of retirement bonuses to any directors or statutory auditors who have been designated by the company as independent. Retirement bonus proposals are all-or- nothing, meaning that split votes against individual payments cannot be made. If any one individual does not meet Putnam's criteria, Putnam will vote against the entire bundled item.

**C.** **Other Business Matters**

■

Putnam votes for mergers by absorptions of wholly-owned subsidiaries by their parent companies. These deals do not require the issuance of shares, and do not result in any dilution or new obligations for shareholders of the parent company. These transactions are routine.

■

Putnam will vote for the acquisition if it is between parent and wholly-owned subsidiary.

■

Putnam will vote for the formation of a holding company, if routine. Holding companies are once again legal in Japan and a number of companies, large and small, have sought approval to adopt a holding company structure. Most of the proposals are intended to help clarify operational authority for the different business areas in which the company is engaged and promote effective allocation of corporate resources. As most of the reorganization proposals do not entail any share issuances or any change in shareholders' ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine.

■

Putnam will vote against proposals that authorize the board to vary the AGM record date.

■

Putnam will vote for proposals to abolish the retirement bonus system

■

Putnam will vote for board-approved director/officer indemnification proposals

■

Putnam will vote on a case-by-case basis on private placements (Third-party share issuances). Where Putnam views the share issuance necessary to avoid bankruptcy or to put the company back on solid financial footing, Putnam will generally vote for. When a private placement allows a particular shareholder to obtain a controlling stake in the company at a discount to market prices, or where the private placement otherwise disadvantages ordinary shareholders, Putnam will vote against.

■

Putnam will generally vote against shareholder rights plans (poison pills). However, if all of the following criteria are met, Putnam will evaluate such poison pills on a case-by-case basis:

1)

The poison pill must have a duration of no more than three years.

2)

The trigger threshold must be no less than 20 percent of issued capital.

3)

The company must have no other types of takeover defenses in place.

4)

The company must establish a committee to evaluate any takeover offers, and the members of that committee must all meet Putnam's' definition of independence.

5)

At least 20 percent, and no fewer than two, of the directors must meet Putnam's definition of independence. These independent directors must also meet Putnam's guidelines on board meeting attendance.

6)

The directors must stand for reelection on an annual basis.

7)

The company must release its proxy materials no less than three weeks before the meeting date.

■

Putnam will vote against proposals to allow the board to decide on income allocation without shareholder vote.

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■

Putnam will vote against proposals to limit the liability of External Audit Firms ("Accounting Auditors")

■

Putnam will vote against proposals seeking a reduction in board size that eliminates all vacant seats.

■

Putnam may generally vote against proposals seeking an increase in authorized capital that leaves the company with as little as 25 percent of the authorized capital outstanding (general request). However, such proposals will be evaluated on a company specific basis, taking into consideration such factors as current authorization outstanding, existence (or lack thereof) of preemptive rights and rationale for the increase.

■

Putnam will vote for corporate split agreement and transfer of sales operations to newly created wholly- owned subsidiaries where the transaction is a purely internal one which does not affect shareholders' ownership interests in the various operations. All other proposals will be referred back to Putnam for case- by-case review. These reorganizations usually accompany the switch to a holding company structure, but may be used in other contexts.

**United Kingdom**

■

Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at U.K. companies. As such, Putnam will generally vote for 'Save-As-You-Earn' schemes in the U.K which allow for no more than a 20% purchase discount, and which otherwise comply with U.K. law and Putnam standards.

**France**

■

Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at French companies. As such, Putnam will generally vote for employee share purchase schemes in France that allow for no greater than a 30% purchase discount, or 40% purchase discount if the vesting period is equal to or greater than ten years, and which otherwise comply with French law and Putnam standards.

■

Putnam will generally vote for the Remuneration Report (established based on SRD II), however Putnam will vote on a case-by-case basis when Putnam is voting against both the ex-Post Remuneration Report (CEO) and ex-Ante Remuneration Policy (CEO, or proposal including CEO remuneration package) in the current year, and Putnam's third party service provider(s) is recommending a vote against.

**Canada**

■

Putnam will generally vote for Advance Notice provisions for submitting director nominations not less than 30 days prior to the date of the annual meeting. For Advance Notice provisions where the minimum number of days to submit a shareholder nominee is less than 30 days prior to the meeting date, Putnam will vote on a case-by-case basis. Putnam will also vote on a case-by-case basis if the company's policy expressly prohibits the commencement of a new notice period in the event the originally scheduled meeting is adjourned or postponed.

**Hong Kong**

■

Putnam will vote for proposals to approve a general mandate permitting the company to engage in non-pro rata share issuances of up to 20% of total equity in a year if the company's board meets Putnam's independence standards; if the company's board does not meet Putnam's independence standards, then Putnam will vote against these proposals.

■

Additionally, Putnam will vote for proposals to approve the reissuance of shares acquired by the company under a share repurchase program, provided that: (1) Putnam supported (or would have supported, in accordance with these guidelines) the share repurchase program, (2) the reissued shares represent no more than 10% of the company's outstanding shares (measured immediately before the reissuance), and (3) the reissued shares are sold for no less than 85% of current market value.

This policy supplements policies regarding share issuances as stated above under section

**III.** **Voting Shares of Non-US Issuers.** 

**Taiwan**

■

Putnam will vote against proposals to release the board of directors from the non-compete restrictions specified in Taiwanese

Company Law. However, Putnam will vote for such proposals if the directors are engaged in activities with a wholly- owned

subsidiary of the company.

**Australia**

■

Putnam will vote for proposals to carve out, from the general cap on non-pro rata share issues of 15% of total equity in a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously within the 12-month period, if the company's board meets Putnam's independence standards; if the company's board does not meet Putnam's independence standards, then Putnam will vote against these proposals.

■

Putnam will vote for proposals renewing partial takeover provisions.

■

Putnam will vote on a case-by-case basis on Board-Spill proposals.

**Turkey**

■

Putnam will vote on a case-by-case basis on proposals involving related party transactions. However, Putnam will vote against when such proposals do not provide information on the specific transaction(s) to be entered into with the board members or executives.

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**Exhibit B to Proxy Procedures** 

<u>PUTNAM INVESTMENTS</u> 

<u>PROXY VOTING CONFLICT OF INTEREST DISCLOSURE FORM</u> 

1. Company name:

2. Date of Meeting:

3. Referral Item(s):

4. Description of Putnam's Business Relationship with Issuer of Proxy which may give rise to a conflict of interest:

5. Describe procedures used to address any conflict of interest:

6. Describe any contacts from parties outside Putnam Management (other than routine communications from proxy solicitors) with respect to the referral item not otherwise reported in an investment professional's recommendation:

CERTIFICATION

The undersigned officer of Putnam Investments certifies that, to the best of his or her knowledge, any recommendation of an investment professional provided under circumstances where a conflict of interest exists was made solely on the investment merits and without regard to any other consideration.

Name:

Proxy Voting Team

**Exhibit C to Proxy Procedures** 

<u>PUTNAM INVESTMENTS</u> 

<u>PROXY VOTING CONFLICT OF INTEREST DISCLOSURE FORM</u> 

1. Company name:

2. Date of Meeting:

3. Referral Item(s):

4. Description of Putnam's Business Relationship with Issuer of Proxy which may give rise to a conflict of interest:

5. Describe procedures used to address any conflict of interest:

6. Describe any contacts from parties outside Putnam Management (other than routine communications from proxy solicitors) with respect to the referral item not otherwise reported in an investment professional's recommendation:

CERTIFICATION

The undersigned officer of Putnam Investments certifies that, to the best of his or her knowledge, any recommendation of an investment professional provided under circumstances where a conflict of interest exists was made solely on the investment merits and without regard to any other consideration.

Name:

Proxy Voting Team

**TimesSquare** 

**Procedure: Proxy Voting** 

**Responsibility:** 

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Chief Compliance Officer

Proxy Voting Committee

Analysts and Portfolio Managers

Third-Party Proxy Service Provider

**Discussion:** 

Compliance identifies those clients for which TimesSquare has been instructed to vote proxies. Each client typically identifies in their investment management contract whether they would like to retain proxy voting authority or delegate that authority to TimesSquare. However, if requested, TimesSquare will also honor a client's written direction on voting proxies. As described below, TimesSquare has developed pre-determined proxy voting guidelines that are executed by an independent, third-party proxy voting service. Certain clients direct TimesSquare to vote proxies using pre-determined guidelines provided by organizations such as the AFL-CIO. TimesSquare coordinates the use of such guidelines with its third-party proxy voting service.

TimesSquare has a Proxy Voting Committee, which meets at least annually to review and consider the third-party voting service's performance and review potential changes to TimesSquare's own policies. The Committee also meets on an as needed basis to review any material conflicts of interest or any special factors or circumstances that require the Committee's review. The Committee will also periodically review a list of clients for which TimesSquare is not responsible to vote. The Proxy Voting Committee is comprised of at least the Chief Executive Officer, the Senior Vice President of Operations, the Chief Compliance Officer and a Senior Investment Analyst.

As noted above, TimesSquare has developed pre-determined proxy voting guidelines that are executed by an independent, third-party proxy voting service. The pre-determined guidelines are developed through consultation with the key proxy voting decision makers, that is, analysts and portfolio managers, and are reviewed and approved annually by the Proxy Voting Committee.

To address potential material conflicts of interest between the interests of TimesSquare and its affiliates and the interests of TimesSquare's clients, TimesSquare adheres to pre-determined proxy voting guidelines that are approved by the Proxy Voting Committee. Proposals to vote in a manner inconsistent with the pre-determined guidelines must be approved by the Proxy Voting Committee. The Guidelines are available from the Chief Compliance Officer.

Proxy voting guidelines have been developed to protect/improve shareholder value through protection of shareholder rights, and prevention of excessive and unwarranted compensation for companies' directors, management, and employees.

Compliance is responsible for ensuring that all proxy ballots are voted, and are voted in accordance with policies and procedures described in this policy. The mechanics, administration, and record keeping of proxy voting are handled by an independent, third-party proxy voting service. All proxy materials are directed to an independent, third-party proxy voting service by the portfolios' custodians. The independent, third-party proxy voting service votes proxies in accordance with voting guidelines and instructions provided or used by TimesSquare, reconciles all ballots held on record date to shares voted, and maintains records of, and upon request provides, quarterly or annual reports on how each portfolio has voted its proxies.

TimesSquare will make reasonable efforts to vote client proxies in accordance with the Proxy Voting Committee's recommendation. TimesSquare will generally decline to vote a proxy if voting the proxy would cause a restriction to be placed on TimesSquare's ability to trade securities held in client accounts in "share blocking" countries. Accordingly, TimesSquare may abstain from votes in a share blocking country in favor of preserving its ability to trade any particular security at any time. In addition, TimesSquare may own Participation Notes ("P-notes") which represent securities listed on the Indian stock market that are available to non-India based investors. Such securities do not have proxy voting rights as the underlying securities are held with the broker, not TimesSquare. TimesSquare will also be unable to vote proxies for any securities on loan in a client's securities lending program.

Using voting guidelines provided by TimesSquare, the independent, third-party proxy voting service alerts the Firm of proxy ballot issues for consideration on a case-by-case basis. Analysts and portfolio managers will submit their recommendation to Compliance for review and will consult with the Proxy Voting Committee should the issue require additional consideration prior to submission.

Compliance is responsible for reporting exceptions and/or non-routine or new matters to the Proxy Voting Committee. Compliance also provides the Committee with reports that provide an overview of voting results.

In the case of sub-advised accounts, TimesSquare shall, unless otherwise directed by the account, be responsible for voting proxies.

Oversight

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On a periodic basis, TimesSquare monitors the third-party voting service to ensure that it continues to vote according to its guidelines and continues to monitor for any potential material conflicts of interest. TimesSquare will also periodically verify that the third-party voting service is voting for those clients for which TimesSquare has communicated to the third-party voting service that it has voting authority.

TimesSquare will also periodically conduct due diligence over the third-party voting service's operations, including evaluating any relationship the third-party voting service has with issuers, reviewing the third-party voting service's conflict resolution procedures, and otherwise reviewing its practices to ensure the integrity of the Proxy Voting process, and to ensure that TimesSquare has a thorough understanding of the third-party voting service's business.

On a periodic basis, TimesSquare will confirm that clients' custodians are timely alerting the third-party voting service when accounts are set up at the custodian for the third-party voting service to begin voting TimesSquare's clients' securities and that they are forwarding all proxy materials pertaining to the clients' portfolios to the third-party voting service for execution.

Clients may obtain information about how TimesSquare voted proxies for securities held in their account(s) by contacting TimesSquare.

Upon request, TimesSquare will provide its clients with a description of TimesSquare's proxy voting policy and procedures. In addition, TimesSquare also discloses information regarding its proxy voting procedures in its Form ADV Part 2A.

**T. ROWE PRICE ASSOCIATES, INC. AND CERTAIN OF ITS INVESTMENT ADVISER AFFILIATESPROXY VOTING POLICIES AND PROCEDURES** 

**PROXY VOTING POLICIES AND PROCEDURES** 

**RESPONSIBILITY TO VOTE PROXIES** 

T. Rowe Price Associates, Inc. and certain of its investment adviser affiliates<sup>1</sup> (collectively, **"T. Rowe Price"**) have adopted these Proxy Voting Policies and Procedures ("**Policies and Procedures"**) for the purpose of establishing formal policies and procedures for performing and documenting their fiduciary duty with regard to the voting of client proxies. This document is reviewed at least annually and updated as necessary.

T. Rowe Price recognizes and adheres to the principle that one of the privileges of owning stock in a company is the right to vote in the election of the company's directors and on matters affecting certain important aspects of the company's structure and operations that are submitted to shareholder vote. The U.S.-registered investment companies which T. Rowe Price sponsors and serves as investment adviser (the **"Price Funds"**) as well as other investment advisory clients have delegated to T. Rowe Price certain proxy voting powers. As an investment adviser, T. Rowe Price has a fiduciary responsibility to such clients when exercising its voting authority with respect to securities held in their portfolios. T. Rowe Price reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

**Fiduciary Considerations**. It is the policy of T. Rowe Price that decisions with respect to proxy issues will be made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular advisory client or Price Fund. Proxies are voted solely in the interests of the client, Price Fund shareholders or, where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Our intent has always been to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities.

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company's management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company's board of directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management's with respect to the company's day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company's management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and disclosure. In addition to our proxy voting guidelines, we rely on a company's public filings, its board recommendations, its track record, country-specific best practices codes, our research providers and – most importantly – our investment professionals' views in making voting decisions. T. Rowe Price investment personnel do not coordinate with investment personnel of its affiliated investment adviser, TRPIM, with respect to proxy voting decisions.

T. Rowe Price seeks to vote all of its clients' proxies. In certain circumstances, T. Rowe Price may determine that refraining from voting a proxy is in a client's best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

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**ADMINISTRATION OF POLICIES AND PROCEDURES** 

**Environmental, Social and Governance Investing Committee**. T. Rowe Price's Environmental, Social and Governance Investing Committee **("TRPA ESG Investing Committee"** or the **"Committee"**) is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the Committee sets voting guidelines and serves as a resource for T. Rowe Price portfolio management, it does not have proxy voting authority for any Price Fund or advisory client. Rather, voting authority and responsibility is held by the Chairperson of the Price Fund's Investment Advisory Committee or the advisory client's portfolio manager. The Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

**Global Proxy Operations Team.** The Global Proxy Operations team is responsible for administering the proxy voting process as set forth in the Policies and Procedures.

**Governance Team.** Our Governance team is responsible for reviewing the proxy agendas for all upcoming meetings and making company-specific recommendations to our global industry analysts and portfolio managers with regard to the voting decisions in their portfolios.

**Responsible Investment Team**. Our Responsible Investment team oversees the integration of environmental and social factors into our investment processes across asset classes. In formulating vote recommendations for matters of an environmental or social nature, the Governance team frequently consults with the appropriate sector analyst from the Responsible Investment team.

**HOW PROXIES ARE REVIEWED, PROCESSED AND VOTED** 

In order to facilitate the proxy voting process, T. Rowe Price has retained Institutional Shareholder Services ("ISS") as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect T. Rowe Price's issue-by-issue voting guidelines as approved each year by the TRPA ESG Investing Committee, ISS maintains and implements custom voting policies for the Price Funds and other advisory client accounts.

**Meeting Notification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price utilizes ISS' voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients' holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to T. Rowe Price through ProxyExchange, an ISS application.

**Vote Determination** 

Each day, ISS delivers into T. Rowe Price's customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. For meetings with complex ballot items in certain international markets, research may be consulted from local domestic proxy research providers. The final authority and responsibility for proxy voting decisions remains with T. Rowe Price. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the perspective of our clients.

Portfolio managers execute their responsibility to vote proxies in different ways. Some have decided to vote their proxies generally in line with the guidelines as set by the TRPA ESG Investing Committee. Others review the customized vote recommendations and approve them before the votes are cast. Portfolio managers have access to current reports summarizing all proxy votes in their client accounts. Portfolio managers who vote their proxies inconsistent with T. Rowe Price guidelines are required to document the rationale for their votes. The Global Proxy Operations team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to our proxy voting guidelines.

**T. Rowe Price Voting Guidelines** 

Specific proxy voting guidelines have been adopted by the TRPA ESG Investing Committee for all regularly occurring categories of management and shareholder proposals. The guidelines include regional voting guidelines as well as the guidelines for investment strategies with objectives other than purely financial returns, such as Impact and Net Zero. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, www.troweprice.com/esg.

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**Global Portfolio Companies** 

The TRPA ESG Investing Committee has developed custom international proxy voting guidelines based on our proxy advisor's general global policies, regional codes of corporate governance, and our own views as investors in these markets. We apply a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which span the corporate governance spectrum without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that application of a single set of policies is not appropriate for all markets.

**Fixed Income and Passively Managed Strategies** 

Proxy voting for our fixed income and indexed portfolios is administered by the Global Proxy Operations team using T. Rowe Price's guidelines as set by the TRPA ESG Investing Committee. Indexed strategies generally vote in line with the T. Rowe Price guidelines. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

**Shareblocking** 

Shareblocking is the practice in certain countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. T. Rowe Price's policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the temporary loss of liquidity in the blocked shares.

**Securities on Loan** 

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. T. Rowe Price's policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities for the Price Funds in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan for the Price Funds and how they may affect proxy voting.

**Monitoring and Resolving Conflicts of Interest** 

The TRPA ESG Investing Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders and other investment advisory clients. While membership on the Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price's voting guidelines are predetermined by the Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, consistent with the terms of the Policies and Procedures, which allow portfolio managers to vote proxies opposite our general voting guidelines, the Committee regularly reviews all such proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager's voting rationale appears reasonable. The Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. Issues raising potential conflicts of interest are referred to designated members of the Committee for immediate resolution prior to the time T. Rowe Price casts its vote.

With respect to personal conflicts of interest, T. Rowe Price's Global Code of Conduct requires all employees to avoid placing themselves in a "compromising position" in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

**Specific Conflict of Interest Situations** 

Voting of T. Rowe Price Group, Inc. common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price voting guidelines and votes inconsistent with the guidelines will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item.

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In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. Shares of the Price Funds that are held by other Price Funds will generally be voted in the same proportion as shares for which voting instructions from other shareholders are timely received. If voting instructions from other shareholders are not received, or if a T. Rowe Price Fund is only held by other T. Rowe Price Funds or other accounts for which T. Rowe Price has proxy voting authority, the fund will vote in accordance with its Board's instruction.

For shares of the Price Funds that are series of T. Rowe Price Equity Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price International Series, Inc. (collectively, the "Variable Insurance Portfolios") held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, those shares shall be voted in the same proportion as shares for which voting instructions from contract holders are timely received.

**Limitations on Voting Proxies of Banks** 

T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the "FRB Relief") which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a "Bank"), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients' shares of a Bank in excess of 10% of the Bank's total voting stock ("Excess Shares"). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as "mirror voting," or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients' shares are Excess Shares on a pro rata basis across all of its clients' portfolios for which T. Rowe Price has the power to vote proxies.<sup>(2)</sup>

**REPORTING, RECORD RETENTION AND OVERSIGHT** 

The TRPA ESG Investing Committee, and certain personnel under the direction of the Committee, perform the following oversight and assurance functions, among others, over T. Rowe Price's proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with T. Rowe Price's proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the Policies and Procedures to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm's staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

T. Rowe Price will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

T. Rowe Price retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company's management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the T. Rowe Price proxy voting guidelines, Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

<sup>(1)</sup> This document is not applicable to T. Rowe Price Investment Management, Inc. ("TRPIM"). TRPIM votes proxies independently from the other T. Rowe Price-related investment advisers and has adopted its own proxy voting policy

<sup>(2)</sup> The FRB Relief and the process for voting of Excess Shares described herein apply to the aggregate beneficial ownership of T. Rowe Price and TRPIM.

**WELLINGTON MANAGEMENT COMPANY LLP (WELLINGTON MANAGEMENT)** 

**<u>Global Proxy Voting Guidelines</u>** 

**WELLINGTON'S PHILOSOPHY** 

Wellington Management is a long-term steward of our clients' assets and aims to vote proxies for which we have voting authority in the best financial interest of clients.

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These guidelines are based on Wellington Management's fiduciary obligation to act in the best financial interest of its clients as shareholders and while written to apply globally, we consider jurisdictional differences to make informed decisions. Enumerated below are issues specific to the Japanese market given we have formulated more detailed expectations for this region.

Wellington Management votes proxies for each client for which it has voting authority based on Wellington Management's evaluation of the best long-term economic interests of shareholders, in the exercise of its independent business judgment, and without regard to the relationship of the issuer of the proxy to the client, Wellington Management, or Wellington Management's affiliates.

It should be noted that the following are guidelines, not rigid rules, and Wellington Management reserves the right in all cases to deviate from the general direction set out below, where doing so is in the best interest of its clients.

**OUR APPROACH TO STEWARDSHIP** 

The goal of our stewardship activities is to support decisions that we believe will maximize investment returns for our clients over the long term.

The mechanisms we use to implement our stewardship activities vary by asset class. Engagement applies to all our investments across equity and credit, in both private and public markets. Proxy voting applies mostly to public equities.

Stewardship extends to any area that may affect the long-term sustainable financial return of an investment. Stewardship can be accomplished through research and constructive dialogue with company management and boards, by monitoring company behavior through informed active ownership, and by emphasizing management accountability for important issues via our proxy votes, which have long been part of Wellington's investment ethos. Please refer to our Engagement Policy for more information on how engagement is conducted at Wellington.

**OUR APPROACH TO VOTING** 

We vote proxies in what we consider to be the best financial interests of our clients. Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees Wellington Management's stewardship activities with regards to proxy voting and engagement practices.

Generally, routine issues which can be addressed by the proxy voting guidance below are voted by means of standing instructions communicated to our primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. We examine such proposals on their merits and take voting action in a manner that best serves the financial interests of our clients. When forming our voting decisions, we may leverage sources including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest. Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Consistent with our community-of-boutiques model, portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in different decisions for the same vote. Robust voting procedures and the deliberation that occurs before a vote decision are aligned with our role as active owners and fiduciaries for our clients.

We generally support shareholder proposals if we determine that their adoption would promote long-term shareholder value. In making this determination, we consider numerous factors, including but not limited to the anticipated benefits of the proposal to the company; whether the proposal addresses the general interests of the company's shareholders and not just those of the shareholder proponents; whether the company is currently addressing the issue motivating the proposal or has engaged with the shareholder proponents; whether the company can implement the proposal effectively; and whether the proposal's adoption would impose material costs on the company or result in unintended consequences.

In addition, because proxy voting provides only limited means (i.e., voting ''for'' or ''against'') to express our views on a particular issue, we may support shareholder proposals in cases where we do not support every recommended action or where the proposal is accompanied by a supporting statement that we do not support so long as we are directionally aligned with the issue motivating the proposal. In these cases, we aim to engage directly with the company to clarify the nuanced view our vote represents.

Please refer to our Global Proxy Policy and Procedures for further background on the process and governance of our voting approach.

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Detailed below are the principles that we consider when deciding how to vote.

**VOTING GUIDELINES** 

**BOARD COMPOSITION AND ROLE OF DIRECTORS** 

Effective boards should act in shareholders' best economic interests and possess the relevant skills to implement the company's strategy.

We consider shareholders' ability to elect directors annually an important right and, accordingly, generally support proposals to enable annual director elections and declassify boards.

We may withhold votes from directors for being unresponsive to shareholders or for failing to make progress on issues material to maximizing investment returns. We may also withhold votes from directors who fail to implement shareholder proposals that if adopted would promote long-term shareholder value and have received majority support. We may also withhold our support for directors who have implemented poison pills without shareholder approval.

Time Commitments

We expect directors to have the time and energy to fully commit to their board-related responsibilities and not be over-stretched with an excessive number of external directorships. We may vote against directors when serving on five or more public company boards; and public company executives when serving on three or more public company boards, including their own.

We consider the roles of board chair and chair of the audit committee as particularly time-intensive, and we apply an additional weighting accordingly when evaluating the overboarding matrix for non-executives. We may take into consideration that certain directorships, such as Special Purpose Acquisition Companies (SPACs) and investment companies, are usually less demanding.

Directors should also attend at least 75% of scheduled board meetings. If they fail to do so, we may vote against their reelection.

Succession Planning and Board Refreshment

We do not have specific voting policies relating to director age or tenure. We prefer to take a holistic view, evaluating whether the company is balancing the perspectives of new directors with the institutional knowledge of longer-serving board members. Succession planning is a key topic during many of our board engagements.

We generally expect companies to refresh their board membership every five years and may vote against the chair of the nominating committee for failure to implement such a refresh. We believe a degree of director turnover allows companies to bring fresh perspectives and add new skillsets to the board to enhance their oversight and adapt to evolving strategies.

Boards should offer transparency around their process to evaluate director performance and independence, conducting a rigorous regular evaluation of the board, key committees as well as individual directors, which is responsive to shareholder input. We believe externally facilitated board evaluations may contribute to companies retaining an appropriate mix of skills, experience and diversity on their boards over time.

In certain markets companies are governed by multi-tiered boards, with each tier having different responsibilities. We hold supervisory board members to similar standards, subject to prevailing local governance best practices.

Board Independence

In our view, boards perform best when composed of an appropriate combination of executive and non-executive (in particular independent non-executive) directors to challenge and counsel management.

To determine appropriate minimum levels of board independence, we look to prevailing market best practices; two-thirds in the US, for example, and majority in the UK and France. In addition to the overall independence at the board level, we also consider the independence of audit, compensation, and nominating committees. Where independence falls short of our expectations, we may withhold approval for non-independent directors or those responsible for the board composition. We typically vote in support of shareholder proposals calling for improved independence.

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We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom. We will generally support proposals to separate the chair and CEO or establish a lead director but may support the involvement of an outgoing CEO as executive chair for a limited period to ensure a smooth transition to new management.

Board Diversity

We believe boards which reflect a wide range of perspectives are best positioned to create shareholder value. By setting a leadership example, boardrooms with a wide range of experiences, expertise, and perspectives encourage an organizational culture that promotes diverse thinkers, enabling better strategic decisions and the navigation of increasingly complex issues facing companies today.

We think it is not in shareholders' best interests for the full board to be comprised of directors who all share the same background, experience, and personal characteristics (e.g., gender, race, ethnicity, and age). We expect our portfolio companies to be thoughtful and intentional in considering the widest possible pool of skilled candidates who bring diverse perspectives into the boardroom. We encourage companies to disclose the composition and qualifications of their board and to communicate their approach to creating and fostering a diverse board.

We reserve the right to vote against the re-election of the Nominating/Governance Committee Chair when the board is not meeting local market standards from a diversity perspective. We expect a minimum of 20% gender diversity at major indices such as the S&P 500 and encourage boards to strive for 30% gender diversity. From 2025, we may vote against the re-election of the Nominating/Governance Committee Chair at major indices not meeting this 30% goal. Outside of the above major indices and absent a market-defined standard, we may vote against the reelection of the Nominating/Governance Committee Chair where no gender-diverse directors are represented on a board.

