Document


ASSETS
Investment in Prudential's Gibraltar Fund, Inc., at fair value	$	155,146,184

Net Assets	$	155,146,184

NET ASSETS, representing:
Paid-in capital	$	141,022,804
Total distributable earnings (loss)	14,123,380
	$	155,146,184

Planholder units outstanding	14,845,591

Fund shares held	7,676,704
Fund net asset value per share	$	20.21
Investment in fund shares, at cost	$	149,646,195



INVESTMENT INCOME
Dividend income	$	—

EXPENSES
Charges for administration	1,034,630

NET INVESTMENT INCOME (LOSS)	(1,034,630)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Capital gains distributions received	8,330,407
Net realized gain (loss) on shares redeemed	3,541,446
Net change in unrealized appreciation (depreciation) on investments	43,876,921

NET GAIN (LOSS) ON INVESTMENTS	55,748,774

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	54,714,144



	December 31,
	2023		2022
OPERATIONS
Net investment income (loss)	$	(1,034,630)	$	(1,152,184)
Capital gains distributions received	8,330,407		11,652,692
Net realized gain (loss) on shares redeemed	3,541,446		11,653,030
Net change in unrealized appreciation (depreciation) on investments	43,876,921		(99,823,064)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	54,714,144		(77,669,526)



DIVIDENDS TO PLANHOLDER (See Note 4)	(11,471,773)		(42,659,154)

PLANHOLDER TRANSACTIONS
Planholder net payments	226,668		383,781
Reinvestment of dividends (1,083,876 and 5,120,709 units, respectively)	11,010,765		41,063,064
Surrenders, withdrawals and death benefits	(21,033,071)		(21,733,625)
Net transfers	25,504		168,415
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PLANHOLDER TRANSACTIONS	(9,770,134)		19,881,635

NET INCREASE (DECREASE) IN NET ASSETS RETAINED IN THE ACCOUNT	(507,434)		400,471

TOTAL INCREASE (DECREASE) IN NET ASSETS	32,964,803		(100,046,574)

NET ASSETS
Beginning of year	122,181,381		222,227,955
End of year	$	155,146,184	$	122,181,381

PLANHOLDER UNITS
Beginning units	15,976,705		12,481,770
Units issued	1,227,895		5,133,619
Units redeemed	(2,359,009)		(1,638,684)
Ending units	14,845,591		15,976,705

Prudential’s Investment Plan Account (the “Account”) was established under the laws of the State of New Jersey on June 11, 1968 as a separate investment account of The Prudential Insurance Company of America (“Prudential”), which is a wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of Prudential. Proceeds from purchases of the Systematic Investment Plan (“SIP”) or Securities Shares are invested in the Account. The portion of the Account’s assets applicable to the SIP or Securities Shares is not chargeable with liabilities arising out of any other business Prudential may conduct. A SIP share is a measure used to determine the value of a planholder’s SIP contract. A Securities Share is a contract that credits interest to planholders on purchases under Old Form SIP contracts, as outlined within the prospectus of the Account. Together, the SIP and Securities Shares are referred to individually as a “contract” or "product" and collectively, the “contracts” or "products".

New sales of the products which invest in the Account have been discontinued. However, premium payments made by planholders will continue to be received by the Account, subject to the rules of the products and any optional benefits, if elected.

The Account is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is a funding vehicle for the contracts, which offer the option to invest in a subaccount, which in turn invests in shares of the Prudential’s Gibraltar Fund, Inc. (the “Fund”). The Fund is a diversified open-end management investment company and is managed by PGIM Investments LLC (“PGIM Investments”), which is an affiliate of Prudential. The subaccount of the Account indirectly bears exposure to risks which may be interrelated to include, but are not limited to, the market, credit and liquidity risks of the Fund in which it invests. These financial statements should be read in conjunction with the financial statements and footnotes of the Fund. Additional information on the Fund is available upon request to PGIM Investments.

The Account is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services-Investment Companies, which is part of the generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates. The most significant estimates relate to the valuation of investments in the Fund. Subsequent events have been evaluated through the date these financial statements were issued, and no adjustment or disclosure is required in the financial statements.

Investment - The investment in shares of the Fund is stated at the reported net asset value per share of the Fund, which is based on the fair value of the underlying securities in the Fund. All changes in fair value are recorded as net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

Taxes - It is the Account’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute all of its taxable net investment income and capital gains, if any, to its planholders. Therefore, no federal income tax provision is required. See Note 4 for additional tax information.

