# EDGAR Filing Document

**Accession Number:** 0000080946
**File Stem:** 0000080946-26-000007
**Filing Date:** 2026-4
**Character Count:** 501772
**Document Hash:** 7453b138f874328965f81e922717da9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000080946-26-000007.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0000080946-26-000007

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 83

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIALS GIBRALTAR FUND
- **CENTRAL INDEX KEY:** 0000080946

**ORGANIZATION NAME:**
- **EIN:** 860217711
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01660
- **FILM NUMBER:** 26867714

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-2992
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-2992
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIALS GIBRALTAR FUND
- **CENTRAL INDEX KEY:** 0000080946

**ORGANIZATION NAME:**
- **EIN:** 860217711
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-32685
- **FILM NUMBER:** 26867713

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-2992
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-2992

## Series and Classes Contracts Data

### PRUDENTIAL'S GIBRALTAR FUND, INC. (Series ID: S000010007)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000027675 | PRUDENTIAL'S GIBRALTAR FUND |  |

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

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

Securities Act Registration No. 2-32685

Investment Company Act Registration No. 811-01660

**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. 81 (X)**

**and/or**

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

**AMENDMENT NO. 81 (X)**

Check appropriate box or boxes

**Prudential's Gibraltar Fund, Inc.**

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 (____) 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.

------

![](img90326d961.gif)

**Prudential's Gibraltar Fund, Inc.** 

**PROSPECTUS • May 1, 2026**

Prudential's Gibraltar Fund, Inc. (the Fund) offers one class of shares. You may invest in the Fund only through the systematic investment plan contracts and the variable annuity contracts issued as part of the Financial Security Program and the Annuity Plan Account-2 of The Prudential Insurance Company of America (Prudential) (investors that hold such contracts, the "Planholders"). The contracts are no longer sold. The Planholders still owning contracts may make additional investments in accordance with their contracts.

**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.

![](img12dbf5492.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| **1** | **[FUND](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1)[SUMMARY](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1)** |
| 1 | [Investment](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1)[Objective](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1) |
| 1 | [Fund Fees and](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1)[Expenses](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1) |
| 1 | [Investments, Risks and](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1)[Performance](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_1) |
| 4 | [Management of the](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_4)[Fund](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_4) |
| 4 | [Tax](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_4)[Information](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_4) |
| 4 | [Financial Intermediary](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_4)[Compensation](#xx_c5e189b2-4388-40f1-b2cd-a37571412da8_4) |
| **5** | **[MORE DETAILED INFORMATION ON HOW THE FUND](#xx_168a3d85-2b54-404c-bcc9-b8ac7263242a_1)[INVESTS](#xx_168a3d85-2b54-404c-bcc9-b8ac7263242a_1)** |
| 5 | [Investment](#xx_168a3d85-2b54-404c-bcc9-b8ac7263242a_1)[Objective](#xx_168a3d85-2b54-404c-bcc9-b8ac7263242a_1) |
| 5 | [Investment](#xx_168a3d85-2b54-404c-bcc9-b8ac7263242a_1)[Strategies](#xx_168a3d85-2b54-404c-bcc9-b8ac7263242a_1) |
| **7** | **[PRINCIPAL](#xx_e641de11-3761-4f51-b944-aae9cda7c40d_1)[RISKS](#xx_e641de11-3761-4f51-b944-aae9cda7c40d_1)** |
| 7 | [Principal Risks of Investing in the](#xx_e641de11-3761-4f51-b944-aae9cda7c40d_1)[Fund](#xx_e641de11-3761-4f51-b944-aae9cda7c40d_1) |
| **13** | **[HOW THE FUND IS](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1)[MANAGED](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1)** |
| 13 | [Board of](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1)[DIRECTORS](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1) |
| 13 | [Manager &](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1)[Subadviser](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1) |
| 13 | [PORTFOLIO](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1)[MANAGERS](#xx_951f6a12-5aec-43db-8647-23832a4b0287_1) |
| **15** | **[PURCHASE, REDEMPTION & PRICING OF FUND](#xx_03137db7-0cf0-47dd-9bb5-12024ac603fb_1)[SHARES](#xx_03137db7-0cf0-47dd-9bb5-12024ac603fb_1)** |
| 15 | [Purchase](#xx_03137db7-0cf0-47dd-9bb5-12024ac603fb_1) |
| 15 | [Redemption](#xx_03137db7-0cf0-47dd-9bb5-12024ac603fb_1) |
| 15 | [Net Asset](#xx_03137db7-0cf0-47dd-9bb5-12024ac603fb_1)[Value](#xx_03137db7-0cf0-47dd-9bb5-12024ac603fb_1) |
| **18** | **[OTHER](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1)[INFORMATION](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1)** |
| 18 | [Dividends &](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1)[Distributions](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1) |
| 18 | [US Federal Income](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1)[Taxes](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1) |
| 18 | [Disclosure of Portfolio](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1)[Holdings](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1) |
| 18 | [Frequent](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1)[Trading](#xx_d089f41a-0358-436b-ab8e-ef6867ed5969_1) |
| **20** | **[FINANCIAL](#xx_8f5cb912-3502-4a40-a688-c7114dc7477a_1)[HIGHLIGHTS](#xx_8f5cb912-3502-4a40-a688-c7114dc7477a_1)** |

---

------

FUND SUMMARY

**Investment Objective**

The investment objective of the Fund is growth of capital to an extent compatible with a concern for preservation of principal. Current income, if any, is incidental.

**Fund Fees and Expenses**

The table below shows the fees and expenses that you may pay if you invest in shares of the Fund. The table does not include charges that are imposed by the investment plan contracts or the variable annuity contracts. 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 Fund Operating Expenses % (expenses that you pay each year as a percentage of the value of your investment)** |  |
| Management Fees | 0.55% |
| + Distribution (12b-1) Fees |  |
| + Other Expenses | 0.10% |
| = Total Annual Fund Operating Expenses | 0.65% |

---

**Example.** The following example is intended to help you compare the cost of investing in the Fund 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 Fund 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 Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Prudential's Gibraltar Fund, Inc. | $66 | $208 | $362 | $810 |

---

**Portfolio Turnover.** The Fund 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 fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

**Investments, Risks and Performance** 

**Principal Investment Strategies.** The Fund invests primarily in common stock and other securities convertible into common stock. Those investments can include American Depositary Receipts, which are dollar-denominated certificates representing a right to receive securities of a foreign issuer.

The Fund's portfolio managers seek to invest in medium to large companies that they believe possess sustainable, above-market growth in revenues, earnings, and cash flows and reasonable valuations, resulting in a fund that exhibits growth characteristics blended with valuations comparable to that of the market.

The Fund may also invest in preferred stock, bonds, debenture notes and other evidences of indebtedness of a character customarily acquired by institutional investors. These investments may or may not be convertible into stock or accompanied by warrants or rights to acquire stock. These investments may or may not be publicly traded.

The Fund may also invest in money market instruments, such as short-term debt securities. The Fund usually invests only a moderate proportion of its assets in money market instruments to facilitate purchases and redemptions and portfolio trading.

------

The Fund may lend its securities and invest in warrants.

**Principal Risks of Investing in the Fund.** The risks summarized below are the principal risks of investing in the Fund. 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 Fund. An investment in the Fund 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 Fund makes every effort to achieve its objective, the Fund cannot guarantee success. To the extent the Fund invests in underlying investment companies or other underlying portfolios, the Fund may be exposed to these risks directly through securities and other investments held directly by the Fund or indirectly through investments made by the underlying portfolios in which the Fund invests.

**Equity Securities Risk**. The value of a particular stock or equity-related security held by the Fund 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 Fund. In addition, due to decreases in liquidity, the Fund 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 Fund 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 Fund may be higher than the expenses shown in the "Annual Fund Operating Expenses" table above for a variety of reasons, including, for example, if the Fund's average net assets decrease.

**Inflation and Deflation Risk**. The Fund 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 the Fund'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 the Fund'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 the Fund's investments may not keep pace with inflation, which may result in losses to Fund 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 held by the Fund 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 Fund 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 Fund's ability to sell the securities.

**Large Company Risk.** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund 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

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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 Fund 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 Fund 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 Fund's net asset value. In such cases, investments owned by the Fund 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 Fund is subject to a liquidity risk management program, which limits the ability of the Fund to invest in illiquid investments.

**Market and Management Risk**. Markets in which the Fund 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 Fund 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 Fund'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 Fund and its service providers, adversely affect the liquidity and volatility of investments held by the Fund, and negatively impact the Fund's performance. There is no guarantee that the investment objective of the Fund will be achieved. In periods of market volatility and/or declines, the Fund 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.

**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 Fund 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 Fund'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 Fund's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, the Fund 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 Fund's investments in fixed income securities.

**Regulatory Risk**. The Fund is subject to a variety of laws and regulations which govern its operations. The Fund 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 Fund invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Fund, a security, business, sector, or market.

**Past Performance.** The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund'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 Fund. Past performance does not mean that the Fund will achieve similar results in the future.

The annual returns and average annual returns shown in the chart and table are after deduction of Fund 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;

![](img23126eef3.jpg)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 28.63% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -23.99% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2022<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Fund | 14.31% | 8.87% | 15.32% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**Management of the Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager** | **Subadviser** | **Portfolio Managers** | **Title** | **Service Date** |
| PGIM Investments LLC | Jennison Associates LLC | Blair A. Boyer | Managing Director | January 2005 |
|  |  | Natasha Kuhlkin, CFA | Managing Director | March 2023 |
|  |  | Owuraka Koney, CFA | Managing Director | July 2025 |

---

**Tax Information**

The US federal income tax rules applicable to Planholders vary depending on the contract and whether a tax qualified plan is involved. Planholders should consult the prospectus of the appropriate separate account or description of the plan for a discussion and information on the tax consequences of a contract, policy or plan. In addition, Planholders may wish to consult with their tax adviser as to the tax consequences of investments in the contracts and the Fund, including the application of US federal, state and local and non-US taxes.

The Fund intends to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the Code) applicable to investment companies selling their shares to insurance company separate accounts. By meeting these requirements, Prudential—but not the variable contract owners—should be subject to tax on distributions by the Fund to the separate accounts.

**Financial Intermediary Compensation**

You may invest in the Fund only through certain contracts previously issued by Prudential. Those contracts are no longer sold. Planholders still owning contracts may make additional investments in accordance with their contracts. Prudential, its affiliates or persons that sold the contracts may receive compensation in connection with investments in the Fund and related services. These payments may create a conflict of interest by influencing Prudential and your salesperson to recommend the Fund over another investment. Ask your salesperson for more information.

------

MORE DETAILED INFORMATION ON HOW THE FUND INVESTS

**Investment Objective** 

The Fund's objective is growth of capital to an extent compatible with a concern for preservation of principal. Current income, if any, is incidental.

**Investment Strategies** 

In an effort to meet its objective, the Fund invests primarily in common stock and other securities convertible into common stock. The Fund's portfolio managers seek to invest in medium to large companies that they believe possess sustainable, above-market growth in revenues, earnings, and cash flows and reasonable valuations, resulting in a portfolio that exhibits growth characteristics blended with valuations comparable to that of the market. They also look for stocks with characteristics such as strong market position, improving profitability and distinctive attributes such as unique marketing ability, strong research and development, new product flow and financial strength.

The Fund may also invest in American Depositary Receipts (ADRs). ADRs are US dollar-denominated certificates issued by a United States bank or trust company. They represent the right to receive securities of a foreign issuer deposited in a domestic bank or foreign branch of a United States bank and traded on a United States exchange or in an over-the-counter market.

Investment in ADRs has certain advantages over direct investment in the underlying foreign securities. They are easily transferable, have readily available market quotations, and the foreign issuers are usually subject to comparable auditing, accounting, and financial reporting standards as domestic issuers. Nevertheless, like foreign securities, ADRs involve certain risks. These risks include political or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, and the fact that there may be less publicly available information about a foreign company than about a domestic company.

The Fund may also invest in preferred stock, bonds, debenture notes and other evidences of indebtedness of a character customarily acquired by institutional investors. These investments may or may not be convertible into stock or accompanied by warrants or rights to acquire stock. These investments may or may not be publicly traded.

The Fund may also invest in money market instruments, such as short-term debt securities. The Fund usually invests only a moderate proportion of its assets in money market instruments to facilitate purchases and redemptions and portfolio trading.

The Fund may lend its securities and invest in warrants.

Although the Fund makes every effort to achieve its investment objective, there can be no guarantee of success and it is possible you could lose money by investing in the Fund.

The Fund's investment objective is not a fundamental policy of the Fund, meaning that the investment objective can be changed by the Fund's Board of Directors without shareholder approval. The Fund is subject to certain investment restrictions that are fundamental policies, which means they cannot be changed without shareholder approval. For more information about these restrictions, see the Statement of Additional Information (SAI).

**Temporary Defensive Investments**. In response to adverse or unstable market, economic, political, or other conditions, or to satisfy redemptions, the Fund may take a temporary defensive position and invest up to 100% of the Fund's assets in money market instruments, including short-term obligations of, or securities guaranteed by, the U.S. Government, its agencies or instrumentalities or in high-quality obligations of banks and corporations, repurchase agreements, or hold up to 100% of the Fund's assets in cash, cash equivalents or shares of affiliated money market or short-term bond funds. Investing heavily in money market securities may limit the Fund's ability to pursue or achieve its investment objective and could reduce the benefit to the Fund of any upswing in the market,

------

but can help to preserve the value of the Fund's assets when markets are unstable. The use of temporary defensive investments may be inconsistent with the Fund's investment objective. In addition, the Fund may temporarily invest up to 10% of its assets in ETFs during stressed and/or volatile market conditions.

**Illiquid Investments**. The Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that the Fund 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 classified as liquid investments. The 15% limit is applied as of the date the Fund purchases an illiquid investment. It is possible that the Fund's holdings of illiquid investments could exceed the 15% limit as a result of, for example, market developments (e.g., an increase in the value of the Fund's illiquid holdings and/or a decrease in the value of the Fund's liquid holdings) or redemptions. In such instances, the Fund must take steps to bring its illiquid investments to or below 15% of its net assets within a reasonable period of time.

The Fund may purchase certain restricted securities that can be resold to institutional investors and that may be classified as liquid investments pursuant to procedures adopted by the Fund. In many cases, those securities are traded in the institutional market under Rule 144A under the Securities Act of 1933.

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PRINCIPAL RISKS

**Principal Risks of Investing in the Fund** 

An investment or type of security specifically identified in this Prospectus generally reflects a principal investment. The Fund 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 Fund. The Summary section lists the principal risks for the Fund. This section provides more detailed information about each risk. The Fund may be subject to additional risks other than those identified and described below because the types of investments made by the Fund can change over time. The order of the below risk factors does not indicate the significance of any particular risk factor. To the extent the Fund invests in underlying investment companies or other underlying portfolios, the Fund may be exposed to these risks directly through securities and other investments held directly by the Fund or indirectly through investments made by the underlying portfolios in which the Fund invests.

All investments have risks to some degree and it is possible that you could lose money by investing in the Fund. An investment in the Fund 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 Fund makes every effort to achieve its objective, the Fund cannot guarantee success.

In addition, the Fund 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 Fund invests and subject the Fund 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 Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund, the Fund's Manager, Subadviser(s), distributor, and other service providers, or the issuers of securities in which the Fund 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 Fund, 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 Funds. For instance, the Fund 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 Fund 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 Fund's holdings may be impacted, which could significantly impact the overall performance of the Fund. 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.

**Equity Securities Risk.** There is a risk that the value of a particular stock or equity-related security held by the Fund 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 the Fund invests could go down. The Fund's holdings can vary from broad market indexes, and the performance of the Fund 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 the Fund. 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

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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 Fund may invest in ETFs, including ETFs managed by PGIM Investments or the Fund'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 Fund 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 Fund). 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 Fund 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 Fund may be higher than the expenses shown in "Annual Fund Operating Expenses" for a variety of reasons. For example, Fund operating expense ratios may be higher than those shown if the Fund's average net assets decrease, fee waivers or expense limitations change, or the Fund incurs more expenses than expected. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund 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 Fund may decrease its value. Credit

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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 Fund, 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 Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Fund 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 Fund's Subadviser may determine which rating it believes best reflects the security's quality and risk at that time. The Fund 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 Fund 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 Fund 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 Fund 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 Fund to have to liquidate portfolio securities at disadvantageous prices or times and/or unfavorable conditions and, thus, could reduce the returns of the Fund 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 Fund'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 Fund'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 Fund 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 Fund 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 Fund. During periods of very low or negative interest rates, the Fund 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 Fund performance to the extent the Fund is exposed to such interest rates.

**Inflation and Deflation Risk.** The Fund 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 the Fund'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 the Fund'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 the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors. Fiscal, economic,

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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, the Fund's performance may at times be worse than the performance of other funds 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 the Fund 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.

**Liquidity and Valuation Risk**. From time to time, the Fund 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 Fund may have difficulty determining the values of those securities for the purpose of determining the Fund's net asset value. The Fund also may have difficulty disposing of those securities at an advantageous time or at the values determined by the Fund for the purpose of determining the Fund's net asset value, especially during periods of significant net redemptions of Fund shares. As a result, the Fund 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 Fund 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 Fund would receive upon the sale of the investment. The Fund'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.

Funds 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.

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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 Fund 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 Fund 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 the Fund 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 Funds 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 Fund'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 Fund'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 Fund and its service providers, adversely affect the value and liquidity of the Fund's investments, and negatively impact the Fund'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 Fund. 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 Fund invests.

During periods of severe market stress, it is possible that the market for some or all of the Fund's investments may become highly volatile and/or illiquid. While the Fund'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

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environment changes can be sudden and extreme. Price changes may be temporary or last for extended periods of time. In such an event, the Fund 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 Fund 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 Fund, and there is no assurance the Fund 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 Fund being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, the Fund may rely on various third-party sources to calculate its net asset value. As a result, the Fund 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 Fund'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. The Fund 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 Fund 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 Fund'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 Fund will be achieved.

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

**Regulatory Risk**. The Fund is subject to a variety of laws and regulations which govern its operations. The Fund is subject to regulation by the SEC. Similarly, the businesses and other issuers of the securities and other instruments in which the Fund invests are also subject to considerable regulation. These laws and regulations are subject to change. Changes in laws and regulations may materially impact the Fund, 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 Fund to achieve its investment objective, may impact the Fund's investment policies and/or strategies, or may reduce the attractiveness of an investment.

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HOW THE FUND IS MANAGED

**Board of DIRECTORS** 

The board of directors of the Fund (the Board) oversees the actions of the Manager and the Subadviser and decides on general policies. The Board also oversees the Fund's officers who conduct and supervise the daily business operations of the Fund.

**Manager & Subadviser** 

PGIM Investments LLC (PGIM Investments or the Manager) serves as investment manager to the Fund. PGIM Investments is an indirect, wholly-owned subsidiary of Prudential Financial, Inc. (Prudential Financial). Neither Prudential Financial nor any of its subsidiaries are affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom. PGIM Investments is located at 655 Broad Street, Newark, New Jersey 07102. PGIM Investments and its predecessors have served as manager and administrator to investment companies since 1987. As of December 31, 2025, PGIM Investments served as the investment manager to all of the Prudential US and offshore investment companies, and as manager or administrator to closed-end investment companies, with aggregate assets of $333.2 billion.