Outside of the above major indices and absent a market-defined standard, we may vote against the reelection of the Nominating/Governance Committee Chair where no gender-diverse directors are represented on a board.

We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair at US large cap and FTSE 100 companies that do not have at least one director from a minority ethnic group and have not provided a clear and compelling reason for being unable to do so.

Majority Vote on Election of Directors

Because we believe the election of directors by a majority of votes cast is the appropriate standard, we will generally support proposals that seek to adopt such a standard. Our support will typically extend to situations where the relevant company has an existing resignation policy for directors that receive a majority of ''withhold'' votes. We believe majority voting should be defined in the company's charter and not simply in its corporate governance policy.

Generally, we oppose proposals that fail to provide for the exceptional use of a plurality standard in the case of contested elections. Further, we will not support proposals that seek to adopt a standard of majority of votes outstanding (total votes eligible as opposed to votes cast). We likely will support shareholder and management proposals to remove existing supermajority vote requirements.

Contested Director Elections

We approach contested director elections on a case-by-case basis, considering the specific circumstances of each situation to determine what we believe to be in the best financial interest of our clients. In each case, we welcome the opportunity to engage with both the company and the proponent to ensure that we understand both perspectives and are making an informed decision on our clients' behalf.

**COMPENSATION** 

Executive compensation plans establish the incentive structure that plays a role in strategy-setting, decision-making, and risk management. While design and structure vary widely, we believe the most effective compensation plans attract and retain high-caliber executives, foster a culture of performance and accountability, and align management's interests with those of long-term shareholders.

Due to each company's unique circumstances and wide range of plan structures, Wellington determines support for a compensation plan on a case-by-case basis. We support plans that we believe lead to long-term value creation for our clients and the right to vote on compensation plans annually.

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In evaluating compensation plans, we consider the following attributes in the context of the company's business, size, industry, and geographic location:

Alignment — We believe in pay-for-performance and encourage plan structures that align executive compensation with shareholder experience. We compare total compensation to performance metrics on an absolute and relative basis over various timeframes, and we look for a strong positive correlation. To ensure shareholder alignment, executives should maintain meaningful equity ownership in the company while they are employed, and for a period thereafter.

Transparency — We expect compensation committees to articulate the decision-making process and rationale behind the plan structure, and to provide adequate disclosure so shareholders can evaluate actual compensation relative to the committee's intentions. Disclosure should include how metrics, targets, and timeframes are chosen, and detail desired outcomes. We also seek to understand how the compensation committee determines the target level of compensation and constructs the peer group for benchmarking purposes.

Structure — The plan should be clear and comprehensible. We look for a mix of cash versus equity, fixed versus variable, and short- versus long-term pay that incentivizes appropriate risk-taking and aligns with industry practice. Performance targets should be achievable but rigorous, and equity awards should be subject to performance and/or vesting periods of at least three years, to discourage executives from managing the business with a near-term focus. Unless otherwise specified by local market regulators, performance-based compensation should be based on metrics that are objective, rigorous, and tied to shareholder value creation. Qualitative goals, including material environmental and social considerations material to financial performance, may be acceptable if a compensation committee has demonstrated a fair and consistent approach to evaluating qualitative performance and applying discretion over time.

Accountability — Compensation committees should be able to use discretion, positive and negative, to ensure compensation aligns with performance and provide a cogent explanation to shareholders. We generally oppose one-time awards aimed at retention or achieving a pre-determined goal. Barring an extenuating circumstance, we view retesting provisions unfavorably.

Approving Equity Incentive Plans

A well-designed equity incentive plan facilitates the alignment of interests of long-term shareholders, management, employees, and directors. We evaluate equity-based compensation plans on a case-by-case basis, considering projected plan costs, plan features, and grant practices. We will reconsider our support for a plan if we believe these factors, on balance, are not in the best financial interest of shareholders. Specific items of concern may include excessive cost or dilution, unfavorable change-in-control features, insufficient performance conditions, holding/vesting periods, or stock ownership requirements, repricing stock options/stock appreciation rights (SARs) without prior shareholder approval, or automatic share replenishment (an ''evergreen'' feature).

Employee Stock Purchase Plans

We generally support employee stock purchase plans, as they may align employees' interests with those of shareholders. That said, we typically vote against plans that do not offer shares to a broad group of employees (e.g., if only executives can participate) or plans that offer shares at a significant discount.

Non-executive Director Compensation

We expect companies to disclose nonexecutive director compensation and we prefer the use of an annual retainer or fee, delivered as cash, equity, or a combination. We do not believe nonexecutive directors should receive performance based compensation, as this creates a potential conflict of interest. Nonexecutive directors oversee executive compensation plans; their objectivity is compromised if they design a plan that they also participate in.

Severance Arrangements

We are mindful of the board's need for flexibility in recruitment and retention but will oppose excessively generous arrangements unless agreements encourage management to negotiate in shareholders' best financial interest. We generally support proposals calling for shareholder ratification of severance arrangements.

Claw-back Policies

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We believe companies should be able to recoup incentive compensation from members of management who received awards based on fraudulent activities, accounting misstatements, or breaches in standards of conduct that lead to corporate reputational damage. We generally support shareholder proposals requesting that a company establish a robust claw-back provision if existing policies do not cover these circumstances. We also support proposals seeking greater transparency about the application of claw back policies.

Audit Quality and Oversight

Scrutiny of auditors, particularly audit quality and oversight, has been increasing. When we assess financial statement reporting and audit quality, we will generally support management's choice of auditors, unless the auditors have demonstrated failure to act in shareholders' best economic interest. We also pay close attention to the non-audit services provided by auditors and consider the potential for the revenue from those services to create conflicts of interest that could compromise the integrity of financial statement audits.

SHAREHOLDER RIGHTS

Shareholder Rights Plans

Also known as poison pills, these plans can enable boards of directors to negotiate higher takeover prices on behalf of shareholders. Such plans also may be misused, however, as a means of entrenching management. Consequently, we may support plans that include a shareholder approval requirement, a sunset provision, or a permitted bid feature (e.g., bids that are made for all shares and demonstrate evidence of financing must be submitted to a shareholder vote).

Because boards generally have the authority to adopt shareholder rights plans without shareholder approval, we are equally vigilant in our assessment of requests for authorization of blank-check preferred shares.

Multiple Voting Rights

We generally support one share, one vote structures. The growing practice of going public with a dual-class share structure can raise governance and performance concerns. In our view, dual-class shares can create misalignment between shareholders' economic stake and their voting power and can grant control to a small number of insiders who may make decisions that are not in the interests of all shareholders.

We generally prefer that companies dispense with dual-class share structures but we recognize that newly listed companies may benefit from a premium by building in some protection for founders for a limited time after their IPO. The Council of Institutional Investors, a nonprofit association of pension funds, endowments, and foundations, recommends that newly public companies that adopt structures with unequal voting rights do away with the structure within seven years of going public. We believe such sunset clauses are a reasonable compromise between founders seeking to defend against takeover attempts in pivotal early years, and shareholders demanding a mechanism for holding management accountable, especially in the event of leadership changes.

Similarly, we generally do not support the introduction of loyalty shares, which grant increased voting rights to investors who hold shares over multiple years.

Proxy Access

We believe shareholders should have the right to nominate director candidates on the management's proxy card. We will generally support shareholder proposals seeking proxy access unless the existing policy is already in-line with market norms.

Special meeting rights

We believe the right to call a special meeting is an important shareholder right, and we will generally support such proposals to establish this right at companies that lack this facility. We will generally support a proposal lowering thresholds where the current level exceeds 15% and the proposal calls for a 10%+ threshold, taking into consideration the make-up of the existing shareholder base and the company's general responsiveness to shareholders. If shareholders are granted the right to call special meetings, we generally do not support written consent.

Virtual Meetings

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Many companies established virtual-only shareholder meetings over the course of the recent Covid-19 pandemic. Virtual attendance allows investors to participate in more meetings and reduces the need for travel. We generally prefer shareholder meetings to take place in a hybrid format (virtual and in-person) where possible, allowing all shareholders, whether they attend in person or virtually, to ask questions. We expect companies hosting virtual-only shareholder meetings to provide a clear rationale underpinning their decision to do so, provide a live video stream of proceedings and offer transparency on how questions may be submitted and are selected for discussion.

We may oppose amendments to articles of association permitting virtual-only meetings where we perceive shareholder rights to be at risk. We may also support relevant shareholder proposals requesting companies to facilitate the ability to attend in-person.

**CAPITAL STRUCTURE AND CAPITAL ALLOCATION** 

Mergers and Acquisitions

We approach votes to approve mergers and acquisitions on a case-by-case basis, considering the specific circumstances of each proposal to determine what we believe to be in the best financial interest of our clients.

Increases in Authorized Common Stock

We generally support requests for increases up to 100% of the shares with preemption rights. Exceptions will be made when the company has clearly articulated a reasonable need for a greater increase. Conversely, at companies trading in less liquid markets, we may impose a lower threshold. When companies seek to issue shares without preemptive rights, we consider potential dilution and generally support requests when dilution is below 20%. For issuance with preemptive rights, we review on a case-by-case basis, considering the size of issuance relative to peers.

ENVIRONMENTAL TOPICS

We assess portfolio companies' performance on environmental issues we deem to be material to long-term financial performance.

Climate Change

As an asset manager entrusted with investing on our clients' behalf, we aim to assess, monitor, and manage the potential effects of climate change on our investee companies and financial returns of client portfolios. Proxy voting is a tool we use for managing climate-related investment risks, where appropriate, as part of our overall stewardship process.

In general, we expect companies facing material climate risks to communicate credible transition plans consistent with the recommended disclosures published by the Task Force on Climate-Related Financial Disclosures (TCFD), which are also integrated into the IFRS S2 Climate-related Disclosures issued by the International Sustainability Standards Board (ISSB). Appropriate reporting on climate readiness assists our investment professionals in understanding a company's strategy to adapt to or mitigate material climate-related risks. In addition, we may vote against directors at companies facing material climate risks where the disclosure of transition plans meaningfully lag our expectations.

Emissions Disclosure

We generally encourage companies to disclose material Scope 1, 2, and 3 emissions. While we recognize the challenges associated with collecting Scope 3 emissions data, disclosure of material Scope 3 emissions has the potential to assist us with the assessment of the transition risks applicable to an issuer. Disclosure of both overall categories of Scope 3 emissions —- upstream and downstream —- with context and granularity from companies with significant Scope 3 sources enhances our ability to evaluate investment risks and opportunities. We generally encourage companies to adopt emerging global standards for measurement and disclosure of emissions such as ISSB's IFRS S2.

We view disclosure of material Scope 1 and 2 emissions as a baseline expectation where measurement practices are well-defined and attainable. We will generally vote against the re-election of the Chair of MSCI World companies and large cap companies in Emerging Markets which do not disclose material Scope 1 and 2 emissions, have not made a commitment to do so and where emissions intensity is material to financial performance.

Net-zero Targets

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We encourage companies with material emissions to set a credible, science-based decarbonization glidepath, with an interim and long-term target, that comprises all categories of material emissions and is consistent with the ambition to achieve net zero emissions by 2050 or sooner.

We generally support shareholder proposals that promote long-term shareholder value and ask companies facing material climate risks for improved disclosure on climate risk management or alignment of business strategies with the Paris Agreement or similar language, where companies have not already done so. Companies may find value in aligning transition plans with best practice frameworks relevant to their industry and business model such as the Science Based Targets initiative (SBTi).

Accountability for transition plans

For certain companies with material emissions, we may vote against the company chair where quantitative emission reduction targets have not been reasonably defined. If we find evidence of substantial failings in oversight of material climate-related risks, we may take appropriate voting action by withholding support from directors.

So-called 'say-on-climate' votes are management proposals which solicit shareholder approval of companies' climate strategies on a standalone basis. We prefer climate strategy to be fully integrated with broader company strategy, and believe a separate vote has the potential to dilute accountability of the board by putting the onus on shareholders to evaluate climate strategy. We therefore critically consider shareholder proposals calling for management to adopt a say-on-climate vote and may abstain on the say-on-climate proposals themselves to evidence our principle-based view.

Biodiversity

Many companies are dependent on natural capital and biodiversity as key inputs either through direct resource extraction or their supply chain. Business activities may also impact the capacity of nature to provide social and economic functions. We recognize that biodiversity impact and loss can be challenging to quantify and measure, but we believe companies should assess environmental inputs and outputs. We encourage companies to report on financially material impacts and dependencies on natural capital relevant to their business.

Other Environmental Shareholder Proposals

For other environmental proposals covering themes including biodiversity, natural capital, deforestation, water usage, (plastic) packaging as well as palm oil, we take a case-by-case approach and will generally support proposals calling for companies to provide disclosure where this is additive to the company's existing efforts, the proposed information pertains to a material financial impact and in our view is of economic benefit to investors.

**SOCIAL TOPICS** 

Corporate Culture, Human Capital, and Diversity, Equity, and Inclusion

Through engagement we emphasize to management the importance of how they invest in and cultivate their human capital to perpetuate a strong culture. We assess culture holistically from an alignment of management incentives, responsiveness to employee feedback, evidence of an equitable and sound talent management strategy and commitment to diversity, equity, and inclusion practices that promote shareholder value. We value transparency and use of key performance indicators.

A well-articulated culture statement and talent attraction, retention and development strategy suggest that a company appreciates culture and talent as competitive advantages that can drive long-term value creation. It also sends a strong message when management compensation is linked, when appropriate, to employee satisfaction. If the company conducts regular employee engagement surveys, we look for leadership to disclose the results ——- both positive and negative ——- so we can monitor patterns and assess whether they are implementing changes based on the feedback they receive.

We maintain that a human capital management strategy should foster a collaborative, productive workplace in which all talent can thrive. A key factor that pertains to human capital management is diversity, equity, and inclusion (DEI). We believe that DEI practices can positively contribute to long-term financial performance. As fiduciaries, we seek to understand how a company's diversity approach aligns with talent management. This is significantly aided when there is consistent, robust disclosure in place. We look for strategies that align with improvement of shareholder value over time and expect companies in the US to publicly disclose their EEO-1 reporting.

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Gender and racial pay equity are important parts of our assessment of a company's overall diversity efforts. Pay inequity can impact shareholder value by exposing a company to challenges with recruiting & retaining talent, job dissatisfaction, workforce turnover, and costly lawsuits. Consequently, we may support proposals asking for improved transparency on a company's gender and/or racial pay gap if existing disclosures are lagging best practice and if the company has not articulated its efforts to promote equal opportunities to advance to senior roles.

Stakeholders and Risk Management

In recent years, discourse on opioids, firearms, and sexual harassment has brought the potential for social externalities ——-the negative effects that companies can have on society through their products, cultures, or policies ——- into sharp focus. These nuanced, often misunderstood issues can affect the value of corporate securities.

We encourage companies facing these risks to disclose related risk management strategies. When a company faces litigation or negative press, we inquire about lessons learned and request evidence of substantive changes that aim to prevent recurrence and mitigate downside risk. In these cases, we may also support shareholder proposals requesting enhanced disclosure on actions taken by management.

Human Rights

Following the 2015 passage of the UK's Modern Slavery Act, a handful of countries have passed laws requiring companies to report on how they are addressing risks related to human rights abuses in their global supply chains. While human rights have been a part of our research and engagement in this context, we seek to assess companies' exposures to these risks, determine the sectors for which this risk is most material (highest possibility of supply-chain exposure), enhance our own engagement questions, and potentially work with external data providers to gain insights on specific companies or industries. To help us assess company practices and drive more substantive engagement with companies on this issue, we may support proposals requesting enhanced disclosure on companies' approach to mitigating the risk of human rights violations in their business.

Cybersecurity

Robust cybersecurity practices are imperative for maintaining customer trust, preserving brand strength, and mitigating regulatory risk. Companies that fail to strengthen their cybersecurity platforms may end up bearing large costs. Through engagement, we aim to compare companies' approaches to cyber threats, regardless of region or sector, to distinguish businesses that lag from those that are better prepared.

Political Contributions and Lobbying

We generally support shareholder proposals asking for enhanced disclosure and board oversight of a company's political and lobbying activities where existing disclosure and board oversight are inadequate. This is because sufficient disclosure and board oversight are necessary to evaluate whether and ensure that these activities align with the company's stated strategy and promote shareholder value.

JAPAN-SPECIFIC TOPICS

Capital Allocation

We hold board chairs accountable for persistently low returns on equity (ROE) in Japan, using a five-year average ROE of below 5% as a guide. Our assessment of a company's capital stewardship complements our assessment of board effectiveness without dictating specific capital allocation decisions. We may make exceptions where ROE is improving, where a long-cycle business warrants a different standard, or where new management is in place, and we feel they should not be punished for the past CEO/Chair's record.

Cross-shareholdings

Cross-shareholdings reduce management accountability by creating a cushion of cross-over investor support. We may vote against the highest-ranking director up for re-election for companies where management has allocated a significant portion (20% or more) of net assets to cross-shareholdings. When considering this issue, we will take into account a company's trajectory in reducing cross-shareholdings over time as well as legitimate business reasons given to retain specific shareholdings.

Retirement bonuses

Misaligned compensation which is based on tenure and seniority may compromise director independence. We generally vote against directors and statutory auditors if retirement bonuses are given to outgoing directors.

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Board Diversity

We look for boards on the Japanese Prime Market to have a minimum 10% gender diversity, not inclusive of statutory auditors. For companies on the Non-Prime Market, we will also look for boards to have a minimum 10% gender diversity, inclusive of statutory auditors as applicable. We may vote against the chair of the board (or CEO in the absence of a board chair) where the board fails to meet this level. We expect to be able to support directors where a credible plan has been adopted to increase gender diversity ahead of the next meeting.

Board Independence

We reserve the right to vote against the chair of the board or the most senior executive up for election at Japanese companies if the board of directors fails to meet the following independence expectations:

■

For companies on the Prime Market without a controlling shareholder, we expect the board to be comprised of at least one-third independent directors.

■

For companies on the Prime Market with a controlling shareholder, we expect the board to be majority independent.

■

For companies on the Non-Prime Market with a controlling shareholder, we expect the board to be comprised of at least one-third independent directors.

■

For companies on the Non-Prime Market without a controlling shareholder and a two-tiered board, we expect combined one-third independence of the board of directors and the board of statutory auditors, and at least two independent outside directors.

■

For companies on the Non-Prime Market without a controlling shareholder and a one-tiered board (with either one or three committees), we expect one-third independence.

We continue to require a majority of the board of statutory auditors to be independent. regardless of the market segments. We further encourage Japanese companies to establish nomination/compensation committees, and to clearly describe the role of the board chair in terms of setting the board agenda and driving accountability.

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**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits.**

[(a)(1) Second Amended and Restated Declaration of Trust of Registrant. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000110465906012300/a05-21614_1ex99da2.htm)[Amendment No. 57 to Registrant's Registration Statement for Form N-1A (File Nos. 33-24962 and 811-5186) (the](https://www.sec.gov/Archives/edgar/data/814679/000110465906012300/a05-21614_1ex99da2.htm)["Registration Statement"), which Amendment was filed via EDGAR on February 27, 2006, and is incorporated](https://www.sec.gov/Archives/edgar/data/814679/000110465906012300/a05-21614_1ex99da2.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465906012300/a05-21614_1ex99da2.htm)

[(a)(1)(a) Amendment to Declaration of Trust of Registrant. Filed as an exhibit to Post-Effective Amendment No. 62 to](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exa2.htm)[Registration Statement, which Amendment was filed via EDGAR on April 26, 2007, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exa2.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exa2.htm)

[(b) By-laws of Registrant. Filed as an exhibit to Post-Effective Amendment No. 50 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000110465905007486/a05-2974_1ex99db.htm)[Amendment was filed via EDGAR on February 18, 2005, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465905007486/a05-2974_1ex99db.htm)

(c) None

[(d)(1) Investment Management Agreement among the Registrant, American Skandia Investment Services,](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d1.htm)[Incorporated (now known as AST Investment Services, Inc.) and Prudential Investments LLC (now known as PGIM](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d1.htm)[Investments LLC) for the various portfolios of the Registrant. Filed as an exhibit to Post-Effective Amendment No. 49](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d1.htm)[to Registration Statement, which Amendment was filed via EDGAR on April 30, 2004, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d1.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d1.htm)

[(d)(1)(a) Amendment to Investment Management Agreement, among the Registrant and PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d2.htm)[AST Investment Services, Inc. dated January 27, 2025. Filed as an exhibit to Post-Effective Amendment No. 199 to](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d2.htm)[Registration Statement, which Amendment was filed via EDGAR on April 17, 2025, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d2.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d2.htm)

[(d)(1)(b) Contractual investment management fee waivers and/or contractual expense caps for selected AST](f44759d2.htm)[portfolios dated April 14, 2026. Filed herewith.](f44759d2.htm)

[(d)(1)(c) Contractual investment management fee waivers and/or contractual expense caps for AST Large-Cap Value](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d5.htm)[Portfolio and AST Small-Cap Equity Portfolio (formerly known as AST Small-Cap Growth Portfolio) dated December](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d5.htm)[16, 2024. Filed as an exhibit to Post-Effective Amendment No. 199 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d5.htm)[was filed via EDGAR on April 17, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d5.htm)

[(d)(1)(d) Contractual investment management fee waivers and/or contractual expense caps for AST International](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d6.htm)[Equity Portfolio dated January 13, 2025. Filed as an exhibit to Post-Effective Amendment No. 199 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d6.htm)[Statement, which Amendment was filed via EDGAR on April 17, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d6.htm)

[(d)(2) Investment Management Agreement among the Registrant and Prudential Investments LLC (now known as](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd2ast_485bpos42013.htm)[PGIM Investments LLC). Filed as an exhibit to Post-Effective Amendment No. 116 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd2ast_485bpos42013.htm)[Amendment was filed via EDGAR on April 18, 2013, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd2ast_485bpos42013.htm)

[(d)(2)(a) Amendment to Investment Management Agreement, among the Registrant and PGIM Investments](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d2.htm)[LLC, dated December 2, 2025. Filed as an exhibit to Post-Effective Amendment No. 201 to Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d2.htm)[which Amendment was filed via EDGAR on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d2.htm)

[(d)(2)(b) Contractual investment management fee waivers and/or contractual expense caps for selected AST](f44759d3.htm)[portfolios dated April 14, 2026. Filed herewith.](f44759d3.htm)

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[(d)(3) Subadvisory Agreement among American Skandia Investment Services, Incorporated (now known as AST](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dd3.htm)[Investment Services, Inc.), Prudential Investments LLC (now known as PGIM Investments LLC) and Prudential](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dd3.htm)[Investment Management, Inc. (now known as PGIM, Inc.) for the AST Government Money Market Portfolio (formerly,](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dd3.htm)[AST Money Market Portfolio). Filed as an exhibit to Post-Effective Amendment No. 58 to Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dd3.htm)[which Amendment was filed via EDGAR on April 28, 2006, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dd3.htm)

[(d)(4) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d15.htm)[Portfolio 2026. Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d15.htm)[Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d15.htm)

[(d)(5) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d16.htm)[Portfolio 2027. Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d16.htm)[Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d16.htm)

[(d)(6) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d17.htm)[Portfolio 2028. Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d17.htm)[Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d17.htm)

[(d)(7) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d18.htm)[Portfolio 2029. Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d18.htm)[Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d18.htm)

[(d)(8) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d19.htm)[Portfolio 2030. Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d19.htm)[Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d19.htm)

[(d)(9) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d20.htm)[Portfolio 2031. Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d20.htm)[Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d20.htm)

[(d)(10) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d21.htm)[Investment Grade Bond Portfolio. Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d21.htm)[Statement, which Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d21.htm)

[(d)(11) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d11.htm)[Portfolio 2032. Filed as an exhibit to Post-Effective Amendment No. 181 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d11.htm)[Amendment was filed via EDGAR on December 15, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d11.htm)

[(d)(12) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d7.htm)[Portfolio 2033. Filed as an exhibit to Post-Effective Amendment No. 184 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d7.htm)[Amendment was filed via EDGAR on December 15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d7.htm)

[(d)(13) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d4.htm)[Portfolio 2034. Filed as an exhibit to Post-Effective Amendment No. 187 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d4.htm)[Amendment was filed via EDGAR on December 19, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d4.htm)

[(d)(14) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d6.htm)[Portfolio 2035. Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d6.htm)[Amendment was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d6.htm)

[(d)(15) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d5.htm)[Portfolio 2036. Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d5.htm)[Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d5.htm)

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[(d)(16) Subadvisory Agreement among PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Bond](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d4.htm)[Portfolio 2037. Filed as an exhibit to Post-Effective Amendment No. 201 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d4.htm)[Amendment was filed via EDGAR on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d4.htm)

[(d)(17) Subadvisory Agreement among American Skandia Investment Services, Incorporated (now known as AST](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d16hw.htm)[Investment Services, Inc.), Prudential Investments LLC (now known as PGIM Investments LLC) and Hotchkis and](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d16hw.htm)[Wiley Capital Management LLC for the AST Large-Cap Value Portfolio (formerly, the AST Hotchkis & Wiley Large-Cap](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d16hw.htm)[Value Portfolio). Filed as an exhibit to Post-Effective Amendment No. 49 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d16hw.htm)[Amendment was filed via EDGAR on April 30, 2004, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000081467904000015/d16hw.htm)

[(d)(17)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc. (formerly, American](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d6.htm)[Skandia Investment Services, Inc.), PGIM Investments LLC (formerly, Prudential Investments LLC) and Hotchkis and](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d6.htm)[Wiley Capital Management LLC for the AST Large-Cap Value Portfolio (formerly, AST Hotchkis & Wiley Large-Cap](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d6.htm)[Value Portfolio). Filed as an exhibit to Post-Effective Amendment No. 187 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d6.htm)[Amendment was filed via EDGAR on December 19, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d6.htm)

[(d)(18) Subadvisory Agreement among PGIM Investments LLC, AST Investment Services, Inc. and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d6.htm)[Investment Management Inc. for the AST Large-Cap Value Portfolio. Filed as an exhibit to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d6.htm)[No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d6.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d6.htm)

[(d)(19) Subadvisory Agreement among PGIM Investments LLC, AST Investment Services, Inc. and ClearBridge](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d7.htm)[Investments, LLC for the AST Large-Cap Value Portfolio. Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d7.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d7.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d7.htm)

[(d)(20) Subadvisory Agreement among PGIM Investments LLC, AST Investment Services, Inc. and Dimensional](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d8.htm)[Fund Advisors LP for the AST Large-Cap Value Portfolio. Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d8.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d8.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d8.htm)

[(d)(21) Subadvisory Agreement among PGIM Investments LLC, AST Investment Services, Inc. and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d9.htm)[Investment Management, LLC for the AST Large-Cap Value Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d9.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d9.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d9.htm)

[(d)(22) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d7.htm)[Investment Management Inc. for the AST Advanced Strategies Portfolio (now known as AST Multi-Asset Diversified](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d7.htm)[Portfolio). Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d7.htm)[was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d7.htm)

[(d)(22)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d10.htm)[J.P. Morgan Investment Management Inc. for the AST Advanced Strategies Portfolio (now known as AST Multi-Asset](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d10.htm)[Diversified Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d10.htm)[Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d10.htm)

[(d)(23) Subadvisory Agreement among AST Investment Services Inc., PGIM Investments LLC, Jennison Associates,](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d8.htm)[LLC, PGIM Inc. and PGIM Quantitative Solutions LLC for the AST Advanced Strategies Portfolio (now known as AST](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d8.htm)[Multi-Asset Diversified Portfolio). Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d8.htm)[which Amendment was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d8.htm)