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 2 - Fair value is based on significant inputs, other than Level 1 inputs, that are observable for the investment, either directly or indirectly, for substantially the full term of the investment through corroboration with observable market data. Level 2 inputs include the reported net asset value per share of the underlying fund, quoted market prices in active markets for similar investments, quoted market prices in markets that are not active for identical or similar investments, and other market observable inputs.

Distributions to planholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-dividend date. In order to present total distributable earnings (loss) and paid-in capital on the Statement of Net Assets that more closely represent their tax character, certain adjustments have been made. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2023, the Account recorded the following permanent reclassifications primarily related to Net Operating Loss:

For the year ended December 31, 2023, the tax character of dividends paid by the Account was $11,471,773 of long-term capital gains. For the year ended December 31, 2022, the tax character of dividends paid by the Account was $42,659,154 of long-term capital gains.

Management has analyzed the Account’s tax positions taken on federal income tax returns for all open tax years and has concluded that, as of December 31, 2023, no liability for income tax is required in the Account’s financial statements for unrecognized tax benefits. The Account’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Account has extensive transactions and relationships with Prudential and other affiliates. Due to these relationships, it is possible that the terms of these transactions are not the same as those that would result from transactions among wholly unrelated parties. Prudential Financial and its affiliates perform various services on behalf of the Fund in which the Account invests and may receive fees for the services performed. These services include, among other things, investment management, subadvisory, shareholder communications, postage, transfer agency and various other record keeping, administrative and customer service functions.

The Fund has entered into a management agreement with PGIM Investments, an indirect, wholly-owned subsidiary of Prudential Financial. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC, an indirect, wholly-owned subsidiary of Prudential Financial.

Prudential Investment Management Services LLC (“PIMS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential Financial, serves as the distributor of the shares of the Fund. No distribution or service (12b-1) fees are paid to PIMS as distributor of the shares of the Fund.


	At the year ended					For the year ended
				Net		Investment
	Units			Assets		Income		Expense		Total
	(000s)	Unit Value		(000s)(1)		Ratio*(1)		Ratio**(1)		Return***(1)
December 31, 2023	14,846	$	10.38	$	154,037	0.00	%	0.75	%	47.78	%
December 31, 2022	15,977	$	7.59	$	121,314	0.00	%	0.75	%	-36.29	%
December 31, 2021	12,482	$	17.70	$	220,950	0.00	%	0.75	%	14.40	%
December 31, 2020	10,983	$	19.81	$	217,558	0.17	%	0.75	%	41.67	%
December 31, 2019	10,699	$	16.06	$	171,784	0.22	%	0.75	%	32.14	%


*			These amounts represent the dividends, excluding distributions of capital gains, received by the Account from the Fund, net of management fees assessed by the fund manager, divided by the average daily net assets. These ratios exclude those expenses, such as administration charges, that result in direct reductions in the unit values. The recognition of investment income by the Account is affected by the timing of the declaration of dividends by the Fund in which the Account invests.


**			These amounts represent the annualized contract expenses of the Account, consisting of administration charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to planholder accounts through the redemption of units and expenses of the Fund are excluded.

***			These amounts represent the total returns for the periods indicated, including changes in the value of the Fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return assumes the reinvestment of all dividends and distributions paid by the Account.

(1)			Amounts exclude Prudential’s position in the Account.

The administration charge is applied daily against the net assets of the Account at an effective annual rate of 0.75%. Administration charge includes costs associated with issuing the contracts, establishing and maintaining records, and providing reports to planholders. This charge is assessed through a reduction in unit values.

We have audited the accompanying statement of net assets of Prudential’s Gibraltar Fund, Inc. of Prudential’s Investment Plan Account as of December 31, 2023, the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Prudential’s Gibraltar Fund, Inc. of Prudential’s Investment Plan Account as of December 31, 2023, the results of its operations for the year then ended, and the changes in its net assets for each of the two years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of The Prudential Insurance Company of America management. Our responsibility is to express an opinion on the financial statements of the subaccount of Prudential’s Investment Plan Account based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the subaccount of Prudential’s Investment Plan Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of the investment owned as of December 31, 2023 by correspondence with the transfer agent of the investee mutual fund. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of the subaccount of Prudential’s Investment Plan Account since at least 2012. We have not been able to determine the specific year we began serving as auditor of the subaccount of Prudential’s Investment Plan Account.

We are advising you that during the year ended December 31, 2023, the Account reported the maximum amount allowed per share, but not less than $0.83 per share as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.


Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
$	149,646,195	$	17,179,964	$	(11,679,975)	$	5,499,989


Purchases	$	—
Sales	$	22,783,971


Distributable Earnings/(Accumulated Loss)		Paid-in capital
$	1,034,630	$	(1,034,630)