Under a management agreement with the Fund, PGIM Investments manages the Fund's investment operations and administers its business affairs. For the fiscal year ended December 31, 2025, the Fund paid PGIM Investments management fees at the effective rate of 0.55% of the Fund's average daily net assets.

The Fund uses a multi-manager structure. Under this structure, PGIM Investments selects (with approval of the Fund's independent directors) one or more subadvisers to handle the actual day-to-day investment management of the Fund. PGIM Investments monitors each subadviser's performance through quantitative and qualitative analysis, and periodically reports to the Fund's Board of Directors as to whether each subadviser's agreement should be renewed, terminated or modified. PGIM Investments also is responsible for allocating assets among the subadvisers if a Fund has more than one subadviser. In those circumstances, the allocation for each subadviser can range from 0% to 100% of a Fund's assets, and PGIM Investments can, in its sole discretion, change the allocations for any reason without prior notice and without Board or shareholder approval. Any such changes will be reflected in the next annual update to the prospectus. The Fund will notify Planholders of any new subadviser or any material changes to any existing subadvisory agreement.

PGIM Investments and the Fund have obtained an exemptive order from the SEC that permits PGIM Investments, subject to approval by the Board, to enter into and make material amendments to subadvisory agreements with non-affiliated subadvisers and with certain affiliated subadvisers with respect to the Fund, without obtaining shareholder approval. Pursuant to the exemptive order, PGIM Investments may change a Fund's subadviser, subject to Board approval, without obtaining prior shareholder approval. This exemptive order (which is similar to exemptive orders granted to other investment companies that are organized in a manner similar to the Fund) is intended to facilitate the efficient supervision and management of the subadvisers by PGIM Investments and the Board.

A discussion regarding the basis for the Board's approval of the Fund's management and subadvisory agreements is available in the Fund's Form N-CSRS for the sixth-month period ended June 30.

**Jennison Associates LLC (Jennison)** is the Fund's subadviser. It 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. Its address is 466 Lexington Avenue, New York, New York 10017. PGIM Investments has responsibility for all investment advisory services, supervises Jennison and pays Jennison for its services. As of December 31, 2025, Jennison managed in excess of $213.9 billion in assets. Jennison has served as an investment adviser since 1969.

**PORTFOLIO MANAGERS** 

**Blair A. Boyer**, **Natasha Kuhlkin, CFA**, and **Owuraka Koney, CFA** are the portfolio managers jointly and primarily responsible for the day-to-day management of the Fund.

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**Blair A. Boyer** is a Managing Director, Co-Head of Large Cap 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 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.

The portfolio managers for the Fund are supported by other Jennison portfolio managers, research analysts, and investment professionals. Jennison typically follows a team approach in providing such support to the portfolio managers. The teams are generally organized along product strategies (e.g., large cap growth, large cap value) and meet regularly to review the portfolio holdings and discuss security purchase and sales activity of all accounts in the particular product strategy. Team members provide research support, make securities recommendations and support the portfolio managers in all activities. Members of the team may change from time to time.

The 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 Fund. See *Fund Management* in the SAI.

**Fees and Expenses**

*Investment Management Fees.* The total effective annualized management fee (as a percentage of net assets) for the Fund was 0.55% for the fiscal year ended December 31, 2025.

The management fees for the Fund are accrued daily for the purposes of determining the purchase and redemption price of Fund shares. More information about management fees for the Fund is set forth under the captions "Investment Advisory & Other Services: Manager & Subadviser" 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 Fund.

*Other Expenses*. As used in connection with the Fund, "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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PURCHASE, REDEMPTION & PRICING OF FUND SHARES

**Purchase** 

You may invest in the Fund only through the systematic investment plan contracts and the variable annuity contracts issued as part of Prudential's Financial Security Program and Prudential's Annuity Plan Account-2. The contracts are no longer sold. Planholders still owning contracts may make additional investments in accordance with their contracts.

Prudential Investment Management Services LLC (PIMS) distributes the Fund's shares under a Distribution Agreement with the Fund.

**Redemption** 

The Fund typically expects to pay redemption proceeds within three days after receipt of a proper notice of the redemption request. However, it may take the Fund up to seven days to pay redemption proceeds. Redemption procedures are described in further detail in the prospectus for the applicable Contract. 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 Commission.

Under normal circumstances, the Fund 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 Fund 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 Fund's holdings may be comprised of less liquid investments, or during emergency or temporary circumstances.

**Net Asset Value** 

Any purchase or sale of Fund 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 the Fund is 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 Fund 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 Fund does not price, and shareholders will not be able to purchase or redeem, the Fund's shares on days when the NYSE is closed but the primary markets for the Fund's foreign securities are open, even though the value of these securities may have changed. Conversely, the Fund 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 the Fund 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 Fund may use fair value pricing if it determines that a market quotation for a security is not reliable based, among other things, on events or market conditions that occur after the quotation is derived or after the closing of the primary market on which the security is traded, but before the time that the NAV is determined. This use of fair value pricing most commonly occurs with securities that are primarily traded outside of the U.S. 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 Fund determines its NAV.

The Fund may also use fair value pricing with respect to U.S. traded securities if, for example, trading in a particular security is halted and does not resume before the Fund 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

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maker does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of PGIM Investments (or the 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 the Fund uses to determine its NAV may differ from the security's published or quoted price. If the Fund needs to implement fair value pricing after the NAV publishing deadline but before shares of the Fund are processed, the NAV you receive or pay may differ from the published NAV price. For purposes of computing the Fund's NAV, we will value the Fund'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 Fund as of the close of the security's primary market.

Fair value pricing procedures are designed to result in prices for the Fund'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 the Fund's NAV by short-term traders.

The NAV for the Fund is determined by a simple calculation. It's the total value of the Fund (assets minus liabilities) divided by the total number of shares outstanding.

To determine the Fund'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 Fund may own securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. Therefore, the value of the Fund's assets may change on days when shareholders cannot purchase or redeem Fund shares.

**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, with remaining maturities of more than 60 days, for which market quotations are readily available, are valued by an independent pricing agent or principal market maker (if available, otherwise a primary market dealer).

**Short-term debt securities** with remaining maturities of 60 days or less are valued at cost with interest accrued or discount amortized to the date of maturity, unless such valuation, in the judgment of PGIM Investments or the Fund's subadviser, does not represent fair value.

**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 Fund's 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 stocks 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.

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**Other Investment Companies**—With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies, the Fund's NAV is calculated based upon the NAV of the registered open-end management investment companies in which the Fund 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.

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OTHER INFORMATION

**Dividends & Distributions** 

The Fund periodically distributes substantially all of its net investment income and its net realized capital gains in accordance with rules applicable to mutual funds. For Planholders, under most contracts, dividends and distributions are automatically reinvested in additional Fund shares. Planholders under certain non-qualified contracts may choose to receive dividends and distributions in cash.

**US Federal Income Taxes** 

The tax discussion in this Prospectus is only a summary of certain U.S. federal income tax issues generally affecting the Fund and its shareholders and is based on current U.S. federal income tax law. The Fund intends to comply with the requirements under Subchapter M of the Code applicable to regulated investment companies, which, in part, require the Fund to distribute substantially all its investment income to its shareholders. If the Fund qualifies as a regulated investment company that is accorded special tax treatment, it will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to its shareholders. If the Fund were to fail to qualify as a regulated investment company, it would be subject to tax on its taxable income at U.S. federal corporate rates, which would generally reduce the value of an investment in the Fund.

The Fund intends to comply with the requirements of the Code applicable to investment companies selling their shares to insurance company separate accounts. By meeting these requirements, Prudential—but not the variable contract owners—should be subject to tax on distributions by the Fund to the separate accounts. The Fund also intends to comply with the requirements of the Code applicable to regulated investment companies and, as noted above, periodically distribute all of its taxable net investment income and capital gains, if any, to its shareholders. The shareholders of the Fund are considered to be the separate accounts of Prudential which own shares of the Fund for the benefit of Planholders.

The US federal income tax rules applicable to Planholders vary depending on the contract and whether a tax qualified plan is involved. Planholders should consult the applicable prospectus or description of the plan for a discussion of and information on the tax consequences of a contract, policy or plan. In addition, Planholders may wish to consult with their tax advisors as to the tax consequences of investing in the Fund, including the application of US federal, state and local and non-US taxes.

**Disclosure of Portfolio Holdings** 

A description of the policies and procedures of the Fund with respect to the disclosure of its portfolio securities is described in the SAI. The Fund will provide a full list of its portfolio holdings as of the end of the fiscal quarter within 60 days after the end of their fiscal quarter on the website of the Commission at www.sec.gov.

**Frequent Trading** 

The Fund is part of the group of investment companies advised by PGIM Investments that seeks to prevent patterns of frequent purchases and redemptions of shares by its investors (the PGIM Investments funds). Frequent purchases and redemptions may adversely affect performance and the interests of long-term investors. 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 can happen when it is not advantageous to sell any securities, so the PGIM Investments funds' performance may be hurt. When large dollar amounts are involved, frequent trading can also make it difficult to use long-term investment strategies because the PGIM Investments funds 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 brokerage and tax costs. 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.

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The Boards of Directors/Trustees of the PGIM Investments funds have adopted policies and procedures designed to discourage or prevent frequent trading by investors. Those policies and procedures have limited relevance for the Fund. First, the Fund has limited ability to monitor Planholder trading because Prudential maintains the individual Planholder accounts under the Financial Security Plan (FSP) and the Annuity Plan Account-2 (APA-2). In particular, Prudential submits to the Fund aggregate orders combining the transactions of many Planholders, and therefore the Fund cannot monitor investments by individual Planholders. Second, although Prudential has implemented monitoring procedures for frequent trading for some of its variable contracts, those procedures do not affect the Fund because the Fund serves as the sole investment option under FSP and APA-2. Therefore, investors in FSP and APA-2 are not provided within the Prudential program the ability to transfer among investment options. The Fund has entered into a shareholder information agreement with Prudential as required by Rule 22c-2 under the Investment Company Act of 1940. Under that agreement, Prudential has agreed to: (i) provide certain information regarding Planholders who engage in transactions involving Fund shares and (ii) execute any instructions from the Fund to restrict or prohibit further purchases or exchanges of the Fund shares by Planholders who have been identified by the Fund as having engaged in transactions in Fund shares that violate the Fund's frequent trading policies and procedures. In addition the Fund and its transfer agent reserve the right to reject all or a portion of a purchase order from Prudential. If a purchase order is rejected, the purchase amount will be returned to Prudential.

Investors seeking to engage in frequent trading activities may use a variety of strategies to avoid detection and, despite the efforts of the Fund and Prudential to prevent such trading, there is no guarantee that the Fund or Prudential will be able to identify these investors or curtail their trading practices. Therefore, it is possible that some Fund investors could engage in frequent trading, and, if they do, the other Fund investors would bear any harm caused by that frequent trading. The Fund does not have any arrangements intended to permit trading in contravention of the policies described above.

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FINANCIAL HIGHLIGHTS

The financial highlights will help you evaluate the financial performance of the Fund for the past five years. The Total Return in the table represents the rate that a Fund shareholder earned on an investment, assuming reinvestment of all dividends and other distributions. The table does not reflect charges under any variable contract. The information is for each Fund share for the periods indicated.

The financial highlights were derived from the financial statements audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose report on those financial statements was unqualified.

The Fund's financial statements are included in the Fund's filings on Form N-CSR, which are available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prudential's Gibraltar Fund, Inc.**  |  |  |  |  |  |
|  | **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 | $20.02 | $20.21 | $14.36 | $24.44 | $25.61 |
| **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** | **Income (Loss) From Investment Operations:** |
| Net investment income (loss) | (0.01) | (—)<sup>(b)</sup> | 0.02 | (0.01) | (0.07) |
| Net realized and unrealized gain (loss) on investment transactions | 2.86 | 4.56 | 6.96 | (8.64) | 3.91 |
| Total from investment operations | 2.85 | 4.56 | 6.98 | (8.65) | 3.84 |
| **Less Dividends and Distributions:** | **Less Dividends and Distributions:** | **Less Dividends and Distributions:** | **Less Dividends and Distributions:** | **Less Dividends and Distributions:** | **Less Dividends and Distributions:** |
| Dividends from net investment income |  | (0.03) |  |  |  |
| Tax return of capital distributions |  |  |  | (0.01) |  |
| Distributions from net realized gains on investments | (3.60) | (4.72) | (1.13) | (1.42) | (5.01) |
| Total dividends and distributions | (3.60) | (4.75) | (1.13) | (1.43) | (5.01) |
| Net Asset Value, end of Year | $19.27 | $20.02 | $20.21 | $14.36 | $24.44 |
| **Total Return**<sup>(c)</sup> | 14.31% | 21.49% | 48.88% | (35.82)% | 15.26% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of Year (in millions) | $167 | $166 | $159 | $126 | $230 |
| Average net assets (in millions) | $165 | $167 | $144 | $161 | $232 |
| Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| Expenses after waivers and/or expense reimbursement | 0.65% | 0.64% | 0.66% | 0.62% | 0.61% |
| Expenses before waivers and/or expense reimbursement | 0.65% | 0.64% | 0.66% | 0.62% | 0.61% |
| Net investment income (loss) | (0.03)% | (0.01)% | 0.11% | (0.07)% | (0.27)% |
| Portfolio turnover rate<sup>(e)</sup> | 23% | 19% | 19% | 15% | 18% |

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&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 Fund invests.

(e) The Fund'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 Fund's portfolio turnover rate may be higher.

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|:---|:---|
| **FOR MORE INFORMATION**<br> Please read this prospectus before you invest in the Fund and keep it for future reference.<br> For information on shareholder questions contact: | **FOR MORE INFORMATION**<br> Please read this prospectus before you invest in the Fund and keep it for future reference.<br> For information on shareholder questions contact: |
| ■**MAIL**<br> Prudential's Gibraltar Fund, Inc.<br> 655 Broad Street<br> Newark, New Jersey 07102<br>| &nbsp;&nbsp;&nbsp; ■**TELEPHONE**<br> 1-800-346-3778<br>|

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| | |
|:---|:---|
| You can also obtain copies of Fund documents from the Securities and Exchange Commission as follows (information <br> on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090) (the <br> SEC charges a fee to copy documents): | You can also obtain copies of Fund documents from the Securities and Exchange Commission as follows (information <br> on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090) (the <br> SEC charges a fee to copy documents): |
| ■**MAIL**<br> Securities and Exchange Commission<br> Public Reference Section<br> 100 F Street, N.E.<br> Washington, DC 20549-1520<br>■**ELECTRONIC REQUEST**<br> publicinfo@sec.gov<br>| &nbsp;&nbsp;&nbsp; ■**VIA THE INTERNET**<br> on the EDGAR Database at www.sec.gov<br>|

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

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| | |
|:---|:---|
| The annual and semi-annual reports to shareholders, Form N-CSR and the SAI contain additional information about <br> the Fund. Shareholders may obtain free copies of the SAI, and annual and semi-annual reports to shareholders, <br> including the Fund's financial statements included in Form N-CSR, as well as other information about the Fund and <br> may make other shareholder inquiries through the telephone number and address listed above. The Fund does not <br> maintain a website. | The annual and semi-annual reports to shareholders, Form N-CSR and the SAI contain additional information about <br> the Fund. Shareholders may obtain free copies of the SAI, and annual and semi-annual reports to shareholders, <br> including the Fund's financial statements included in Form N-CSR, as well as other information about the Fund and <br> may make other shareholder inquiries through the telephone number and address listed above. The Fund does not <br> maintain a website. |
| ■**STATEMENT OF ADDITIONAL INFORMATION (SAI)**<br> (incorporated by reference into this Prospectus)<br>■**SEMI-ANNUAL REPORT** | &nbsp;&nbsp;&nbsp; ■**ANNUAL REPORT**<br> (contains a discussion of the market conditions and <br> investment strategies that significantly affected the <br> Fund's performance during the last fiscal year)<br>|

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<sup>Investment Company Act Registration No. 811-01660</sup>

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![](img10dfa7041.gif)

**Prudential's Gibraltar Fund, Inc.** 

**STATEMENT OF ADDITIONAL INFORMATION • MAY 1, 2026**

This Statement of Additional Information (SAI) of Prudential's Gibraltar Fund, Inc. (the Fund) is not a prospectus and should be read in conjunction with the Prospectus of the Fund dated May 1, 2026. This SAI has been incorporated by reference into the Fund's Prospectus.

The Fund's audited financial statements are incorporated into this SAI by reference to the Fund's annual Form N-CSR. The Fund's prospectus, annual and semi-annual reports to shareholders, and other information, including the Fund's financial statements included in Form N-CSR are available, without charge, upon request, by calling 1-800-346-3778, writing to the Fund at 655 Broad Street, Newark, New Jersey 07102 or visiting the SEC website at sec.gov.

The Fund offers a single class of shares.

![](img91c177542.gif)

GIB SAI 2024

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**Table of Contents**

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| | |
|:---|:---|
| **3** | **[FUND HISTORY](#xx_e3ed49c1-2471-4881-9e14-056fc2bfcdc3_1)** |
| 3 | [About the Fund](#xx_e3ed49c1-2471-4881-9e14-056fc2bfcdc3_1) |
| **4** | **[Fund Investments & Risks](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_1)** |
| 4 | [MORE DETAILS ABOUT Fund Investments AND RISKS](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_1) |
| 13 | [Investment Restrictions](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_10) |
| **15** | **[HOW THE FUND IS MANAGED](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_12)** |
| 15 | [Portfolio Management](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_12) |
| **27** | **[Investment Advisory & Other Services](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_24)** |
| 27 | [Manager & Subadviser](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_24) |
| 28 | [SEC Order](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_25) |
| 29 | [Other Service Providers](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_26) |
| **31** | **[OTHER INFORMATION](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_28)** |
| 31 | [Brokerage Allocation & Other Practices](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_28) |
| 32 | [Code of Ethics](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_29) |
| 32 | [Taxation of the Fund](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_29) |
| 33 | [Proxy Voting Policies & Recordkeeping Procedures](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_30) |
| 37 | [Disclosure of Portfolio Holdings](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_34) |
| 38 | [Control Persons & Principal Holders of Securities](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_35) |
| 39 | [Financial Statements](#xx_91b7c2a6-f3cb-4c9a-83a7-8e935d06d813_36) |

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FUND HISTORY

**About the Fund** 

The Fund was originally incorporated in the State of Delaware on March 14, 1968 and was reincorporated in the State of Maryland effective May 1, 1997. It is registered with the Securities and Exchange Commission (SEC) as a diversified open-end management investment company.

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**3**

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Fund Investments & Risks

**MORE DETAILS ABOUT Fund Investments AND RISKS** 

The Fund's investment strategies and corresponding risks, as identified in the prospectus, are discussed in more detail below. The Fund's exposure to cybersecurity risk, foreign market disruption, and geopolitical risks is also discussed below.