------

[(d)(23)(a) Amendment to Subadvisory Agreement among AST Investment Services Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d11.htm)[Jennison Associates, LLC, PGIM Inc. and PGIM Quantitative Solutions LLC for the AST Advanced Strategies Portfolio](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d11.htm)[(now known as AST Multi-Asset Diversified Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d11.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d11.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d11.htm)

[(d)(24) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and each of QMA LLC](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d11.htm)[(now known as PGIM Quantitative Solutions LLC), Jennison Associates LLC, and PGIM, Inc. for the AST Balanced](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d11.htm)[Asset Allocation Portfolio. Filed as an exhibit to Post-Effective Amendment No. 184 to the Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d11.htm)[which Amendment was filed via EDGAR on December 15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d11.htm)

[(d)(24)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d12.htm)[each of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), Jennison Associates LLC, and PGIM, Inc.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d12.htm)[for the AST Balanced Asset Allocation Portfolio. Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d12.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d12.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d12.htm)

[(d)(25) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d15.htm)[Investment Management, Inc. for the AST Balanced Asset Allocation Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d15.htm)[Amendment No. 184 to the Registration Statement, which Amendment was filed via EDGAR on December 15,](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d15.htm)[2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d15.htm)

[(d)(25)(a) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d13.htm)[Investment Management, Inc. for the AST Balanced Asset Allocation Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d13.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d13.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d13.htm)

[(d)(26) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and each of QMA LLC](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d16.htm)[(now known as PGIM Quantitative Solutions LLC), Jennison Associates LLC, and PGIM, Inc. for the AST Capital](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d16.htm)[Growth Asset Allocation Portfolio (now known as AST Aggressive Asset Allocation Portfolio). Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d16.htm)[Post-Effective Amendment No. 184 to the Registration Statement, which Amendment was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d16.htm)[December 15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d16.htm)

[(d)(26)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d14.htm)[each of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), Jennison Associates LLC, and PGIM, Inc.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d14.htm)[for the AST Capital Growth Asset Allocation Portfolio (now known as AST Aggressive Asset Allocation Portfolio). Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d14.htm)[as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d14.htm)[EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d14.htm)

[(d)(27) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d20.htm)[Investment Management, Inc. for the AST Capital Growth Asset Allocation Portfolio (now known as AST Aggressive](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d20.htm)[Asset Allocation Portfolio). Filed as an exhibit to Post-Effective Amendment No. 184 to the Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d20.htm)[which Amendment was filed via EDGAR on December 15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d20.htm)

[(d)(27)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d15.htm)[J.P. Morgan Investment Management, Inc. for the AST Capital Growth Asset Allocation Portfolio (now known as AST](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d15.htm)[Aggressive Asset Allocation Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d15.htm)[Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d15.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d15.htm)

[(d)(28) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and each of QMA LLC](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d21.htm)[(now known as PGIM Quantitative Solutions LLC), Jennison Associates LLC, and PGIM, Inc. for the AST Preservation](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d21.htm)[Asset Allocation Portfolio. Filed as an exhibit to Post-Effective Amendment No. 184 to the Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d21.htm)[which Amendment was filed via EDGAR on December 15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d21.htm)

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[(d)(28)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d16.htm)[each of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), Jennison Associates LLC, and PGIM, Inc.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d16.htm)[for the AST Preservation Asset Allocation Portfolio. Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d16.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d16.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d16.htm)

[(d)(29) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d25.htm)[Investment Management, Inc. for the AST Preservation Asset Allocation Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d25.htm)[Amendment No. 184 to the Registration Statement, which Amendment was filed via EDGAR on December 15,](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d25.htm)[2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d25.htm)

[(d)(29)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d17.htm)[J.P. Morgan Investment Management, Inc. for the AST Preservation Asset Allocation Portfolio. Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d17.htm)[Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d17.htm)[December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d17.htm)

[(d)(30) Subadvisory Agreement among AST Investment Services, Inc., Prudential Investments LLC (now known as](https://www.sec.gov/Archives/edgar/data/814679/000006759010000351/astexd44april2010.htm)[PGIM Investments LLC) and J.P. Morgan Investment Management, Inc. for the AST J.P. Morgan Conservative](https://www.sec.gov/Archives/edgar/data/814679/000006759010000351/astexd44april2010.htm)[Multi-Asset Portfolio (formerly known as AST J.P. Morgan Tactical Preservation Portfolio and AST J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000006759010000351/astexd44april2010.htm)[Strategic Opportunities Portfolio). Filed as an exhibit to Post-Effective Amendment No. 81 to Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000006759010000351/astexd44april2010.htm)[which Amendment was filed via EDGAR on April 19, 2010, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759010000351/astexd44april2010.htm)

[(d)(30)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d18.htm)[J.P. Morgan Investment Management, Inc. for the AST J.P. Morgan Conservative Multi-Asset Portfolio (formerly](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d18.htm)[known as AST J.P. Morgan Tactical Preservation Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d18.htm)[to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d18.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d18.htm)

[(d)(31) Subadvisory Agreement among American Skandia Investment Services, Incorporated (now known as AST](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exd53a.htm)[Investment Services, Inc.), Prudential Investments LLC (now known as PGIM Investments LLC) and T. Rowe Price](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exd53a.htm)[Associates, Inc., for the AST Large-Cap Growth Portfolio (formerly, AST T. Rowe Price Large-Cap Growth Portfolio).](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exd53a.htm)[Filed as an exhibit to Post-Effective Amendment No. 62 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exd53a.htm)[EDGAR on April 26, 2007, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000116923207001999/d71602_exd53a.htm)

[(d)(31)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d9.htm)[T. Rowe Price Associates, Inc., for the AST Large-Cap Growth Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d9.htm)[Amendment No. 190 to Registration Statement, which Amendment was filed via EDGAR on December 18, 2023,](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d9.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d9.htm)

[(d)(32) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and each of PGIM,](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d26.htm)[Inc., Jennison Associates LLC and QMA LLC (now known as PGIM Quantitative Solutions LLC) for the AST Academic](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d26.htm)[Strategies Asset Allocation Portfolio (now known as AST Multi-Asset Diversified Plus Portfolio). Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d26.htm)[Post-Effective Amendment No. 184 to the Registration Statement, which Amendment was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d26.htm)[December 15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d26.htm)

[(d)(32)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d19.htm)[and each of PGIM, Inc., Jennison Associates LLC and PGIM Quantitative Solutions LLC (formerly known as QMA](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d19.htm)[LLC) for the AST Academic Strategies Asset Allocation Portfolio (now known as AST Multi-Asset Diversified Plus](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d19.htm)[Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d19.htm)[was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d19.htm)

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[(d)(33) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d29.htm)[Investment Management Inc. for the AST Academic Strategies Asset Allocation Portfolio (now known as AST](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d29.htm)[Multi-Asset Diversified Plus Portfolio). Filed as an exhibit to Post-Effective Amendment No. 184 to the Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d29.htm)[Statement, which Amendment was filed via EDGAR on December 15, 2021, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d29.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d29.htm)

[(d)(33)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d20.htm)[and J.P. Morgan Investment Management Inc. for the AST Academic Strategies Asset Allocation Portfolio (now](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d20.htm)[known as AST Multi-Asset Diversified Plus Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d20.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d20.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d20.htm)

[(d)(34) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and TimesSquare](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d21.htm)[Capital Management, LLC for the AST Small-Cap Equity Portfolio (formerly known as AST Small-Cap Growth](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d21.htm)[Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d21.htm)[was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d21.htm)

[(d)(35) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and Dimensional](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d22.htm)[Fund Advisors LP for the AST Small-Cap Equity Portfolio (formerly known as AST Small-Cap Growth Portfolio). Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d22.htm)[as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d22.htm)[EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d22.htm)

[(d)(36) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and Boston Partners](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d23.htm)[Global Investors, Inc. for the AST Small-Cap Equity Portfolio (formerly known as AST Small-Cap Growth Portfolio).](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d23.htm)[Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d23.htm)[EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d23.htm)

[(d)(37) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and Hotchkis and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d24.htm)[Wiley Capital Management LLC for the AST Small-Cap Equity Portfolio (formerly known as AST Small-Cap Growth](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d24.htm)[Portfolio). File Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d24.htm)[Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d24.htm)

[(d)(38) Subadvisory Agreement among AST Investment Services, Inc., Prudential Investments LLC (now known as](https://www.sec.gov/Archives/edgar/data/814679/000006759012000184/exd67ast485bintlgrowagmt.htm)[PGIM Investments LLC), and Jennison Associates LLC, for the AST International Growth Portfolio (now known as](https://www.sec.gov/Archives/edgar/data/814679/000006759012000184/exd67ast485bintlgrowagmt.htm)[AST International Equity Portfolio). Filed as an exhibit to Post-Effective Amendment No. 99 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000006759012000184/exd67ast485bintlgrowagmt.htm)[Statement, which Amendment was filed via EDGAR on April 17, 2012, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759012000184/exd67ast485bintlgrowagmt.htm)

[(d)(38)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d8.htm)[and Jennison Associates LLC, for the AST International Equity Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d8.htm)[Amendment No. 199 to Registration Statement, which Amendment was filed via EDGAR on April 17, 2025, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d8.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d8.htm)

[(d)(39) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and PGIM](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d8.htm)[Quantitative Solutions LLC, for the AST International Equity Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d8.htm)[Amendment No. 188 to Registration Statement, which Amendment was filed via EDGAR on April 19, 2023, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d8.htm)[incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d8.htm).

[(d)(39)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d9.htm)[and PGIM Quantitative Solutions LLC, for the AST International Equity Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d9.htm)[Amendment No. 199 to Registration Statement, which Amendment was filed via EDGAR on April 17, 2025, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d9.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d9.htm)

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[(d)(40) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d9.htm)[Investment Management Inc., for the AST International Equity Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d9.htm)[Amendment No. 188 to Registration Statement, which Amendment was filed via EDGAR on April 19, 2023, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d9.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d9.htm)

[(d)(40)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d10.htm)[and J.P. Morgan Investment Management Inc., for the AST International Equity Portfolio. Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d10.htm)[Post-Effective Amendment No. 199 to Registration Statement, which Amendment was filed via EDGAR on April 17,](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d10.htm)[2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d10.htm)

[(d)(41) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and LSV Asset](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d10.htm)[Management, for the AST International Equity Portfolio. Filed as an exhibit to Post-Effective Amendment No. 188 to](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d10.htm)[Registration Statement, which Amendment was filed via EDGAR on April 19, 2023, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d10.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d10.htm)

[(d)(42) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and Massachusetts](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d11.htm)[Financial Services Company, for the AST International Equity Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d11.htm)[Amendment No. 188 to Registration Statement, which Amendment was filed via EDGAR on April 19, 2023, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d11.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d11.htm)

[(d)(43) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d11.htm)[Investment Management, LLC, for the AST International Equity Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d11.htm)[Amendment No. 199 to Registration Statement, which Amendment was filed via EDGAR on April 17, 2025, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d11.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d11.htm)

[(d)(44) Subadvisory Agreement among AST Investment Services, Inc., Prudential Investments LLC (now known as](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99dd46b.htm)[PGIM Investments LLC), and J.P. Morgan Investment Management, Inc. for the AST J.P. Morgan Global Thematic](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99dd46b.htm)[Portfolio (now known as AST J.P. Morgan Moderate Multi-Asset Portfolio). Filed as an Exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99dd46b.htm)[Amendment No. 103 to Registration Statement, which Amendment was filed via EDGAR on July 25, 2012, as is](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99dd46b.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99dd46b.htm)

[(d)(44)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d25.htm)[and J.P. Morgan Investment Management, Inc. for the AST J.P. Morgan Moderate Multi-Asset Portfolio (formerly](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d25.htm)[known as AST J.P. Morgan Global Thematic Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d25.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d25.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d25.htm)

[(d)(45) Subadvisory Agreement between PGIM Investments LLC, AST Investment Services, Inc., PGIM, Inc. and](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d23.htm)[PGIM Limited for AST Multi-Sector Fixed Income Portfolio. Filed as an exhibit to Post-Effective Amendment No. 178](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d23.htm)[to the Registration Statement, which Amendment was filed via EDGAR on April 16, 2020, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d23.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d23.htm)

[(d)(46) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and each of Jennison](https://www.sec.gov/Archives/edgar/data/814679/000168386321001843/f8446d11.htm)[Associates LLC, QMA LLC (now known as PGIM Quantitative Solutions LLC) and PGIM, Inc. for the AST Prudential](https://www.sec.gov/Archives/edgar/data/814679/000168386321001843/f8446d11.htm)[Growth Allocation Portfolio (now known as AST PGIM Aggressive Multi-Asset Portfolio). Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000168386321001843/f8446d11.htm)[Post-Effective Amendment No. 182 to the Registration Statement, which Amendment was filed via EDGAR on April](https://www.sec.gov/Archives/edgar/data/814679/000168386321001843/f8446d11.htm)[15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321001843/f8446d11.htm)

[(d)(46)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d26.htm)[each of Jennison Associates LLC, PGIM Quantitative Solutions LLC (f/k/a QMA LLC) and PGIM, Inc. for the AST](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d26.htm)[Portfolio (now known as AST PGIM Aggressive Multi-Asset Portfolio). Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d26.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d26.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d26.htm)

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[(d)(47) Subadvisory Agreement among AST Investment Services, Inc., Prudential Investments LLC (now known as](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd98ast_485bpos42013.htm)[PGIM Investments LLC) and Quantitative Management Associates LLC (now known as PGIM Quantitative Solutions](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd98ast_485bpos42013.htm)[LLC) for the AST QMA Large-Cap Portfolio (now known as AST Large-Cap Equity Portfolio). Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd98ast_485bpos42013.htm)[Post-Effective Amendment No. 116 to Registration Statement, which Amendment was filed via EDGAR on April 18,](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd98ast_485bpos42013.htm)[2013, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exd98ast_485bpos42013.htm)

[(d)(47)(a) Amendment to Subadvisory Agreement between PGIM Investments LLC, AST Investment Services, Inc.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d12.htm)[and PGIM Quantitative Solutions LLC for the AST Large-Cap Equity Portfolio (formerly known as AST Large-Cap Core](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d12.htm)[Portfolio). Filed as an exhibit to Post-Effective Amendment No. 199 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d12.htm)[was filed via EDGAR on April 17, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d12.htm)

[(d)(48) Subadvisory Agreement between PGIM Investments LLC, AST Investment Services, Inc. and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d24.htm)[Investment Management Inc. for the AST QMA Large-Cap Portfolio (now known as AST Large-Cap Equity Portfolio).](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d24.htm)[Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which Amendment was filed](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d24.htm)[via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d24.htm)

[(d)(48)(a) Amendment to Subadvisory Agreement between PGIM Investments LLC, AST Investment Services, Inc.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d13.htm)[and J.P. Morgan Investment Management Inc. for the AST Large-Cap Equity Portfolio (formerly known as AST QMA](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d13.htm)[Large-Cap Portfolio and AST Large-Cap Core Portfolio). Filed as an exhibit to Post-Effective Amendment No. 199 to](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d13.htm)[Registration Statement, which Amendment was filed via EDGAR on April 17, 2025, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d13.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d13.htm)

[(d)(49) Subadvisory Agreement between PGIM Investments LLC, AST Investment Services, Inc. and Massachusetts](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d25.htm)[Financial Services Company for the AST Large-Cap Core Portfolio (now known as AST Large-Cap Equity Portfolio).](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d25.htm)[Filed as an exhibit to Post-Effective Amendment No. 178 to the Registration Statement, which Amendment was filed](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d25.htm)[via EDGAR on April 16, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320003558/f3564d25.htm)

[(d)(50) Subadvisory Agreement between PGIM Investments LLC, AST Investment Services, Inc. and Dimensional](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d14.htm)[Fund Advisors LP for the AST Large-Cap Equity Portfolio (formerly known as AST Large-Cap Core Portfolio). Filed as](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d14.htm)[an exhibit to Post-Effective Amendment No. 199 to Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d14.htm)[on April 17, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d14.htm)

[(d)(51) Subadvisory Agreement between PGIM Investments LLC, AST Investment Services, Inc. and ClearBridge](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d15.htm)[Investments, LLC for the AST Large-Cap Equity Portfolio (formerly known as AST Large-Cap Core Portfolio). Filed as](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d15.htm)[an exhibit to Post-Effective Amendment No. 199 to Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d15.htm)[on April 17, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d15.htm)

[(d)(52) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d27.htm)[Investment Management Inc. for the AST J.P. Morgan Aggressive Multi-Asset Portfolio (formerly known as AST](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d27.htm)[T. Rowe Price Growth Opportunities Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d27.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d27.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d27.htm)

[(d)(53) Sub-subadvisory Agreement dated November 23, 2015, between Prudential Investment Management, Inc.](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/d111pimlsubsubagmt.htm)[(now known as PGIM, Inc.) and Pramerica Investment Management Limited (now known as PGIM Limited) for the](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/d111pimlsubsubagmt.htm)[AST Prudential Growth Allocation Portfolio (now known as AST PGIM Aggressive Multi-Asset Portfolio), AST](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/d111pimlsubsubagmt.htm)[Advanced Strategies Portfolio (now known as AST Multi-Asset Diversified Portfolio), and AST High Yield Portfolio.](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/d111pimlsubsubagmt.htm)[Filed as an exhibit to Post-Effective Amendment No. 140 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/d111pimlsubsubagmt.htm)[EDGAR on December 21, 2015, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/d111pimlsubsubagmt.htm)

[(d)(54) Subadvisory Agreement between AST Investment Services, Inc., PGIM Investments LLC, Jennison](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d5.htm)[Associates LLC, PGIM Quantitative Solutions LLC, and PGIM Limited for the AST Quantitative Modeling Portfolio.](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d5.htm)[Filed as an exhibit to Post-Effective Amendment No. 185 to the Registration Statement, which Amendment was filed](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d5.htm)[via EDGAR on April 14, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d5.htm)

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[(d)(54)(a) Amendment to Subadvisory Agreement between AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d28.htm)[and each of Jennison Associates LLC, PGIM Quantitative Solutions LLC, PGIM Inc. and PGIM Limited for the AST](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d28.htm)[Quantitative Modeling Portfolio. Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d28.htm)[which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d28.htm)

[(d)(55) Subadvisory Agreement between PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST Target](https://www.sec.gov/Archives/edgar/data/814679/000168386322003434/f12287d3.htm)[Maturity Central Portfolio. Filed as an exhibit to Amendment No. 188 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386322003434/f12287d3.htm)[Amendment was filed via EDGAR on April 25, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322003434/f12287d3.htm)

[(d)(56) Subadvisory Agreement between PGIM Investments LLC, PGIM, Inc. and PGIM Limited for the AST PGIM](https://www.sec.gov/Archives/edgar/data/814679/000168386322005144/f12690d3.htm)[Fixed Income Central Portfolio. Filed as an exhibit to Amendment No. 189 to the Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386322005144/f12690d3.htm)[Amendment was filed via EDGAR on June 27, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322005144/f12690d3.htm)

[(d)(57) Subadvisory Agreement between PGIM Investments LLC and J.P. Morgan Investment Management Inc. for](https://www.sec.gov/Archives/edgar/data/814679/000168386322007399/f23635d3.htm)[the AST J.P. Morgan Fixed Income Central Portfolio. Filed as an exhibit to Amendment No. 192 to the Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386322007399/f23635d3.htm)[Statement, which amendment was filed via EDGAR on November 29, 2022, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386322007399/f23635d3.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007399/f23635d3.htm)

[(d)(58) Subadvisory Agreement among AST Investment Services, Inc. PGIM Investments LLC) and Driehaus Capital](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d14.htm)[Management LLC for the AST Small-Cap Growth Portfolio (now known as AST Small-Cap Equity Portfolio). Filed as](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d14.htm)[an exhibit to Post-Effective Amendment No. 187 to Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d14.htm)[on December 19, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d14.htm)

[(d)(58)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d5.htm)[and Driehaus Capital Management LLC for the AST Small-Cap Equity Portfolio (formerly known as AST Small-Cap](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d5.htm)[Growth Portfolio). Filed as an exhibit to Post-Effective Amendment No. 201 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d5.htm)[Amendment was filed via EDGAR on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d5.htm)

[(d)(59) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, PGIM, Inc. and](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d15.htm)[PGIM Limited for the AST Core Fixed Income Portfolio. Filed as an exhibit to Post-Effective Amendment No. 187 to](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d15.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2022, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d15.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d15.htm)

[(d)(59)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC](https://www.sec.gov/Archives/edgar/data/814679/000110465924104196/tm2424995d1_ex99-x6xlxii.htm)[PGIM, Inc. and PGIM Limited for the AST Core Fixed Income Portfolio for the AST Core Fixed Income Portfolio](https://www.sec.gov/Archives/edgar/data/814679/000110465924104196/tm2424995d1_ex99-x6xlxii.htm)[(formerly, AST Western Asset Core Plus Bond Portfolio). Filed as an exhibit to Form N-14 which was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000110465924104196/tm2424995d1_ex99-x6xlxii.htm)[on September 30, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465924104196/tm2424995d1_ex99-x6xlxii.htm)

[(d)(60) Subadvisory Agreement among AST Investment Services, Inc. (formerly, American Skandia Investment](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d16.htm)[Services, Inc.), PGIM Investments LLC and Wellington Management Company LLP for the AST Core Fixed Income](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d16.htm)[Portfolio. Filed as an exhibit to Post-Effective Amendment No. 187 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d16.htm)[was filed via EDGAR on December 19, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d16.htm)

[(d)(61) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d30.htm)[Investment Management, LLC for the AST Large-Cap Growth Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d30.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d30.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d30.htm)

[(d)(62) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d31.htm)[Investment Management Inc. for the AST Large-Cap Growth Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d31.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d31.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d31.htm)

------

[(d)(63) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and ClearBridge](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d18.htm)[Investments, LLC for the AST Large-Cap Growth Portfolio. Filed as an exhibit to Post-Effective Amendment No. 187](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d18.htm)[to Registration Statement, which Amendment was filed via EDGAR on December 19, 2022, and is incorporated](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d18.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d18.htm)

[(d)(63)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d32.htm)[and ClearBridge Investments, LLC for the AST Large-Cap Growth Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d32.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d32.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d32.htm)

[(d)(64) Subadvisory Agreement among AST Investment Services, Inc. (formerly, American Skandia Investment](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d19.htm)[Services, Inc.), PGIM Investments LLC, and Jennison Associates LLC for the AST Large-Cap Growth Portfolio. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d19.htm)[as an exhibit to Post-Effective Amendment No. 187 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d19.htm)[EDGAR on December 19, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d19.htm)

[(d)(64)(a) Amendment to Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d33.htm)[and Jennison Associates LLC for the AST Large-Cap Growth Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d33.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d33.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d33.htm)

[(d)(65) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC, and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/814679/000110465924104196/tm2424995d1_ex99-x6xn.htm)[Investment Management, Inc. for the AST Core Fixed Income Portfolio. Filed as an exhibit to Form N-14 which was](https://www.sec.gov/Archives/edgar/data/814679/000110465924104196/tm2424995d1_ex99-x6xn.htm)[filed via EDGAR on September 30, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465924104196/tm2424995d1_ex99-x6xn.htm)

[(d)(66) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d34.htm)[Investment Management, Inc. for the AST Balanced Asset Allocation Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d34.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d34.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d34.htm)

[(d)(67) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d35.htm)[Investment Management, Inc. for the AST Advanced Strategies Portfolio (now known as AST Multi-Asset Diversified](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d35.htm)[Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d35.htm)[was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d35.htm)

[(d)(68) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d36.htm)[Investment Management, Inc. for the AST Academic Strategies Asset Allocation Portfolio (now known as AST](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d36.htm)[Multi-Asset Diversified Plus Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d36.htm)[Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d36.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d36.htm)

[(d)(69) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d37.htm)[Investment Management, Inc. for the AST Capital Growth Asset Allocation Portfolio (now known as AST Aggressive](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d37.htm)[Asset Allocation Portfolio). Filed as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d37.htm)[Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d37.htm)

[(d)(70) Subadvisory Agreement among AST Investment Services, Inc., PGIM Investments LLC and Putnam](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d38.htm)[Investment Management, Inc. for the AST Preservation Asset Allocation Portfolio. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d38.htm)[Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024,](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d38.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d38.htm)

[(e)(1) Sales Agreement between Registrant and American Skandia Life Assurance Corporation. Filed as an Exhibit to](https://www.sec.gov/Archives/edgar/data/814679/0000814679-98-000003.txt)[Post-Effective Amendment No. 25 to Registration Statement, which Amendment was filed via EDGAR on March 2,](https://www.sec.gov/Archives/edgar/data/814679/0000814679-98-000003.txt)[1998, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/0000814679-98-000003.txt)

------

[(e)(2) Sales Agreement between Registrant and Kemper Investors Life Insurance Company. Filed as an Exhibit to](https://www.sec.gov/Archives/edgar/data/814679/0000814679-96-000027.txt)[Post-Effective Amendment No. 20 to Registration Statement, which Amendment was filed via EDGAR on December](https://www.sec.gov/Archives/edgar/data/814679/0000814679-96-000027.txt)[24, 1996, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/0000814679-96-000027.txt)

[(e)(3) Distribution Agreement for the shares of each Portfolio of the Registrant, between](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d6.htm)[Prudential Annuities Distributors, Inc. and the Registrant. Filed as an exhibit to Post-Effective Amendment No. 201](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d6.htm)[to Registration Statement, which Amendment was filed via EDGAR on December 10, 2025, and is incorporated](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d6.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d6.htm)

(f) None.