**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 LLC (PGIM Investments, the Manager, or the Investment Manager) or the subadviser 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 subadviser may from time to time adopt and adjust usage policies and procedures governing the use of artificial intelligence by its personnel, there is a risk of misuse of artificial intelligence technologies.

Artificial intelligence is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by artificial intelligence. Therefore, it is possible that the information provided through use of artificial intelligence could be insufficient, incomplete, inaccurate or biased leading to adverse effects for a fund, including, potentially, operational errors and investment losses.

Artificial intelligence and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations. Ongoing and future regulatory actions with respect to artificial intelligence generally or artificial intelligence's use in any industry in particular may alter, perhaps to a materially adverse extent, the ability of PGIM Investments or the subadviser, 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.

**SECURITIES LENDING.** Unless otherwise noted, the Fund 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 Fund; (2) the borrower pledge and maintain with the Fund 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 Fund at any time. Goldman Sachs Bank USA, d/b/a Goldman Sachs Agency Lending (GSAL) serves as securities lending agent for the Fund, and in that role administers the Fund's securities lending program. As compensation for these services, GSAL receives a portion of any amounts earned by the Fund through lending securities. For more information about GSAL, see the "Other Service Providers - Securities Lending Activities" section later in this SAI.

The Fund 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 Fund 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 Fund, and any gain or loss in the market price during the loan would inure to the Fund. If the borrower defaults on its obligation to return the securities lent because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities lent or in gaining access to the collateral. In such situations, the Fund may sell the collateral and purchase a replacement investment in the market. There is a risk that the value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased.

During the time portfolio securities are on loan, the borrower will pay the Fund 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 Fund bears the risk that there may be a delay in the return of the securities which may impair the Fund's ability to exercise such rights. The SEC

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4**

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recently finalized new rules regarding regulatory and public reporting of certain securities lending transactions. Compliance with the new rules is currently expected in early 2026. While it is currently difficult to predict the full impact of the new rules, these rules could make it more difficult for a Portfolio to execute certain investment strategies and may have an adverse effect on a Portfolio's ability to generate returns.

**ILLIQUID INVESTMENTS**. The Fund may invest up to 15% of its net assets in illiquid investments. An "illiquid investment" is any investment that the Fund 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. In addition to the Fund's 15% limit on illiquid investments, the Fund is subject to Rule 22e-4 under the Investment Company Act of 1940 (the 1940 Act). Pursuant to Rule 22e-4, the Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. 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 classified as liquid investments.

The Fund 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 PGIM Investments to administer the Fund's liquidity risk management program and related procedures. The limits on the Fund's investments in illiquid investments are applied as of the date the Fund purchases an illiquid investment. It is possible that the Fund's holdings of illiquid investments could exceed such a limitation, for example as a result of market developments or redemptions. In such instances, the Fund must take steps to bring its illiquid investments to or below the limitation threshold within a reasonable period of time.

The Fund may purchase certain restricted securities that can be resold to institutional investors and which may be classified as liquid investments pursuant to the Fund's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the Securities Act of 1933, as amended (the 1933 Act), and are called Rule 144A securities. Securities classified as liquid investments under these procedures are not subject to the limits on the Fund'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 the Fund's assets in illiquid investments may restrict the ability of the Fund 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 the Fund's operations require cash, such as when the Fund has net redemptions, and could result in the Fund 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 Fund 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 the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund 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, the Fund may obtain access to material non-public information, which may restrict the Fund'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 Fund 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 (NAV) per share to pass on costs stemming from shareholder purchase or redemption activity. The proposal's impact on the Fund will not be known unless and until any final rulemaking is adopted.

**WARRANTS.** The Fund may invest in warrants or rights to acquire stock. Warrants are options to purchase securities at a specified price during a specified period of time. The risk associated with warrants is that the market price of the underlying stock will stay below the exercise price of the warrant during the exercise period. If this occurs, the warrant becomes worthless and the investor loses the money he or she paid for the warrant.

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**TEMPORARY DEFENSIVE POSITION.** The Fund may, at times, adopt a temporary defensive position in which it invests up to 100% of its assets in money market instruments, including short-term government and corporate debt obligations, commercial paper and bank obligations (such as certificates of deposit, time deposits, and bankers acceptances). When the Fund purchases money market securities, it may on occasion enter into a repurchase agreement with the seller wherein the seller and the buyer agree at the time of sale to a repurchase of the security at a mutually agreed upon time and price. The period of maturity is usually quite short, possibly overnight or a few days, although it may extend over a number of months. The resale price is in excess of the purchase price, reflecting an agreed upon market rate effective for the period of time the Fund's money is invested in the security, and is not related to the coupon rate of the purchase security. Repurchase agreements may be considered loans of money to the seller of the underlying security, which are collateralized by the securities underlying the repurchase agreement. The Fund will not enter into repurchase agreements unless the agreement is fully collateralized (i.e., the value of the securities is, and during the entire term of the agreement remains, at least equal to the amount of the loan including interest). The Fund will take possession of the securities underlying the agreement and will value them daily to assure that this condition is met. In the event that a seller defaults on a repurchase agreement, the Fund may incur loss in the market value of the collateral, as well as disposition costs; and, if a party with whom the Fund has entered into a repurchase agreement becomes involved in a bankruptcy proceeding, the Fund's ability to realize on the collateral may be limited or delayed and a loss may be incurred if the collateral securing the repurchase agreement declines in value during the bankruptcy proceeding.

In addition, the Fund may temporarily invest up to 10% of its assets in exchange-traded funds (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 objectives, strategies and policies. The price of an ETF can fluctuate up or down, and the Fund 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 NAV; (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.

**RISKS RELATED TO REFERENCE RATES**. The Fund'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), or 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 Reference Rates 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 the Fund's performance and/or NAV.

For example, the London Interbank Offered Rate ("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 the Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these alternative rates such as SOFR for USD LIBOR are continuing to develop. SOFR is an index rate calculated based on short-term repurchase agreements backed by U.S. Treasury Instruments. While LIBOR was an unsecured rate, SOFR is a secured rate. There can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, monetary policy, bank credit risk, market volatility or global or regional economic, financial, political, regulatory, judicial or other events. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of a Portfolio. If the manner in which SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on SOFR-linked floating rate instruments and the trading prices of such instruments. Additionally, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although occasional, increased daily volatility in SOFR would not necessarily lead to more volatile interest payments, the return on and value of SOFR-linked floating rate instruments may fluctuate more than floating rate instruments that are linked to less volatile rates. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly, but the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined.

In addition, certain indices are subject to regulation under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation was enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Regulatory changes in respect of benchmarks can cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6**

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**INFECTIOUS ILLNESS RISK**. The Fund or the securities in which the Fund invests may be adversely affected by the spread of infectious illness or other public health issues like pandemics or epidemics. Such infectious illnesses or public health issues may have a greater adverse impact on emerging and less developed markets.

**INVESTMENT IN OTHER INVESTMENT COMPANIES**. The Fund may invest in other investment companies including ETFs. In accordance with the 1940 Act, the Fund generally may invest up to 10% of its total assets in securities of other investment companies. In addition, under the 1940 Act the Fund generally 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 Fund's total assets may be invested in securities of any investment company. Notwithstanding the limits discussed above, the Fund may invest in other investment companies without regard to the limits set forth above provided that the Fund 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 Fund acquires shares in investment companies, shareholders would bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of such investment companies (including management and advisory fees). Investments by the Fund in wholly owned investment entities created under the laws of certain countries will not be deemed an investment in other investment companies. The underlying investments in which the Fund invests may not meet their investment objectives.

**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, the Fund 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.

Cybersecurity failures or breaches, whether deliberate or unintentional, arising from the Fund's third-party service providers (e.g., custodians, financial intermediaries, transfer agents), subadviser, shareholder usage of unsecure systems to access personal accounts, as well as breaches suffered by the issuers of securities in which the Fund invests, may cause significant disruptions in the business operations of the Fund. Potential impacts may include, but are not limited to, potential financial losses for the Fund and the issuers' securities, the inability of shareholders to conduct transactions with the Fund, an inability of the Fund to calculate NAV, and disclosures of personal or confidential shareholder information.

In addition to direct impacts on Fund shareholders, cybersecurity failures by the Fund and/or its service providers and others may result in regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs to the Fund, and reputational damage. The Fund may incur reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. The Fund 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 Fund and its service providers and subadviser 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 Fund cannot control or assure the efficacy of the cybersecurity plans and systems implemented by third-party service providers, the subadviser, and the issuers in which the Fund invests. The Fund'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 Fund's ability to calculate its NAVs in a timely manner, including over a potentially extended period. Although the Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures.

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**LARGE SHAREHOLDER TRANSACTION RISK**. The Fund may be subject to the risk that shareholders will purchase or redeem large quantities of shares of the Fund (such purchases or redemptions, "large shareholder transactions"). Additionally, other investors from time to time may make substantial investments in the Fund. Such shareholders may at times be considered to control the Fund. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly. A number of circumstances may cause the Fund to experience large shareholder transactions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund 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 Fund. Large shareholder transactions may adversely affect the Fund's liquidity and net assets. These transactions could adversely affect the Fund's performance if the Fund is forced to sell Fund securities to satisfy redemption requests or purchase securities for the Fund in connection with the investment of subscription proceeds when the Fund would otherwise not do so, and at unfavorable prices, which may increase the Fund's brokerage costs and accelerate the realization of taxable income and/or gains to shareholders.

**ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS**. Certain environmental, social and governance (ESG) factors may be considered by the Fund's subadviser in making investment decisions for the Fund. ESG factors are only one of many considerations the 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 the subadviser as a component of its investment process to implement the Fund's investment strategy in pursuit of its investment objective. ESG considerations may affect the Fund's exposure to certain issuers, industries, sectors, and factors that may impact the performance of the Fund. The subadviser's consideration of ESG factors may also impact the Fund'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, the 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, the Fund 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, the 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.

**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 U.S. and foreign financial markets and may cause further long-term economic uncertainties in the United States and worldwide generally.

**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 Fund 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 the Fund's investments. Whether or not the Fund 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 Fund, as there may be negative effects on the value and liquidity of the Fund's investments and/or the Fund's ability to enter into certain transactions.

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The Fund 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 U.S. government imposing sanctions on Russia. Any disruptions caused by military or other actions in the region (including cyber attacks 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 cyber attacks 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 Fund invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs, or cyber attacks on foreign governments or companies in the region may impact the local economy and issuers of securities in which the Fund 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.

**MARKET RISK.** Market risk is the risk that the markets in which the Fund 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 the Fund 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 Fund 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 Fund'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 Fund 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 Fund and its service providers, adversely affect the value and liquidity of the Fund's investments, and negatively impact the Fund'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 the Fund. 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 Fund invests.

During periods of severe market stress, it is possible that the market for some or all of the Fund's investments may become highly volatile and/or illiquid. While the Fund'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 Fund 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

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declines, the Fund 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 Fund, and there is no assurance the Fund 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 Fund being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, the Fund may rely on various third-party sources to calculate its net asset value. As a result, the Fund 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 Fund'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. The Fund may be unable to recover any losses associated with such failures.

**CONVERTIBLE SECURITIES.** Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the dividend preference on a preferred stock until such time as the convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege. The characteristics of convertible securities make them appropriate investments for an investment company seeking a high total return from capital appreciation and investment income. These characteristics include the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield received from dividend or interest payments as compared to common stock dividends, and decreased risks of decline in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the case if the securities were issued in nonconvertible form.

In analyzing convertible securities, the subadviser will consider both the yield on the convertible security relative to its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other things.

Convertible securities are issued and traded in a number of securities markets. Even in cases where a substantial portion of the convertible securities held by the Fund 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, the Fund 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 the Fund is called for redemption, the Fund 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10**

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Synthetic convertible securities may be either (i) a debt security or preferred stock that may be convertible only under certain contingent circumstances or that may pay the holder a cash amount based on the value of shares of underlying common stock partly or wholly in lieu of a conversion right (a Cash-Settled Convertible), (ii) a combination of separate securities chosen by the subadviser in order to create the economic characteristics of a convertible security, i.e., a fixed income security paired with a security with equity conversion features, such as an option or warrant (a Manufactured Convertible) or (iii) a synthetic security manufactured by another party.

A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional convertible security, which is a single security having a unitary market value, a Manufactured Convertible is comprised of two or more separate securities, each with its own market value. Therefore, the total "market value" of such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility component.

More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional convertible security. Because many corporations have not issued convertible securities, the subadviser may combine a fixed income instrument and an equity feature with respect to the stock of the issuer of the fixed income instrument to create a synthetic convertible security otherwise unavailable in the market. The subadviser may also combine a fixed income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the subadviser believes such a Manufactured Convertible would better promote the Fund's objective than alternate investments. For example, the subadviser may combine an equity feature with respect to an issuer's stock with a fixed income security of a different issuer in the same industry to diversify the Fund'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, the Fund 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 the Fund 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.

**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 the Fund'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 the Fund 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.** The Fund 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

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**11**

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throughout the world. The Fund may invest in unsponsored Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States, and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or into or for which they may be converted or exchanged, as well as risks associated with foreign investments.

**FOREIGN INVESTMENT RISKS.** The Fund 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.** Funds that may invest in foreign securities offer the potential for more diversification than funds 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 the Fund will lose money. In particular, the Fund 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 Fund 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 the Fund's ability to purchase or sell foreign securities, transfer the Fund's assets or income back into the United States, or otherwise adversely affect the Fund's operations. Other foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the United States or other foreign countries.

**Foreign Market Disruption and Geopolitical Risks.** International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the global outbreak of the novel coronavirus disease (COVID-19) or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the US and foreign financial markets and may cause further long-term economic uncertainties in the United States and worldwide generally.

**Currency Risk and Exchange Risk.** Securities in which the Fund invests may be denominated or quoted in currencies other than the US dollar. Changes in foreign currency exchange rates will affect the value of the Fund'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 Fund management to completely and accurately determine a company's financial condition.

**Certain Risks of Holding Fund Assets Outside the United States.** The Fund 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 the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or any of their agents goes bankrupt.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12**

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In addition, it is often more expensive for the Fund 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 the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund 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 the Fund to carry out transactions. If the Fund 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 the Fund 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 Fund 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.

**EXCHANGE-TRADED FUNDS.** The Fund 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 the Fund's investment strategies. The Fund 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.

**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 Funds' operations, performance, yields, and operating expenses.

**CFTC REGULATION.** The Fund is operated by the Manager who has filed a claim of exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA"), and therefore, the Manager is not subject to registration or regulation as a pool operator under the CEA. For the Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use certain financial instruments, including futures and options on futures and certain swaps. These limitations may restrict the Fund'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 Manager believes that the Fund may no longer be able to comply with or that it may no longer be desirable for it to comply with these limitations, the Manager may register as a commodity pool operator with the U.S. Commodity Futures Trading Commission ("CFTC") with respect to the Fund. Any such registration may adversely affect the Fund's performance, for example, by subjecting it to increased costs and expenses. If the Manager registers as a commodity pool operator with the CFTC with respect to the Fund, the commodity pool operators of any shareholders that are pooled investment vehicles may be unable to rely on certain commodity pool operator registration exemptions.

**Investment Restrictions** 

Listed below are certain fundamental investment restrictions of the Fund. They may not be changed without the vote of a majority of the Fund's outstanding voting securities.

(1) The Fund does not underwrite the securities of other insurers, except where it may be deemed to be an "underwriter" for purposes of the 1933 Act, in connection with the registration and/or sale of any illiquid securities it holds.

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**13**

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

(2) The Fund does not buy or sell commodities or commodity contracts, except that the Fund may purchase and sell futures contracts and related options.

(3) The Fund does not purchase securities on margin; provided that the Fund may obtain such short-term credits as may be necessary for the clearance of transactions, and that the deposit or payment of money of initial or maintenance margin in connection with otherwise permissible futures or options is not considered the purchase of a security on margin.

(4) The Fund does not borrow money, except that the Fund may borrow money for temporary or emergency purposes (not for leveraging or investment) in an amount not exceeding 33 <sup>1</sup>∕3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Reverse repurchase agreements are not considered borrowing for purposes of this restriction.

(5) The Fund does not issue senior securities, except as permitted under the 1940 Act and rules thereunder or by SEC order, SEC release, no-action letter, or similar relief or interpretations. Collateral arrangements entered into by a Fund with respect to futures contracts or options and the writing of options are not deemed to be the issuance of a senior security.

(6) The Fund does not buy or sell real estate, although the Fund may buy or sell securities that are secured by real estate, securities of real estate investment trusts and of other issuers that engage in real estate operations, mortgage-backed securities, mortgage participations, or other instruments supported or secured by interests in real estate, and the Fund may exercise rights relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

(7) The Fund will not make loans, except loans of the Fund's assets, repurchase agreements, trade claims, loan participations or similar investments, or as permitted by the 1940 Act and rules thereunder or by SEC order, SEC release, no-action letter, or similar relief or interpretations. The following shall not be considered the making of a loan: the acquisition of bonds, debentures or other debt instruments, or participations or other interests therein; or investments in government obligations, commercial paper, certificates of deposit, bankers' acceptances or instruments similar to the foregoing.

(8) The Fund will not concentrate its investments in any one industry (no more than 25% of the value of the Fund's assets will be invested in any one industry).

The Fund also follows the following non-fundamental investment restrictions, which may be changed with approval of the Fund's Board:

(1) The Fund will not invest in futures contracts or related options.

(2) The Fund does not sell short, or buy, sell or write put or call options or combinations of such options. (3) The Fund does not invest for the purpose of exercising control or management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14**

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HOW THE FUND IS MANAGED

**Portfolio Management** 

The table below provides additional information concerning other accounts managed by the individuals who serve as the Fund's portfolio managers. Information provided is as of December 31, 2025. Figures appearing in *italics typeface* denote accounts for which compensation is based on performance. Following the table is an explanation of the policies of Jennison Associates LLC (or Jennison) with respect to portfolio manager compensation and portfolio manager conflicts of interest.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Other Accounts Managed by the Portfolio Managers** | **Other Accounts Managed by the Portfolio Managers** | **Other Accounts Managed by the Portfolio Managers** | **Other Accounts Managed by the Portfolio Managers** | **Other Accounts Managed by the Portfolio Managers** |  |
| **Subadviser** | **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment** <br> **Companies/Total Assets**<br>| &nbsp;&nbsp; **Other Pooled Investment** <br> **Vehicles/Total Assets**<br>| **Other Accounts/Total Assets** | &nbsp;&nbsp; **Ownership of Fund** <br> **Securities**<br>|
| Jennison Associates LLC\* | Blair A. Boyer | &nbsp;&nbsp; 12/$68,222,049,704<br> *1/$14,502,392,921*<br>| 10/$22,794,967,401 | 33/$13,588,272,124 |  |
|  | Owuraka Koney, CFA | 10/$52,852,670,031 | 9/$21,956,507,337 | 25/$4,616,583,005 |  |
|  | Natasha Kuhlkin | 12/$68,222,049,704 | 11/$24,145,076,633 | 24/$3,769,896,102 |  |

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\* Other Accounts excludes the assets and number of accounts that are managed using model portfolios.

**Jennison Associates LLC (Jennison)** 

*COMPENSATION.* Jennison seeks to maintain a highly competitive compensation program designed to attract and retain outstanding investment professionals, which include portfolio managers and research analysts, and to align the interests of its investment professionals with those of its clients and overall firm results. Jennison recognizes individuals for their achievements and contributions and continues to promote those who exemplify the same values and level of commitment that are hallmarks of the organization.

Jennison sponsors a profit sharing retirement plan for all eligible employees. The contribution to the profit sharing retirement plan for portfolio managers is based on a percentage of the portfolio manager's total compensation, subject to a maximum determined by applicable law. In addition to eligibility to participate in retirement and welfare plans, senior investment professionals, including portfolio managers and senior research analysts, are eligible to participate in a voluntary deferred compensation program where all or a portion of the cash bonus can be deferred. Participants in the deferred compensation plan are permitted to allocate the deferred amounts among various options that track the gross-of-fee pre-tax performance of accounts or composites of accounts managed by Jennison.

Investment professionals are compensated with a combination of base salary and cash bonus. Overall firm profitability determines the size of the investment professional compensation pool. In general, the cash bonus represents the majority of an investment professional's compensation.

Investment professionals' total compensation is determined through a process that evaluates numerous qualitative and quantitative factors. Not all factors are applicable to every investment professional, and there is no particular weighting or formula for considering the factors.

The factors reviewed for the portfolio managers are listed below.

The quantitative factors reviewed for the portfolio managers may include:

■

One-, three-, five-year and longer term pre-tax investment performance for groupings of accounts managed in the same strategy (composite) relative to market conditions, pre-determined passive indices and industry peer group data for the product strategy (e.g., large cap growth, large cap value). Some portfolio managers may manage or contribute ideas to more than one product strategy, and the performance of the other product strategies is also considered in determining the portfolio manager's overall compensation.

■

The investment professional's contribution to client portfolio's pre-tax one-, three-, five-year and longer-term performance from the investment professional's recommended stocks relative to market conditions, the strategy's passive benchmarks, and the investment professional's respective coverage universes.

■

Market benchmarks

■

Financial performance of product strategies

The qualitative factors reviewed for the portfolio managers may include:

■

The quality of the portfolio manager's investment ideas and consistency of the portfolio manager's judgment;

■

Individual factors such as years of experience and responsibilities specific to the individual's role such as being a team leader or supervisor are also factored into the determination of an investment professional's total compensation; and

■

Long-term business potential of the product strategies.

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**15**

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*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.

■

*<u>Long only accounts/long-short accounts:</u>* Jennison manages accounts in strategies that hold only long securities positions as well as accounts in strategies that are permitted to sell securities short. As a result, Jennison would hold a long position in a security in some client accounts while selling the same security short in other client accounts. For example, Jennison permits quantitatively hedged strategies to short securities that are held long in other strategies. Jennison also permits securities that are held long by one fundamental portfolio manager to be held short by another fundamental portfolio manager. Additionally, Jennison permits securities that are held long in quantitatively derived strategies to be shorted by other strategies. The strategies that short a security that is held long by another strategy could lower the price for the security held long. Similarly, if a strategy is purchasing a security that is held short in other strategies, the strategies purchasing the security could increase the price of the security held short. By the same token, sales in a long only account can increase the value of a short position while shorting could create an opportunity to purchase a long position at a lower price. As a result, Jennison has conflicts of interest in determining the timing and direction of investments.

■

*<u>Multiple strategies:</u>* Jennison buys or sells, or directs or recommends that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, sometimes at different prices. At any time, Jennison executes trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client 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.

■

*<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.

■

*<u>Affiliated and proprietary accounts:</u>* Jennison manages accounts for its affiliates and accounts in which it has an interest alongside unaffiliated accounts. This creates an incentive to favor its affiliated accounts over unaffiliated accounts. Additionally, Jennison's affiliated investment advisers could allocate their asset allocation clients' assets to Jennison, which creates an incentive for Jennison to favor accounts used by its affiliate for their asset allocation clients to receive more assets from the affiliate. Additionally, at times Jennison's affiliates provide initial funding or otherwise invest in vehicles managed by Jennison. When an affiliate provides "seed capital" or other capital for a fund or account, the affiliates reserve the right to redeem all or part of its interest at a particular future point in time or when it deems that sufficient additional capital has been invested in that fund or account. Jennison typically requests seed capital to start a track record for a new strategy or product. Managing "seeded" accounts alongside "non-seeded" accounts create an incentive to favor the "seeded" accounts to establish a track record for a new strategy or product.

■

*<u>Non-discretionary accounts or models:</u>* Jennison provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. Recommendations for 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 Jennison delivers the model investment portfolio to them after Jennison initiates trading for the discretionary clients. Discretionary clients could be disadvantaged if the non-discretionary clients receive their model investment portfolio and start trading before Jennison has started trading for the discretionary clients.

■

*<u>Higher fee paying accounts or products or strategies:</u>* In general, Jennison receives more revenues from (1) larger accounts or client relationships than smaller accounts or client relationships and from (2) managing discretionary accounts than advising non-discretionary models and from (3) non-wrap fee accounts than from wrap fee accounts and from (4) charging higher fees for some strategies than others. The differences in revenue that Jennison receives could create an incentive for Jennison to favor the higher fee paying or higher revenue generating account or product or strategy over another.

■

*<u>Personal interests:</u>* The performance of one or more accounts managed by Jennison's investment professionals is taken into consideration in determining their compensation. Jennison also manages accounts that are investment options in its employee benefit plans such as its defined contribution plans or deferred compensation arrangements and where its employees have personally invested alongside other accounts where there is no personal interest. These factors create an incentive for Jennison to favor the accounts where it has a personal interest over accounts where Jennison does not have a personal interest.

■

*<u>Side Letters:</u>* Jennison has entered into side letters with respect to certain of the funds that Jennison manages, and will likely do so with respect to funds that Jennison manages in the future. Such side letters are agreements with investors in the funds (including affiliated investors) that grant such investors terms and conditions more advantageous than those granted to other investors. For example, some investors have side letters granting reduced fees or expenses, or access to more frequent or detailed information regarding the fund's investments to the extent permitted by applicable law. For certain investors in commingled funds managed by Jennison, Jennison rebates a portion of the management fee paid to it. The rebate is either reinvested into the fund on behalf of the investors or is paid to the investor in, as agreed with the investor. In some instances, Jennison could have multiple side letters with respect to a single fund, each with a different investor.

*How Jennison Addresses These Conflicts of Interest* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16**

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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.

■

Jennison has adopted trade aggregation and allocation procedures that seek to treat all clients (including affiliated accounts) fairly over time. These policies and procedures address the allocation of limited investment opportunities, such as IPOs and new issues, and the allocation of transactions across multiple accounts.

■

Jennison has policies that limit the ability to short securities in portfolios that primarily rely on its fundamental research and investment processes (fundamental portfolios) if the security is held long by the same portfolio manager.

■

Jennison has adopted procedures to review allocations or performance dispersion between accounts with performance fees and non-performance fee based accounts and to review overlapping long and short positions among long accounts and long-short accounts.

■

Jennison has adopted a code of ethics and policies relating to personal trading.

■

Jennison has adopted a conflicts of interest policy and procedures.

■

Jennison provides disclosure of these conflicts as described in its Form ADV brochure.

**MANAGEMENT OF THE FUND** 

Information pertaining to the Directors and officers of the Fund is set forth below. The Directors are also referred to as "Board Members." Board Members who are not deemed to be interested persons of the Fund as defined in the 1940 Act are referred to as "Independent Board Members." Board Members who are deemed to be "interested persons" of the Fund are referred to as "Interested Board Members." The Board Members oversee the operations of the Fund and appoint officers who are responsible for the 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  |

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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** |
| 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 |
| 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  |

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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** |
| 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 |
| 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  |

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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** |
| 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 |
| Russ Shupak<br> 1973<br> Assistant Treasurer<br>| &nbsp;&nbsp; Executive Director, RIC Fund Administration (since March 2026); <br> Treasurer and Principal Accounting Officer (since September <br> 2023) of the PGIM Credit Income Fund, (since March 2023) of the <br> PGIM Retail Funds, and (since July 2022) of the PGIM Private <br> Real Estate Fund, Inc.; Assistant Treasurer (since September <br> 2023) of the PGIM Rock ETF Trust, (since September 2022) of the <br> PGIM Private Credit Fund and (since October 2019) of the <br> Prudential Annuities Funds; formerly Vice President (2017-2026) <br> within PGIM Investments Fund Administration; formerly Assistant <br> Treasurer (March 2022 – July 2022) of the PGIM Private Real <br> Estate Fund, Inc.<br>| Since October 2019 |
| Deborah Conway<br> 1969<br> Assistant Treasurer<br>| &nbsp;&nbsp; Senior Director, RIC Tax (since March 2026); Assistant Secretary <br> (since October 2019) of the PGIM Retail Funds and Prudential <br> Annuities Funds; formerly Vice President (2017-2026) within <br> PGIM Investments Fund Administration.<br>| Since October 2019 |
| Robert W. McCormack<br> 1973<br> Assistant Treasurer<br>| &nbsp;&nbsp; Senior Director, RIC Fund Administration (since March 2026); <br> Assistant Treasurer (since March 2023) of the PGIM Retail Funds <br> and Prudential Annuities Funds and (since March 2022) of the <br> PGIM Alternatives Funds; formerly Vice President (2019-2026) <br> within PGIM Investments Fund Administration.<br>| Since March 2023 |
| Alina Srodecka, CPA<br> 1966<br> Assistant Treasurer<br>| &nbsp;&nbsp; Vice President of Tax at Prudential Financial, Inc. (Since August <br> 2007); formerly Director of Tax at MetLife (January 2003 – May <br> 2006); formerly Tax Manager at Deloitte & Touché (October 1997 <br> – January 2003); formerly Staff Accountant at Marsh & <br> McLennan (May 1994 – May 1997).<br>| Since June 2017 |

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<sup>(a)</sup> Excludes Mr. Allen, an Interested Board Member who also serves as President and Principal Executive Officer of the Trust.

**Explanatory Notes to Tables:** 

■

Timothy Cronin is formerly an officer of the Fund 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 Fund and an officer of the Manager.

■

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments, 655 Broad Street, 6th floor, Newark, New Jersey 07102.

■

There is no set term of office for Board Members or Officers. The Independent Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 78, provided that the Board may extend the retirement age on a year-by-year basis for a Board Member.

■

"Other Directorships Held" includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, "public companies") or other investment companies registered under the 1940 Act.

■

"No. of Portfolios Overseen" includes all investment companies managed by PGIM Investments and/or ASTIS that are overseen by the Board Member. The investment companies for which PGIM Investments and/or ASTIS serves as Manager include:

■

The "PGIM Retail Funds" (currently consisting of the PGIM Retail Mutual Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc. and PGIM Short Duration High Yield Opportunities Fund);

■

The "Prudential Annuities Funds" (currently consisting of The Prudential Series Fund, Prudential's Gibraltar Fund, Inc. and the Advanced Series Trust); and

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**21**

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■

The "PGIM Alternatives Funds" (currently consisting of PGIM Rock ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, and PGIM Credit Income Fund).

■

As used in the Officer's table, "Prudential" means The Prudential Insurance Company of America.

**COMPENSATION OF BOARD MEMBERS AND OFFICERS.** Pursuant to a Management Agreement with the Fund, the Investment Manager pays all compensation of Board Members, officers and employees of the Fund, other than the fees and expenses of Board Members who are not affiliated persons of the Investment Manager or any Subadviser (Independent Board Members). The Fund pays each of its Independent Board Members annual compensation in addition to certain out-of-pocket expenses. Board Members who serve on Board Committees may receive additional compensation.

Independent Board Members may defer receipt of their compensation pursuant to a deferred fee agreement with the Fund. Under the terms of the agreement, the Fund accrues deferred Board Members' compensation daily which, in turn, accrues 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 managed by the Investment Manager chosen by the Board Member. Payment of the interest so accrued is also deferred and becomes payable at the option of the Board Member. The Fund's obligation to make payments of deferred Board Members' compensation, together with interest thereon, is a general obligation of the Fund. The Fund does not have a retirement or pension plan for its Board Members.

The following table sets forth the aggregate compensation paid by the Fund for the Fund's most recently completed fiscal year to the Independent Board Members for service on the Fund's Board, and the Board of any other investment company in the Fund Complex (as defined below) for the most recently completed calendar year. Board Members and officers who are "interested persons" of the Fund (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 Fund<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 Fund<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 | $1630 |  |  | $470,000 (3/49)\*\* |
| Jessica M. Bibliowicz | $1630 |  |  | $470,000 (3/49)\*\* |
| Kay Ryan Booth | $1630 |  |  | $470,000 (3/49)\*\* |
| Stephen M. Chipman | $1630 |  |  | $470,000 (3/49)\*\* |
| Timothy S. Cronin<sup>†</sup> | $790 |  |  | $210,000 (3/49)\*\* |
| Robert F. Gunia\*\*\* | $1630 |  |  | $470,000 (3/49)\*\* |
| Thomas M. O'Brien | $1760 |  |  | $595,000 (3/49)\*\* |

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**Explanatory Notes to Compensation Table** 

<sup>†</sup> Timothy S. Cronin serves as a Non-Management Interested Director, and receives compensation from the Fund for his service as a Board Member.

<sup>(1)</sup> Compensation relates to portfolios that were in existence and having investment operations during 2025.

\* "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 Fund.

**BOARD COMMITTEES.** The Board has established four standing committees in connection with governance of the Fund—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 Fund's independent registered public accounting firm, accounting policies and procedures, and other areas relating to the Fund'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 Fund. 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 Fund, provided that the engagement of the independent registered public accounting firm relates directly to the operation and financial reporting of the Fund. The scope of the Audit Committee's responsibilities is oversight. It is management's responsibility to maintain appropriate systems for accounting and internal

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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 Fund'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 Fund's Chief Compliance Officer (CCO). The Compliance Committee is responsible for considering, in consultation with the Board's Chair and outside counsel, any material compliance matters that are identified and reported by the CCO to the Compliance Committee between Board meetings. The Compliance Committee is also responsible for considering, when requested by the CCO, the CCO's recommendations regarding the materiality of compliance matters to be reported to the Board. The Compliance Committee reviews compliance matters that it determines warrant review between Board meetings. Further, when the CCO wishes to engage an independent third party to perform compliance-related work at the Fund'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 Fund's most recently completed fiscal year is set forth in the table below. The Compliance Committee Charter is available on the Fund'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 Directors 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 Fund's most recently completed fiscal year is set forth in the table below. The Governance Committee Charter is available on the Fund'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 Fund and other related risks. The responsibilities of the IRRC include, but are not limited to: reviewing written materials and reports pertaining to Fund 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 Fund performance, investments and risk; and periodically reviewing management's evaluation of various types of risks to the Fund. The number of IRRC meetings held during the Fund'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 DIRECTORS.** The Board is responsible for oversight of the Fund. The Fund has engaged the Investment Manager to manage the Fund on a day-to-day basis. The Board oversees the Investment Manager and certain other principal service providers in the operations of the Fund. The Board is currently composed of seven members, six of whom are Independent Directors. 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

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**23**

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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 Directors have also engaged independent legal counsel to assist them in fulfilling their responsibilities.

The Board is chaired by an Independent Director. As Chair, this Independent Director 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 Directors 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 Fund, 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 Director's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Directors, each Director should serve as a Director. Among other attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the various service providers to the Fund, and to exercise reasonable business judgment in the performance of their duties as Directors. In addition, the Board has taken into account the actual service and commitment of the Directors during their tenure in concluding that each should continue to serve. A Director's ability to perform his or her duties effectively may have been attained through a Director's educational background or professional training; business, consulting, public service or academic positions; experience from service as a Director of the Fund, 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 Director that led the Board to conclude that he or she should serve as a Director.

*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 Director 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 Director of mutual funds advised by the Investment Manager or its predecessors, including some or all of the following funds: Advanced Series Fund, 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 Director of the Fund and other funds advised by the Investment Manager since 2009, served as Vice President of the Fund and other funds advised by the Investment Manager from 2009 to 2015, as President of the Fund 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 Director of the Fund and other funds advised by the Investment Manager since May 1, 2025, serves as President of the of AST Investment Services, Inc., the Fund, 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 Fund 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24**

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Specific details about each Director'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 Fund. 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 Fund's Liquidity Risk Management Program, sub-advisers, the Fund's Chief Compliance Officer, the Fund's independent registered public accounting firm, counsel, and internal auditors of the Investment Manager or its affiliates, as appropriate, regarding risks faced by the Fund and the risk management programs of the Investment Manager and certain service providers. The actual day-to-day risk management with respect to the Fund resides with the Investment Manager and other service providers to the Fund, including pursuant to the Board-approved Liquidity Risk Management Program for the Fund. 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 Fund 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 Fund or the Investment Manager, its affiliates, or other service providers.

**Selection of Director Nominees.** The Governance Committee is responsible for considering Director nominees for Directors 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 Fund, 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 Fund 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 Fund'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 Fund'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 Directors.** Shareholders of the Fund can communicate directly with the Board by writing to the Chair of the Board, c/o the Fund, 1 Corporate Drive, Shelton, Connecticut 06484. Shareholders can communicate directly with an individual Director by writing to that Director, c/o the Fund, 1 Corporate Drive, Shelton, Connecticut 06484. Such communications to the Board or individual Directors 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 Board Member's share ownership in the Fund, other funds that are overseen by the respective Board Member as well as any other funds that are managed by the Investment Manager as of the most recently completed calendar year is set forth in the chart below.

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**25**

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp; **Dollar Range of Equity** <br> **Securities in the Fund**<br>| &nbsp;&nbsp; **Aggregate Dollar Range of** <br> **Equity Securities Owned** <br> **by Board Member in All** <br> **Registered Investment** <br> **Companies in Fund Complex\***<br>|
| **Board Member 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 |
| Thomas M. O'Brien |  | over $100,000 |
| Kenneth Allen\*\* |  |  |

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\*Fund Complex includes the Prudential Annuities Funds, the PGIM Retail Mutual Funds, the PGIM Alternatives Funds, and any other funds that are managed by PGIM Investments and /or AST Investment Services, Inc. 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.

None of the Independent Board Members, or any member of his/her immediate family, owned beneficially or of record any securities in an investment adviser or principal underwriter of the Fund 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 the Fund as of the most recently completed calendar year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26**

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Investment Advisory & Other Services

**Manager & Subadviser** 

The Investment Manager of the Fund is PGIM Investments, 655 Broad Street, 6<sup>th</sup> floor, Newark, New Jersey 07102-4077. PGIM Investments serves as manager to all of the other investment companies that, together with the Fund, comprise the Prudential mutual funds. See "Fund Management" in the Prospectus of the Fund. As of December 31, 2025, PGIM Investments served as the investment manager to all of the Prudential U.S. and offshore open-end investment companies, and/or as administrator to 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.