[(g)(1) Custodian Agreement dated July 1, 2005 between the Registrant and PFPC Trust Company. Filed as an](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dg1.htm)[Exhibit to Post-Effective Amendment No. 58 to Registration Statement, which Amendment was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dg1.htm)[April 28, 2006, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465906028963/a06-5264_1ex99dg1.htm)

[(g)(2) Custody Agreement between the Registrant and The Bank of New York dated November 7, 2002, as](https://www.sec.gov/Archives/edgar/data/807394/000110465905030404/a05-9858_1ex99dg2.htm)[amended, incorporated by reference to Exhibit (g)(1) to Post-Effective Amendment No. 27 to the Registration](https://www.sec.gov/Archives/edgar/data/807394/000110465905030404/a05-9858_1ex99dg2.htm)[Statement on Form N-1A of Dryden Municipal Bond Fund (now known as Prudential Investment Portfolios 4) filed](https://www.sec.gov/Archives/edgar/data/807394/000110465905030404/a05-9858_1ex99dg2.htm)[via EDGAR on June 29, 2005 (File No. 33-10649).](https://www.sec.gov/Archives/edgar/data/807394/000110465905030404/a05-9858_1ex99dg2.htm)

[(g)(2)(a) Amendment to the Custody Agreement between the Registrant and The Bank of New York Mellon. Filed as](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d7.htm)[an exhibit to Post-Effective Amendment No. 201 to Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d7.htm)[on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d7.htm)

[(g)(3) 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)(3)(a) Amendment dated December 8, 2025, to the Fund Administration and Accounting Services](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d8.htm)[Agreement, dated February 3, 2006, among the Registrant and The Bank of New York Mellon (as assigned from](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d8.htm)[BNY Mellon Investment Servicing (US) Inc. f/k/a PFPC Inc.). Filed as an exhibit to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d8.htm)[201 to Registration Statement, which Amendment was filed via EDGAR on December 10, 2025, and is incorporated](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d8.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d8.htm)

[(h)(1) 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, Inc., 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)[(now Prudential Investment Portfolios 4) Post-Effective Amendment No. 29 to the Registration Statement on Form](https://www.sec.gov/Archives/edgar/data/807394/000116923207002825/d72286_exh.htm)[N-1A filed via EDGAR on June 29, 2007 (File No. 33-10649).](https://www.sec.gov/Archives/edgar/data/807394/000116923207002825/d72286_exh.htm)

[(h)(1)(a) Amendment dated February 5, 2024, to the Amended and Restated Transfer Agency and Service](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d4.htm)[Agreement dated May 29, 2007. Filed as an exhibit to Post-Effective Amendment No. 193 to the Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d4.htm)[Statement, which Amendment was filed via EDGAR on April 18, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d4.htm)

[(h)(1)(b) Amendment to the Amended and Restated Transfer Agency and Service Agreement dated May](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d9.htm)[29, 2007. Filed as an exhibit to Post-Effective Amendment No. 201 to Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d9.htm)[was filed via EDGAR on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d9.htm)

[(h)(2) Service Agreement between American Skandia Investment Services, Incorporated and Kemper Investors Life](https://www.sec.gov/Archives/edgar/data/814679/0000814679-97-000008.txt)[Insurance Company. Filed as an Exhibit to Post-Effective Amendment No. 21 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/0000814679-97-000008.txt)[Amendment was filed via EDGAR on February 28, 1997, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/0000814679-97-000008.txt)

[(h)(3) Amended and Restated Participation Agreement dated June 8, 2005 among American Skandia Life](https://www.sec.gov/Archives/edgar/data/0000814679/000110465905032137/a05-11822_1ex99d13c.htm)[Assurance Corporation (now Prudential Annuities Life Assurance Corporation), American Skandia Trust (now](https://www.sec.gov/Archives/edgar/data/0000814679/000110465905032137/a05-11822_1ex99d13c.htm)[Advanced Series Trust), American Skandia Investment Services, Incorporated (now AST Investment Services, Inc.),](https://www.sec.gov/Archives/edgar/data/0000814679/000110465905032137/a05-11822_1ex99d13c.htm)

------

[Prudential Investments LLC (now known as PGIM Investments LLC), American Skandia Marketing, Inc. (now](https://www.sec.gov/Archives/edgar/data/0000814679/000110465905032137/a05-11822_1ex99d13c.htm)[Prudential Annuities Distributors, Inc.), and Prudential Investment Management Services LLC. Filed as an Exhibit to](https://www.sec.gov/Archives/edgar/data/0000814679/000110465905032137/a05-11822_1ex99d13c.htm)[the Registration Statement on Form N-14, which was filed via EDGAR on July 12, 2005, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/0000814679/000110465905032137/a05-11822_1ex99d13c.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/0000814679/000110465905032137/a05-11822_1ex99d13c.htm)

[(h)(3)(a) Amendment dated February 25, 2013, to the Amended and Restated Participation Agreement dated](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh3iiast_485bpos42013.htm)[June 8, 2005, among Prudential Annuities Life Assurance Corporation, Advanced Series Trust, AST Investment](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh3iiast_485bpos42013.htm)[Services, Inc., Prudential Investments LLC (now known as PGIM Investments LLC), Prudential Annuities](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh3iiast_485bpos42013.htm)[Distributors, Inc., and Prudential Investment Management Services LLC. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh3iiast_485bpos42013.htm)[Amendment No. 116 to Registration Statement, which Amendment was filed via EDGAR on April 18, 2013, and is](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh3iiast_485bpos42013.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh3iiast_485bpos42013.htm)

[(h)(4) Amended and Restated Participation Agreement dated June 8, 2005 among Pruco Life Insurance Company,](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13d.htm)[American Skandia Trust (now Advanced Series Trust), American Skandia Investment Services, Incorporated (now](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13d.htm)[AST Investment Services, Inc.)., Prudential Investments LLC (now known as PGIM Investments LLC), American](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13d.htm)[Skandia Marketing, Inc. (now Prudential Annuities Distributors, Inc.), and Prudential Investment Management](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13d.htm)[Services LLC. Filed as an Exhibit to the Registration Statement on Form N-14, which was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13d.htm)[July 12, 2005, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13d.htm)

[(h)(4)(a) Amendment dated February 25, 2013, to the Amended and Restated Participation Agreement dated June](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh5iiast_485bpos42013.htm)[8, 2005, among Pruco Life Insurance Company, Advanced Series Trust, AST Investment Services, Inc., Prudential](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh5iiast_485bpos42013.htm)[Investments LLC (now known as PGIM Investments LLC), Prudential Annuities Distributors, Inc., and Prudential](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh5iiast_485bpos42013.htm)[Investment Management Services LLC. Filed as an exhibit to Post-Effective Amendment No. 116 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh5iiast_485bpos42013.htm)[Statement, which Amendment was filed via EDGAR on April 18, 2013, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh5iiast_485bpos42013.htm)

[(h)(5) Amended and Restated Participation Agreement dated June 8, 2005 among Pruco Life Insurance Company](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13e.htm)[of New Jersey, American Skandia Trust (now Advanced Series Trust), American Skandia Investment](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13e.htm)[Services, Incorporated (now AST Investment Services, Inc.), Prudential Investments LLC (now known as PGIM](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13e.htm)[Investments LLC), American Skandia Marketing, Inc. (now Prudential Annuities Distributors, Inc.), and Prudential](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13e.htm)[Investment Management Services LLC. Filed as an Exhibit to the Registration Statement on Form N-14, which was](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13e.htm)[filed via EDGAR on July 12, 2005, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465905032137/a05-11822_1ex99d13e.htm)

[(h)(5)(a) Amendment dated February 25, 2013 to the Amended and Restated Participation Agreement dated](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh4iiast_485bpos42013.htm)[June 8, 2005 among Pruco Life Insurance Company of New Jersey, Advanced Series Trust, AST Investment](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh4iiast_485bpos42013.htm)[Services, Inc., Prudential Investments LLC (now known as PGIM Investments LLC), Prudential Annuities](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh4iiast_485bpos42013.htm)[Distributors, Inc., and Prudential Investment Management Services LLC. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh4iiast_485bpos42013.htm)[Amendment No. 116 to the Registration Statement, which Amendment was filed via EDGAR on April 18, 2013, and](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh4iiast_485bpos42013.htm)[is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh4iiast_485bpos42013.htm)

[(h)(6) Participation Agreement among Pramerica of Bermuda Insurance Company, American Skandia Trust (now](https://www.sec.gov/Archives/edgar/data/814679/000006759009000212/exh6bermudaagrmt.htm)[Advanced Series Trust), American Skandia Investment Services, Inc. (now AST Investment Services, Inc.),](https://www.sec.gov/Archives/edgar/data/814679/000006759009000212/exh6bermudaagrmt.htm)[Prudential Investments LLC (now known as PGIM Investments LLC), American Skandia Marketing, Inc. (now](https://www.sec.gov/Archives/edgar/data/814679/000006759009000212/exh6bermudaagrmt.htm)[Prudential Annuities Distributors, Inc.), and Prudential Investment Management Services LLC. Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000006759009000212/exh6bermudaagrmt.htm)[Post-Effective Amendment No. 74 to the Registration Statement, which Amendment was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000006759009000212/exh6bermudaagrmt.htm)[April 23, 2009, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759009000212/exh6bermudaagrmt.htm)

[(h)(6)(a) Participation Agreement among the Prudential Insurance Company of America, Advanced Series Trust,](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh8ast_485bpos42013.htm)[Prudential Investments LLC (now known as PGIM Investments LLC) and AST Investment Services, Inc. Filed as an](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh8ast_485bpos42013.htm)[exhibit to Post-Effective Amendment No. 116 to the Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh8ast_485bpos42013.htm)[on April 18, 2013, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759013000233/exh8ast_485bpos42013.htm)

[(h)(7) Fund of Funds Investment Agreement dated January 19, 2022, made among Prudential Investment Portfolios](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[3, Prudential Investment, Portfolios 16, Advanced Series Trust, and The Prudential Series Fund, on behalf of each of](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[their respective series listed in Schedule A thereto, and SPDR Series Trust, SPDR Index Shares Funds and SSGA](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)

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[Active Trust, each on behalf of their respective series listed on Schedule B thereto. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[Exhibit (h)(5) to Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A for Prudential](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)[Investment Portfolios 16 filed via EDGAR on February 15, 2022 (File No. 333-60561).](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d8.htm)

[(h)(7)(a) Amendment dated May 1, 2025, to the Fund of Funds Investment Agreement dated as of January](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d10.htm)[19, 2022, made among Prudential Investment Portfolios 3, Prudential Investment, Portfolios 16, Advanced Series](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d10.htm)[Trust, and The Prudential Series Fund, on behalf of each of their respective series listed in Schedule A thereto, and](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d10.htm)[SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust, each on behalf of their respective series listed](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d10.htm)[on Schedule B thereto. Filed as an exhibit to Post-Effective Amendment No. 201 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d10.htm)[Amendment was filed via EDGAR on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d10.htm)

[(h)(8) 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, on behalf of each of its series listed on Schedule B thereto. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/711175/000168386322002997/f11876d4.htm)[Amendment No. 92 to Prudential Series Fund filed April 13, 2022.](https://www.sec.gov/Archives/edgar/data/711175/000168386322002997/f11876d4.htm)

[(h)(8)(a) 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 Post-Effective Amendment No. 187 to](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2022, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d30.htm)

[(h)(9) 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 The Prudential Series Fund filed April 19, 2023.](https://www.sec.gov/Archives/edgar/data/711175/000168386323003367/f25258d10.htm)

[(h)(9)(a) Amendment dated May 1, 2025, to the Fund of Funds Investment Agreement dated as of January](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d11.htm)[19, 2022, made among Advanced Series Trust and The Prudential Series Fund, on behalf of their series listed](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d11.htm)[on Schedule A thereto, and SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust. Filed as](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d11.htm)[an exhibit to Post-Effective Amendment No. 201 to Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d11.htm)[on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d11.htm)

[(h)(10) 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 Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[Amendment No. 201 to Registration Statement, which Amendment was filed via EDGAR on December 10, 2025,](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d12.htm)

[(h)(11) Fund of Funds Investment Agreement dated January 19, 2022, made among Advanced Series Trust, on](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d6.htm)[behalf of its respective series listed on Schedule A thereto, and the Vanguard investment trusts listed on Schedule A](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d6.htm)[thereto, on behalf of each of their series listed on Schedule A thereto. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d6.htm)[Amendment No. 185 to the Registration Statement, which Amendment was filed via EDGAR on April 14, 2022, and](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d6.htm)[is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322003007/f12011d6.htm)

[(h)(12) Fund of Funds Investment Agreement dated November 28, 2023, made among Advanced Series Trust, on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d14.htm)[behalf of each of its series listed on Schedule A thereto, and the PIMCO Funds, on behalf of its series listed on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d14.htm)[Schedule B thereto, Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d14.htm)[Amendment was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d14.htm)

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[(h)(13) Fund of Funds Investment Agreement dated November 30, 2023, made among Advanced Series Trust, on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d15.htm)[behalf of its series listed on Schedule A thereto, and the AQR Funds, on behalf of their series listed on Schedule A](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d15.htm)[thereto, Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which Amendment was](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d15.htm)[filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d15.htm)

[(h)(14) Fund of Funds Investment Agreement dated November 29, 2023, made among Advanced Series Trust, on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d16.htm)[behalf of each of its series listed on Schedule A thereto, and the Virtus Funds, on behalf of each of its series listed](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d16.htm)[on Schedule A thereto, Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d16.htm)[Amendment was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d16.htm)

[(h)(15) Fund of Funds Investment Agreement dated November 30, 2023, made among Advanced Series Trust, on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d17.htm)[behalf of each of its series listed on Schedule A thereto, and Victory Portfolios II, on behalf of its series listed on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d17.htm)[Schedule A thereto, Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d17.htm)[Amendment was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d17.htm)

[(h)(16) Fund of Funds Investment Agreement dated December 13, 2023, made among Advanced Series Trust, on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d18.htm)[behalf of each of its series listed on Schedule A thereto, and the Calamos Investment Trust, on behalf of its series](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d18.htm)[listed on Schedule A thereto, Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d18.htm)[which Amendment was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d18.htm)

[(h)(17) Fund of Funds Investment Agreement dated January 19, 2022, made among Prudential Investment](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)[Portfolios 3, Prudential Investment, Portfolios 16, and Advanced Series Trust, on behalf of each of their respective](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)[series listed in Schedule A thereto, and the Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)[Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)[Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust,](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)[each on behalf of their respective series listed on Schedule B thereto. Incorporated by reference to Exhibit (h)(7) to](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)[Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A for Prudential Investment Portfolios](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)[16 filed via EDGAR on February 15, 2022 (File No. 333-60561).](https://www.sec.gov/Archives/edgar/data/1067442/000168386322000695/f10979d10.htm)

[(h)(18) Fund of Funds Investment Agreement dated June 9, 2022, made among each Acquiring Fund set forth in](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d31.htm)[Schedule A thereto and advised by PGIM Investments LLC and each Acquired Fund set forth on Schedule A thereto](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d31.htm)[and advised by the PHYL Advisors Preferred Trust. Filed as an exhibit to Post-Effective Amendment No. 187 to](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d31.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2022, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d31.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d31.htm)

[(h)(19) Fund of Funds Investment Agreement dated December 4, 2023, made among Advanced Series Trust on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d19.htm)[behalf of each of its series listed on Schedule A thereto, and the JPMorgan Trust I, on behalf of its series listed on](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d19.htm)[Schedule A thereto. Filed as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d19.htm)[Amendment was filed via EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d19.htm)

[(h)(20) Fund of Funds Investment Agreement dated November 11, 2024, made among Advanced Series Trust on](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d43.htm)[behalf of each of its series listed on Schedule A thereto, and the JPMorgan Exchange-Traded Fund Trust. Filed as an](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d43.htm)[exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d43.htm)[December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d43.htm)

[(h)(21) Fund of Funds Investment Agreement dated December 10, 2024, made among Advanced Series Trust on](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d44.htm)[behalf of each of its series listed on Schedule A thereto, and the AB Global Bond Fund, Inc. Filed as an exhibit to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d44.htm)[Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR on](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d44.htm)[December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d44.htm)

[(i)(1) Opinion of Counsel for the Registrant. Filed as an Exhibit to Post-Effective Amendment No. 52 to the](https://www.sec.gov/Archives/edgar/data/814679/000110465905019352/a05-2974_1ex99di.htm)[Registration Statement, which Amendment was filed via EDGAR on April 29, 2005, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000110465905019352/a05-2974_1ex99di.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465905019352/a05-2974_1ex99di.htm)

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[(i)(2) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 95 to the](https://www.sec.gov/Archives/edgar/data/814679/000110465912020779/a12-7044_1ex99di.htm)[Registration Statement, which Amendment was filed via EDGAR on March 23, 2012, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000110465912020779/a12-7044_1ex99di.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465912020779/a12-7044_1ex99di.htm)

[(i)(3) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 103 to the](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99di3.htm)[Registration Statement, which Amendment was filed via EDGAR on July 25, 2012, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99di3.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465912051017/a12-10641_1ex99di3.htm)

[(i)(4) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 107 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000119312512467400/d430644dex99iiv.htm)[Statement, which was filed via EDGAR on November 13, 2012, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312512467400/d430644dex99iiv.htm)

[(i)(5) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 113 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000110465913008067/a12-27422_1ex99di5.htm)[Statement, which was filed via EDGAR on February 6, 2013, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465913008067/a12-27422_1ex99di5.htm)

[(i)(6) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 118 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000110465913092881/a13-22050_1ex99divi.htm)[Statement, which Amendment was filed via EDGAR on December 30, 2013, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000110465913092881/a13-22050_1ex99divi.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465913092881/a13-22050_1ex99divi.htm)

[(i)(7) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 123 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000119312514147930/d711969dex99ivii.htm)[Statement, which Amendment was filed via EDGAR on April 17, 2014, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312514147930/d711969dex99ivii.htm)

[(i)(8) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 128 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000006759014001364/astex99iviii.htm)[Statement, which Amendment was filed via EDGAR on December 15, 2014, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000006759014001364/astex99iviii.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759014001364/astex99iviii.htm)

[(i)(9) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 136 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000006759015000924/iviiiicounselconsent.htm)[Statement, which Amendment was filed via EDGAR on July 7, 2015, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759015000924/iviiiicounselconsent.htm)

[(i)(10) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 140 to](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/i10counselconsent.htm)[Registration Statement, which Amendment was filed via EDGAR on December 21, 2015, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/i10counselconsent.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/i10counselconsent.htm)

[(i)(11) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 149 to](https://www.sec.gov/Archives/edgar/data/814679/000006759016002824/i11consentofcounsel.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2016, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000006759016002824/i11consentofcounsel.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759016002824/i11consentofcounsel.htm)

[(i)(12) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 162 to](https://www.sec.gov/Archives/edgar/data/814679/000006759018001700/i13.htm)[Registration Statement, which Amendment was filed via EDGAR on December 11, 2018, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000006759018001700/i13.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759018001700/i13.htm)

[(i)(13) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 163 to](https://www.sec.gov/Archives/edgar/data/814679/000168386318000532/f685_d16-SEC.htm)[Registration Statement, which Amendment was filed via EDGAR on December 20, 2018, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386318000532/f685_d16-SEC.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386318000532/f685_d16-SEC.htm)

[(i)(14) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 170 to](https://www.sec.gov/Archives/edgar/data/814679/000168386319001685/f1549d16.htm)[Registration Statement, which Amendment was filed via EDGAR on July 19, 2019, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386319001685/f1549d16.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386319001685/f1549d16.htm)

[(i)(15) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 174 to](https://www.sec.gov/Archives/edgar/data/814679/000168386319002535/f1927d11.htm)[Registration Statement, which Amendment was filed via EDGAR on October 16, 2019, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386319002535/f1927d11.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386319002535/f1927d11.htm)

[(i)(16) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 176 to](https://www.sec.gov/Archives/edgar/data/814679/000168386319002981/f2154d10.htm)[Registration Statement, which Amendment was filed via EDGAR on December 17, 2019, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386319002981/f2154d10.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386319002981/f2154d10.htm)

------

[(i)(17) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 181 to](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d31.htm)[Registration Statement, which Amendment was filed via EDGAR on December 15, 2020, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d31.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d31.htm)

[(i)(18) Consent of Counsel for the Registrant. Filed as an exhibit to Post-Effective Amendment No. 184 to the](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d36.htm)[Registration Statement, which Amendment was filed via EDGAR on December 15, 2021, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d36.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d36.htm)

[(i)(19) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on March 11,](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922032830/a22-8758_1ex99d11.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922032830/a22-8758_1ex99d11.htm)

[(i)(20) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on March 11,](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922032830/a22-8758_1ex99d12.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922032830/a22-8758_1ex99d12.htm)

[(i)(21) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on March 16,](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922034521/a22-9125_1ex99d11.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922034521/a22-9125_1ex99d11.htm)

[(i)(22) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on March 16,](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922034521/a22-9125_1ex99d12.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/0000814679/000110465922034521/a22-9125_1ex99d12.htm)

[(i)(23) Consent of Counsel for Registrant. Filed as an exhibit to Amendment No. 188 to the Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386322003434/f12287d6.htm)[which Amendment was filed via EDGAR on April 25, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322003434/f12287d6.htm)

[(i)(24) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on May 6,](https://www.sec.gov/Archives/edgar/data/814679/000110465922056908/a22-14382_1ex99d11.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922056908/a22-14382_1ex99d11.htm)

[(i)(25) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on May 6,](https://www.sec.gov/Archives/edgar/data/814679/000110465922056908/a22-14382_1ex99d12.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922056908/a22-14382_1ex99d12.htm)

[(i)(26) Consent of Counsel for Registrant. Filed as an exhibit to Post-Effective Amendment No. 201 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d14.htm)[Statement, which Amendment was filed via EDGAR on December 10, 2025, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d14.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d14.htm)

[(i)(27) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on August 26,](https://www.sec.gov/Archives/edgar/data/814679/000110465922095177/tm2224434d1_ex99-11.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922095177/tm2224434d1_ex99-11.htm)

[(i)(28) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on August 26,](https://www.sec.gov/Archives/edgar/data/814679/000110465922095177/tm2224434d1_ex99-12.htm)[2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922095177/tm2224434d1_ex99-12.htm)

[(i)(29) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on October](https://www.sec.gov/Archives/edgar/data/814679/000110465922110683/tm2228438d1_ex99-11.htm)[21, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922110683/tm2228438d1_ex99-11.htm)

[(i)(30) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on October](https://www.sec.gov/Archives/edgar/data/814679/000110465922110683/tm2228438d1_ex99-12.htm)[21, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922110683/tm2228438d1_ex99-12.htm)

[(i)(31) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on October](https://www.sec.gov/Archives/edgar/data/814679/000110465922110685/tm2228436d1_ex99-11.htm)[21, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922110685/tm2228436d1_ex99-11.htm)

[(i)(32) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on October](https://www.sec.gov/Archives/edgar/data/814679/000110465922110685/tm2228436d1_ex99-12.htm)[21, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922110685/tm2228436d1_ex99-12.htm)

[(i)(33) Consent of Counsel for Registrant. Filed as an exhibit to Amendment No. 191 to the Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386322006835/f23452d6.htm)[which Amendment was filed via EDGAR on October 26, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322006835/f23452d6.htm)

------

[(i)(34) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922113558/tm2228622d1_ex99-11.htm)[1, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922113558/tm2228622d1_ex99-11.htm)

[(i)(35) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922113558/tm2228622d1_ex99-12.htm)[1, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922113558/tm2228622d1_ex99-12.htm)

[(i)(36) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922113897/tm2228624d1_ex99-11.htm)[2, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922113897/tm2228624d1_ex99-11.htm)

[(i)(37) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922113897/tm2228624d1_ex99-12.htm)[2, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922113897/tm2228624d1_ex99-12.htm)

[(i)(38) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922114431/tm2228628d1_ex99-11.htm)[3, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922114431/tm2228628d1_ex99-11.htm)

[(i)(39) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922114431/tm2228628d1_ex99-12.htm)[3, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922114431/tm2228628d1_ex99-12.htm)

[(i)(40) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922115403/tm2228632d1_ex99-11.htm)[7, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922115403/tm2228632d1_ex99-11.htm)

[(i)(41) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922115403/tm2228632d1_ex99-12.htm)[7, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922115403/tm2228632d1_ex99-12.htm)

[(i)(42) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922119951/tm2228633d1_ex99-11.htm)[17, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922119951/tm2228633d1_ex99-11.htm)

[(i)(43) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922119951/tm2228633d1_ex99-12.htm)[17, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922119951/tm2228633d1_ex99-12.htm)

[(i)(44) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922120856/tm2228634d1_ex99-11.htm)[21, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922120856/tm2228634d1_ex99-11.htm)

[(i)(45) Consent of Counsel for Registrant. Filed as an exhibit to Form N-14 which was filed via EDGAR on November](https://www.sec.gov/Archives/edgar/data/814679/000110465922120856/tm2228634d1_ex99-12.htm)[21, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000110465922120856/tm2228634d1_ex99-12.htm)

[(i)(46) Consent of Counsel for Registrant. Filed as an exhibit to Amendment No. 192 to Registration Statement,](https://www.sec.gov/Archives/edgar/data/814679/000168386322007399/f23635d6.htm)[which Amendment was filed via EDGAR on November 29, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007399/f23635d6.htm)

[(i)(47) Consent of Counsel for Registrant. Filed as an exhibit to Post-Effective Amendment No. 187 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d32.htm)[Statement, which Amendment was filed via EDGAR on December 19, 2022, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d32.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d32.htm)

[(i)(48) Consent of Counsel for Registrant. Filed as an exhibit to Post- Effective Amendment No. 190 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d20.htm)[Statement, which Amendment was filed via Edgar on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d20.htm)

[(i)(49) Consent of Counsel for Registrant. Filed as an exhibit to Post-Effective Amendment No. 198 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d45.htm)[Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d45.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d45.htm)

[(i)(50) Consent of Counsel for Registrant. Filed as an exhibit to Post-Effective Amendment No. 201 to Registration](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d15.htm)[Statement, which Amendment was filed via EDGAR on December 10, 2025, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d15.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d15.htm)

[(j)(1) Consent of Independent Registered Public Accounting Firm. Filed herewith.](f44759d4.htm)

------

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

(k) None.

[(l) Certificate re: initial $100,000 capital. Filed as an Exhibit to Post-Effective Amendment No. 25 to Registration](https://www.sec.gov/Archives/edgar/data/814679/0000814679-98-000003.txt)[Statement, which Amendment was filed via EDGAR on March 2, 1998, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/0000814679-98-000003.txt)

[(m)(1) Shareholder Services and Distribution Plan. Filed as an exhibit to Post-Effective Amendment No. 201 to](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d16.htm)[Registration Statement, which Amendment was filed via EDGAR on December 10, 2025, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d16.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d16.htm)

[(m)(2) Shareholder Services and Distribution Fee (12b-1 Fee) contractual waiver for the following Portfolios of the](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d16.htm)[Registrant: AST Bond Portfolio 2025, AST Bond Portfolio 2026, and AST Investment Grade Bond Portfolio. Filed as](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d16.htm)[an exhibit to Post-Effective Amendment No. 188 to Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d16.htm)[on April 19, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323003488/f25152d16.htm)

[(m)(3) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2027. Filed](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/m112b1plan.htm)[as an exhibit to Post-Effective Amendment No. 140 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/m112b1plan.htm)[EDGAR on December 21, 2015, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759015001441/m112b1plan.htm)

[(m)(4) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2028. Filed](https://www.sec.gov/Archives/edgar/data/814679/000006759016002824/m1ssdplan.htm)[as an exhibit to Post-Effective Amendment No. 149 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000006759016002824/m1ssdplan.htm)[EDGAR on December 19, 2016, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759016002824/m1ssdplan.htm)

[(m)(5) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2029. Filed](https://www.sec.gov/Archives/edgar/data/814679/000006759017001349/m1ssdplan.htm)[as an exhibit to Post-Effective Amendment No. 154 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000006759017001349/m1ssdplan.htm)[EDGAR on December 8, 2017, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000006759017001349/m1ssdplan.htm)

[(m)(6) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2030. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386318000532/f685_d18-SEC.htm)[as an exhibit to Post-Effective Amendment No. 163 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386318000532/f685_d18-SEC.htm)[EDGAR on December 20, 2018, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386318000532/f685_d18-SEC.htm)

[(m)(7) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2031. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386319002981/f2154d12.htm)[as an exhibit to Post-Effective Amendment No. 176 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386319002981/f2154d12.htm)[EDGAR on December 17, 2019, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386319002981/f2154d12.htm)

[(m)(8) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2032. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d32.htm)[as an exhibit to Post-Effective Amendment No. 181 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d32.htm)[EDGAR on December 15, 2020, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386320015142/f7562d32.htm)

[(m)(9) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2033. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d38.htm)[as an exhibit to Post-Effective Amendment No. 184 to the Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d38.htm)[EDGAR on December 15, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d38.htm)

[(m)(10) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2034. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d34.htm)[as an exhibit to Post-Effective Amendment No. 187 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d34.htm)[EDGAR on December 19, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386322007696/f23830d34.htm)

[(m)(11) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2035. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d22.htm)[as an exhibit to Post-Effective Amendment No. 190 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d22.htm)[EDGAR on December 18, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386323008379/f37131d22.htm)

[(m)(12) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2036. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d47.htm)[as an exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d47.htm)[EDGAR on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d47.htm)

------

[(m)(13) Shareholder Services and Distribution (12b-1) Fee contractual waiver for the AST Bond Portfolio 2037. Filed](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d17.htm)[as an exhibit to Post-Effective Amendment No. 201 to Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d17.htm)[EDGAR on December 10, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d17.htm)

(n) None.

(o) None.