Pursuant to a Management Agreement, PGIM Investments, subject to the oversight of the Fund's Board and in conformity with the stated policies of the Fund, manages both the investment operations of the Fund and the composition of the Fund's portfolio, including the purchase, retention disposition and loan of securities and other assets. In connection therewith, PGIM Investments is obligated to keep certain books and records of the Fund. PGIM Investments has hired a subadviser to provide investment advisory services to the Fund. PGIM Investments also administers the Fund's corporate affairs and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical, and bookkeeping services which are not being furnished by The Bank of New York Mellon, the Fund's custodian (the Custodian). The management services of PGIM Investments to the Fund are not exclusive under the terms of the Management Agreement and PGIM Investments is free to, and does, render management services to others.

In connection with its management of the corporate affairs of the Fund, PGIM Investments bears the following expenses:

(a) the salaries and expenses of all personnel of the Fund and the Investment Manager, except the fees and expenses of Board Members who are not affiliated persons of the Investment Manager or the Fund's subadviser;

(b) all expenses incurred by the Investment Manager or by the Fund in connection with managing the ordinary course of the Fund's business, other than those assumed by the Fund, as described below; and

(c) the costs, expenses and fees payable to the Subadviser, pursuant to a subadvisory agreement between PGIM Investments and the Subadviser (the Subadvisory Agreement).

Under the terms of the Management Agreement, the Fund is responsible for the payment of the following expenses, including (a) the fee payable to the Investment Manager; (b) the fees and expenses of Directors who are not affiliated with the Investment Manager or the Fund's Subadviser (c) brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with its securities transactions; (d) all taxes and corporate fees payable by the Fund to governmental agencies; (e) the cost of fidelity and directors and officers and errors and omissions insurance; (f) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business; (g) any distribution or service fees; (h) the fees and expenses of the Fund's custodian; and (i) the charges and expenses of legal counsel and the independent registered public accounting firm to the Fund.

The Fund pays a fee to PGIM Investments for the services performed and the facilities furnished by PGIM Investments computed daily and payable monthly, at the annual rate of 0.55% of the Fund's average daily net assets. The amounts paid by the Fund to PGIM Investments for investment management services for the three most recent fiscal years are set forth in the table below.

The Management Agreement provides that the Investment Manager shall not be liable to the Fund for any error of judgment by the Investment Manager or for any loss sustained by the Fund except in the case of a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damage will be limited as provided in the 1940 Act) or of willful misfeasance, bad faith, gross negligence or reckless disregard of duty.

The Management Agreement provides that it shall terminate automatically if assigned (as defined in the 1940 Act), and that it may be terminated without penalty by either the Investment Manager or the Fund (by the Board or vote of a majority of the outstanding voting securities of the Fund, as defined in the 1940 Act) upon not more than 60 days' nor less than 30 days' written notice.

PGIM Investments may from time to time waive all or a portion of its management fee and subsidize all or a portion of the operating expenses of the Fund. Fee waivers and subsidies will increase the Fund's total return. These voluntary waivers may be terminated at any time without notice.

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**27**

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PGIM Investments has entered into a subadvisory agreement with Jennison. The Subadvisory Agreement provides that Jennison furnish investment advisory services in connection with the management of the Fund. In connection therewith, Jennison is obligated to keep certain books and records of the Fund. PGIM Investments continues to have responsibility for all investment advisory services pursuant to the Management Agreement and supervises Jennison's performance of those services. Pursuant to the subadvisory agreement, PGIM pays the subadviser a fee out of the management fees received by the PGIM from the Trust for the Fund.

The Subadvisory Agreement provides that it will terminate in the event of its assignment (as defined in the 1940 Act) or upon the termination of the Management Agreement. The Subadvisory Agreement may be terminated by the Fund, or Jennison upon not less than 30 days' nor more than 60 days' written notice. The Subadvisory Agreement provides that it will continue in effect for a period of more than two years only so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. Any subadvisory fees for the Fund are paid out of the management fees received by PGIM, and therefore the management fees set forth below reflect the aggregate management fees paid to PGIM and any subadvisers.

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| | | | |
|:---|:---|:---|:---|
| **Management Fees Paid** |  |  |  |
|  | **2025** | **2024** | **2023** |
| Management Fees Paid to PGIM Investments | $905879 | $920915 | $794369 |

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**SEC Order** 

*SEC Manager-of-Managers Order*. Pursuant to exemptive orders issued by the SEC, the Fund may hire subadvisers or amend subadvisory agreements, without shareholder approval. The "manager of managers" structure also provides relief from certain disclosure obligations with regard to subadvisory fees. With this relief, each Fund may elect to disclose the aggregate fees payable to PGIM and wholly-owned subadvisers and the aggregate fees payable to unaffiliated subadvisers and subadvisers affiliated with PGIM, other than wholly-owned subadvisers.

The most recent order imposes the following conditions:

1. Before the Fund may rely on the order requested in the application, the operation of the Fund 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 Fund'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 on an insurance-related Fund, pursuant to the voting instructions provided by contract owners with assets allocated to any registered separate account for which the Fund serves as a funding medium), or, in the case of a new fund 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 Fund's shares to the public.

2. The prospectus for the Fund, 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. The Fund (and any such feeder fund) will hold itself out to the public as employing the multi-manager structure described in the application. The prospectus will prominently disclose that PGIM Investments has the ultimate responsibility, subject to oversight by the Board, to oversee the subadvisers and recommend their hiring, termination, and replacement.

3. PGIM Investments will provide general management services to the Fund, including overall supervisory responsibility for the general management and investment of the Fund's assets. Subject to review and approval of the Board, PGIM Investments will (a) set the Fund's overall investment strategies, (b) evaluate, select, and recommend subadvisers to manage all or a portion of the Fund's assets, and (c) implement procedures reasonably designed to ensure that subadvisers comply with the Fund's investment objective, policies and restrictions. Subject to review by the Board, PGIM Investments will (a) when appropriate, allocate and reallocate the Fund's assets among subadvisers; and (b) monitor and evaluate the performance of subadvisers.

4. The Fund will not make any ineligible subadviser changes without the approval of the shareholders of the Fund, 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. The Fund will inform shareholders, and if the Fund 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 Board Members, and the selection and nomination of new or additional Independent Directors will be placed within the discretion of the then-existing Independent Board Members.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28**

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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 Board Members. The selection of such counsel will be within the discretion of the then-existing Independent Board Members.

8. PGIM Investments will provide the Board, no less frequently than quarterly, with information about the profitability of PGIM Investments with respect to the Fund. 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, PGIM Investments will provide the Board with information showing the expected impact on the profitability of PGIM Investments.

10. Whenever a subadviser change is proposed for the Fund with an affiliated subadviser or a wholly-owned subadviser, the Board, including a majority of the Independent Board Members, will make a separate finding, reflected in the Board minutes, that such change is in the best interests of the Fund and its shareholders, and if the Fund 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 PGIM Investments or the affiliated subadviser or wholly-owned subadviser derives an inappropriate advantage.

11. No Board member or officer of a Prudential investment company, the Fund, or a feeder fund that invests in the Fund that is a master fund, or director, manager or officer of PGIM Investments, 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 PGIM Investments or any entity, other than a wholly-owned subadviser, that controls, is controlled by, or is under common control with PGIM Investments, 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. The Fund and any feeder fund that invests in the Fund 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 the Fund's existing investment management agreement or subadvisory agreement that directly or indirectly results in an increase in the aggregate advisory fee rate payable by the Fund will be submitted to the Fund's shareholders for approval.

**Other Service Providers** 

**UNDERWRITER.** Prudential Investment Management Services LLC (PIMS), an indirect wholly-owned subsidiary of Prudential Financial, acts as the principal underwriter of the Fund. Fund shares are sold only to certain separate accounts of Prudential. The offering of Fund shares is continuous. PIMS is a limited liability corporation organized under Delaware law in 1996. PIMS is a registered broker-dealer under the 1934 Act and is a member of the Financial Industry Regulatory Authority, Inc. The principal business address of PIMS is 655 Broad Street, Newark, New Jersey 07102. The Fund does not pay any fee to PIMS.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**. PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017-6204 served as the Fund's independent registered public accounting firm for the most recently completed fiscal year, and in that capacity will audit the annual financial statements for the Fund for the next fiscal year.

**SECURITIES LENDING ACTIVITIES**. Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending (GSAL) serves as the securities lending agent for the Fund and in that role administers the Fund's securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and GSAL.

GSAL is responsible for the administration and management of the Fund'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 Fund'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 the Fund's investment guidelines.

GSAL receives as compensation for its services a portion of the amount earned by the Fund for lending securities.

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**29**

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The table below sets forth, for the Fund's most recently completed fiscal year, the Fund's gross income received from securities lending activities, the fees and/or other compensation paid by the Fund for securities lending activities, and the net income earned by the Fund for securities lending activities. The table below also discloses any other fees or payments incurred by the Fund resulting from lending securities.

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| | |
|:---|:---|
| **Securities Lending Activities:** | **Securities Lending Activities:** |
| Gross Income from securities lending activities | &nbsp;&nbsp; $79128 |
| Fees and/or compensation for securities lending activities and related services |  |
| Fees paid to securities lending agent from a revenue split | &nbsp;&nbsp; $(2955) |
| Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral investment vehicle) | &nbsp;&nbsp; $(921) |
| Administrative fees not included in revenue split | &nbsp;&nbsp; $— |
| Indemnification fee not included in revenue split | &nbsp;&nbsp; $— |
| Rebate (paid to borrower) | &nbsp;&nbsp; $(42357) |
| Other fees not included in revenue split (specify) | &nbsp;&nbsp; $— |
| Aggregate fees/compensation for securities lending activities | &nbsp;&nbsp; $(46233) |
| Net Income from securities lending activities | &nbsp;&nbsp; $32895 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30**

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OTHER INFORMATION

**Brokerage Allocation & Other Practices** 

The Fund has adopted a policy pursuant to which the Fund and its Investment Manager, subadviser, and principal underwriter are prohibited from directly or indirectly compensating a broker-dealer for promoting or selling Fund shares by directing brokerage transactions to that broker. The Fund has adopted procedures for the purpose of deterring and detecting any violations of the policy. The policy permits the Fund, the Investment Manager, and the subadviser 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 Fund and is not influenced by considerations about the sale of Fund shares.

The Investment Manager is responsible for decisions to buy and sell securities, futures contracts, and options on such securities and futures for the Fund, 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 Fund 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 subadviser. 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 subadviser (an affiliated broker). Brokerage commissions on U.S. 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 U.S. government agency securities may be purchased directly from the issuer, in which case no commissions or discounts are paid. The Fund 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 Fund, 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 Fund may pay transaction costs in excess of that which another firm might have charged for effecting the same transaction.

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 Fund. The Investment Manager maintains an internal allocation procedure to identify those firms who have provided it with research and research-related products and/or services, and the amount that was provided, and to endeavor to direct sufficient commissions to them to ensure the continued receipt of those services that the Investment Manager believes provide a benefit to the Fund 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.

When the Investment Manager deems the purchase or sale of equities to be in the best interests of the Fund or its other clients, including Prudential, the Investment Manager may, but is under no obligation to, aggregate the transactions in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the transactions, as well as the expenses incurred in the transaction, will be made by the Investment Manager in the manner it considers to be most equitable and consistent with its fiduciary obligations to its clients. The allocation of orders among firms and the commission rates paid are reviewed

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**31**

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periodically by the Fund'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 Fund, will not significantly affect the Fund's ability to pursue its present investment objective. However, in the future in other circumstances, the Fund 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 Fund. In order for an affiliated broker to effect any portfolio transactions for the Fund, 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 that would be expected to be received by an unaffiliated firm in a commensurate arm's-length transaction. Furthermore, the Board of the Fund, including a majority of the non-interested Board Members, have adopted procedures that 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 Fund unless the Fund has expressly authorized the retention of such compensation. The affiliated broker must furnish to the Fund at least annually a statement setting forth the total amount of all compensation retained by it from transactions effected for the Fund 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 Fund 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 Fund 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.

The tables below set forth information concerning the payment of brokerage commissions by the Fund, including the amount of brokerage commissions paid to any affiliated broker for the three most recently completed fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **Brokerage Commissions Paid by the Fund** | **Brokerage Commissions Paid by the Fund** | **Brokerage Commissions Paid by the Fund** | **Brokerage Commissions Paid by the Fund** |
|  | **2025** | **2024** | **2023** |
| Total brokerage commissions paid by the Fund | $12023 | $15712 | $14305 |
| Total brokerage commissions paid to affiliated brokers |  |  |  |
| Percentage of total brokerage commissions paid to affiliated brokers |  |  |  |
| Percentage of the aggregate dollar amount of portfolio transactions involving the payment of commissions to affiliated brokers |  |  |  |

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

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| | | | |
|:---|:---|:---|:---|
| **Broker-Dealer Securities Holdings** | **Broker-Dealer Securities Holdings** | **Broker-Dealer Securities Holdings** | **Broker-Dealer Securities Holdings** |
| **Fund Name** | **Broker-Dealer** | **Equity or Debt** | **Amount** |
| Prudential's Gibraltar Fund, Inc. | None | None | None |

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The table below shows the Fund's portfolio turnover rates over the two most recently completed fiscal years:

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| | | |
|:---|:---|:---|
| **Portfolio Turnover Rate** |  |  |
| **Fund Name** | **2025** | **2024** |
| Prudential's Gibraltar Fund, Inc. | 23% | 19% |

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**Code of Ethics** 

The Board of the Fund has approved Codes of Ethics for the Fund, Jennison, PGIM Investments, and PIMS. The Codes permit personnel subject to the Codes to invest in securities, including securities that may be purchased or held by the Fund. However, the protective provisions of the Codes prohibit certain investments and limit such personnel from making investments during periods when the Fund is making such investments. The Codes are on public file with, and are available from, the SEC.

**Taxation of the Fund** 

*Qualification as a Regulated Investment Company* 

The Fund has elected to be treated as a regulated investment company (a RIC) under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32**

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If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to its shareholders in the form of dividends (including capital gain dividends). If the Fund does not qualify under Subchapter M of the Code, the Fund will be subject to U.S. federal income tax.

Furthermore, if the Fund fails to qualify as a RIC for any taxable year, such failure could cause an insurance company separate account invested in the Fund to 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.

*Diversification Requirements – Variable Annuity Contracts* 

To comply with regulations under Section 817(h) of the Code which contain certain diversification requirements, the Fund will be required to diversify its investments so that on the last day of each quarter of a calendar year, no more than 55% of the value of its assets is represented by any one investment, no more than 70% is represented by any two investments, no more than 80% is represented by any three investments, and no more than 90% is represented by any four investments. Generally, securities of a single issuer are treated as a single investment for these purposes, and each U.S. government agency or instrumentality is treated as a separate issuer. However, U.S. Treasury regulations provide a "look-through rule" with respect to a segregated asset account's investments in a RIC for purposes of the applicable diversification requirements, provided certain conditions are satisfied by the RIC. Under this look-through rule, if the Fund limits its shareholders to certain permitted holders, each insurance company separate account investing in the Fund will be treated as owning (as a separate investment) its proportionate share of each asset of the Fund for purposes of meeting its own diversification requirements under Code Section 817(h).

The U.S. federal income tax rules applicable to contract owners vary depending on the contract and whether a tax qualified plan is involved. Contract owners should consult the applicable prospectus or description of the plan for a discussion of and information on the tax consequences of a contract, policy or plan. In addition, contract owners may wish to consult with their tax advisors as to the tax consequences of investing in the Fund, including the application of U.S. federal, state and local and non U.S. taxes.

As of December 31, 2025, the Fund had no capital loss carryforwards.

**Proxy Voting Policies & Recordkeeping Procedures** 

The Board has delegated to PGIM Investments, as the Fund's Investment Manager, the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. The Fund authorizes the Investment Manager to delegate, in whole or in part, its proxy voting authority to its investment advisers (subadvisers) or third party vendors, consistent with the policies set forth below. The proxy voting process shall remain subject to the supervision of the Board, including any Committee thereof established for that purpose.

The Investment Manager and the Board view the proxy voting process as a component of the investment process and, as such, seek to ensure that all proxy proposals are voted with the primary goal of seeking the optimal benefit for the Fund. Consistent with this goal, the Board views the proxy voting process as a means to encourage strong corporate governance practices and ethical conduct by corporate management. The Investment Manager and the Board maintain a policy of seeking to protect the best interests of the Fund should a proxy issue potentially implicate a conflict of interest between the Fund and the Investment Manager or its affiliates.

The Investment Manager delegates to the Fund's Subadviser the responsibility for voting proxies. The Subadviser is expected to identify and seek to obtain the optimal benefit for the Fund, and to adopt written policies that meet certain minimum standards, including that the policies be reasonably designed to protect the best interests of the Fund and to delineate procedures to be followed when a proxy vote presents a conflict between the interests of the Fund and the interests of the Subadviser or its affiliates. The Investment Manager expects that the Subadviser will notify the Investment Manager at least annually of any such conflicts identified and confirm how the issue was resolved. In addition, the Investment Manager expects that the Subadviser will deliver to the Investment Manager, or its appointed vendor, information required for the filing of Form N-PX with the SEC.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available on the Internet on the SEC's website at www.sec.gov. A summary of the proxy voting policy of the Subadviser to the Fund is set forth below:

**JENNISON ASSOCIATES LLC (JENNISON)**

**PROXY VOTING POLICY AND PROCEDURES**

**I.** **Policy** 

Jennison (or the "Company") has adopted the following 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 Advisers Act.

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In the absence of any written delegation or when proxy voting authority has been delegated in writing to Jennison by clients, Jennison will exercise this voting authority in each client's best interests. The Company will not consider its own interests, or those of any affiliates, when voting proxies.

Unless otherwise specified by a client, or through the adoption of Jennison Custom Guidelines for certain Jennison Investment Products, "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. We recognize that the nature of ballot issues, including environmental and social issues ("ESG"), can vary widely depending on the company, industry practices, the company's operations and geographic footprint, to name a few, and will consider relevant issues, including ESG issues, in a manner consistent with our fiduciary duties and the goal of maximizing shareholder value.

Jennison's proxy voting policy and procedures and proxy voting records are publicly available on our website. Clients may obtain a copy of our guidelines, as well as the proxy voting records for that client's securities, by contacting the client service representative responsible for the client's account.

II. Procedures

<u>Proxy Voting Guidelines</u> 

Jennison has adopted proxy voting guidelines ("Guidelines") with respect to certain recurring issues. When Jennison is responsible for voting proxies, Jennison considers these guidelines except, where appropriate, when Jennison accepts custom guidelines.

The Guidelines are reviewed annually and as necessary by the Proxy Team. Proposed revisions to the Guidelines are reviewed and approved by the Company's Proxy Voting Committee and Investment Professionals when a change is appropriate. The Proxy Team maintains the Guidelines and distributes copies to the Investment Professionals following confirmation of any change. The Guidelines are meant to convey Jennison's general approach to voting decisions on certain issues. Nevertheless, Investment Professionals are responsible for reviewing all proposals related to fundamental strategies individually and making final decisions based on the merits of each voting opportunity.

If an Investment Professional believes that Jennison should vote in a way that is different from the Guidelines, the Proxy Team is notified. In certain circumstances, an Investment Professional may conclude that different clients should vote in different ways, or that it is in the best interests of some or all clients to abstain from voting. The Proxy Team will notify each Investment Professional's supervisor of any Guideline overrides authorized by that Investment Professional.

The Proxy Team is responsible for maintaining Investment Professionals' reasons for deviating from the Guidelines.

<u>Client Directed and Jennison Custom Voting Guidelines</u> 

Any client's specific voting instructions must be communicated or confirmed by the client in writing, either through a provision in the investment advisory contract or through other written correspondence. Such instructions may call for Jennison to vote the client's securities according to the client's own voting guidelines ("Client Directed Custom Guidelines"), or may indicate that the Company is not responsible for voting the client's proxies. We try to accommodate such requests where appropriate.

The Proxy Team reviews Client Directed Custom Guidelines and approves operational implementation, and certain instructions may only be implemented on a best efforts basis. The Proxy Team is responsible for communicating such instructions to the third party vendor.

Additionally, for certain investment products or vehicles that are developed and managed by the Company that seek to follow certain religious values or sustainability objectives ("Jennison Investment Products"), Jennison adopts custom guidelines that are aligned with the particular Jennison Investment Product ("Jennison Custom Guidelines"). Certain Jennison Custom Guidelines are provided by a third party proxy vendor. Prior to the adoption of Jennison Custom Guidelines, the Proxy Committee will review the custom guidelines. The Proxy Team will review the proxy voting records for the Jennison Investment Products that utilize the Jennison Custom Guidelines on a quarterly basis and provide reporting to the Proxy Committee.

<u>Use of a Third Party Voting Service</u> 

Jennison has engaged an independent third party proxy voting vendor that provides research and analytical services, operational implementation and recordkeeping and reporting services. The proxy voting vendor will cast votes in accordance with the Company's Guidelines; however, notwithstanding the Guidelines, Investment Professionals for fundamental strategies are responsible for reviewing the facts and circumstances related to each proposal in order to make all final voting decisions.

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The third party proxy voting vendor is responsible for operational implementation of Client Directed Custom Guidelines and Jennison Custom Guidelines ("Client Directed Custom Guidelines and Jennison Custom Guidelines are collectively Custom Guidelines"). The ballots received for clients/accounts with Custom Guidelines will be automatically voted in accordance with the Custom Guideline recommendations by the third party proxy voting vendor. Jennison also subscribes to additional proxy voting research from another third party on proxy proposals relating to environmental and social topics.

<u>Identifying and Addressing Potential Material Conflicts of Interest</u> 

There may be instances where Jennison's interests conflict materially, or appear to conflict materially, with the interests of clients in connection with a proxy vote (a "Material Conflict"). Examples of potential Material Conflicts include, but are not limited to:

■

Management of a client is soliciting proxies and failure to vote in favor of management may harm Jennison's relationship with the client.

■

A personal or familial relationship between a Jennison employee and management of an issuer could impact Jennison's

■

voting decision

■

A personal holding in an issuer's security by the Investment Professional who is responsible for voting that security's proxy whereJennison has a material investment.

If an Investment Professional or any other employee perceives a Material Conflict, he or she must promptly report the matter to the Chief Compliance Officer.

If the Proxy Voting Committee determines that a Material Conflict is present and if the Investment Professional is recommending a vote that deviates from the Guidelines or there is no specific recommended Guideline vote and decisions are made on a case-by-case basis, then the voting decision must be reviewed and approved by the Investment Professional's supervisor and the Proxy Committee prior to casting the vote.

Jennison will not abstain from voting a proxy for the purpose of avoiding a Material Conflict.

<u>Quantitatively Derived Holdings and the Jennison Managed Accounts</u> 

In voting proxies for non-fundamental strategies such as quantitatively derived holdings and Jennison Managed Accounts (i.e. "wrap") where the securities are not held elsewhere in the firm, proxies will be voted utilizing the Guidelines. Additionally, in those circumstances where no specific Guidelines exist, the Company will consider the recommendations of the proxy voting vendor.

<u>International Holdings</u> 

Jennison will exercise 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 it anticipates that the costs or limitations associated with voting outweigh the benefits.

<u>Securities Lending</u> 

Jennison may be unable to vote proxies when the underlying securities have been lent out pursuant to a client's securities lending program. The Company does not know when securities are on loan and are therefore not available to be voted. In rare circumstances, Investment Professionals may ask the Proxy Team to work with the client's custodian to recall the shares so that Jennison can vote. Efforts to recall loaned securities are not always effective since such requests must be submitted prior to the record date for the upcoming proxy vote; therefore voting shares on loan is on a best efforts basis. In determining whether to call back securities that are out on loan, the Investment Professional will consider whether the benefit to the client in voting the matter outweighs the benefit to the client in keeping the security out on loan.

<u>Disclosure to Advisory Clients</u> 

Jennison will provide a copy of these Policies and Procedures and the Guidelines to any client upon request. The Company will also provide any client with information about how Jennison has voted that client's proxies upon request. Any such requests should be directed to the client service representative responsible for the client's account who will coordinate with the Proxy Team.

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<u>Regulatory Filings</u> 

Reporting Jennison's say-on-pay votes

An institutional investment manager that is required to file reports under section 13(f) of the Exchange Act is required to report its say-on-pay votes on Form N-PX if it exercises voting power to influence a voting decision for the security.

"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.

Voting power exists if an institutional investment manager has the ability to vote the security or direct the voting of the security, including the ability to determine whether to vote the security at all, or to recall a loaned security before a vote (i.e., effective on or before a record date).

The filing must be completed by August 31 annually and cover the year ending on June 30<sup>th</sup>.

Jennison's Proxy Team is responsible for ensuring the accuracy and completeness of the information in Jennison's Form N-PX that is filed by Compliance.

<u>Reporting for Investment Companies</u> 

Upon request, the Proxy Team will provide to 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 our general approach to certain issues. However, employees are prohibited from disclosing how we voted or promising to vote in a particular manner under any circumstance during these pre-solicitation meetings or contacts.

Jennison is a fiduciary and exercises opportunities to vote proxies solely in the best interest of our clients.

III. Internal Controls

<u>Supervisory Notification</u> 

The Proxy Team will notify each Investment Professional's supervisor of any Guideline overrides authorized by that Investment Professional. The supervisor reviews the overrides ensuring that they were made based on clients' best interests, and that they were not influenced by any Material Conflict or other considerations.

<u>The Proxy Voting Committee</u> 

The Proxy Voting Committee consists of representatives from Operations, Operational Risk, Legal, and Compliance. It meets at least quarterly, and has the following responsibilities:

■

Review potential Material Conflicts and decide whether a material conflict is present, and needs to be addressed according to these policies and procedures.

■

Review proposed amendments to the Guidelines in consultation with the Investment Professionals and make revisions as appropriate.

■

Review these Policies and Procedures annually for accuracy and effectiveness, and recommend and adopt any necessary changes.

■

Review all Guideline overrides.

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■

Review quarterly voting metrics and analysis published by the Proxy Team.

■

Review accuracy of the application of Custom Guidelines.

■

Review the performance of the proxy voting vendor and determine whether Jennison should continue to retain their services. The Committee will consider the following factors while conducting their review:

■

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, the Chief Compliance Officer, Chief Legal Officer, Chief Risk Officer, Chief Ethics Officer, Chief Operating Officer or Chief Executive Officer. Alternatively, Jennison has an Ethics Reporting Hotline phone number and email address that enable 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

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.

**Disclosure of Portfolio Holdings** 

The Board of each fund in the PGIM mutual fund complex has adopted policies and procedures with respect to the disclosure of portfolio securities owned by each fund ("portfolio holdings"), and to authorize certain arrangements to make available information about portfolio holdings.

*Regulatory Filings.* Portfolio holdings for each fund as of the second and fourth fiscal quarters are made public, as required by law, in each fund's annual and semi-annual report. 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 Fund's annual and semi-annual reports are posted on the Fund's website.

The Fund's portfolio holdings as of the end of the first and third fiscal quarters are made public and filed with the SEC on Form N-PORT. The Fund files disclosure of its complete holdings on Form N-PORT each month, with every third month made available to the public by the SEC 60 days after the end of the Fund's first and third fiscal quarters.

In addition, the Fund may provide a full list of portfolio holdings as of the end of each month on its website no sooner than approximately three business days prior to the end of the following month. The Fund may also release top ten holdings and summary statistics regarding sectors, countries and/or industries and other characteristics, as of each month end, with all such information posted on the Fund's website approximately 15 days after the end of the month, unless noted otherwise herein.

Procedures for Release of Portfolio Holdings Information:

A request for release of portfolio holdings shall be prepared setting forth a legitimate business purpose for such release which shall specify the fund(s), the terms of such release, and frequency (e.g., level of detail, staleness). Such request shall address whether there are any conflicts of interest between the fund 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 fund(s).

■

The request shall be forwarded to the Fund's Chief Compliance Officer, or their delegate, for review and approval.

■

A confidentiality agreement in the form approved by a Fund officer must be executed with the recipient of the portfolio holdings.

■

A Fund officer shall approve the release and the agreement. Copies of the release and agreement shall be sent to the PGIM Investments law department.

■

Written notification of the approval shall be sent by such officer to PGIM Investments' Fund Administration Department to arrange the release of portfolio holdings.

■

PGIM Investment's Fund Administration Department shall arrange for the release of portfolio holdings information by the Fund's custodian bank(s).

Set forth below are the authorized ongoing arrangements as of the date of this SAI:

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

1. Traditional External Recipients/Vendors

■

Full holdings on a daily basis to the Fund's proxy voting agents at the end of each day;

■

Full holdings on a daily basis to ISS (securities class action claims services administrator) at the end of each day;

■

Full holdings on a daily basis to the Fund's subadviser(s) (as identified in the Fund'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;

■

Full holdings on a daily basis to Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending (securities lending agent) at the end of each day;

■

Full holdings to the Fund's independent registered public accounting firm as soon as practicable following the Fund's fiscal year-end or on an as-needed basis;

■

Full holdings to the Fund's counsel on an as-needed basis;

■

Full holdings to the Fund's independent board members on an as-needed basis; and

■

Full holdings to financial printers as soon as practicable following the end of the Fund's quarterly, semi-annual and annual period ends.

2. Analytical Service Providers

■

Portfolio trades on a quarterly basis to Abel/Noser Corp. (an agency-only broker and transaction cost analysis company) as soon as practicable following the Fund's fiscal quarter-end;

■

Full holdings, on an as needed basis, to Zeno Consulting Group, LLC (an independent third-party transaction cost analysis company) as soon as practicable.

■

Full holdings on a daily basis to FactSet Research Systems, Inc. (analytical services/investment research providers) at the end of each day;

■

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;

■

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 a monthly basis to FX Transparency (foreign exchange/transaction analysis) 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).

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 Fund's Chief Compliance Officer and PGIM Investments' Law Department on an annual basis.

In addition, certain authorized employees of PGIM Investments receive portfolio holdings information on a quarterly, monthly or daily basis or upon request, in order to perform their business functions. All PGIM Investments employees are subject to the requirements of the personal securities trading policy of Prudential Financial, Inc., which prohibits employees from trading on or further disseminating confidential information, including portfolio holdings information.

In no instance may the investment manager or the Fund receive any compensation or consideration in exchange for the portfolio holdings information.

The Board of Directors of the Fund has approved PGIM Investments' Policy for the Dissemination of Portfolio Holdings. The Board shall, on a quarterly basis, be advised of any revisions to the list of recipients of the portfolio holdings information and the reason for such disclosure. The Board has delegated oversight of the Fund's disclosure of portfolio holdings to the Chief Compliance Officer.

Arrangements pursuant to which the Fund discloses non-public information with respect to its portfolio holdings do not provide for any compensation in return for the disclosure of the information.

There can be no assurance that the Fund's policies and procedures on portfolio holdings information will protect the Fund from the potential misuse of such information by individuals or entities that come into possession of the information.

**Control Persons & Principal Holders of Securities** 

As of April 1, 2026, all Fund shares are held by three separate accounts of Prudential. The address of each separate account is 751 Broad Street, Newark, New Jersey 07102-3777. These separate accounts are used in connection with certain systematic investment plan contracts and variable annuity contracts.

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**Financial Statements** 

The financial statements for the Fund for the fiscal year ended December 31, 2025 have been incorporated in this SAI by reference to the Fund's Form N-CSR. The Fund's N-CSR was filed electronically with the SEC on [March 2, 2026 (Accession](https://www.sec.gov/ix?doc=/Archives/edgar/data/80946/000119312526085194/d87589dncsr.htm)[No. 0001193125-26-085194)](https://www.sec.gov/ix?doc=/Archives/edgar/data/80946/000119312526085194/d87589dncsr.htm). Such financial statements have been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose reports thereon are included in the Fund's N-CSR. PricewaterhouseCoopers LLP's principal business address is 300 Madison Avenue, New York, New York 10017-6204. A copy of the Fund's shareholder report and N-CSR are available, at no charge, by request to the Fund by calling (800) 778-2255, or by writing to the Fund at 655 Broad Street, Newark, New Jersey 07102.

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**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits.**

[(a)(1) Articles of Amendment and Restatement. Incorporated by reference to Post-Effective Amendment No. 49 to](https://www.sec.gov/Archives/edgar/data/80946/000119312504068309/dex99a1.htm)[the Registration Statement on Form N-1A (File No. 2-32685) filed April 23, 2004.](https://www.sec.gov/Archives/edgar/data/80946/000119312504068309/dex99a1.htm)

[(2) Amended and Restated By-laws as of August 30, 2004. Incorporated by reference to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/80946/000110465905008619/a05-3711_1ex99da2.htm)[No. 50 to the Registration Statement on Form N-1A (File No. 2-32685) filed February 28, 2005.](https://www.sec.gov/Archives/edgar/data/80946/000110465905008619/a05-3711_1ex99da2.htm)

(b) Not applicable.

(c) Not applicable.

[(d)(1) Management Agreement between the Registrant and Prudential Investments LLC (now known as PGIM](https://www.sec.gov/Archives/edgar/data/80946/000095010903000868/dex99d1.htm)[Investments LLC). Incorporated by reference to Post-Effective Amendment No. 47 to the Registration Statement on](https://www.sec.gov/Archives/edgar/data/80946/000095010903000868/dex99d1.htm)[Form N-1A (File No. 2-32685) filed February 27, 2003.](https://www.sec.gov/Archives/edgar/data/80946/000095010903000868/dex99d1.htm)

[(2) Subadvisory Agreement between the Registrant and Jennison Associates LLC. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/80946/000095010903000868/dex99d2.htm)[Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A (File No. 2-32685) filed](https://www.sec.gov/Archives/edgar/data/80946/000095010903000868/dex99d2.htm)[February 27, 2003.](https://www.sec.gov/Archives/edgar/data/80946/000095010903000868/dex99d2.htm)

[(e) Distribution Agreement between the Registrant and Prudential Investment Management Services LLC.](https://www.sec.gov/Archives/edgar/data/80946/0000950130-99-002471.txt)[Incorporated by reference to Post-Effective Amendment No. 42 to the Registration Statement on Form N-1A (File](https://www.sec.gov/Archives/edgar/data/80946/0000950130-99-002471.txt)[No. 2-32685) filed April 28, 1999.](https://www.sec.gov/Archives/edgar/data/80946/0000950130-99-002471.txt)

(f) Not applicable.

[(g)(1) Custodian Agreement between the Registrant and The Bank of New York. Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/80946/000113322806000251/exg1.htm)[Post-Effective Amendment No. 52 to the Registration Statement on Form N-1A (File No. 2-32685) filed April 28,](https://www.sec.gov/Archives/edgar/data/80946/000113322806000251/exg1.htm)[2006.](https://www.sec.gov/Archives/edgar/data/80946/000113322806000251/exg1.htm)

[(2) Amendment dated June 6, 2005 to Custodian Agreement between the Registrant and The Bank of New York](https://www.sec.gov/Archives/edgar/data/80946/000113322806000251/exg1.htm)[(BNY). Incorporated by reference to Post-Effective Amendment No. 52 to the Registration Statement on Form N-1A](https://www.sec.gov/Archives/edgar/data/80946/000113322806000251/exg1.htm)[(File No. 2-32685) filed April 28, 2006.](https://www.sec.gov/Archives/edgar/data/80946/000113322806000251/exg1.htm)

[(3) Amendment to the Custody Agreement between the Registrant and The Bank of New York Mellon. Filed as an](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d40.htm)[exhibit to Post-Effective Amendment No. 198 to Registration Statement, which Amendment was filed via EDGAR](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d40.htm)[on December 19, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d40.htm)

[(4) Fund Administration and Accounting Agreement dated February 3, 2006, among the Registrant and The Bank](https://www.sec.gov/Archives/edgar/data/717819/000168386322003691/f12355d6.htm)[of New York Mellon (as assigned from BNY Mellon Investment Servicing (US) Inc. f/k/a PFPC Inc.). Incorporated by](https://www.sec.gov/Archives/edgar/data/717819/000168386322003691/f12355d6.htm)[reference to Exhibit (g)(6) to Post-Effective Amendment No. 89 to the Registration Statement on Form N-1A for](https://www.sec.gov/Archives/edgar/data/717819/000168386322003691/f12355d6.htm)[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)

[(5) Amendment dated December 1, 2024, to the Fund Administration and Accounting Services Agreement, dated](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d41.htm)[February 3, 2006, among the Registrant and The Bank of New York Mellon (as assigned from BNY](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d41.htm)[Mellon Investment Servicing (US) Inc. f/k/a PFPC Inc.). Filed as an exhibit to Post-Effective Amendment No. 198 to](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d41.htm)[Registration Statement, which Amendment was filed via EDGAR on December 19, 2024, and is incorporated](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d41.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/814679/000168386324009315/f40105d41.htm)

(h) Not applicable.

------

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

[(i) Opinion of Shea & Gardner. Incorporated by reference to Exhibit 9 to Post-Effective Amendment No. 45 to the](https://www.sec.gov/Archives/edgar/data/80946/000095013001501023/dex999.txt)[Registration Statement on Form N-1A (File No. 2-32685), filed April 30, 2001.](https://www.sec.gov/Archives/edgar/data/80946/000095013001501023/dex999.txt)

[(j) Consent of Independent Registered Public Accounting Firm. Filed herewith.](f44760d2.htm)

(k) Not applicable.

(l) Not applicable.

(m) Not applicable.

(n) Not applicable.

(o) Not applicable.