[(p)(1) Code of Ethics of Registrant. Filed as an exhibit to Post-Effective Amendment No. 193 to the Registration](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d6.htm)[Statement, which Amendment was filed via EDGAR on April 18, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d6.htm)

[(p)(2) Code of Ethics, Personal Investing Standards, Global Insider Trading Policy, and Insider Trading and](f44759d5.htm)[Information Barrier Standards of PGIM Investments LLC and AST Investment Services, Inc. dated January 2026.](f44759d5.htm)[Filed herewith.](f44759d5.htm)

[(p)(3) Investment Adviser Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards and](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d8.htm)[Global Insider Trading Policy of PGIM Fixed Income and PGIM Real Estate, each, a business unit of PGIM, Inc. Filed](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d8.htm)[as an exhibit to Post-Effective Amendment No. 193 to the Registration Statement, which Amendment was filed via](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d8.htm)[EDGAR on April 18, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324002695/f38291d8.htm)

[(p)(4) Code of Ethics, Making the Right Choices, Information Barrier Standards and Personal Securities Trading](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d18.htm)[Standards of PGIM Quantitative Solutions LLC. Filed as an exhibit to Post-Effective Amendment No. 199 to](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d18.htm)[Registration Statement, which Amendment was filed via EDGAR on April 17, 2025, and is incorporated herein by](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d18.htm)[reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d18.htm)

[(p)(5) Code of Ethics and Personal Trading Policy and Procedures of Jennison Associates LLC dated December 31,](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d19.htm)[2024. Filed as an exhibit to Post-Effective Amendment No. 199 to Registration Statement, which Amendment was](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d19.htm)[filed via EDGAR on April 17, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386325003619/f41489d19.htm)

[(p)(6) Code of Ethics of Hotchkis and Wiley Capital Management LLC. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d40.htm)[Amendment No. 184 to the Registration Statement, which Amendment was filed via EDGAR on December 15,](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d40.htm)[2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386321007203/f10438d40.htm)

[(p)(7) Code of Ethics of J. P. Morgan Investment Management, Inc. Filed as an exhibit to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d48.htm)[No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d48.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d48.htm)

[(p)(8) Code of Ethics of Massachusetts Financial Services Company. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d18.htm)[Amendment No. 201 to Registration Statement, which Amendment was filed via EDGAR on December 10, 2025,](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d18.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d18.htm)

[(p)(9) Code of Ethics of T. Rowe Price Associates, Inc. and its subsidiaries. Filed as an exhibit to Post-Effective](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d19.htm)[Amendment No. 201 to Registration Statement, which Amendment was filed via EDGAR on December 10, 2025,](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d19.htm)[and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d19.htm)

[(p)(10) Code of Ethics of ClearBridge Advisors, LLC. Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d49.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d49.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d49.htm)

[(p)(11) Code of Ethics of Wellington Management Company LLP dated February 2, 2026. Filed herewith.](f44759d6.htm)

[(p)(12) Code of Ethics of Boston Partners Global Investors Inc. Filed as an exhibit to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d20.htm)[201 to Registration Statement, which Amendment was filed via EDGAR on December 10, 2025, and is incorporated](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d20.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000119312525313092/f43467d20.htm)

------

[(p)(13) Code of Ethics for TimesSquare Capital Management, LLC. Filed as an exhibit to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d50.htm)[No. 198 to Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d50.htm)[incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d50.htm)

[(p)(14) Code of Ethics for Driehaus Capital Management LLC dated November 14, 2025. Filed herewith.](f44759d7.htm)

[(p)(15) Code of Ethics for Dimensional Fund Advisors. Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d51.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated herein](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d51.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d51.htm)

[(p)(16) Code of Ethics for Franklin Templeton dated November 17, 2025. Filed herewith.](f44759d8.htm)

**Item 29. Persons Controlled by or under Common Control with the Registrant.**

Registrant does not control any person within the meaning of the Investment Company Act of 1940. See Registrant's Statement of Additional Information under "Management and Advisory Arrangements" and "Other Information."

**Item 30. Indemnification.**

Section 5.2 of the Registrant's Second Amended and Restated Declaration of Trust provides as follows:

The Trust shall indemnify each of its Trustees, Trustee Emeritus, officers, employees, and agents (including persons who serve at its request as directors, officers, employees, agents or trustees of another organization in which it has any interest as a shareholder, creditor or otherwise) against all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and as counsel fees) reasonably incurred by him in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, in which he may be involved or with which he may be threatened, while in office or thereafter, by reason of his being or having been such a trustee, trustee emeritus, officer, employee or agent, except with respect to any matter as to which he shall have been adjudicated to be liable to the Trust or its Shareholders by reason of having acted in bad faith, willful misfeasance, gross negligence or reckless disregard of his duties; provided, however, that as to any matter disposed of by a compromise payment by such person, pursuant to a consent decree or otherwise, no indemnification either for said payment or for any other expenses shall be provided unless approved as in the best interests of the Trust, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter) upon a determination, based upon a review of readily available facts, that (i) such person acted in good faith in the reasonable belief that his or her action was in the best interests of the Trust and (ii) is not liable to the Trust or the Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of duties; or the trust shall have received a written opinion from independent legal counsel approved by the Trustees to the effect that (x) if the matter of good faith and reasonable belief as to the best interests of the Trust, had been adjudicated, it would have been adjudicated in favor of such person, and (y) based upon a review of readily available facts such trustee, officer, employee or agent did not engage in willful misfeasance, gross negligence or reckless disregard of duty. The rights accruing to any Person under these provisions shall not exclude any other right to which he may be lawfully entitled; provided that no Person may satisfy any right of indemnity or reimbursement granted herein or in Section 5.1 or to which he may be otherwise entitled except out of the property of the Trust, and no Shareholder shall be personally liable to any Person with respect to any claim for indemnity or reimbursement or otherwise.

The Trustees may make advance payments in connection with indemnification under this Section 5.2, provided that the indemnified person shall have given a written undertaking to reimburse the Trust in the event it is subsequently determined that he is not entitled to such indemnification and, provided further, that the Trust shall have obtained protection, satisfactory in the sole judgment of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), against losses arising out of such advance payments or such Trustees, or independent legal counsel, in a written opinion, shall have determined, based upon a review of readily available facts that there is reason to believe that such person will be found to be entitled to such indemnification.

------

With respect to liability of the Investment Manager to Registrant or to shareholders of Registrant's Portfolios under the Investment Management Agreements, reference is made to Section 13 or 14 of each Investment Management Agreement filed herewith or incorporated by reference herein.

With respect to the Subadvisers indemnification of the Investment Manager and its affiliated and controlling persons, and the Investment Manager's indemnification of each Subadviser and its affiliated and controlling persons, reference is made to Section 14 of each Subadvisory Agreement filed herewith or incorporated by reference herein. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, 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 (the "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 or expenses incurred or paid by a trustee, 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.**

AST Investment Services, Incorporated ("ASTI"), One Corporate Drive, Shelton, Connecticut 06484, and PGIM Investments LLC ("PGIM Investments"), 655 Broad Street, Newark, New Jersey 07102, serve as the co-investment managers to the Registrant. Information as to the business and other connections of the officers and directors of ASTI is included in ASTI's Form ADV (File No. 801-40532), including the amendments to such Form ADV filed with the Commission, and is incorporated herein by reference. Information as to the business and other connections of the officers and directors of PGIM Investments is included in PGIM Investments' Form ADV (File No. 801-3110), including the amendments to such Form ADV filed with the Commission, and is incorporated herein by reference.

**Item 32. Principal Underwriters.**

(a) Prudential Annuities Distributors, Inc. (PAD), One Corporate Drive, Shelton, Connecticut 06484 serves as the principal underwriter and distributor for shares of each Portfolio of Advanced Series Trust. PAD is a registered broker-dealer and member of the Financial Industry Regulatory Authority (FINRA). The shares of each Portfolio of Advanced Series Trust are currently offered only to insurance company separate accounts as an investment option for variable annuity and variable life insurance contracts.

(b) The following table sets forth certain information regarding the directors and officers of PAD.

---

| | |
|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** |
| Kevin M. Brayton<br> 280 Trumbull Street<br> Hartford, Connecticut 06103<br>| Senior Vice President  |
| Tracey Carroll<br> 1 Corporate Drive <br> Shelton Connecticut, 06484<br>| President  |
| Jessica Conley<br> 600 Office Center Drive<br> Fort Washington,<br> Pennsylvania 19034<br>| Vice President  |
| Susanna Davi<br> 751 Broad Street<br> Newark, New Jersey, 07102<br>| Assistant Treasurer  |
| Jennifer H. Gascho<br> 751 Broad Street<br> Newark, New Jersey, 07102<br>| Assistant Controller  |

---

------

---

| | |
|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** |
| Scott P. Haggerty<br> 1 Corporate Drive <br> Shelton Connecticut, 06484<br>| Chairman and Chief Executive Officer |
| Tiffany Khan<br> 1 Corporate Drive <br> Shelton Connecticut, 06484<br>| Anti-Money Laundering Officer |
| Victor Kong<br> 751 Broad Street<br> Newark, New Jersey 07102<br>| Assistant Controller |
| Shane T. McGrath<br> 1 Corporate Drive <br> Shelton Connecticut, 06484<br>| &nbsp;&nbsp; Vice President and Chief Compliance <br> Officer<br>|
| Janette M. Niland <br> 751 Broad Street<br> Newark, New Jersey, 07102<br>| Assistant Treasurer |
| Maggie Palen<br> 751 Broad Street<br> Newark, New Jersey, 07102<br>| Assistant Secretary |
| Frank Papasavas<br> 655 Broad Street <br> Newark, NJ, 07102<br>| Treasurer |
| Robert P. Smit<br> 751 Broad Street<br> Newark, New Jersey 07102<br>| Controller and Chief Financial Officer  |
| Jordan K. Thomsen<br> 751 Broad Street<br> Newark, New Jersey 07102<br>| Secretary and Chief Legal Officer |
| Dianna Trinkle<br> 751 Broad Street<br> Newark, New Jersey 07102<br>| Assistant Controller |

---

**Item 33. Location of Accounts and Records.**

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the Rules thereunder are maintained at the offices of The Bank of New York Mellon Corp. (BNY), 240 Greenwich Street, New York, New York 10286, PGIM, Inc., 655 Broad Street, Newark, New Jersey 07102, the Registrant, 655 Broad Street, Newark, New Jersey 07102, and Prudential Mutual Fund Services LLC (PMFS), 655 Broad Street, Newark, New Jersey 07102.

Documents required by Rules 31a-1(b) (4), (5), (6), (7), (9), (10) and (11) and 31a-1 (d) and (f) will be kept at 655 Broad Street, Newark, New Jersey 07102, and the remaining accounts, books and other documents required by such other pertinent provisions of Section 31(a) and the Rules promulgated thereunder will be kept by BNY and PMFS.

**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.

------

**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>th</sup> day of April 2026.

**ADVANCED SERIES TRUST**

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** |
| Kenneth Allen\*<br>Kenneth Allen<br>| President and Principal Executive Officer |  |
| Timothy S. Cronin\*<br>Timothy S. Cronin<br>| Trustee  |  |
| Susan Davenport Austin\*<br>Susan Davenport Austin<br>| Trustee |  |
| Kay Ryan Booth\*<br>Kay Ryan Booth<br>| Trustee |  |
| Stephen M. Chipman\*<br>Stephen M. Chipman<br>| Trustee |  |
| Robert F. Gunia\*<br>Robert F. Gunia<br>| Trustee |  |
| Thomas M. O'Brien\*<br>Thomas M. O'Brien<br>| Trustee |  |
| Jessica Bibliowicz\*<br>Jessica Bibliowicz<br>| Trustee |  |
| Christian J. Kelly\*<br>Christian J. Kelly<br>| Chief Financial Officer (Principal Financial Officer) |  |
| Elyse McLaughlin\*<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.

------

**Advanced Series Trust** 

**Exhibit Index** 

---

| | |
|:---|:---|
| **Item 28**<br> **Exhibit No.**<br>| **Description** |
| [(d)(1)(b)](f44759d2.htm) | &nbsp;&nbsp; [Contractual investment management fee waivers and/or contractual expense caps for selected AST](f44759d2.htm)<br> [portfolios](f44759d2.htm)<br>|
| [(d)(2)(b)](f44759d3.htm) | &nbsp;&nbsp; [Contractual investment management fee waivers and/or contractual expense caps for selected AST](f44759d3.htm)<br> [portfolios.](f44759d3.htm)<br>|
| [(j)(1)](f44759d4.htm) | [Consent of Independent Registered Public Accounting Firm.](f44759d4.htm) |
| [(p)(2)](f44759d5.htm) | &nbsp;&nbsp; [Code of Ethics, Personal Investing Standards, Global Insider Trading Policy, and Insider Trading and](f44759d5.htm)<br> [Information Barrier Standards of PGIM Investments LLC and AST Investment Services, Inc.](f44759d5.htm)<br>|
| [(p)(11)](f44759d6.htm) | [Code of Ethics of Wellington Management Company LLP.](f44759d6.htm) |
| [(p)(14)](f44759d7.htm) | [Code of Ethics for Driehaus Capital Management LLC.](f44759d7.htm) |
| [(p)(16)](f44759d8.htm) | [Code of Ethics for Franklin Templeton.](f44759d8.htm) |

---

------

## Ex-99.D

**PGIM Investments LLC**

655 Broad Street

Newark, New Jersey 07102

**AST Investment Services, Inc.**

One Corporate Drive

Shelton, Connecticut 06484

April 14, 2026

The Board of Trustees of Advanced Series Trust

655 Broad Street

Newark, New Jersey 07102

Re: <u>Contractual Fee Waivers</u>

PGIM Investments LLC and AST Investment Services, Inc. (collectively, the "Manager") hereby agree to cap expenses / reimburse certain expenses and/or waive a portion of their investment management fees as more particularly described and set forth for the Portfolios listed on <u>Exhibit A</u> hereto.

Very truly yours,

PGIM Investments LLC

By: <u>/s/ Kenneth Allen</u>

Name: Kenneth Allen

Title: Senior Vice President

AST Investment Services, Inc.

By: <u>/s/ Kenneth Allen</u>

Name: Kenneth Allen

Title: President

**<u>Exhibit A</u>**

**<u>AST Aggressive Asset Allocation 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 portfolios/funds. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST Balanced Asset Allocation 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 portfolios/funds. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST Investment Grade 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, 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 0.99% of the Portfolio's average daily net assets through June 30, 2027. 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. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST J.P. Morgan Aggressive</u> <u>Multi-Asset</u> <u>Portfolio:</u>** The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST J.P. Morgan Conservative</u> <u>Multi-Asset</u> <u>Portfolio:</u>** The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. In addition, the Manager has contractually agreed to waive 0.055% of its investment management fee through June 30, 2027. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST J.P. Morgan Moderate</u> <u>Multi-Asset</u> <u>Portfolio:</u>** The Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to investments in the underlying portfolios managed by the subadviser or an affiliate of the subadviser. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST</u> <u>Multi-Asset</u> <u>Diversified Plus 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, 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 1.13% of the Portfolio's average daily net assets through June 30, 2027. 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. The Manager and the Distributor have also contractually agreed to waive a portion of their investment management 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 portfolios/funds. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST</u> <u>Multi-Asset</u> <u>Diversified Portfolio:</u>** The Manager has contractually agreed to waive 0.05% of its investment management fee through June 30, 2027. The Manager and the Distributor have also 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 portfolios/funds. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST</u> <u>Multi-Sector</u> <u>Fixed Income 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 net operating expenses do not exceed 0.7195% of the Portfolio's average daily net assets through June 30, 2027. 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. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST Preservation Asset Allocation 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 portfolios/funds. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST Quantitative Modeling Portfolio:</u>** The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. The Manager and the Distributor have also 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 portfolios/funds. These arrangements may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

## Exhibit 99.3

**PGIM Investments LLC**

655 Broad Street

Newark, New Jersey 07102

April 14, 2026

The Board of Trustees of Advanced Series Trust

655 Broad Street

Newark, New Jersey 07102

Re: <u>Contractual Fee Waivers</u>

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 listed on <u>Exhibit A</u> hereto.

Very truly yours,

PGIM Investments LLC

By: <u>/s/ Kenneth Allen</u>

Name: Kenneth Allen

Title: Senior Vice President

**<u>Exhibit A</u>**

**<u>AST Bond Portfolio 2026</u>**

**<u>AST Bond Portfolio 2027</u>**

**<u>AST Bond Portfolio 2028</u>**

**<u>AST Bond Portfolio 2029</u>**

**<u>AST Bond Portfolio 2030</u>**

**<u>AST Bond Portfolio 2031</u>**

**<u>AST Bond Portfolio 2032</u>**

**<u>AST Bond Portfolio 2033</u>**

**<u>AST Bond Portfolio 2034</u>**

**<u>AST Bond Portfolio 2035</u>**

**<u>AST Bond Portfolio 2036 (each a "Bond Portfolio" and collectively, the "Bond Portfolios"):</u> The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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, 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.**

**<u>AST Bond Portfolio 2037:</u>** The Manager has contractually agreed to waive 0.02% of its investment management fee through June 30, 2027. 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, 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 0.91% of the Portfolio's average daily net assets through June 30, 2027. 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 of Trustees.

This replaces the 0.02% contractual waiver and expense cap of 0.91% that were set to expire on June 30, 2027.

**<u>AST J.P. Morgan Fixed Income Central 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 brokerage, taxes (such as income and foreign withholding taxes, including 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 0.05% of the Portfolio's average daily net assets through June 30, 2027. 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. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST PGIM Fixed Income Central 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 brokerage, taxes (such as income and foreign withholding taxes, including 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 0.05% of the Portfolio's average daily net assets through June 30, 2027. 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. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

**<u>AST Target Maturity Central 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 brokerage, taxes (such as income and foreign withholding taxes, including 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 0.05% of the Portfolio's average daily net assets through June 30, 2027. 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. This arrangement may not be terminated or modified without the prior approval of the Trust's Board of Trustees.

## Ex-99.J

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Advanced Series Trust of our reports dated February 18, 2026 and February 24, 2026, relating to the financial statements and financial highlights of AST International Equity Portfolio, AST Large-Cap Equity Portfolio, AST Large-Cap Growth Portfolio, AST Large-Cap Value Portfolio, AST Small-Cap Equity Portfolio, AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035, AST Bond Portfolio 2036, AST Core Fixed Income Portfolio, AST Government Money Market Portfolio, AST Investment Grade Bond Portfolio, AST Multi-Sector Fixed Income Portfolio, AST Quantitative Modeling Portfolio, AST Balanced Asset Allocation Portfolio, AST Multi-Asset Diversified Portfolio, AST PGIM Aggressive Multi-Asset Portfolio, AST Preservation Asset Allocation Portfolio, AST Aggressive Asset Allocation Portfolio, AST J.P. Morgan Aggressive Multi-Asset Portfolio, AST J.P. Morgan Conservative Multi-Asset Portfolio, AST J.P. Morgan Moderate Multi-Asset Portfolio and AST Multi-Asset Diversified Plus Portfolio, which appear in Advanced Series Trust'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

![](gfjbpekf2uknxeyduohfq.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 .......................................................................................................................................](#div884cb6f6-2472-4dd7-8190-1f291c7cc652)** | **[4](#div884cb6f6-2472-4dd7-8190-1f291c7cc652)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Key Points](#div884cb6f6-2472-4dd7-8190-1f291c7cc652)[................................................................................................................................................................](#div884cb6f6-2472-4dd7-8190-1f291c7cc652) | [4](#div884cb6f6-2472-4dd7-8190-1f291c7cc652) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Who is Covered Under These Standards?](#div884cb6f6-2472-4dd7-8190-1f291c7cc652)[...............................................................................................................](#div884cb6f6-2472-4dd7-8190-1f291c7cc652) | [4](#div884cb6f6-2472-4dd7-8190-1f291c7cc652) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Roles and Responsibilities](#div884cb6f6-2472-4dd7-8190-1f291c7cc652)[.......................................................................................................................................](#div884cb6f6-2472-4dd7-8190-1f291c7cc652) | [4](#div884cb6f6-2472-4dd7-8190-1f291c7cc652) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Employee Classifications](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc)[.........................................................................................................................................](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc) | [5](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Escalation Requirements](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc)[.........................................................................................................................................](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc) | [5](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Key Definitions](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc)[........................................................................................................................................................](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc) | [5](#div1fb1fa70-3e7c-4950-b7e9-a3196b9b3dbc) |
| **[Policy Requirements ......................................................................................................................](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a)** | **[6](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Personal Trading**](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a)[..................................................................................................................................................](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) | **[6](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Key Principles ......................................................................................................................................................](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) | [6](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Trading Restrictions**](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a)[.............................................................................................................................................](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) | **[6](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Material Nonpublic Information (MNPI).............................................................................................................](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) | [6](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investing in Prudential Funds..............................................................................................................................](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) | [6](#div5c1b2793-1b7f-42d5-9f4d-8173e9c28f1a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Private Placements & Private Securities Transactions ........................................................................................](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) | [7](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Public Offerings (IPOs) ..............................................................................................................................](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) | [7](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trading in Prudential Securities ..........................................................................................................................](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) | [7](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gifts of Prudential Securities...............................................................................................................................](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) | [7](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Memberships and Joint Ventures.............................................................................................................](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) | [7](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short Sales ..........................................................................................................................................................](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) | [7](#dive26a5089-4bc5-41df-9a94-ac32bc90525c) |
| **[Associated, Access, & Investment Persons Account Reporting.............................................................](#div008463dc-e919-4a34-9332-ae322e3b0304)** | **[8](#div008463dc-e919-4a34-9332-ae322e3b0304)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**What Must be Reported?**](#div008463dc-e919-4a34-9332-ae322e3b0304)[.....................................................................................................................................](#div008463dc-e919-4a34-9332-ae322e3b0304) | **[8](#div008463dc-e919-4a34-9332-ae322e3b0304)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Investment Securities Account Disclosure ................................................................................................](#div008463dc-e919-4a34-9332-ae322e3b0304) | [8](#div008463dc-e919-4a34-9332-ae322e3b0304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Holdings Disclosures .................................................................................................................................](#div008463dc-e919-4a34-9332-ae322e3b0304) | [8](#div008463dc-e919-4a34-9332-ae322e3b0304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Authorized Brokers for US Reportable Accounts ................................................................................................](#div008463dc-e919-4a34-9332-ae322e3b0304) | [8](#div008463dc-e919-4a34-9332-ae322e3b0304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Non-US](#div008463dc-e919-4a34-9332-ae322e3b0304)[Reportable Accounts..............................................................................................................................](#div008463dc-e919-4a34-9332-ae322e3b0304) | [8](#div008463dc-e919-4a34-9332-ae322e3b0304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cryptocurrency....................................................................................................................................................](#divd863eb87-95ed-4d22-a425-7011f2ccb99f) | [9](#divd863eb87-95ed-4d22-a425-7011f2ccb99f) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Ongoing Disclosure, Reporting, & Attestation Responsibilities**](#divd863eb87-95ed-4d22-a425-7011f2ccb99f)[......................................................................](#divd863eb87-95ed-4d22-a425-7011f2ccb99f) | **[9](#divd863eb87-95ed-4d22-a425-7011f2ccb99f)** |
| **[Additional Requirements for Access and Investment Persons............................................................](#div38f47f37-c4fe-48f4-9ac3-b847080e458a)** | **[10](#div38f47f37-c4fe-48f4-9ac3-b847080e458a)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Preclearance Process for Personal Trading**](#div38f47f37-c4fe-48f4-9ac3-b847080e458a)[....................................................................................................](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) | **[10](#div38f47f37-c4fe-48f4-9ac3-b847080e458a)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[What Trades Must Be Precleared? ...................................................................................................................](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) | [10](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How does the Preclearance Process Work?......................................................................................................](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) | [10](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Two-Day](#div38f47f37-c4fe-48f4-9ac3-b847080e458a)[Approval Window ..............................................................................................................................](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) | [10](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) |
|  | 2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Options & Futures.............................................................................................................................................](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) | [10](#div38f47f37-c4fe-48f4-9ac3-b847080e458a) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Restrictions for NFA Associated Persons.........................................................................................](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) | [11](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) |
| [**Trading Restrictions**](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349)[...........................................................................................................................................](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) | **[11](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Excessive Trading ..............................................................................................................................................](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) | [11](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Restricted Securities .........................................................................................................................................](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) | [11](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Blackout Periods ...............................................................................................................................................](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) | [11](#div3a539ac9-5cbb-41c3-bfa7-6a1980703349) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Minimum Holding Periods &](#divf8ab576e-1787-41c2-9aae-05e59c9923bd)[Short-Swing](#divf8ab576e-1787-41c2-9aae-05e59c9923bd)[Profits.............................................................................................](#divf8ab576e-1787-41c2-9aae-05e59c9923bd) | [12](#divf8ab576e-1787-41c2-9aae-05e59c9923bd) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Exceptions (Blackout Periods, Short Swing Profits and Minimum Holding Periods).........................................](#divf8ab576e-1787-41c2-9aae-05e59c9923bd) | [12](#divf8ab576e-1787-41c2-9aae-05e59c9923bd) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Restrictions for PGIM Real Estate – Prudential Retirement Real Estate Fund ("PRREF")](#div8638e014-14f1-4594-b3bc-c81715ab815a)[................](#div8638e014-14f1-4594-b3bc-c81715ab815a) | [13](#div8638e014-14f1-4594-b3bc-c81715ab815a) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Clubs ..............................................................................................................................................](#div8638e014-14f1-4594-b3bc-c81715ab815a) | [13](#div8638e014-14f1-4594-b3bc-c81715ab815a) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Wagering Instruments and Prediction Markets.................................................................................](#div8638e014-14f1-4594-b3bc-c81715ab815a) | [13](#div8638e014-14f1-4594-b3bc-c81715ab815a) |
| [**Additional Requirements for Designated Persons**](#div8638e014-14f1-4594-b3bc-c81715ab815a)[.........................................................................................](#div8638e014-14f1-4594-b3bc-c81715ab815a) | **[13](#div8638e014-14f1-4594-b3bc-c81715ab815a)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trading Limited During Open Window .............................................................................................................](#div8638e014-14f1-4594-b3bc-c81715ab815a) | [13](#div8638e014-14f1-4594-b3bc-c81715ab815a) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Preclearance Required for Senior Vice Presidents and Above..........................................................................](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) | [14](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) |
| [**Exceptions**](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590)[..........................................................................................................................................................](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) | **[14](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Excluded Transactions.......................................................................................................................................](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) | [14](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Discretionary Managed Accounts .....................................................................................................................](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) | [14](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Exemptions While on Leave..............................................................................................................................](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) | [14](#dive1a59c19-05fc-4a54-b4b5-eaa95c4eb590) |
| [**Non-Compliance**](#div9f9b819b-88fc-40fb-a4db-e5aeff890483)[.................................................................................................................................................](#div9f9b819b-88fc-40fb-a4db-e5aeff890483) | **[15](#div9f9b819b-88fc-40fb-a4db-e5aeff890483)** |
| [**Recordkeeping**](#div9f9b819b-88fc-40fb-a4db-e5aeff890483)[....................................................................................................................................................](#div9f9b819b-88fc-40fb-a4db-e5aeff890483) | **[15](#div9f9b819b-88fc-40fb-a4db-e5aeff890483)** |
| [**Exhibit A – Key Definitions**](#div852b461a-41ed-4f5a-859b-5944720029c9)[...............................................................................................................................](#div852b461a-41ed-4f5a-859b-5944720029c9) | **[16](#div852b461a-41ed-4f5a-859b-5944720029c9)** |
| **[Exhibit B – Summary of Code Requirements by Employee Classification](#div764dda15-0795-4e97-8a4b-269fa7ae0618)[..................................................](#div764dda15-0795-4e97-8a4b-269fa7ae0618)** | **[19](#div764dda15-0795-4e97-8a4b-269fa7ae0618)** |
| [**Exhibit C – Beneficial Interest**](#div14a8cad6-4628-44af-930e-943551b31ce3)[.........................................................................................................................](#div14a8cad6-4628-44af-930e-943551b31ce3) | **[21](#div14a8cad6-4628-44af-930e-943551b31ce3)** |
| [**Exhibit D – Preclearance Summary Chart**](#diva37e5b11-82a0-42e9-b1d7-4a2a72a5b4c9)[.......................................................................................................](#diva37e5b11-82a0-42e9-b1d7-4a2a72a5b4c9) | **[22](#diva37e5b11-82a0-42e9-b1d7-4a2a72a5b4c9)** |

---

**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.

![](gzv9uh61i16xib87j85ng.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.