[(p)(1) Code of Ethics of the Registrant. Filed as an exhibit to Post-Effective Amendment No. 79 to the Registration](https://www.sec.gov/Archives/edgar/data/80946/000168386324002634/f38289d8.htm)[Statement, which Amendment was filed via EDGAR on April 17, 2024, and incorporated by reference herein.](https://www.sec.gov/Archives/edgar/data/80946/000168386324002634/f38289d8.htm)

[(p)(2) Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards and Global Insider](f44760d3.htm)[Trading Policy of PGIM Investments LLC and AST Investment Services, Inc. dated January 2026. Filed herewith.](f44760d3.htm)

[(p)(3) Code of Ethics and Personal Trading Policy and Procedures of Jennison Associates LLC dated December](https://www.sec.gov/Archives/edgar/data/80946/000168386325003618/f41664d9.htm)[2024. Filed as an exhibit to Post-Effective Amendment No. 80 to the Registration Statement, which Amendment](https://www.sec.gov/Archives/edgar/data/80946/000168386325003618/f41664d9.htm)[was filed via EDGAR on April 17, 2025, and incorporated by reference herein.](https://www.sec.gov/Archives/edgar/data/80946/000168386325003618/f41664d9.htm)

**Item 29. Persons Controlled by or under Common Control with the Registrant.**

All of the shares of Prudential's Gibraltar Fund, Inc. are held by three separate accounts of The Prudential Insurance Company of America (Prudential Insurance): Prudential's Investment Plan Account, Prudential's Annuity Plan Account and Prudential's Annuity Plan Account-2. Prudential Insurance also holds directly and in certain other separate accounts shares of The Prudential Series Fund, a Delaware trust. Most of the other shares of The Prudential Series Fund are held by separate accounts of Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey, which are both indirect, wholly owned subsidiaries of Prudential Financial, Inc. (Prudential Financial). All of the separate accounts referred to above are unit investment trusts registered under the Investment Company Act of 1940. Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund are registered as open-end, diversified management investment companies under the Investment Company Act of 1940. In accordance with current legal requirements, the shares of the investment companies are voted in accordance with the instructions of persons having an interest in the unit investment trusts, and Prudential Insurance, Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey will vote the shares they hold directly in the same manner that they vote the shares that they hold in their separate accounts.

The subsidiaries of Prudential Financial Inc. ("PFI") are listed under [Exhibit 21.1 of the Annual Report on Form](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000048/pru-20251231x10kxexh211.htm)[10-K of Prudential Financial (Registration No. 001-16707), filed on February 12, 2026, the text of which is hereby](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000048/pru-20251231x10kxexh211.htm)[incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1137774/000113777426000048/pru-20251231x10kxexh211.htm)

**Item 30. Indemnification.**

The Registrant's Articles of Incorporation provide that "each director and each officer of the Corporation shall be indemnified by the Corporation to the full extent permitted by the General Laws of the State of Maryland and the Investment Company Act of 1940, now or hereafter in force, including the advance of related expenses."

The Registrant, in connection with other funds advised by PGIM Investments LLC, maintains a directors and officers errors and omissions policy, which provides the Registrant and its directors and officers with coverage against losses due to any breach of duty, neglect, error, misstatement, misleading statement or omission, and for costs and expenses incurred in the defense of any insured claim.

------

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Business and other Connections of the Investment Adviser.**

PGIM Investments LLC ("PGIM Investments")

See the Prospectus constituting Part A of this Registration Statement and "Management and Advisory Arrangements" in the Statement of Additional Information (SAI) constituting Part B of this Registration Statement.

The business profession, vocation or employment of a substantial nature engaged in by the officers and directors of PGIM Investments during the past two years are listed in Schedules A and D of Form ADV of PGIM Investments as currently on file with the Commission (File No. 801-31104), the text of which is hereby incorporated by reference.

Jennison Associates LLC (Jennison)

See the Prospectus constituting a portion of Part A of this Registration Statement and "Management and Advisory Arrangements" in the SAI.

The business, profession, vocation or employment of a substantial nature engaged in by the officers and directors of Jennison during the past two years is included in its Form ADV filed with the Securities and Exchange Commission (801-5608), the relevant text of which is incorporated herein by reference.

**Item 32. Principal Underwriters.**

(a) Prudential Investment Management Services LLC (PIMS) is distributor for PGIM Rock ETF Trust, PGIM Credit Income Fund, PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc., PGIM ETF Trust, Prudential Government Money Market Fund, Inc., The Prudential Investment Portfolios, Inc., Prudential Investment Portfolios 2, Prudential Investment Portfolios 3, Prudential Investment Portfolios Inc. 14, Prudential Investment Portfolios 4, Prudential Investment Portfolios 5, Prudential Investment Portfolios 6, Prudential National Muni Fund, Inc., Prudential Jennison Blend Fund, Inc., Prudential Jennison Mid-Cap Growth Fund, Inc., Prudential Investment Portfolios 7, Prudential Investment Portfolios 8, Prudential Jennison Small Company Fund, Inc., Prudential Investment Portfolios 9, Prudential World Fund, Inc., Prudential Investment Portfolios, Inc. 10, Prudential Jennison Natural Resources Fund, Inc., Prudential Global Total Return Fund, Inc., Prudential Investment Portfolios 12, Prudential Investment Portfolios, Inc. 15, Prudential Investment Portfolios 16, Prudential Investment Portfolios, Inc. 17, Prudential Investment Portfolios 18, Prudential Sector Funds, Inc. Prudential Short-Term Corporate Bond Fund, Inc., The Target Portfolio Trust, and The Prudential Series Fund.

PIMS is also distributor of the following other investment companies: Separate Accounts: Prudential's Gibraltar Fund, Inc. and The Prudential Variable Contract GI-2.

(b) The following table sets forth information regarding certain officers of PIMS. As a limited liability company, PIMS has no directors.

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Karen Leibowitz <sup>(1)</sup> <br>| President  | N/A |

---

------

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Scott E. Benjamin <sup>(1)</sup> <br>| Vice President | &nbsp;&nbsp; Board Member and <br> Vice President<br>|
| H. Soo Lee <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President, Chief <br> Legal Officer and Secretary<br>| N/A |
| Meredith Henning <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President and <br> Chief Compliance Officer<br>| N/A |
| Robert P. Smit <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President, Controller <br> and Chief Financial Officer<br>| N/A |
| Louis A. Taite <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President and<br> Chief Operations Officer<br>| N/A |
| Frank Papasavas <sup>(1)</sup> <br>| Treasurer | N/A |
| Tiffany Khan <sup>(2)</sup> <br>| Anti-Money Laundering Officer | &nbsp;&nbsp; Anti-Money Laundering <br> Compliance Officer<br>|
| Kristin Pruzinsky <sup>(1)</sup> <br>| &nbsp;&nbsp; Senior Vice President and <br> Chief Product Officer<br>| N/A |

---

**Principal Business Addresses:**

<sup>(1)</sup>

655 Broad Street, Newark, NJ 07102

<sup>(2)</sup>

751 Broad Street, Newark, NJ 07102

(c) Registrant has no principal underwriter who is not an affiliated person of the Registrant.

**Item 33. Location of Accounts and Records.**

All accounts, books or other documents required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Registrant, 655 Broad Street, Newark, New Jersey 07102; the Registrant's investment adviser, Prudential Investments LLC, 655 Broad Street, Newark, New Jersey 07102; Jennison Associates LLC, 466 Lexington Avenue, New York, New York 10017; or the Registrant's custodian, The Bank of New York Mellon Corp. (BNY), 225 Liberty Street, New York, New York 10286.

**Item 34. Management Services.**

Other than as set forth under the captions "How the Fund is Managed-Manager" and "How the Fund is Managed-Distributor" in the Prospectus and the caption "Management and Advisory Arrangements" in the SAI, constituting Parts A and B, respectively, of this 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> of April, 2026.

**Prudential's Gibraltar Fund**

Kenneth Allen\*

------

Kenneth Allen

President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| 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>| &nbsp;&nbsp; Chief Financial Officer (Principal Financial <br> Officer)<br>|  |
| 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.

------

**Prudential's Gibraltar Fund, Inc.**

**Exhibit Index** 

---

| | |
|:---|:---|
| **Item 28**<br> **Exhibit No.**<br>| **Description** |
| [(j)](f44760d2.htm) | [Consent of independent registered public accounting firm.](f44760d2.htm) |
| [(p)(2)](f44760d3.htm) | &nbsp;&nbsp; [Code of Ethics, Information Barrier Standards, Personal Securities Trading Standards and Global Insider](f44760d3.htm)<br> [Trading Policy of PGIM Investments LLC and AST Investment Services, Inc. dated January 2026.](f44760d3.htm)<br>|

---

------

## 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 Prudential's Gibraltar Fund, Inc. of our report dated February 18, 2026, relating to the financial statements and financial highlights of Prudential's Gibraltar Fund, Inc., which appears in Prudential's Gibraltar Fund, Inc.'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

![](g9jpsz9nyxjs0rgf10ano.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 .......................................................................................................................................](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1)** | **[4](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Key Points](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1)[................................................................................................................................................................](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1) | [4](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Who is Covered Under These Standards?](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1)[...............................................................................................................](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1) | [4](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Roles and Responsibilities](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1)[.......................................................................................................................................](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1) | [4](#div5b8f9564-a5a0-4748-9d26-d0f7314a4da1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Employee Classifications](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d)[.........................................................................................................................................](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d) | [5](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Escalation Requirements](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d)[.........................................................................................................................................](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d) | [5](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Key Definitions](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d)[........................................................................................................................................................](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d) | [5](#div0cf189ec-fa6b-457c-b6cb-c12cf22bcb2d) |
| **[Policy Requirements ......................................................................................................................](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715)** | **[6](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Personal Trading**](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715)[..................................................................................................................................................](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) | **[6](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Key Principles ......................................................................................................................................................](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) | [6](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Trading Restrictions**](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715)[.............................................................................................................................................](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) | **[6](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Material Nonpublic Information (MNPI).............................................................................................................](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) | [6](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investing in Prudential Funds..............................................................................................................................](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) | [6](#divc1b4370c-52e1-4ecb-82e4-e84514ecc715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Private Placements & Private Securities Transactions ........................................................................................](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) | [7](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Public Offerings (IPOs) ..............................................................................................................................](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) | [7](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trading in Prudential Securities ..........................................................................................................................](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) | [7](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gifts of Prudential Securities...............................................................................................................................](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) | [7](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board Memberships and Joint Ventures.............................................................................................................](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) | [7](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short Sales ..........................................................................................................................................................](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) | [7](#divf367a813-af91-45b0-bc53-1e9bb9a4a291) |
| **[Associated, Access, & Investment Persons Account Reporting.............................................................](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896)** | **[8](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**What Must be Reported?**](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896)[.....................................................................................................................................](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) | **[8](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Investment Securities Account Disclosure ................................................................................................](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) | [8](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Initial Holdings Disclosures .................................................................................................................................](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) | [8](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Authorized Brokers for US Reportable Accounts ................................................................................................](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) | [8](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Non-US](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896)[Reportable Accounts..............................................................................................................................](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) | [8](#div50ea5d91-72c3-48b5-8b5e-9f41a41e2896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cryptocurrency....................................................................................................................................................](#div3771d67d-7f26-43c1-8da8-9f4207f431c1) | [9](#div3771d67d-7f26-43c1-8da8-9f4207f431c1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Ongoing Disclosure, Reporting, & Attestation Responsibilities**](#div3771d67d-7f26-43c1-8da8-9f4207f431c1)[......................................................................](#div3771d67d-7f26-43c1-8da8-9f4207f431c1) | **[9](#div3771d67d-7f26-43c1-8da8-9f4207f431c1)** |
| **[Additional Requirements for Access and Investment Persons............................................................](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225)** | **[10](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[**Preclearance Process for Personal Trading**](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225)[....................................................................................................](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) | **[10](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[What Trades Must Be Precleared? ...................................................................................................................](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) | [10](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How does the Preclearance Process Work?......................................................................................................](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) | [10](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Two-Day](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225)[Approval Window ..............................................................................................................................](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) | [10](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) |
|  | 2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Options & Futures.............................................................................................................................................](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) | [10](#div196e1dfd-d7bd-4b9d-90c4-15d9c9f62225) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Restrictions for NFA Associated Persons.........................................................................................](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) | [11](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) |
| [**Trading Restrictions**](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9)[...........................................................................................................................................](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) | **[11](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Excessive Trading ..............................................................................................................................................](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) | [11](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Restricted Securities .........................................................................................................................................](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) | [11](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Blackout Periods ...............................................................................................................................................](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) | [11](#divd8b192b6-b99f-4d0e-abfc-e20cc36ef3f9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Minimum Holding Periods &](#div12ac7566-ffdd-4f3f-b79e-e305591a7961)[Short-Swing](#div12ac7566-ffdd-4f3f-b79e-e305591a7961)[Profits.............................................................................................](#div12ac7566-ffdd-4f3f-b79e-e305591a7961) | [12](#div12ac7566-ffdd-4f3f-b79e-e305591a7961) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Exceptions (Blackout Periods, Short Swing Profits and Minimum Holding Periods).........................................](#div12ac7566-ffdd-4f3f-b79e-e305591a7961) | [12](#div12ac7566-ffdd-4f3f-b79e-e305591a7961) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Restrictions for PGIM Real Estate – Prudential Retirement Real Estate Fund ("PRREF")](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa)[................](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) | [13](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Clubs ..............................................................................................................................................](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) | [13](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Wagering Instruments and Prediction Markets.................................................................................](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) | [13](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) |
| [**Additional Requirements for Designated Persons**](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa)[.........................................................................................](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) | **[13](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trading Limited During Open Window .............................................................................................................](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) | [13](#div669a1eac-a8eb-4b8a-a747-e7ca14a75afa) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Preclearance Required for Senior Vice Presidents and Above..........................................................................](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) | [14](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) |
| [**Exceptions**](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94)[..........................................................................................................................................................](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) | **[14](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Excluded Transactions.......................................................................................................................................](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) | [14](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Discretionary Managed Accounts .....................................................................................................................](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) | [14](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Exemptions While on Leave..............................................................................................................................](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) | [14](#div8d8985ab-4d85-4b79-af3a-76a6df1cbd94) |
| [**Non-Compliance**](#div99cc65fc-2ddd-46c9-a26e-7a3f101d6c6c)[.................................................................................................................................................](#div99cc65fc-2ddd-46c9-a26e-7a3f101d6c6c) | **[15](#div99cc65fc-2ddd-46c9-a26e-7a3f101d6c6c)** |
| [**Recordkeeping**](#div99cc65fc-2ddd-46c9-a26e-7a3f101d6c6c)[....................................................................................................................................................](#div99cc65fc-2ddd-46c9-a26e-7a3f101d6c6c) | **[15](#div99cc65fc-2ddd-46c9-a26e-7a3f101d6c6c)** |
| [**Exhibit A – Key Definitions**](#divce6c351a-ca50-4f6a-a923-9a74149b3b3c)[...............................................................................................................................](#divce6c351a-ca50-4f6a-a923-9a74149b3b3c) | **[16](#divce6c351a-ca50-4f6a-a923-9a74149b3b3c)** |
| **[Exhibit B – Summary of Code Requirements by Employee Classification](#div20ca0bcf-dea6-43c2-8739-b655edd48f55)[..................................................](#div20ca0bcf-dea6-43c2-8739-b655edd48f55)** | **[19](#div20ca0bcf-dea6-43c2-8739-b655edd48f55)** |
| [**Exhibit C – Beneficial Interest**](#div528cc631-b7b0-4f08-96d9-95a640e217b7)[.........................................................................................................................](#div528cc631-b7b0-4f08-96d9-95a640e217b7) | **[21](#div528cc631-b7b0-4f08-96d9-95a640e217b7)** |
| [**Exhibit D – Preclearance Summary Chart**](#div1b609493-128a-48eb-8cef-ba33ebbb6bcc)[.......................................................................................................](#div1b609493-128a-48eb-8cef-ba33ebbb6bcc) | **[22](#div1b609493-128a-48eb-8cef-ba33ebbb6bcc)** |

---

**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.

![](gv1wo6qdcxrtakb3lgqxw.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.

![](gc8azeshzia3cpzb7n1m8.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.

![](gwa06phggdulacrbmrw9d.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.

![](g9dtnnhllzvxe4p02839w.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)

![](gc0moptzynogqr8zigci8.jpg)

**Exhibit B – Summary of Code Requirements by Employee Classification**

**Summary of Code Requirements by Employee Classification**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 |  |  |  |

---

![](gwuhhw65mq9enmd18r4xu.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. |  |

---

![](ghnxaf7mwphlvk1zhj4si.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 |

---

![](gnd7eas4e7rrbfoq9x72p.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) |  |  |  |

---

![](gk9x9nj3ldjomcf64fi0m.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 |

---

![](g38oyq9gwaqjb23yefyqq.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

![](gpi0n24zzhmte7flckyie.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

![](gx7bbw2ehombcxn7lzii3.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**

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**TABLE OF CONTENTS** **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[OUR PURPOSE, PRINCIPLES AND CORE VALUES](#div3e61ca39-7855-49f9-aca4-8bcdc10b7126)[.......](#div3e61ca39-7855-49f9-aca4-8bcdc10b7126)** | **[3](#div3e61ca39-7855-49f9-aca4-8bcdc10b7126)** |
| &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](#div5769d4d3-1a9b-4723-9f0b-e748d18534fa)[........](#div5769d4d3-1a9b-4723-9f0b-e748d18534fa)** | **[9](#div5769d4d3-1a9b-4723-9f0b-e748d18534fa)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Promoting a Work Environment Free](#div1c6e55b4-c43d-45ac-975e-726569ae09ec) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[from Harassment and Discrimination](#div1c6e55b4-c43d-45ac-975e-726569ae09ec)[........................](#div1c6e55b4-c43d-45ac-975e-726569ae09ec) | [10](#div1c6e55b4-c43d-45ac-975e-726569ae09ec) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Valuing and Respecting the Talents](#div1c6e55b4-c43d-45ac-975e-726569ae09ec) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[of Our Workforce](#div1c6e55b4-c43d-45ac-975e-726569ae09ec)[..........................................................](#div1c6e55b4-c43d-45ac-975e-726569ae09ec) | [10](#div1c6e55b4-c43d-45ac-975e-726569ae09ec) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Providing a Safe and Healthy Work Environment](#divd7b1b518-1961-436f-9149-d9f591dd4748)[.....](#divd7b1b518-1961-436f-9149-d9f591dd4748) | [11](#divd7b1b518-1961-436f-9149-d9f591dd4748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Prudential's Commitment to Human Rights](#divd7b1b518-1961-436f-9149-d9f591dd4748)[.............](#divd7b1b518-1961-436f-9149-d9f591dd4748) | [11](#divd7b1b518-1961-436f-9149-d9f591dd4748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Workplace Violence](#divd7b1b518-1961-436f-9149-d9f591dd4748)[......................................................](#divd7b1b518-1961-436f-9149-d9f591dd4748) | [11](#divd7b1b518-1961-436f-9149-d9f591dd4748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sustainability at Prudential](#div925d00ae-0596-4b3e-bb4b-7bae7d3559b6)[..........................................](#div925d00ae-0596-4b3e-bb4b-7bae7d3559b6) | [12](#div925d00ae-0596-4b3e-bb4b-7bae7d3559b6) |
| **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](#divb11abeff-0a20-48a8-a8e9-38da27698dfd)[....](#divb11abeff-0a20-48a8-a8e9-38da27698dfd) | [15](#divb11abeff-0a20-48a8-a8e9-38da27698dfd) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Artificial Intelligence (AI)](#divb11abeff-0a20-48a8-a8e9-38da27698dfd)[........................................](#divb11abeff-0a20-48a8-a8e9-38da27698dfd) | [15](#divb11abeff-0a20-48a8-a8e9-38da27698dfd) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Social Media Usage](#divb11abeff-0a20-48a8-a8e9-38da27698dfd)[................................................](#divb11abeff-0a20-48a8-a8e9-38da27698dfd) | [15](#divb11abeff-0a20-48a8-a8e9-38da27698dfd) |

---

---

| | |
|:---|:---|
| **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](#diva7a2e570-7bf3-400b-92c8-1d397db6d72d) |  |
| [Intellectual Property](#diva7a2e570-7bf3-400b-92c8-1d397db6d72d)[................................................](#diva7a2e570-7bf3-400b-92c8-1d397db6d72d) | [19](#diva7a2e570-7bf3-400b-92c8-1d397db6d72d) |
| 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](#divcb3d6a37-870c-4a97-b332-d14db464f481)[...........................](#divcb3d6a37-870c-4a97-b332-d14db464f481) | [22](#divcb3d6a37-870c-4a97-b332-d14db464f481) |
| **ADMINISTRATION OF OUR CODE**.................................. | **23** |
| [Our Policies](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b)[...................................................................](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b) | [24](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b) |
| [Disciplinary Action](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b)[........................................................](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b) | [24](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b) |
| [Voluntary Reporting to Government Agencies](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b)[.........](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b) | [24](#div6caa63e0-901a-4ee0-8992-1b1b3d9b7d0b) |
| **[CONTACT INFORMATION FOR RAISING ETHICAL](#div1ebbaf19-a440-4444-85d6-e05b2402e8b4)** |  |
| [**CONCERNS AT PRUDENTIAL**](#div1ebbaf19-a440-4444-85d6-e05b2402e8b4)[..........................................](#div1ebbaf19-a440-4444-85d6-e05b2402e8b4) | **[25](#div1ebbaf19-a440-4444-85d6-e05b2402e8b4)** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **2**

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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**

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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**

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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**

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**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**

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**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**

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**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.