![](gn23ywto46ig5hrpk9g78.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.

![](gix0nn4m6rtmitz3xsbxo.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.

![](ghxcjqs1jjnaryfyp1fas.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)

![](g7idcwxbhorsyjjqkkhwv.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 |  |  |  |

---

![](g32m3jvkd1dwc05gykzmt.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. |  |

---

![](ggjvrvc7eod4jjfo4w9t1.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 |

---

![](gdxgavfxd2s0lv3ej6u86.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) |  |  |  |

---

![](gn5pn9cskgb2a6kfi3lwf.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 |

---

![](geubwcjog14y10me78s1i.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

![](gmcwqppeanvglytssusap.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

![](g64ojvusor5e029snqdak.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**

![](gifgbwsqlrwfp6ahym8hn.jpg)

**TABLE OF CONTENTS** **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[OUR PURPOSE, PRINCIPLES AND CORE VALUES](#div4b13a9a6-3860-4042-b79d-72067733f4f3)[.......](#div4b13a9a6-3860-4042-b79d-72067733f4f3)** | **[3](#div4b13a9a6-3860-4042-b79d-72067733f4f3)** |
| &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](#div6c637454-2d31-4ed9-8cdf-f8287c3c0a24)[........](#div6c637454-2d31-4ed9-8cdf-f8287c3c0a24)** | **[9](#div6c637454-2d31-4ed9-8cdf-f8287c3c0a24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Promoting a Work Environment Free](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[from Harassment and Discrimination](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669)[........................](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669) | [10](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Valuing and Respecting the Talents](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[of Our Workforce](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669)[..........................................................](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669) | [10](#diva435e8cc-d5d8-44ba-a51b-3d7fa21a4669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Providing a Safe and Healthy Work Environment](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e)[.....](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e) | [11](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Prudential's Commitment to Human Rights](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e)[.............](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e) | [11](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Workplace Violence](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e)[......................................................](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e) | [11](#div95360458-1921-4bc5-8eb0-0a34e1c0f60e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sustainability at Prudential](#div37eb55bb-b589-4f8e-a51a-6d3c044fbc55)[..........................................](#div37eb55bb-b589-4f8e-a51a-6d3c044fbc55) | [12](#div37eb55bb-b589-4f8e-a51a-6d3c044fbc55) |
| **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](#div83b10147-e0fe-41e6-a8ce-01434b5e7275)[....](#div83b10147-e0fe-41e6-a8ce-01434b5e7275) | [15](#div83b10147-e0fe-41e6-a8ce-01434b5e7275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Artificial Intelligence (AI)](#div83b10147-e0fe-41e6-a8ce-01434b5e7275)[........................................](#div83b10147-e0fe-41e6-a8ce-01434b5e7275) | [15](#div83b10147-e0fe-41e6-a8ce-01434b5e7275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Media Usage](#div83b10147-e0fe-41e6-a8ce-01434b5e7275)[................................................](#div83b10147-e0fe-41e6-a8ce-01434b5e7275) | [15](#div83b10147-e0fe-41e6-a8ce-01434b5e7275) |

---

---

| | |
|:---|:---|
| **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](#div4a2d4e16-159d-4f24-8d6e-55b844004d11) |  |
| [Intellectual Property](#div4a2d4e16-159d-4f24-8d6e-55b844004d11)[................................................](#div4a2d4e16-159d-4f24-8d6e-55b844004d11) | [19](#div4a2d4e16-159d-4f24-8d6e-55b844004d11) |
| 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](#divcbb8d14c-4a7c-41c7-aa88-5e4d6b961c67)[...........................](#divcbb8d14c-4a7c-41c7-aa88-5e4d6b961c67) | [22](#divcbb8d14c-4a7c-41c7-aa88-5e4d6b961c67) |
| **ADMINISTRATION OF OUR CODE**.................................. | **23** |
| [Our Policies](#div296ce437-390e-4168-8071-6852f5da591e)[...................................................................](#div296ce437-390e-4168-8071-6852f5da591e) | [24](#div296ce437-390e-4168-8071-6852f5da591e) |
| [Disciplinary Action](#div296ce437-390e-4168-8071-6852f5da591e)[........................................................](#div296ce437-390e-4168-8071-6852f5da591e) | [24](#div296ce437-390e-4168-8071-6852f5da591e) |
| [Voluntary Reporting to Government Agencies](#div296ce437-390e-4168-8071-6852f5da591e)[.........](#div296ce437-390e-4168-8071-6852f5da591e) | [24](#div296ce437-390e-4168-8071-6852f5da591e) |
| **[CONTACT INFORMATION FOR RAISING ETHICAL](#div44ea1299-8677-45a4-af00-76ffdad892a0)** |  |
| [**CONCERNS AT PRUDENTIAL**](#div44ea1299-8677-45a4-af00-76ffdad892a0)[..........................................](#div44ea1299-8677-45a4-af00-76ffdad892a0) | **[25](#div44ea1299-8677-45a4-af00-76ffdad892a0)** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **2**

![](g23u6oivh1bo6y0uqncm2.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**

![](g37xuqotssu0iwmhelane.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**

![](gx9jf88q6fqaamekv60g0.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**

![](go2p6a5acjg5cp84unhlh.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**

![](gxnc1jqwh2l8lunpvjd52.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**

![](gxenzlyld9p8oey21pnmj.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**

![](g9tax8jh2i9a9cjkj0dgl.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.

![](g5i7ccj7wkn5vqls44pr1.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**

![](ggiv0fzcvej1c70erlxlo.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**

![](gclhu4fiqqffamf5mn7xd.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**

![](g7ci0msop71i632ov10v0.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**

![](ggl4y4qprvr4e08h02g8b.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**

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**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**

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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**

![](gj50m5h23bvtjkc8ty2qr.jpg)

**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**

![](g3by2h0usn9jqh0cxw7af.jpg)

---

| | |
|:---|:---|
| &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**

![](gnag2b21j0bxqsbp1s877.jpg)

---

| | |
|:---|:---|
| &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**

![](g1eg7kk1784qx35rslhet.jpg)

**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**

![](g8geziy6ekqfyrx49t8ir.jpg)

**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.

![](g0tbvl0nnjxfaudzkzhpl.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| 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 |  |  |

---

**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**

![](gajuma43dxj9cjwed5t6s.jpg)

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

## Ex-99.P

![](g6s4ibx218gbmxjto40q1.jpg)

Code of Ethics

Personal investing

Gifts and entertainment

Outside activities

Client confidentiality

2 February 2026

![](g3x918h5akoi4xwfedyty.jpg)

**Jean M. Hynes**

Chief Executive Officer

The reputation of a thousand years may be determined by the conduct of one hour.

– Ancient proverb

A message from our CEO

Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients.

Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets.

To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them. Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider

not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust.

Sincerely,

Jean M. Hynes

Chief Executive Officer

---

| | |
|:---|:---|
| Contents |  |
| **[Standards of conduct](#div3a04f7e9-0a97-407d-8efe-4a9c7271c303)....................................................** | 1 |
| **[Who is subject to the Code of Ethics?](#div3a04f7e9-0a97-407d-8efe-4a9c7271c303).............................** | 1 |
| **[Personal investing](#div046c6f43-e754-43a7-9b0a-876ebe7d6d08)........................................................** | 2 |
| [Which types of investments and related activities](#div046c6f43-e754-43a7-9b0a-876ebe7d6d08) |  |
| [are prohibited?](#div046c6f43-e754-43a7-9b0a-876ebe7d6d08)............................................................................................... | 2 |
| [Which investment accounts must be reported?](#divb5b12172-129f-4369-b85b-e2528c7f15ee)......................................... | 3 |
| [What are the reporting responsibilities for all personnel?](#div454aa3c1-6c65-4699-8396-edcefb2fad07)........................ | 4 |
| [What are the preclearance responsibilities for all personnel?](#div1d42374e-1fce-41ab-8793-ca3726090d5a)................... | 5 |
| [What are the additional requirements for investment professionals?](#divb293c210-0f57-4332-9c18-56a4f8ac1b0f)..... | 6 |
| **[Gifts and entertainment](#divf3ce9357-e04a-4c5f-8562-9dd06375a001)................................................** | 7 |
| **[Outside activities ...............................................................](#divb293c210-0f57-4332-9c18-56a4f8ac1b0f)** | [8](#divb293c210-0f57-4332-9c18-56a4f8ac1b0f) |
| **[Client confidentiality ....................................................](#divb293c210-0f57-4332-9c18-56a4f8ac1b0f)** | [8](#divb293c210-0f57-4332-9c18-56a4f8ac1b0f) |
| **[How we enforce our Code of Ethics...............................](#divb293c210-0f57-4332-9c18-56a4f8ac1b0f)** | [8](#divb293c210-0f57-4332-9c18-56a4f8ac1b0f) |
| **[Exceptions from the Code of Ethics ..............................](#divf3ce9357-e04a-4c5f-8562-9dd06375a001)** | [9](#divf3ce9357-e04a-4c5f-8562-9dd06375a001) |
| **[Closing..........................................................................](#divf3ce9357-e04a-4c5f-8562-9dd06375a001)** | [9](#divf3ce9357-e04a-4c5f-8562-9dd06375a001) |

---

Wellington Management Code ofEthics 1

Standards of conduct

Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics.

1. We act as fiduciaries to our clients. Each of us must put our clients' interests above our own and must not take advantage of our management of clients' assets for our own benefit. Our firm's policies and procedures implement these principles with respect to our conduct of the firm's business. This Code of Ethics implements the same principles with respect to our personal conduct. The procedures set forth in the Code govern specific transactions, but each of us must be mindful at all times that our behavior, including our personal investing activity, must meet our fiduciary obligations to our clients.

2. We act with integrity and in accordance with both the letter and the spirit of the law**.**

Ourbusinessishighlyregulated,andwearecommittedasafirmtocompliancewiththoseregulations.Each of us must also recognize our obligations as individuals to understand and obey the laws that apply to us in theconductofourduties.Theyincludelaws andregulationsthatapplyspecifically toinvestmentadvisors, as well asmorebroadly applicablelawsrangingfromtheprohibitionagainsttrading onmaterial nonpublic information and other forms of market abuse to anticorruption statutes such as the US Foreign Corrupt PracticesActandtheUKBriberyAct.Thefirmprovidestrainingontheirrequirements.Eachofusmusttake advantage of these resources to ensure that our own conduct complies with the law.

Who is subject to the Code of Ethics?

Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information.

All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements.

**Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.**

If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so.

For additional information regarding our **Code of Ethics Policy** refer to the **Guide to Our Policy** document available on the firm's Intranet.

![](gx3gmffy4rdvw5n39i39t.jpg)

Wellington Management Code ofEthics 2

Personal investing

As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients.

Which types of investments and related activities are prohibited?

Our Code of Ethics prohibits the following personal investments and investment-related activities:

&nbsp;&nbsp;&nbsp;&nbsp;•Purchasing or selling the prohibited investments and activities listed in [**<u>Appendix A</u>**](#diveae22237-fe0a-4fa4-88b7-37709e2e0a34)

&nbsp;&nbsp;&nbsp;&nbsp;•Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer

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

• Taking a profit from any trading activity within a 60-calendar day window

• Using a derivative instrument to circumventa restriction in the Code of Ethics

**Short-term trading**

You are prohibited from taking a profit from any trading activity within a 60-calendar day window on any security that requires preclearance. For example, if you buy shares of stock

(or options on such shares) and then sell those shares within 60 days at a profit, an exception will be identified and any gain from the transactions must be surrendered. Gains are calculated based on a last in, first out (LIFO) method for purposes of this restriction. This short-term trading rule does not apply to securities exempt from the Code's preclearance requirements.

Wellington Management Code ofEthics 3

**WHICH INVESTMENT ACCOUNTS MUST BE REPORTED?**

You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household,

**AND**

that holds or is capable of holding any of the covered investments detailed in [**<u>Appendix A</u>**](#diveae22237-fe0a-4fa4-88b7-37709e2e0a34) under "Reporting of Securities Transactions".

For purposes of the Code of Ethics, these investment accounts are referred to as reportable accounts. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account.

**Accounts not requiring reporting**

You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information:

• Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored retirement or benefit plans identified by the Ethics Committee

• Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products

Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

![](gsshjy7p13eb57s3zgmlt.jpg)

**Non-volitional transactions include:**

reinvestment or rebalancing plans and stock purchase plan acquisitions

Transactions that result from corporate actions applicable to all similar security holders (such as

Wellington Management Code ofEthics 4

**Managed account exemptions**

An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a managed account), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution.

**Designated Brokers for US Reportable Accounts**

US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker.

New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment.

**WHAT ARE THE REPORTING RESPONSIBILITIES FOR ALL PERSONNEL?**

**Initial and annual holdings reports**

You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account

information annually thereafter.

For initial holdings reports, holdings

information must be current as of a date no more than 45 days prior to the date you

became covered by the Code of Ethics. Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet.

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. Please note that your annual holdings report must account for both volitional and non-volitional transactions.

At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments.

**Quarterly transactions reports**

You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments.

**Duplicate statements and trade confirmations**

For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management.

Wellington Management Code ofEthics 5

**WHAT ARE THE PRECLEARANCE RESPONSIBILITIES FOR ALL PERSONNEL?**

**Preclearance of publicly traded securities**

You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in [**<u>Appendix A</u>**](#diveae22237-fe0a-4fa4-88b7-37709e2e0a34)[.](#diveae22237-fe0a-4fa4-88b7-37709e2e0a34)Transactions in accounts that are not reportable accounts do not require preclearance or reporting.

Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire

at the end of the 24-hour period. If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request.

**Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictionson short-termtrading,or the specialrules forinvestmentprofessionalssetoutin ourCodeof Ethics.**

**Caution on short sales, margin transactions, and options**

You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). Please note, however, that these types of transactions can have unintended consequences. For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code.

**Preclearance of private placement securities**

You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. 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 Wellington Management.

Investments in our own privately offered investment vehicles (our Sponsored Products), including collective investment funds and common trust funds maintained by Wellington Trust Company, **na**, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

Wellington Management Code ofEthics 6

**WHAT ARE THE ADDITIONAL REQUIREMENTS FOR INVESTMENT PROFESSIONALS?**

If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage.

The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts.

• **INVESTMENT PROFESSIONAL BLACKOUT PERIODS** — You cannot buy or sell a security (excluding

shares of exchange-traded funds (ETFs)) for a period of **14 calendar days before or after** any transaction in the same issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings in a security of the same issuer that is held by a client account for which you serve as an investment professional until the **later of**the following periods: (i) **one calendar year** from the

date of your last purchase and (ii) **90 calendar days** after all of your client accounts liquidate all holdings of the same issuer.

If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it.

• **SHORT SALES BY AN INVESTMENT PROFESSIONAL**— An investment professional may not personally take a short position in a security of an issuer in which he or she holds a long position in a client account.

Wellington Management Code ofEthics 7

Gifts and entertainment

Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements:

**ACCEPTING GIFTS** — You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances.

**ACCEPTING BUSINESS MEALS** — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$250 or the local equivalent.

**ACCEPTING ENTERTAINMENT OPPORTUNITIES** — The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions:

1. A representative of the hosting organization must be present;

2. The primary purpose of the event must be to discuss business or to build a business relationship;

3. You must receive prior approval from your line manager or designee ;

4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of the entertainment opportunity; and

5. For all other entertainment opportunities, the host must be reimbursed for the full face value of any entertainment ticket(s) if:

&nbsp;&nbsp;&nbsp;&nbsp;•the entertainment opportunity requires a ticket with a face value of more than US$450 or the local equivalent, or is a high-profile event (e.g., a major sporting event),

&nbsp;&nbsp;&nbsp;&nbsp;•you wish to accept more than one ticket, or

&nbsp;&nbsp;&nbsp;&nbsp;•the host has invited numerous Wellington Management representatives.

Please note that even if you pay for the full face value of a ticket, you may attend the event only if the host is present.

**LODGING AND AIR TRAVEL** — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host,you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

Wellington Management Code ofEthics 8

**SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS** — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm mayinvest.

**SOURCING ENTERTAINMENT OPPORTUNITIES** — You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business.

Outside activities

While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted.

Client confidentiality

Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities.

How we enforce our Code of Ethics

Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reportingrequirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel.

Wellington Management Code ofEthics 9

Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;•a warning

&nbsp;&nbsp;&nbsp;&nbsp;•referral to your manager and/or senior management

&nbsp;&nbsp;&nbsp;&nbsp;•reversal of a trade or the return of a gift

&nbsp;&nbsp;&nbsp;&nbsp;•disgorgement of profits or of the value of a gift

&nbsp;&nbsp;&nbsp;&nbsp;•a limitation or restriction on personalinvesting

&nbsp;&nbsp;&nbsp;&nbsp;•termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;•referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team.

Exceptions from the Code of Ethics

The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

Closing

As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

![](gj0j6tmz9s6v9oz65mxo8.jpg)

Wellington Management Code ofEthics 10

APPENDIX A

**No Preclearance or Reporting Required:**

Open-end investment funds not managed by Wellington Management1 , except for ETFs which require reporting and all closed-end funds that require both preclearance and reporting.

Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management

Direct obligations of the US government (including debt issued by US Gov Agencies), the governments of Canada, France, Germany, Italy, Japan, United Kingdom, Singapore (SSBs and SG T-Bills) as well as Hong Kong and Australian government bonds issued only to retail investors.

Cash

Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents2

Bankers' acceptances, CDs, commercial paper

Wellington Trust Company Pools, Wellington Sponsored Private Funds (e.g. Wellington Hedge and Private Equity Funds) that are held in WRPP and/or MD Savings Plan

Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, United Kingdom, and associated derivatives

Options, forwards, and futures on commodities and foreign exchange, and associated derivatives

Transactions in approved managed accounts

**Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period):**

Open-end investment funds managed by Wellington

Management, including WMF funds and subadvised funds<sup>1</sup> (other than money market funds)

Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management

Futures and options on securities indices

Shares of exchange-traded funds (ETFs) 3, excluding closed- end ETFs managed by Wellington and listed closed-end ETFs, which require preclearance and reporting.

Gifts of securities to you or a reportable account

Gifts of securities from you or a reportable account

Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.)

**Preclearance and Reporting of Securities Transactions Required:**

Bonds and notes (including municipal bonds) other than those listed in the no preclearance or reporting section

Stock (common and preferred) or other equity securities, including any security convertible into equity securities

All closed-end funds (including closed-end funds managed by Wellington and listed closed-end funds)

Interest in private placement securities (other than Wellington Management sponsored products)4

Unit investment trusts

American Depositary Receipts

Options on securities (but not their non-volitional exercise or expiration), excluding options on ETFs and securities indices

Warrants

Rights

**Prohibited Investments and Activities:**

Initial public offerings (IPOs) of any securities

Single-stock futures

Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs)

Tokenized Single Stock Instruments

Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures)

Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs))

Securities being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled

Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation

Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting

Securities on the firmwide restricted list

Taking a profit from any trading activity within a 60- calendar day window

Securities of broker/dealers or their affiliates with which the firm conducts business

Securities of any securities market or exchange on which the firm trades

Using a derivative, digital asset, or other instrument to circumvent the requirements of the Code of Ethics

Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer,

Initial Coin offerings (ICOs)

This appendix is current as of 2 February 2026 and may be amended at the discretion of the Ethics Committee.

<sup>1</sup>A list of funds advised or subadvised by Wellington Management ("Wellington-Managed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular

investment represents a Wellington-Managed Fund; <sup>2</sup>If the instrument is unrated, it must be of equivalent duration and comparable quality; <sup>3</sup>Excluding Single-Stock ETFs as these are a prohibited investment; <sup>4</sup> Interest in private placement securities (other than Wellington Mgmt sponsored products) require prior approval. A Private Placement Approval Form must be submitted and approved prior to transacting.

![](gpx1c2ppck4svhgar9aqb.jpg)

G2529_3

## Ex-99.P

![](g59jg99nkq1kukx21vfxk.jpg)

**Driehaus Capital Management LLC**

**Driehaus Mutual Funds**

**Driehaus Capital Management (USVI) LLC**

**<u>CODE OF ETHICS AND BUSINESS CONDUCT</u>**

**<u>Statement of General Policy and Business Principles</u>**

This Code of Ethics and Business Conduct ("Code") has been adopted under Rule 17j-1 of the Investment Company Act of 1940 ("Rule 17j-1") and Rule 204A-1 of the Investment Advisers Act of 1940 ("Rule 204A-1"). Rule 17j-1 is applicable because Driehaus Capital Management LLC (the "Adviser") is the investment adviser to the Driehaus Mutual Funds (each a "Fund" and collectively the "Funds"), a registered investment company. The Code also applies to any registered investment company for which the Adviser may serve as an investment adviser or sub-adviser. The Code covers all Employees of the Adviser and Driehaus Capital Management (USVI) LLC (collectively the "Firm," "we" or "us"); the Funds' Disinterested Trustees and Advisory Board Members; and others as may be designated from time to time by the Firm (each such individual an "Access Person" and collectively "Access Persons")[.](#div427cf4c0-6690-4a61-985b-33fc176f0909)[<sup>1</sup>](#div427cf4c0-6690-4a61-985b-33fc176f0909)Our Employees are also subject to the Firm's policies and procedures, including the compliance manuals and employee handbooks that are readily accessible on our Firm's intranet, which may impose additional restrictions on their conduct, including personal securities transactions.

The Code is specifically and reasonably designed for how we conduct our activities and addresses the particular types of conflicts of interest that we may encounter. A long- standing core business principle of our Firm is our commitment to maintaining the highest legal and ethical standards in the conduct of our business consistent with our fiduciary duty to place the interest of our Clients first at all times. We have built our reputation for excellence on Client trust and confidence in our professional abilities and integrity. The Code seeks to prevent Employee misuse of material non-public information regarding current and prospective investments we make for our Clients, investment research we perform for our Clients and actual and proposed trading on behalf of our Clients. Together with this Code, we have adopted and implemented various internal policies and procedures to detect and prevent the misuse of material non-public information. Compliance with this Code as well as additional policies and procedures is monitored and enforced by our legal and compliance professionals, who are supported by our strong "culture of compliance." Failure to comply with this Code of Ethics may result in disciplinary action, including termination of employment.

Integral to our investment management process is "real time" internal sharing of information by the Adviser's portfolio managers and research analysts ("Investment Personnel"). Investment Personnel are required to systematically enter research information about long-only equity securities held by or under consideration for purchase

1Capitalized terms used in the Code are defined when first used or in Section 1 of the Code.

or sale for a Client, in our Internal Research Notes database ("IRN") before placing any orders in our Order Management System ("OMS") for execution. The data in the IRN is accessible to, among others, Employees and Investment Personnel responsible for the Firm's investment and trading activities on behalf of our Clients. Investment Personnel are not required to use the IRN for other types of securities, such as bonds, options and swaps, as they cannot be entered into this system. However, information sharing occurs on a regular and continuous basis among the portfolio management teams. The Adviser believes that no strategy is disadvantaged despite this limitation because of the marked differences between the portfolio holdings of the equity-only strategies and those that utilize other types of securities, such as bonds, options and swaps. Transactions are monitored by the Legal and Compliance Department for potential conflicts of interest with our Clients and the results of such monitoring are reported to the Ethics Committee.

We believe that these information sharing and trading procedures, along with comprehensive Employee education and training, personal securities transaction reporting, compliance monitoring and the imposition of sanctions, where appropriate, work collectively to ensure that, as fiduciaries, we and all Access Persons do not place our interests above our Clients' interests and comply with the applicable Federal securities laws, rules and regulations.

Any questions regarding the Code's operation should be directed to the Firm's Chief Compliance Officer ("CCO"). Throughout the Code, there are also specific references to the assistance that the CCO can provide to Access Persons. The CCO shall act in accordance with the Firm's policies and procedures, the Code, guidance from the Ethics Committee and in consultation with counsel.

**1.<u>DEFINITIONS OF TERMS USED</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"Access Person" means (i) any Fund trustee, Fund officer, Advisory Board Member or Employee of the Fund or the Firm; and (ii) any natural person who is employed by an entity which controls, is controlled by or is under common control with the Fund or the Firm who obtains or has access to information concerning the Firm's purchase or sale of Covered Securities, those Covered Securities under consideration by the Firm for purchase or sale, or current holdings of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"Acknowledgment" means the initial and annual written certification by each Access Person of receipt and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"Adviser" means Driehaus Capital Management LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"Advisory Board Member" means any individual serving as a member of an Advisory Board appointed by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment

accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

(f)"Beneficial Interest" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 (the "Exchange Act") and rules thereunder, which includes any interest in which a person, directly or indirectly, has or shares a direct or indirect pecuniary interest. A pecuniary interest is the opportunity, directly or indirectly, to profit or share in any profit derived from any transaction. Each Access Person will be assumed to have a pecuniary interest, and therefore, beneficial interest or ownership, in all securities held by the Access Person, the Access Person's spouse or domestic partner, all minor children, all dependent adult children and adults sharing the same household with the Access Person (other than mere roommates) and in all accounts subject to their direct or indirect influence or control and/or through which they obtain the substantial equivalent of ownership, such as trusts in which they are a trustee or beneficiary, partnerships in which they are the general partner, except where the amount invested by the general partner is limited to an amount reasonably necessary in order to maintain the status as a general partner, corporations in which they are a controlling shareholder, except any investment company, mutual fund trust or similar entity registered under applicable U.S. or foreign law, or any other similar arrangement. Any questions an Access Person may have about whether an interest in a security or an account constitutes beneficial interest or ownership should be directed to the Firm's CCO.

(g)"Client" means an advisory client of the Adviser, including the Fund and any Sub-Advised Funds.

(h)"Covered Security" shall have the meaning set forth in Section 2(a)(36) of the Investment Company Act of 1940 (the "Company Act") and Section 202(a)(18) of the Investment Advisers Act of 1940 (the "Advisers Act"),

including stocks, warrants, units and other stock rights, options, equity- based futures contracts, all digital assets (cryptocurrencies and cryptoassets), corporate bonds, convertible bonds, corporate preferred stock and other corporate debt instruments, and includes any right to acquire such security, such as puts, calls, other options or rights in such securities, and securities-based futures contracts, except that it shall not include shares issued by registered open-end investment companies, direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit or commercial paper and high quality short-term debt instruments, including repurchase agreements.

(i)"Disinterested Trustee" means any trustee of a Fund who is not an interested person of the Firm, is not an officer of the Fund and is not

otherwise an "interested person" of the Fund as defined in the Company Act.

(j)"Driehaus Mutual Funds" means any investment company for which Driehaus Capital Management acts and investment adviser.

(k)"Employee" means any person employed by the Firm, whether on a full or part-time basis, all officers, shareholders and directors of the Firm and any natural person who is employed by an entity which controls, is controlled by or is under common control with the Fund or the Firm who obtains or has access to information concerning the Firm's purchase or sale of Covered Securities, those Covered Securities under consideration by the Firm for purchase or sale, or current holdings of a Client.

(l)The "Ethics Committee" shall consist of at least three but no more than five members who shall be Employees. One of the members shall be the Adviser's General Counsel. The Ethics Committee shall be comprised of Employees with sufficient experience and knowledge of the legal obligations and regulatory responsibilities of the Fund and the Firm. The Ethics Committee shall promptly advise the Fund's Board of Trustees of any appointment or resignation by a member of the Ethics Committee. The Ethics Committee as a whole and each member shall act in accordance with Section 11 below.

(m)"Federal Securities Laws" has the same meaning as that term is defined in Rule 204A-1(e)(4) under the Advisers Act, and includes the Securities

Act of 1933 ("Securities Act"), the Exchange Act, the Company Act, the

Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the U.S. Department of the Treasury.