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| | |
|:---|:---|
| &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**

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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.

![](gc7rli79xipfvycq83oqq.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**

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**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**

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**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**

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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**

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---

| | |
|:---|:---|
| 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**

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**Competing with Integrity**

Prudential does not engage in conduct that interferes with free and fair competition or otherwise may violate antitrust and unfair competition laws. We must not use, disclose or obtain any confidential information to or from competitors, except through proper benchmarking or other approved methods that are intended to comply with antitrust laws. We do not utilize the intellectual property of others without having the appropriate rights. For more information, consult Prudential's policies on anti-trust, anti-competition, intellectual property, and third-party ownership, protection and use.

**Managing Risk**

Prudential is in the business of managing risks. We are committed to understanding, identifying and mitigating risks that may arise out of the services we perform and the products we sell/administer. We bring together a broad array of talent and expertise across the organization to collaborate and analyze potential outcomes and decisions to effectively manage risk. We also periodically review and assess our risks and programs. Prudential expects each of us to timely communicate and escalate any questions or disagreements about the risks we are taking or the ways in which we are managing risk.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You think a senior leader is** |
|  | **abusing his or her power to cover up a** |
|  | **mistake that was made with a project.** |
|  | **What should you do?** |
| &nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: The level of an employee or** |
|  | **associate at Prudential does not excuse** |
|  | **behavior inconsistent with our Code of** |
|  | **Conduct. You should report the concern;** |
|  | **it's your responsibility. Prudential will** |
|  | **review the concern without regard to the** |
|  | **level of the potential offender. Leaders** |
|  | **will be held to higher standards of** |
|  | **conduct, as they should role model the** |
|  | **right behaviors.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You used to work as an IT** |
|  | **consultant before you were hired by** |
|  | **Prudential. You want to continue working** |
|  | **with your clients during the evenings** |
|  | **and weekends. None of your clients** |
|  | **are customers of or in competition with** |
|  | **Prudential. Is this permitted?** |
| &nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: It depends. You will need to** |
|  | **disclose all the relevant details regarding** |
|  | **your outside business activity to your** |
|  | **manager and other approvers, who will** |
|  | **decide if there is an actual or potential** |
|  | **conflict. Given that your business is not** |
|  | **competing with Prudential, nor sharing** |
|  | **the same customers, it is possible you** |
|  | **may be allowed to continue your outside** |
|  | **business, but with specific conditions,** |
|  | **such as not doing this business on** |
|  | **company time, not using company** |
|  | **resources or not holding yourself out as a** |
|  | **Prudential employee while working with** |
|  | **your clients.** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **17**

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You are employed by** |
|  | **Prudential and are responsible for hiring** |
|  | **third parties for company projects. You** |
|  | **receive a bid from a company owned by** |
|  | **your neighbor and friend. What should** |
|  | **you do?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: You need to avoid creating** |
|  | **a personal conflict of interest, or the** |
|  | **appearance of one, in business dealings.** |
|  | **The company's interests have to come first.** |
|  | **You should disclose to your manager that** |
|  | **you have a relationship with the owner.** |
|  | **You may need to recuse yourself from** |
|  | **the selection process. The company's bid** |
|  | **should be given the same consideration** |
|  | **as other third parties so that the most** |
|  | **appropriate service provider for the project** |
|  | **is selected.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: You are attending a weekly** |
|  | **continuing education business class. Your** |
|  | **professor thinks it is important for students** |
|  | **to use real-world examples in class. You** |
|  | **have heard that the company might be** |
|  | **acquiring a company in the life insurance** |
|  | **area. If you do not tell anyone the name** |
|  | **of the company being considered for** |
|  | **purchase, can you share this information** |
|  | **with your classmates?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: No, you may not share** |
|  | **this information. This information is** |
|  | **confidential. Premature disclosure of** |
|  | **sensitive company information could** |
|  | **cause the company harm and may** |
|  | **be unlawful. You must be careful not** |
|  | **to discuss confidential or material** |
|  | **nonpublic information, such as a potential** |
|  | **acquisition, in public places. It is also** |
|  | **important not to reveal confidential** |
|  | **information to anyone who does not have** |
|  | **a need to know. This includes coworkers,** |
|  | **sales associates, business partners,** |
|  | **consultants, nongovernmental third parties** |
|  | **and personal acquaintances.** |

---

**Avoiding Conflicts of Interest**

All employees and sales associates are required to disclose any activities, interests or affiliations that conflict with or appear to conflict with the interests of Prudential, its shareholders, customers or other stakeholders. This may include personal investments, business dealings, relationships, political contributions, involvement in certain crimes, family activities or outside activities — such as second jobs or sitting on a board — that may impact their objectivity or ability to make impartial business decisions, or that may jeopardize Prudential's ability to conduct business.

We are also required to identify and document institutional conflicts of interest that may arise within Prudential. Institutional conflicts of interest are situations in which the company has an incentive

to serve one interest at the expense of another. Examples include serving the company's interest over the customer's interest and serving one customer to the detriment of another customer. For more information, consult Prudential's policies on conflicts of interest.

**Protecting Our Assets**

**Safeguarding Prudential Proprietary**

**Information and Assets**

Prudential's assets include everything that the company owns or uses to conduct business. Employees and sales associates are entrusted with the care of these assets and must be proactive in safeguarding them from loss, damage, theft, waste and improper use. Protecting proprietary information and assets is critical to preserving Prudential's reputation and to meeting our obligations to our customers, shareholders and other stakeholders. We are expected to take appropriate measures to protect confidential, privileged, proprietary and sensitive business-related information. We only share this type of information on a need-to-know basis and in furtherance of Prudential business.

To help us protect our assets, be mindful of ethical standards, laws, and preferred business practices when engaging in business- related communications, regardless of the form (written, email, intranet or internet, conversation or in presentations). For more information, consult Prudential's policies on digital communications and acceptable use.

**Making the Right Choices** Prudential's Code of Conduct \| **18**

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**Protecting Trademarks and Other**

**Intellectual Property**

The Prudential and PGIM names and iconic Rock symbol represent the relevance, expertise and strength of Prudential's business. Prudential's brand and other intellectual property are significant and valuable corporate assets that must only be used for permissible purposes. To maintain the value and integrity of Prudential's intellectual property, employees and all others associated with Prudential are expected to implement appropriate controls and to seek permission before using or allowing others to use Prudential's intellectual property.

---

| | |
|:---|:---|
| Q | **QUESTION: Your friend, a former** |
|  | **Prudential colleague, now works for** |
|  | **a competitor. She wants to recreate** |
|  | **for her new employer some forms and** |
|  | **spreadsheets she created while working** |
|  | **at Prudential. She asks you for electronic** |
|  | **copies of the documents. Is it okay to** |
|  | **send them to her?** |
| A | **ANSWER: No. Even though the materials** |

|  | **they belong to the company. Sending this** |
|  | **information would be a breach of your** |
|  | **obligations to Prudential, would violate** |
|  | **our Code of Conduct and our policies,** |
|  | **and could potentially create legal** |
|  | **consequences.** |
|  | **Employees must keep all Prudential** |
|  | **information secure and must not disclose** |
|  | **it to anyone inside or outside of the** |
|  | **company unless they are expressly** |
|  | **authorized to do so or the disclosure is** |
|  | **made to voluntarily provide information** |
|  | **to a government agency regarding** |
|  | **potential violations of law. You should** |
|  | **know and understand your obligations** |
|  | **to Prudential regarding confidential and** |
|  | **proprietary information.** |

---

**Making the Right Choices** Prudential's Code of Conduct \| **19**

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q | **QUESTION: Our new vendor wants to send** |
|  | **a welcome gift card to each member** |
|  | **of your department as a thank-you. They** |
|  | **ask for a list of the members of your team** |
|  | **and their work email addresses. What** |
|  | **should you do?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | **ANSWER: Before doing anything, check** |
|  | **the anti-corruption and anti-bribery policy** |
|  | **to determine if the gift or entertainment** |
|  | **is possible. Then connect with your law** |
|  | **or compliance partner on any additional** |
|  | **compliance issues.** |

---

**Bribery usually involves giving or offering money, a gift or something else of value in order to obtain or retain a commercial advantage or to induce or reward the recipient for acting improperly or where it would be improper for the recipient to accept the benefit. Bribery can also take place when the offer or giving**

**of a bribe is made by or through a third party, e.g., an agent, representative or intermediary. Both the giving and receiving of bribes are prohibited.**

**Corruption is any activity that involves misusing a position of power for an improper personal or business advantage, whether in the public or private sectors.**

Facilitation Payment **is a**

**payment, typically small in nature, made to secure or expedite the performance of a routine or necessary action to which the payer has legal or other entitlement.**

**Treating Gifts and**

**Entertainment Responsibly**

The exchange of gifts and offers of entertainment are common business practices, but sometimes a well-intentioned gift or offer can be misinterpreted or suggest something improper. Prudential employees and sales associates are expected to know and understand the guidelines governing gifts and entertainment applicable to them and to avoid any action that can be perceived as improper or giving them or the company an unfair advantage.

Prudential also expects its employees and sales associates to follow the applicable guidelines for political contributions and entertaining politicians and government officials. For more information, consult the gift and entertainment guidelines found in Prudential's policies on gifts and entertainment and anti-corruption and anti-bribery.

**Refusing to Pay or Take Bribes or Kickbacks**

Prudential has policies that expressly define and prohibit bribery, corruption and facilitation payments. Everyone representing Prudential, regardless of level or function, is responsible for understanding and complying with Prudential's policies, the Foreign Corrupt Practices Act and the applicable local anti-bribery/anti- corruption laws. For more information, consult Prudential's policies on anti-corruption and anti-bribery.

**Preventing Money Laundering**

Generally, money laundering involves disguising assets/money obtained through illegal means by moving them through legitimate channels such as banks, broker-dealers and insurance companies to clean (launder) the assets/money. Money laundering may be used to convert and launder illicit proceeds from a wide range of illegal activities.

Prudential will not knowingly engage in financial transactions that involve proceeds from money laundering or that support terrorist activities (commonly referred to as "terrorist financing") or engage in any transaction in violation of U.S. Office of Foreign Assets Control regulations or similar laws in non-U.S. jurisdictions. Given the important role we play in detecting and preventing money laundering in our daily work, we are expected to know Prudential's customers, to maintain required well-documented information throughout the relationship and to know the nature and purpose of all financial transactions. For more information, consult Prudential's policies on anti-money laundering and sanctions.

**Making the Right Choices** Prudential's Code of Conduct \| **20**

![](g5c0rsa8ch21xzfhd47i0.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**

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**Engaging Third Parties Responsibly**

Prudential does business with third parties who must conduct themselves with high standards of ethics and integrity. Prudential has established governance for assigning and managing risks. We require third-party arrangements that are negotiated and in the best interests of Prudential, which are granted based on merit using fair and ethical processes. Through third-party risk management standards, we define a framework and requirements for a comprehensive program to effectively and consistently manage risks throughout the third-party life cycle.

Prudential is committed to conducting business in an honest and ethical manner and with the highest standards of integrity and accountability in all countries in which we operate. As set out in Prudential's Supplier Code of Conduct, we expect that our contractors, consultants and vendors (collectively, "Suppliers") conduct themselves with this same level of honesty and integrity in the provision of all goods, services and business activities undertaken for the company. Consistent with its values, Prudential expects Suppliers

to demonstrate their commitment to ethical, humane, socially responsible and legally compliant business practices.

Prudential provides equal opportunity to all suppliers to compete for our business and makes every effort to fully utilize them. Prudential will continue establishing agreements with suppliers who share our vision and dedication regarding inclusion.

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ADMINISTRATION OF OUR CODE

Prudential's Code of Conduct, **Making the Right Choices**, is a guide to assist in making ethical decisions. While not intended to be all-inclusive, or to address every situation that may arise in the conduct of Prudential's business, it provides a framework and structure to guide business decisions and meet the company's ethical standards. High standards of ethics and integrity are core to our purpose-driven journey to tackle the toughest problems so that we can help change the world for the better.

**Making the Right Choices** Prudential's Code of Conduct \| **23**

The Code applies to the extent permissible under the laws and/or regulations of the countries where we do business. If any portion of Making the Right Choices is inconsistent with any law and/or regulation, such law and/or regulation shall prevail. Reference to "regulations" in Making the Right Choices includes laws, codes and other similar requirements. Employees and sales associates should contact their compliance and/or legal contacts for further information as needed.

The Code, like all Prudential's policies, is not intended to constitute or create a contract of any type between Prudential and its employees, sales associates or anyone else providing services to or acting on behalf of Prudential.

**Our Policies**

Prudential maintains a well-controlled operating environment including a series of formal policies. They are designed to guide employees and sales associates in the conduct of Prudential business. Some policies even apply to the actions of our family members, such as those that relate to conflicts of interest and securities trading. Adherence to all internal policies is critical to our ability to make the right decisions and fulfill our purpose.

Employees and sales associates are expected to consult other applicable internal policies, standards and procedures specific to their businesses and corporate centers as well as other materials, such as compliance manuals, human resources policies, expense manuals, etc. These resources may be available electronically or can be obtained, as applicable, from management, human resources, or compliance and/or legal contacts. These resources can help in understanding Prudential's expectations.

Board members and associates of affiliated companies in which Prudential controls a majority stake are also subject to Prudential policies. In many instances, third parties and contractors who do business with Prudential will also be asked to affirm that they understand and agree to comply with terms of engagement that encompass the principles set forth in these policies.

**Disciplinary Action**

Prudential uses disciplinary processes that treat employees and sales associates fairly. Behavior inconsistent with the company's Code of Conduct, policies, laws and/ or regulations may lead to disciplinary action, up to and including termination, unless otherwise prohibited by applicable law. The company pursues those who attempt

or commit crimes and other unlawful acts and refers them for prosecution or to government agencies, as appropriate.

**Voluntary Reporting to Government Agencies**

All individuals who are subject to this Code of Conduct and Prudential policies may voluntarily communicate with or provide information to government agencies regarding potential violations of law without providing notice to or obtaining approval from Prudential. Nothing in this Code of Conduct is intended to or should be interpreted to preclude any individual from exercising these rights.

**Making the Right Choices** Prudential's Code of Conduct \| **24**

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CONTACT INFORMATION FOR RAISING ETHICAL CONCERNS AT PRUDENTIAL

**External ethics reporting website: <u>https://www.prudential.ethicspoint.com</u>**

Help Lines are operated by independent third parties and are available 24 hours a day, 7 days a week, in multiple languages. Reporters may choose to remain anonymous where permitted by local law. In some countries, the scope of what is permitted to be reported through the Help Line may vary.

---

| | | | |
|:---|:---|:---|:---|
| Argentina...................................... | 0800-444-3653 | &nbsp;&nbsp;&nbsp;&nbsp;Italy.................................................... | 800-902-527 |
| Australia............................................ | 1800430985 | &nbsp;&nbsp;&nbsp;&nbsp;Japan.......................................... | 0066-33-830194 |
| Austria.............................................. | 0800 298875 | &nbsp;&nbsp;&nbsp;&nbsp;Korea.................................... | 00798-11-002-3653 |
| Belgium............................................. | 0800 71 268 | &nbsp;&nbsp;&nbsp;&nbsp;Luxembourg........................................... | 80024603 |
| Bermuda..................................... | 1-844-880-7274 | &nbsp;&nbsp;&nbsp;&nbsp;Malaysia.......................................... | 1800-88-5523 |
| Brazil............................................. | 0800-891-2823 | &nbsp;&nbsp;&nbsp;&nbsp;Mexico............................................. | 800 880 1739 |
| &nbsp;&nbsp;Brazil Local Statutory Line..... | 0800-377-8045 | &nbsp;&nbsp;&nbsp;&nbsp;Netherlands................................... | 0800 0229451 |
| Canada........................................ | 1-888-847-5288 | &nbsp;&nbsp;&nbsp;&nbsp;Netherlands................................... | 0800 0229451 |
| Canada........................................ | 1-888-847-5288 | &nbsp;&nbsp;&nbsp;&nbsp;Singapore....................................... | 800-1101-707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Singapore....................................... | 800-1101-707 |
| China............................................... | 400 120 8500 | &nbsp;&nbsp;&nbsp;&nbsp;Spain.................................................... | 900751383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Spain.................................................... | 900751383 |
| France.............................................. | 0800-909106 | &nbsp;&nbsp;&nbsp;&nbsp;Switzerland.................................... | 0800 333 005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Switzerland.................................... | 0800 333 005 |
| Germany........................................ | 0800 0827327 | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan........................................... | 00801-104-229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Taiwan........................................... | 00801-104-229 |
| Hong Kong......................................... | 800-930264 | &nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates...................... | 8000120103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates...................... | 8000120103 |
| India.............................................. | 022 5097 2955 | &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom.......................... | 0808-234-2695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom.......................... | 0808-234-2695 |
| Indonesia....................................... | 021 50918401 | &nbsp;&nbsp;&nbsp;&nbsp;United States............................. | 1-800-752-7024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;United States............................. | 1-800-752-7024 |
| Ireland.............................................. | 1800-946552 |  |  |

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**Global Business Ethics Mailing Address:**

Prudential Financial, Global Business Ethics & Integrity 751 Broad Street, Newark, NJ 07102, USA **<u>ethics@prudential.com</u>**

**Making the Right Choices** Prudential's Code of Conduct \| **25**

![](gxbyhkhcp7bq1rghe1isn.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