(n)"Fund" means Driehaus Mutual Funds.

(o)"IRN" is the Adviser's Internal Research Notes database, a proprietary software application that Employees of the Adviser's Investment Management and Research Department are required to use to enter, update, make available and maintain research information about long-only equity securities held by or under consideration for purchase or sale for a Client. The IRN data is available to Employees, including those with responsibility for investment management and research, trading, and legal and regulatory compliance.

(p)"Limited Offering" includes private placements and means an offering that is exempt from registration under Section 4(2) or Section 4(6) under the

Securities Act or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"Managed Account" means an account where full discretion for all investment decisions has been given to a financial advisor not affiliated with the Adviser, the Access Person does not have direct or indirect influence or control over investment decisions made for the account, including the ability to suggest purchases or sales, or consult as to the particular allocation of investments to be made in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)"Initial Public Offering" means an offering of securities registered under the

Securities Act, the issuer of which, immediately before the registration, was not required to file reports under Sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)"Permitted Investments" includes open-end and closed-end funds, non- single stock ETFs, ETNs and ETCs, municipal bonds, foreign currency, U.S. Government and government agency securities, as well as index, commodity and currency based futures contracts, bankers' acceptances, bank certificates of deposit or commercial paper, high quality short-term debt instruments including repurchase agreements, all digital assets (cryptocurrency and cryptoassets),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)"Personal Benefit" includes any intended benefit for oneself or any other individual, company, group or organization of any kind whatsoever except a benefit for a Client or any entity that adopts this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)"ACA ComplianceAlpha" ("ComplianceAlpha") is the Firm's vended web- based compliance and personal trading system, which is primarily used for tracking Employees' holdings, securities transactions, gifts and political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"Sub-Advised Fund" means a Client fund sub-advised by the Adviser that is an investment company registered under the Company Act.

**2.<u>STANDARDS OF BUSINESS CONDUCT AND COMPLIANCE WITH LAWS</u>**

Access Persons are required at all times to comply with the Federal Securities Laws as applicable in conducting the business of the Firm or the Fund. Accordingly, a violation of the Federal Securities Laws will be a violation of this Code and may subject an Access Person to sanctions or other appropriate remedial action under the Code.

In addition, as a SEC registered investment adviser subject to the Advisers Act, the Adviser has fiduciary obligations to its Clients. Further, the Code requires that the conduct of Access Persons comply with the fundamental principles of integrity, honesty and trust.

The Code is designed to ensure that Access Persons understand and comply with their fiduciary obligations and to protect Clients by deterring misconduct. The Code also educates Access Persons about the expectations of the Firm and the Fund regarding their behavior and the Federal Securities Laws that govern their conduct, as applicable.

The Code and related policies and procedures contain provisions reasonably necessary to prevent Access Persons from engaging in acts in violation of the Code. Access Persons are required to report any violations of the Code to the CCO. The CCO is primarily responsible for monitoring compliance with the Code and reporting material violations of the Code to the Ethics Committee to ensure the Code's enforcement.

**3.<u>TRANSACTIONS WITH A FUND</u>**

No Access Person shall sell to, or purchase from, a Fund any security or other property (except merchandise in the ordinary course of business), in which such Access Person has or would acquire a Beneficial Interest, unless such purchase or sale involves shares of that Fund.

**4.<u>DISCLOSURE OF INFORMATION</u>**

No Access Person shall discuss with or otherwise inform others of any security held or to be acquired by a Client except in the performance of employment duties or in an official capacity and then only for the benefit of the Client, and in no event for Personal Benefit or for the benefit of others.

No Access Person shall release information to dealers or brokers or others (except to those concerned with the execution and settlement of a transaction) as to any changes in a Client's investments, proposed or in process, except (i) upon the completion of such changes, or (ii) when the disclosure results from the publication of a prospectus or pursuant to the Funds' or any Sub-Advised Funds' Selective Disclosure of Fund Holdings Policy or (iii) in conjunction with a regular report to shareholders or to any governmental authority resulting in such information becoming public knowledge, or (iv) in connection with any report to which shareholders are entitled by reason of provisions of the declaration of trust, by- laws, rules and regulations, contracts or similar documents governing the operations of the Client.

**5.<u>PREFERENTIAL TREATMENT, GIFTS AND BUSINESS ENTERTAINMENT</u>**

As fiduciaries to the Firm's Clients, Employees must always place the Firm's Clients' interests first and Employees are prohibited from allowing gifts or entertainment opportunities to influence the actions they take on behalf of the Firm's Clients. Employees are prohibited from soliciting, seeking, or accepting favors, preferential treatment, gifts, entertainment opportunities, charitable or political contributions for themselves, on behalf of Clients, prospects, or others, or

from receiving any other Personal Benefit arising from their association with the Firm or a Client.

Gifts and Business Entertainment from Broker-Dealers. Employees are prohibited from accepting from any source, including broker-dealers, any compensation, including gifts or entertainment, for the purchase or sale of any property, including securities and other portfolio holdings, to or for a Client. This includes compensation, including gifts or entertainment, from companies in which Clients may invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This includes, but is not limited to, receipt of all gifts from broker-dealers (not including branded promotional items of de minimis value, i.e., less than $25), attendance at dinners hosted by broker-dealers that do not serve a valid and direct business purpose or benefit to a Client, and <u>all</u> concerts, sporting events, cocktail parties, golf outings and other similar events or performances hosted by broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This prohibition does <u>not</u> include on- or off-site meetings and conferences that serve a valid and direct business purpose or benefit to a Client (e.g., road shows, meetings with investment strategists, economists, company management, etc.) that may also include incidental meals hosted by a broker-dealer as such incidental meals are not provided by the broker- dealer as compensation for the purchase or sale of any property to or for a Client.

Gifts from all other non-broker-dealer vendors. Employees may only accept gifts from current or prospective vendors that are not engaged in the business of purchasing or selling property to or for Clients, (i.e., vendors that are not broker- dealers). Employees may only accept gifts when the value involved clearly will not place the Employee under any real or perceived obligation to the gift-giver or raise any question of impropriety. Please refer to the section titled Driehaus Capital Management LLC Compliance Manual Preferential Treatment, Gifts and Entertainment for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Under no circumstances may an Employee accept a gift of cash, including a cash equivalent such as a gift certificate or a security, regardless of the amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If an Employee receives a gift that violates the Code, they must return the gift or consult with the CCO to determine appropriate action under the circumstances, which can include donating such gift to charity.

Business entertainment from all other non-broker-dealer vendors. In addition to the receipt of gifts, attendance at dinners, cocktail parties, golf outings, sporting events, theater and other similar events or performances also may create or appear to create a conflict of interest between the Firm and its Clients. Attendance at such events where the person offered the invitation and the person extending

the invitation are both in attendance and discuss business benefitting a Client (e.g., the purpose of the outing is relationship building or is otherwise business-related) is considered "business entertainment."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Employee shall seek or accept any business entertainment from any person or entity that does business with the Firm or a Client or that is seeking to do business with the Firm or a Client other than usual and customary business entertainment that is not excessive in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If an Employee is unsure as to whether something might be considered excessive in value, he or she must check with the CCO or another member of the Firm's Legal and Compliance Department prior to accepting the usual and customary business entertainment.

Reporting. Employees are required to promptly report all gifts and business entertainment to the CCO no later than thirty days after the calendar quarter during which the business entertainment took place. Such reporting should be made through ComplianceAlpha. The CCO shall report any exceptions to the gifts and business entertainment policy to the Ethics Committee for appropriate action consistent with enforcement of the Code.

**6.<u>CONFLICTS OF INTEREST</u>**

The Adviser, as a fiduciary, has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its Clients. This duty includes fully disclosing all material facts concerning any conflicts that arise with respect to any Client. If any Access Person is aware of a personal interest that is, or might be, in conflict with the interest of a Client, that Access Person should disclose the situation or transaction and the nature of the conflict to the CCO for appropriate consideration by the Ethics Committee. The Ethics Committee may consult with counsel with respect to any appropriate action that should be taken. Employees should refer to the Adviser's Conflicts of Interest Policy.

**7.<u>SERVICE AS A DIRECTOR</u>**

Employees are prohibited from serving on the boards of directors of unaffiliated for-profit or not-for-profit corporations, business trusts or similar business entities, whether or not their securities are publicly traded, absent prior written approval by the Ethics Committee, based upon a determination that the board service would not be inconsistent with the interests of the Firm and its Clients. Copies of all written approvals obtained under this paragraph must be provided to and maintained by the CCO.

**8.<u>MATERIAL</u>** NON-PUBLIC INFORMATION

Securities laws and regulations prohibit the misuse of material non-public information when trading or recommending securities.

Material non-public information obtained by any Access Person from any source must be kept strictly confidential. All material non-public information should be kept secure, and access to files and computer files containing such information should be restricted. Access Persons shall not act upon or disclose material non- public information except as may be necessary for legitimate business purposes on behalf of a Client or the Firm as appropriate. Questions and requests for assistance regarding material non-public information should be promptly directed to the CCO.

Material non-public information may include, but is not limited to, knowledge of pending orders or research recommendations, corporate finance activity, mergers or acquisitions, and other material non-public information that could reasonably be expected to affect the price of a security.

Client account information and Fund shareholder account information are also confidential and must not be discussed with any individual whose responsibilities do not require knowledge of such information.

**9.<u>RESTRICTIONS ON PERSONAL SECURITY TRANSACTIONS</u>**

No Access Person shall knowingly take unlawful advantage of his or her position with the Firm or with its Clients, for Personal Benefit, or take action inconsistent with such Access Person's obligations to the Firm, or any Client. All personal securities transactions must be consistent with this Code and must be conducted in a manner designed to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility. Any transaction effected with the purpose of profiting as a result of one or more transactions effected or anticipated for a Client ("scalping" or "frontrunning") is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**<u>All Employees</u>**:

Employees are prohibited in transacting in Covered Securities absent an exception. Employees are not required to close out existing individual equity securities positions held at the commencement of their employment. However, any Employee wishing to sell a Covered Security, other than Permitted Investments, owned prior to employment must first request and receive preclearance through the ComplianceAlpha system. Transactions receiving approval must be executed the same day preclearance is granted. No Employee shall sell a Covered Security within seven calendar days before or after a Client trade in that Covered Security. The fifteen day blackout restriction shall not apply to the following unless the Ethics Committee determines that the conduct is inconsistent with the Code or the Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1."Permitted Investments" Transactions may be effected in U.S. Government and government agency securities, municipal bonds, foreign currency, index, commodity and currency based futures contracts,

bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments including repurchase agreements and shares of U.S. registered open-end investment companies, closed-end funds, non-single stock ETFs, ETNs and ETCs, all digital assets (cryptocurrency and cryptoassets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2."Investment Companies" Transactions may be effected in U.S. registered closed-end investment companies and foreign registered open- end and closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3."Managed Accounts" Transactions may be effected in a Managed

Account as long as the account is managed on a discretionary basis and/or that you (or, if applicable, your spouse or domestic partner) do not exercise investment discretion or otherwise have direct or indirect influence or control over investment decisions. Managed Accounts must receive pre-approval from and be reported to the Legal and Compliance Department along with written confirmation from the manager, investment adviser or trustee managing the account, who may not be affiliated with the Firm or the Fund, that it is managed on a discretionary basis.

(b)**<u>Limited Offerings and Initial Public Offerings</u>:** No Employee shall directly or indirectly acquire a Beneficial Interest in Limited Offering securities or securities in an Initial Public Offering without the prior consent of the Ethics Committee. Consideration will be given to whether the opportunity should be reserved for a Client. The Ethics Committee will review these proposed investments on a case-by-case basis except for those circumstances in which advance general approval may be appropriate because it is clear that conflicts are very unlikely to arise due to the nature of the opportunity for investing in the Initial Public Offering or Limited Offering.

(c)**<u>Related Instruments</u>:** When anything in this section 9 prohibits the purchase or sale of a security, it also prohibits the purchase or sale of any related securities, such as puts, calls, other options or rights in such securities and securities-based futures contracts and any securities convertible into or exchangeable for such security.

(d)**<u>Spousal and Domestic Partner Accounts:</u>** An Employee's spouse or domestic partner is not prohibited from buying or selling Covered Securities for his or her own account. However, the Employee may **not** participate in the investment decisions of his/her spouse or domestic partner, either directly or indirectly. **<u>The Employee's spouse or domestic partner must provide the Adviser with trade confirmations and quarterly account statements.</u>**

(e)**<u>Disinterested Trustees and Advisory Board Members</u>:** No Disinterested Trustee or Advisory Board Member of a Fund shall purchase or sell, directly

or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership or interest when the Disinterested Trustee or Advisory Board Member knows that securities of the same class are being purchased or sold or are being considered for purchase or sale by the Fund, until such time as the Fund's transactions have been completed or consideration of such transaction is abandoned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**<u>Sanction Guidelines</u>:** Unless an exception exists, if an Access Person trades in violation of this section 9, the Ethics Committee will determine the appropriate sanction consistent with the Sanction Guidelines of the Code, which may include disgorgement of profits to a charity selected by the Ethics Committee. A copy of the Sanction Guidelines will be provided to the Fund's Board of Trustees annually.

**10.<u>PRECLEARANCE AND REPORTING PROCEDURES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Preclearance Requirement. All Employees must receive prior approval for all purchases and sales of shares of Driehaus Mutual Funds and** Sub-Advised Funds, initial purchases of all Limited Offerings other than Firm-affiliated limited partnerships, and the sale of all Covered Securities held prior to employment with the Firm that are not Permitted Investments. All preclearance approvals shall be valid for the same day preclearance is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**<u>Reports - All Access Persons</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Brokerage confirmations and statements</u>: Each Access Person must provide to the Firm's CCO identifying information for **<u>all securities or commodities brokerage accounts in which that Access Person has a Beneficial Interest (including Spousal and Domestic Partner accounts) including in any Managed Accounts. This includes accounts that hold shares of the Fund or a</u> <u>Sub-Advised</u> <u>Fund, other than holding of such funds in the Driehaus 401(k) and Profit Sharing Plan.</u>** Before opening any brokerage account, including a Managed Account, each Access Person shall enter the account information into the ComplianceAlpha system or otherwise provide the information required to the CCO of the Firm. The CCO will arrange to receive trade confirmations and monthly/quarterly account statements from the Access Person's broker-dealer, bank and/or financial institution directly through

ComplianceAlpha. If a direct feed is not available in ComplianceAlpha, Access Persons are required to upload paper statements into the ComplianceAlpha system.

To the extent that a security transaction in which an Access Person has any Beneficial Interest or ownership is not reported on brokerage

confirmations and statements either in hard copy or through ComplianceAlpha such transaction must be reported to the Firm's CCO as part of the quarterly transactions report set forth in section 10(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Initial and Annual Holdings Reports and Quarterly Transactions Reports</u>: Each Access Person must provide a holdings report for Covered Securities and shares of the Fund and Sub-Advised Funds within 10 days after becoming an Access Person (an "Initial Holdings Report") and annually thereafter (an "Annual Holdings Report"). The Annual Holdings Report must be current within 45 days of the date of the report, and should be made through ComplianceAlpha. Any supplemental supporting documentation should be submitted to the CCO in hard copy, if necessary. This requirement includes Spousal and Domestic Partner Accounts, Managed Accounts and any account in which an Access Person has a Beneficial Interest, other than the Driehaus 401(k) and Profit Sharing Plan.

Each Access Person must also provide a quarterly transaction report within 30 days after the close of a quarter for each transaction during the quarter in a Covered Security and shares of the Fund and Sub- Advised Funds other than transactions in the Driehaus 401(k) and Profit Sharing Plan, in which the Access Person had any Beneficial Interest, including Spousal and Domestic Partner Accounts and Managed Accounts, and provide information for any account established by the Access Person, Spouse or Domestic Partner during the quarter that holds Covered Securities or shares of the Fund or Sub-Advised Funds other than accounts established in the Driehaus 401(k) and Profit Sharing Plan. The quarterly transaction reports and new account disclosure should be made through ComplianceAlpha. Any supplemental supporting documentation should be submitted to the CCO in hard copy, if necessary.

Each report must state the title, number of shares and principal amount of each Covered Security in which the Access Person had any Beneficial Interest, the broker/dealer, bank and/or financial institution maintaining the account for the Access Person in which any securities were held for the benefit of the Access Person, and the date that the report is submitted by the Access Person. In addition, the quarterly transaction report must state the date of the transaction, the interest rate and maturity date of the Covered Security (if applicable), the nature of the transaction (i.e., purchase, sale or other), the purchase or sale price, and the date the account was established if established in the current reporting quarter.

(c)**<u>Exceptions to Reporting</u>**:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Access Persons need not file a quarterly transaction report if the information would duplicate information that the CCO received in a broker's confirmation or account statement or that is contained in the records of the Firm, including within ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)An Access Person need not make a quarterly transaction report hereunder with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Access Persons are not required to provide initial or annual holdings reports, or quarterly brokerage confirmations and statements on digital assets (cryptocurrency and cryptoassets).

Access Persons are not required to provide initial or annual holdings reports or quarterly confirmations and statements for the Driehaus Companies 401(k) and Profit Sharing Plan, or for Driehaus Mutual

Funds held directly at Northern Trust, the Fund's Transfer Agent.

Disinterested Trustee or Advisory Board Member who would be required to make a report referenced in Section 10(b) solely by virtue of being a Trustee or Advisory Board Member is not required to make a report unless Section 10(d)(1) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)An Access Person who is not an Employee of the Firm may provide required reports to the CCO in hard copy in lieu of using ComplianceAlpha.

(d)**<u>Reports - Disinterested Trustees and Advisory Board Members</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)A Disinterested Trustee or Advisory Board Member must provide a quarterly report to the Ethics Committee of any purchase or sale of any Covered Security in which such person has, or by virtue of such transaction acquires, any Beneficial Interest if at the time of the transaction the Disinterested Trustee or Advisory Board Member knew, or in the ordinary course of fulfilling his or her official duties as a Trustee or Advisory Board Member of a Fund should have known that, on the date of the transaction or within 15 days before or after the transaction, purchase or sale of that class of security was made or considered for the Fund. The form of the report must conform to the provisions of subsection (b)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)This subsection (d) shall not apply to non-volitional purchases and sales, such as dividend reinvestment programs or "calls" or redemptions.

(e)**<u>Review of Reports</u>**:

The CCO of the Firm or a designee of the CCO will review reports submitted by Access Persons, except no person shall be permitted to review his or her own reports. Any report required to be filed shall not be construed as an admission by the person making such report that he/she has any direct or indirect Beneficial Interest in the security to which the report relates.

**11.<u>ETHICS COMMITTEE</u>**

The Ethics Committee will take whatever action it deems necessary and appropriate, consistent with its Sanction Guidelines, with respect to any Access Person of the Firm or the Fund other than as noted below who violates any provision of this Code, and will inform the Fund's Board of Trustees as to the nature of such violation and the action taken by the Committee. However, any information received by the Ethics Committee relating to questionable practices or transactions by a Disinterested Trustee or an Advisory Board Member of a Fund shall immediately be forwarded to the Audit Committee of the Fund for that committee's consideration and such action as it, in its sole judgment, shall deem warranted.

At least once a year, each Fund, the Adviser must provide a written report prepared by the Ethics Committee to the Fund's Board of Trustees that describes any issues arising under the Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations. The report will also certify to the Board of Trustees that each Fund and the Firm each have adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Report should also address any significant conflicts of interest that arose involving the Fund and Firm's personal investment policies, even if the conflicts have not resulted in a violation of the Code.

**12.<u>WAIVERS</u>**

The Ethics Committee may, in its discretion, waive compliance with any provision of the Code after considering whether the waiver (i) is necessary or appropriate to alleviate undue hardship, or in view of unforeseen circumstances, (ii) will not be inconsistent with the purposes and policies of the Code; (iii) will not adversely affect the interests of any Client or the interests of the Firm and/or (iv) will not result in a transaction or conduct that would violate provisions of applicable laws or rules. Normally, all waiver applications must be made in advance and in writing. A written record shall be kept of all waivers granted by the Ethics Committee, including a brief summary of the reasons for the waiver.

**13.<u>CODE REVISIONS</u>**

Any material changes to this Code will be approved by the Fund's Board of Trustees prior to the effective date of such changes.

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

**14.<u>RECORD KEEPING REQUIREMENTS</u>**

The Firm shall maintain records, at its principal place of business, of the following: a copy of each Code in effect during the past five years; a record of any violation of the Code and any action taken as a result of the violation for at least five years after the end of the fiscal year in which the violation occurs; a copy of each report made by Access Persons as required in this Code, including any information provided in place of the reports during the past five years after the end of the fiscal year in which the report is made or the information is provided; a copy of each Fund trustee report made during the past five years; a copy of each Acknowledgment of the Code made by Access Persons during the past five years; a record of all Access Persons required to make reports currently and during the past five years; a record of all who are or were responsible for reviewing these reports during the past five years; and, for at least five years after approval, a record of any decision and the reasons supporting that decision, to approve an Access Person's purchase of a New Issue or a Limited Offering.

**15.<u>CONDITION OF EMPLOYMENT OR SERVICE</u>**

All Access Persons shall conduct themselves at all times in the best interests of Clients. Compliance with the Code is a condition of employment or continued affiliation with a Fund or the Firm. Conduct not in accordance with the Code is grounds for sanctions which may include, but are not limited to, a reprimand, a restriction on activities, disgorgement, termination of employment or removal from office. All Access Persons shall certify initially upon employment and annually thereafter to the Ethics Committee that they have read and agree to comply in all respects with this Code and that they have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported by this Code.

Effective: November 14, 2025

## Ex-99.P

![](g546wlc62bo0n03anrzey.jpg)

December 2021

**Personal Investments and**

**Insider Trading Policy ("the policy")**

(This Policy serves as a code of ethics adopted pursuant to Rule 17j-1 under the

Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940)

**Revised November 17, 2025**

---

| | | |
|:---|:---|:---|
| **[SECTION 1. PURPOSE OF THE POLICY](#divca187767-8735-4285-a591-6ad68e3e0a15)** | **[SECTION 1. PURPOSE OF THE POLICY](#divca187767-8735-4285-a591-6ad68e3e0a15)** | **[1](#divca187767-8735-4285-a591-6ad68e3e0a15)** |
| [1.1](#div904843af-3121-4724-8902-a5e0ccc3706b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[S](#div904843af-3121-4724-8902-a5e0ccc3706b)[COPE AND](#div904843af-3121-4724-8902-a5e0ccc3706b)[P](#div904843af-3121-4724-8902-a5e0ccc3706b)[URPOSE OF THE](#div904843af-3121-4724-8902-a5e0ccc3706b)[P](#div904843af-3121-4724-8902-a5e0ccc3706b)[OLICY](#div904843af-3121-4724-8902-a5e0ccc3706b) | [2](#div904843af-3121-4724-8902-a5e0ccc3706b) |
| [1.2](#div904843af-3121-4724-8902-a5e0ccc3706b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[S](#div904843af-3121-4724-8902-a5e0ccc3706b)[TATEMENT OF](#div904843af-3121-4724-8902-a5e0ccc3706b)[P](#div904843af-3121-4724-8902-a5e0ccc3706b)[RINCIPLES](#div904843af-3121-4724-8902-a5e0ccc3706b) | [2](#div904843af-3121-4724-8902-a5e0ccc3706b) |
| [1.3](#div904843af-3121-4724-8902-a5e0ccc3706b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[P](#div904843af-3121-4724-8902-a5e0ccc3706b)[ROHIBITED](#div904843af-3121-4724-8902-a5e0ccc3706b)[A](#div904843af-3121-4724-8902-a5e0ccc3706b)[CTIVITIES](#div904843af-3121-4724-8902-a5e0ccc3706b) | [2](#div904843af-3121-4724-8902-a5e0ccc3706b) |
| [1.4](#div04310618-0091-46ee-bd2b-664e3c69edbb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[M](#div04310618-0091-46ee-bd2b-664e3c69edbb)[ONITORING OF THE](#div04310618-0091-46ee-bd2b-664e3c69edbb)[P](#div04310618-0091-46ee-bd2b-664e3c69edbb)[OLICY AND](#div04310618-0091-46ee-bd2b-664e3c69edbb)[A](#div04310618-0091-46ee-bd2b-664e3c69edbb)[DDITIONAL](#div04310618-0091-46ee-bd2b-664e3c69edbb)[I](#div04310618-0091-46ee-bd2b-664e3c69edbb)[NFORMATION](#div04310618-0091-46ee-bd2b-664e3c69edbb) | [3](#div04310618-0091-46ee-bd2b-664e3c69edbb) |

---

---

| | | |
|:---|:---|:---|
| **[SECTION 2.](#div04310618-0091-46ee-bd2b-664e3c69edbb)** | **[PERSONAL INVESTMENTS](#div04310618-0091-46ee-bd2b-664e3c69edbb)** | **[3](#div04310618-0091-46ee-bd2b-664e3c69edbb)** |
| [2.1](#div04310618-0091-46ee-bd2b-664e3c69edbb) | [S](#div04310618-0091-46ee-bd2b-664e3c69edbb)[TATEMENT ON](#div04310618-0091-46ee-bd2b-664e3c69edbb)[C](#div04310618-0091-46ee-bd2b-664e3c69edbb)[OVERED](#div04310618-0091-46ee-bd2b-664e3c69edbb)[E](#div04310618-0091-46ee-bd2b-664e3c69edbb)[MPLOYEE](#div04310618-0091-46ee-bd2b-664e3c69edbb)[I](#div04310618-0091-46ee-bd2b-664e3c69edbb)[NVESTMENTS](#div04310618-0091-46ee-bd2b-664e3c69edbb) | [3](#div04310618-0091-46ee-bd2b-664e3c69edbb) |
| [2.2](#div04310618-0091-46ee-bd2b-664e3c69edbb) | [C](#div04310618-0091-46ee-bd2b-664e3c69edbb)[ATEGORIES OF](#div04310618-0091-46ee-bd2b-664e3c69edbb)[P](#div04310618-0091-46ee-bd2b-664e3c69edbb)[ERSONS](#div04310618-0091-46ee-bd2b-664e3c69edbb)[S](#div04310618-0091-46ee-bd2b-664e3c69edbb)[UBJECT TO THE](#div04310618-0091-46ee-bd2b-664e3c69edbb)[P](#div04310618-0091-46ee-bd2b-664e3c69edbb)[OLICY](#div04310618-0091-46ee-bd2b-664e3c69edbb) | [3](#div04310618-0091-46ee-bd2b-664e3c69edbb) |
| [2.3](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68) | [A](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[CCOUNTS AND](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[T](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[RANSACTIONS](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[C](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[OVERED BY THE](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[P](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[OLICY](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68) | [4](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68) |
| [2.4](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68) | [P](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[ROHIBITED](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[T](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68)[RANSACTIONS](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68) | [4](#dive0737ef2-1be2-4d36-8f5b-fe9d93958e68) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5[A](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[DDITIONAL](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[P](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[ROHIBITIONS AND](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[R](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[EQUIREMENTS FOR](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[A](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[CCESS](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[P](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[ERSONS AND](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[P](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[ORTFOLIO](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[P](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[ERSONS](#divcc147644-f499-492b-a6df-da9b2c1da1f0)[5](#divcc147644-f499-492b-a6df-da9b2c1da1f0)

---

| | | |
|:---|:---|:---|
| [2.6](#divdd42de6f-bec9-4b4d-a90b-7ca6dd56ae57) | [R](#divdd42de6f-bec9-4b4d-a90b-7ca6dd56ae57)[EPORTING](#divdd42de6f-bec9-4b4d-a90b-7ca6dd56ae57)[R](#divdd42de6f-bec9-4b4d-a90b-7ca6dd56ae57)[EQUIREMENTS](#divdd42de6f-bec9-4b4d-a90b-7ca6dd56ae57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6](#divdd42de6f-bec9-4b4d-a90b-7ca6dd56ae57) |
| [2.7](#div21073325-f476-4dc7-8aca-93a7c20ed48a) | [P](#div21073325-f476-4dc7-8aca-93a7c20ed48a)[RE](#div21073325-f476-4dc7-8aca-93a7c20ed48a)[-C](#div21073325-f476-4dc7-8aca-93a7c20ed48a)[LEARANCE](#div21073325-f476-4dc7-8aca-93a7c20ed48a)[R](#div21073325-f476-4dc7-8aca-93a7c20ed48a)[EQUIREMENTS](#div21073325-f476-4dc7-8aca-93a7c20ed48a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7](#div21073325-f476-4dc7-8aca-93a7c20ed48a) |
| [2.8](#div90587235-f00a-43c7-8fff-bce58052cd76) | [R](#div90587235-f00a-43c7-8fff-bce58052cd76)[EQUIREMENTS FOR](#div90587235-f00a-43c7-8fff-bce58052cd76)[I](#div90587235-f00a-43c7-8fff-bce58052cd76)[NDEPENDENT](#div90587235-f00a-43c7-8fff-bce58052cd76)[D](#div90587235-f00a-43c7-8fff-bce58052cd76)[IRECTORS](#div90587235-f00a-43c7-8fff-bce58052cd76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8](#div90587235-f00a-43c7-8fff-bce58052cd76) |
| **[SECTION 3.](#div90587235-f00a-43c7-8fff-bce58052cd76)** | **[INSIDER TRADING](#div90587235-f00a-43c7-8fff-bce58052cd76)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[8](#div90587235-f00a-43c7-8fff-bce58052cd76)** |
| [3.1](#div90587235-f00a-43c7-8fff-bce58052cd76) | [P](#div90587235-f00a-43c7-8fff-bce58052cd76)[OLICY ON](#div90587235-f00a-43c7-8fff-bce58052cd76)[I](#div90587235-f00a-43c7-8fff-bce58052cd76)[NSIDER](#div90587235-f00a-43c7-8fff-bce58052cd76)[T](#div90587235-f00a-43c7-8fff-bce58052cd76)[RADING](#div90587235-f00a-43c7-8fff-bce58052cd76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8](#div90587235-f00a-43c7-8fff-bce58052cd76) |
| **[SECTION 4. RELATED POLICIES AND REQUIREMENTS](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** | **[SECTION 4. RELATED POLICIES AND REQUIREMENTS](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[9](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** |
| [4.1](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | [S](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[TATEMENT ON](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[O](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[THER](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[P](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[OLICIES AND](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[R](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[EQUIREMENTS](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) |
| **[SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** | **[SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[9](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** |
| [5.1](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | [C](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[ODE OF](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[E](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[THICS](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[C](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[OMMITTEE](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[; R](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[EPORTING TO](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[FT F](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[UND](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[B](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[OARDS](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[9](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** |
| [5.2](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | [V](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[IOLATIONS OF THE](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[P](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[OLICY](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[9](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** |
| [5.3](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | [W](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[AIVERS OF THE](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[P](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)[OLICY](#divc3249c12-f159-4d0a-88b6-029d39b4ce08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[9](#divc3249c12-f159-4d0a-88b6-029d39b4ce08)** |
| [5.4](#div108cf5be-9743-4e60-a93f-615ba52236ea) | [R](#div108cf5be-9743-4e60-a93f-615ba52236ea)[EPORTING](#div108cf5be-9743-4e60-a93f-615ba52236ea)[V](#div108cf5be-9743-4e60-a93f-615ba52236ea)[IOLATIONS](#div108cf5be-9743-4e60-a93f-615ba52236ea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[10](#div108cf5be-9743-4e60-a93f-615ba52236ea)** |

---

**This document is the proprietary product of Franklin Templeton. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton© 2025. All Rights Reserved.**

**Franklin Templeton**

![](g7iaacj2vy1qlfgv9t8bo.jpg)

---

| | |
|:---|:---|
| **Personal investments and insider trading policy** | November 2025 **2** |

---

**SECTION 1. PURPOSE OF THE POLICY**

**1.1Scope and Purpose of the Policy**

The Franklin Templeton Personal Investments and Insider Trading Policy (the "Policy") applies to the personal investment activities of all Covered Employees (as defined in section 2.2 of the Policy) of Franklin Resources, Inc. ("FRI") and all of its subsidiaries (collectively, "Franklin Templeton").

Franklin Templeton provides services to the funds that are advised or sub-advised by a Franklin Templeton investment adviser (the "FT Funds") and other client accounts ("Client Accounts"). Thus, for purposes of this Policy, "FT Fund" includes all open-end and closed-end funds within the Franklin Templeton Group of Funds, as well as any other fund that is advised or sub-advised by a Franklin Templeton investment adviser, such as the Putnam Funds.

The purpose of the Policy is to summarize the values, principles and business practices that guide Franklin Templeton's business conduct and to establish a set of principles to guide Covered Employees regarding the conduct expected of them when managing their personal investments.

**1.2Statement of Principles**

All Covered Employees are required to conduct themselves in a lawful, honest and ethical manner in their business practices and to maintain an environment that fosters fairness, respect and integrity.

Franklin Templeton's policy is that the interests of the FT Funds and Client Accounts are paramount and come before the interests of any employee. Information concerning the securities, which include derivatives, such as futures, options and swaps, holdings and financial circumstances of the FT Funds and Client Accounts, as well as the identity of certain Client Accounts, is confidential and Covered Employees are required to safeguard this information.

The personal investment activities of Covered Employees must be conducted in a manner to avoid actual or potential conflicts of interest with the FT Funds and Client Accounts. In particular, to the extent that a Covered Employee learns of an investment opportunity because of his or her position with Franklin Templeton (e.g., internal or third party research, Franklin Templeton or company sponsored conferences, or communications with company officers), the Covered Employee must give preference to the FT Funds or Client Accounts.

Personal transactions in a security may not be executed, regardless of quantity, if the Covered Employee has access to information regarding, or knowledge or even a presumed knowledge of, FT Fund or Client Account activity in such security, including proposed activity and recommendations.

**1.3Prohibited Activities**

Covered Employees generally are prohibited from engaging or participating in any activity that has the potential to cause harm to an FT Fund or Client Account. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making investment decisions, changes in research ratings and trading decisions other than exclusively for the benefit of, and in the best interest of, the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Taking, delaying or omitting to take any action with respect to any research recommendation, report or rating or any investment or trading decision for an FT Fund or Client Account in order to avoid economic injury to themselves or anyone other than the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchasing or selling a security on the basis of knowledge of a possible trade by or for an FT Fund or Client Account with the intent of personally profiting from, or avoiding a loss with respect to, personal holdings in the same or related securities;

**Franklin Templeton**

![](gesa573wx517vng1muvj1.jpg)

---

| | |
|:---|:---|
| **Personal investments and insider trading policy** | November 2025 **3** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revealing to any other person (except in the normal course of the Covered Employee's duties on behalf of an

FT Fund or Client Account) any information regarding securities transactions by any FT Fund or Client Account or the consideration by any FT Fund or Client Account of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on an FT Fund or Client Account or engaging in any manipulative practice with respect to any FT Fund or Client Account.

**1.4Monitoring of the Policy and Additional Information**

Questions regarding the Policy and related requirements should be directed to the Code of Ethics Department located in San Mateo, CA. The Code of Ethics Department can be reached by e-mail at lpreclear@franklintempleton.com. The Code of Ethics Department uses StarCompliance, https://franklintempleton.starcompliance.com/ an automated transaction pre-clearance system, to manage the oversight of personal investments. Administration of the Policy is the responsibility of the Code of Ethics Committee.

**SECTION 2. PERSONAL INVESTMENTS**

**2.1Statement on Covered Employee Investments**

Franklin Templeton recognizes the importance to Covered Employees of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, Franklin Templeton has implemented this Policy with regard to personal investments of Covered Employees. This Policy is designed to minimize these conflicts and help ensure that Franklin Templeton focuses on meeting its duties as a fiduciary to the FT Funds or Client Accounts.

Covered Employees should be aware that their ability to invest in certain securities and to liquidate those positions may be severely restricted under this Policy due to trading by the FT Funds or Client Accounts, including during times of market volatility. Therefore, as a general matter, Franklin Templeton encourages Covered Employees to exercise caution when investing in individual securities, particularly in situations where a Covered Employee wishes to invest in securities held or likely to be held by the FT Funds or Client Accounts.

Franklin Templeton also discourages Covered Employees from engaging in a pattern of securities transactions that is so excessively frequent as to potentially impact the Covered Employee's ability to carry out their assigned responsibilities, increases the possibility of potential conflicts or violates the Policy or the FT Funds' prospectuses.

**2.2Categories of Persons Subject to the Policy**

All persons subject to the Policy are systematically assigned to one of the following categories. In limited circumstances, certain affiliates of FRI may adopt separate policies or codes of ethics governing personal trading to address the specific features of their investment activities and operations. Persons subject to other personal trading policies or codes of ethics adopted by Franklin Templeton or its affiliates generally are exempt from this Policy. Please consult the Code of Ethics Department if you have any questions about how this Policy applies to you.

**Covered Employees:** Covered Employees are: (1) partners, officers, directors (or persons occupying a similar status or having similar functions) and employees (including certain designated temporary employees or consultants) of any Franklin Templeton investment adviser, as well as any other persons who provide advice on behalf of any Franklin Templeton investment adviser and are subject to the supervision and control of that investment adviser; (2) Access Persons, as defined below; and (3) Independent directors of FT Funds within the Franklin Templeton Group of Funds and independent directors of Franklin Templeton investment advisers (collectively, "Independent Directors").

**Franklin Templeton**

![](g9a49xe8k80tinqke7428.jpg)

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| | |
|:---|:---|
| **Personal investments and insider trading policy** | November 2025 **4** |

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**Access Persons:** Access Persons are a subset of Covered Employees and generally include: (1) employees of any Franklin Templeton investment adviser; and (2) those who have access to non-public information regarding FT Funds' or Client Accounts' securities transactions; or have access to recommendations that are non-public; or have access to non-public information regarding the portfolio holdings of the FT Funds or Client Accounts.

**Portfolio Persons:** Portfolio Persons, a subset of Access Persons, are those who, in connection with their regular functions or duties, make or participate in the decision to purchase or sell a security by an FT Fund or Client Account or if his or her functions relate to the making of any recommendations about those purchases or sales.

Please see the Appendix to this Policy for a table indicating how the provisions of the Policy apply to each category of persons. In addition, please see section 2.8 of the Policy for a description of the requirements for Independent Directors.

**2.3Accounts and Transactions Covered by the Policy**

The Policy covers two types of securities accounts and transactions: (1) those in which Covered Employees have or share investment control, and (2) those in which Covered Employees have direct or indirect beneficial ownership. Generally, a person has a beneficial ownership in a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security. Covered Employees are presumed to have a pecuniary interest in securities held by members of their immediate family or domestic partners sharing the same household.

Certain types of securities and investments are exempt from the Policy. These include, but are not limited to, direct obligations of the U.S. government, money market instruments, and registered open-end funds other than FT Funds. Cryptocurrencies and digital assets must be precleared and are reportable only, (1) by members of those investment teams investing in cryptocurrencies, or any FT employee involved in trading or the creation and redemption process for any FT digital currency Fund or account, and (2) for the cryptocurrencies in which they are investing on behalf of clients or funds, and (3) those involved in the creation and redemption process for any FT digital currency ETF must also preclear their investments in FT digital Funds. Please consult the Code of Ethics Department for further information about specific types of securities that are exempt from the Policy.

**2.4Prohibited Transactions**

**Trading that Conflicts with FT Funds or Client Accounts**

Covered Employees are prohibited from any trading activity that conflicts with the FT Funds' or Client Accounts' trading activity. Examples of prohibited trading activity include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"front running" or trading ahead of an FT Fund or Client Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•trading parallel to or against an FT Fund or Client Account.

**Short Sales of Securities Issued by Franklin Resources and FT Sponsored Closed-end Funds and Exchange Traded Funds (ETFs)**

Covered Employees are prohibited from effecting short sales, including "short sales against the box," of securities issued by FRI, or any FT sponsored closed-end funds or FT exchange traded funds (ETFs). This prohibition includes economically equivalent transactions such as call or put options, swap transactions or other derivatives that would result in having a net short exposure to FRI or any closed-end fund or ETF sponsored or advised by Franklin Templeton.

**Franklin Templeton**

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**Pledged Securities**

Directors and Executive Officers are also prohibited from pledging, hypothecating or otherwise encumbering securities issued by FRI as described in greater detail in the FRI Code of Ethics and Business Conduct.

**Trading in Shares of the FT Funds**

A Covered Employee is prohibited from buying or selling shares of an FT Fund while in possession of material non- public information about the FT Fund. Specifically, Covered Employees are prohibited from taking personal advantage of their non-public knowledge of recent or impending investment activities of FT Funds or the FT Funds' investment advisers or any other non-public information that a reasonable investor would likely consider important in making his or her investment decisions, including information that may have a material effect on an FT Fund's share price or net asset value.

In addition, Covered Employees must keep confidential at all times non-public information they may obtain about an FT Fund, including but not limited to information such as portfolio holdings, pricing or valuation of an FT Fund's portfolio holdings, recent or impending securities transactions by an FT Fund, changes related to an FT Fund's investment adviser, offerings of new FT Funds, changes to investment minimums, FT Fund closures or liquidations, changes to investment personnel, FT Fund flow activity, and information on current or prospective FT Fund shareholders.

Please consult your local Legal or Compliance department if you have any questions about materiality, confidentiality, or any other concerns before trading on or sharing non-public information relating to FT Funds.

**Special Provision Relating to Ownership of Putnam Funds**

Employees of Putnam Investment Management, LLC, The Putnam Advisory Company LLC and of the principal underwriter of the Putnam open-end U.S. mutual funds, Franklin Distributors, LLC (collectively, the "Putman Entities"), must hold shares of Putnam open-end U.S. mutual funds through the Putnam transfer agent (Putnam Investor Services, Inc.) and all transactions must be executed through Franklin Distributors, LLC as dealer of record. Holding Putnam mutual fund shares in discretionary accounts is prohibited. This requirement does not apply to shares of Putnam mutual funds owned in retirement accounts or other accounts required to be held through third-party administrators.

**Short-Term Trading in Open-end FT Funds**

Franklin Templeton discourages short-term or excessive trading, often referred to as "market timing," in shares of the open-end FT Funds. Covered Employees must be familiar with the "Frequent Trading Policy" or its equivalent described in the prospectus of each open-end FT Fund in which they invest and must not engage in trading activity that might violate the purpose or intent of such policy. Accordingly, all Covered Employees must comply with the purpose and intent of each open-end FT Fund's Frequent Trading Policy or its equivalent and must not engage in any short-term trading (if the relevant FT Fund has adopted a policy regarding short-term trading) or excessive trading in open-end FT Funds.

For open-end FT Funds within the Franklin Templeton Group of Funds, including FT Funds purchased through a 401(k) plan, trading activity by Covered Employees is monitored and any trading patterns or behaviors that may constitute short-term or excessive trading is reported to the Code of Ethics Department. These reports will include descriptions of any actions taken and any sanctions or penalties imposed in response to such trading activity. This policy does not apply to purchases and sales of money market funds.

**2.5Additional Prohibitions and Requirements for Access Persons and Portfolio Persons**

**Initial Public Offerings**

Access Persons are prohibited from investing in securities sold in an initial public offering or a secondary offering (including Initial Coin Offerings ("ICOs")) by an issuer except for offerings of securities made by closed-end FT Funds advised or sub-advised by Franklin Templeton. However, IPOs may be permissible in certain circumstances

**Franklin Templeton**

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or jurisdictions. Please contact the Code of Ethics department or your local Compliance Officer in advance of executing any IPO.

**Single Stock ETFs**

Access Persons are prohibited from investing in single stock ETFs including derivatives of a single stock ETF such as options.

**Short Sales of Securities**

Portfolio Persons are prohibited from selling short any security held by the FT Funds, including "short sales against the box." This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, purchase and sales of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives where the security is held by FT Funds.

**Short Swing Rule**

Portfolio Persons are subject to a short swing rule whereby they cannot sell shares of a security at a price higher than any price paid within the prior 60 calendar days or buy a security at a price below any price which they sold it within the past 60 calendar days, including transactions in derivatives and transactions that may occur in margin and option accounts. Any profits made must be disgorged. Please consult the Code of Ethics Department for any exemptions from this rule and how profits are calculated.

**Disclosure of Interest in Securities or Private Investments**

Portfolio Persons are required to disclose any interest and any contemplated new interests they have in the securities of an issuer or direct investment in any company if they are involved in either analysis or investment decisions related to the issuer or company.

Portfolio Persons must also disclose any proposed business relationship between the issuer and the Portfolio Person or any party in which the Portfolio Person has an interest.

The disclosures above must be made to their Chief Investment Officer and /or Director of Research.

**2.6Reporting Requirements**

**All Accounts**

All Covered Employees must complete an Initial Code of Ethics Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15**<sup>th</sup> of each subsequent year they must complete an annual certification that they have complied with and will comply with the Policy.

Access Persons must also file an Initial Broker Accounts Certification and Initial Holdings Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15**<sup>th</sup> of each subsequent year, Access Persons must file a then current **annual** report of all personal securities accounts and securities holdings and must certify that they have complied with and will comply with the Policy.

**Non-Discretionary Accounts**

On a **quarterly** basis, and no later than 30 calendar days after the end of each calendar quarter, every Access Person must report all transactions in securities covered by this Policy, except for those executed through an Automatic Investment Plan or that would duplicate information already provided in broker confirmations or statements sent to the Code of Ethics Department directly from the broker.

**Franklin Templeton**

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No later than 30 calendar days after the calendar quarter, Access Persons must report any account established in which any securities were held during that calendar quarter.

**Discretionary Accounts**

Reporting of transactions is not required for discretionary accounts. A discretionary account is managed by a non- affiliated third party (registered broker-dealer, a registered investment adviser, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion.

The Access Person must certify initially and annually thereafter that they do not have investment control of the discretionary account other than the right to terminate. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared. If there is any uncertainty about whether a particular account would be deemed discretionary for purposes of the Policy, please consult the Code of Ethics Department.

**2.7Pre-Clearance** Requirements

**Securities Transactions**

Access Persons must obtain pre-clearance from the Code of Ethics Department before buying or selling any security (other than those exempt from pre-clearance, as set forth in the Exemptions from Pre-Clearance section below). Certain transactions, depending on the market capitalization of the relevant issuer and the proposed trade value, will generally be approved. However, Access Persons are always prohibited from executing transactions in a security if they are aware that FT Funds or Client Accounts are active or contemplate being active in the security (even if the transactions were approved). Pre-clearance requests should be submitted via StarCompliance.

**Private Investments and Limited Offerings**

Access Persons must obtain pre-clearance from the Code of Ethics Department before investing in a private placement or purchasing other securities in a limited offering. For example, investments in private or unregistered funds (i.e., hedge funds) are required to be pre-cleared under the Policy. Pre-clearance requests should be submitted via StarCompliance.

**Discretionary Accounts**

Transactions in discretionary accounts do not need to be pre-cleared if satisfactory evidence has been provided to the Code of Ethics Department that sole investment discretion has been granted to an investment manager. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared through the Code of Ethics Department.

**Exemptions from Pre-Clearance**

Certain types of securities and transactions are exempt from the pre-clearance requirements. Examples of these types of securities and transactions include, but are not limited to, shares issued by FRI; shares of FT open-end funds; ETFs (certain FT employees must pre-clear FT digital ETFs); closed-end funds (excluding FT sponsored closed-end Funds); certain government obligations; and transactions effected pursuant to dividend reinvestment plans. Please consult the Code of Ethics Department for further information about the types of securities and transactions that are exempt from the pre-clearance requirements of the Policy.

**"Intent" Is Important**

While pre-clearance of Access Persons' transactions is a cornerstone of Franklin Templeton's compliance efforts, it cannot detect inappropriate or illegal transactions where the intent conflicts with the principles of the Policy. Thus, the fact that a proposed transaction received pre-clearance is not a defense against a charge of violating the Policy or the securities laws. For example, even if an Access Person received pre-clearance for a transaction, that transaction might constitute front-running if it occurred shortly before a transaction by an FT Fund or Client Account

**Franklin Templeton**

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| **Personal investments and insider trading policy** | November 2025 **8** |

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that the Access Person was aware of. In cases like this, the intent may not be evident when a particular transaction request is analyzed for pre-clearance.

**2.8Requirements for Independent Directors**

**Pre-clearance and Reporting Requirements**

Unless covered by a separate policy, an Independent Director is subject to the pre-clearance and transaction reporting requirements of the Policy only if such Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account. The pre-clearance and reporting requirements of the Policy do not apply to securities transactions conducted in an account where an Independent Director has granted full investment discretion to a brokerage firm, bank or investment adviser or conducted in a trust account in which the trustee has full investment discretion. Independent Directors are not required to disclose any securities holdings or brokerage accounts, including brokerage accounts where he/she has granted discretionary authority to a brokerage firm, bank or investment adviser.

**Initial and Annual Acknowledgment Reports**

An Independent Director must complete and return an executed Acknowledgment Form to the Code of Ethics Department no later than 10 calendar days after the date the person becomes an Independent Director. Independent Directors will be asked to certify by **February 15**<sup>th</sup> of each year that they have complied with and will comply with the Policy by filing the Acknowledgment Form with the Code of Ethics Department.

**SECTION 3. INSIDER TRADING**

**3.1Policy on Insider Trading**

Insider trading, or trading on material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. No Covered Employee may (1) trade, either personally or on behalf of the FT Funds or Client Accounts, while in possession of material non-public information, or (2) communicate material non-public information to others.

Material non-public information may be obtained by many means, both in connection with a Covered Employee's job functions (e.g., from meetings with company executives or consultations with expert networks) or independent of the Covered Employee's employment or relationship with Franklin Templeton (e.g., from friends or relatives).

Before trading for themselves or others (including FT Funds and Client Accounts) in the securities of a company about which a Covered Employee potentially may have material non-public information, the Covered Employee should consider the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•First, is the information material? Information is considered material if there is a substantial likelihood that a reasonable investor would consider the information to be important in making his or her investment decision, or if it is reasonably certain to have a substantial effect on the price of the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second, is the information non-public? Information is non-public until it has been effectively communicated to the marketplace. For example, information in a report filed with the U.S. Securities and Exchange Commission, or that appears in a publication of general circulation (e.g., The Wall Street Journal or Reuters) would be considered public. If the information has been obtained from someone who is betraying an obligation not to share the information (e.g., a company insider), that information is very likely to be non-public.

If, after consideration of these questions, the Covered Employee believes that the information that they have about a company may be material and non-public, or if the Covered Employee has questions as to whether the information is material or non-public, he or she must report the matter immediately to Trading Desk Compliance/IC,

**Franklin Templeton**

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the designated Compliance Officer or Legal Department. In addition, the Covered Employee must not purchase or sell any securities issued by such company on behalf of themselves or others (including on behalf of any FT Fund or Client Account), or communicate the information inside or outside Franklin Templeton.

Trading Desk Compliance/IC or the Compliance Officer will promptly contact the Legal Department for advice. After review of the facts, the Legal Department, Trading Desk Compliance/IC or the Compliance Officer will provide instructions to the Covered Employee. If the information in the Covered Employee's possession is determined to be material and non-public, the Covered Employee is required to keep the information confidential and secure. Those securities for which the Covered Employee has material non-public information will be placed on restricted trading lists for a timeframe determined by the Compliance Officer. Preclearance requests for trades of securities that have been placed on such restricted trading lists generally will be denied.

**SECTION 4. RELATED POLICIES AND REQUIREMENTS**

**4.1Statement on Other Policies and Requirements**

In addition to the Policy, Covered Employees are required to observe the applicable policies and procedures prescribed in the Code of Ethics and Business Conduct, the policies contained in the U.S. and non-U.S. employee handbooks (as applicable), and various other policies adopted by Franklin Templeton.

**SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS**

**5.1Code of Ethics Committee; Reporting to FT Fund Boards**

The Code of Ethics Committee is responsible for the administration of the Policy and provides oversight of compliance with the personal trading requirements of the Policy. Among other things, the Committee has the authority and responsibility to review the Policy periodically, review sanction guidelines for violations of the Policy and review trading violations and waivers granted.

At least annually, the FT Fund Boards who have adopted this policy will be provided with a report describing any issues arising under the Policy if requested. FT Fund Boards may require more frequent reporting, including detailing all violations of the Policy.

**5.2Violations of the Policy**

A Covered Employee that violates this Policy will be sanctioned in a manner commensurate with the violation. Prescribed sanctions range from warning memos for a first time failure to pre-clear a transaction to the immediate sale of positions, disgorgement of profits, personal trading suspensions and other sanctions, up to and including termination and reporting to regulatory authorities for more serious violations.

**5.3Waivers of the Policy**

The Chief Compliance Officer of the relevant investment adviser, or primary regional officer, may, in his or her discretion, waive compliance by any Covered Employee with the provisions of the Policy, if he or she finds that such

awaiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)is necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)will not be inconsistent with the purposes and objectives of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)will not adversely affect the interests of the FT Funds or Client Accounts or the interests of Franklin Templeton; and

**Franklin Templeton**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) will not result in a transaction or conduct that would violate provisions of applicable laws or regulations.

Any waiver will be in writing, will contain a statement of the basis for it, and any waivers granted by the Chief Compliance Officer of the relevant investment adviser, or primary regional officer, will be reported to the SVP of Regulatory Compliance.

**5.4Reporting Violations**

Covered Employees are required to report violations of the Policy or the related Procedures, whether by themselves or by others.

Franklin Templeton is dedicated to providing Covered Employees with the means and opportunity to report violations of the Policy or the related Procedures, or other instances of wrongdoing, or any concerns they may have regarding ethical violations or accounting, internal control or auditing matters, including fraud. Several means are provided by which reports to the Compliance and Ethics Hotline can be made including:

Online at: <u>https://franklintempleton.ethicspoint.com</u>

U.S., U.S. Territories or Canada can call toll-free 1-800-648-7932

All other countries can call collect at 704-540-0139

Franklin Templeton will not allow retaliation against any Covered Employee who has submitted a report of a violation of the Policy or the related Procedures in good faith.

**Franklin Templeton**

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**Personal investments and insider trading policyNovember 2025 11**

**Appendix**

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|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Covered** | **Access** | &nbsp;&nbsp;&nbsp;**Portfolio** | **Independent** |
|  | **Employees** | **Persons** | **Persons** | **Directors** |
| &nbsp;&nbsp;**Prohibited Activities (Section 1.3)** | X | X | X | X |
| &nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Trading Activity that Conflicts with FT | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds or Client Accounts | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds or Client Accounts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Short Sales of FRI and Closed-end FT | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds and ETFs | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds and ETFs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading in Shares of the FT Funds When in | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Possession of Material Non-Public Information | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Possession of Material Non-Public Information |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Provision on Ownership of Putnam Funds |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Trading in Open-end FT Funds | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Investments in Initial Public Offerings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Single Stock ETFs |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Short Sales of All Securities |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short Swing Rule |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Interest in Securities |  |  | X |  |
| &nbsp;&nbsp;**Reporting Requirements (Section 2.6)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Certification/Acknowledgment | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual Certification of Compliance | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarterly Disclosure of Transactions |  | X | X | X\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarterly Disclosure of New Accounts |  | X | X |  |
| &nbsp;&nbsp;**Pre-Clearance Requirements (Section 2.7)** |  | X | X | X\* |
| &nbsp;&nbsp;**Insider Trading (Section 3)** | X | X | X | X |
| &nbsp;&nbsp;**Requirement to Report Violations (Section 5.4)** | X | X | X | X |

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\*Only applicable if the Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account.

**Franklin Templeton**